Leading asset management firm BlackRock has consistently topped up its Bitcoin holdings in recent days, following the major price breakout the broader crypto market saw last week.
Although the rapid surge in the price of Bitcoin has slowed, its bullish momentum still remains intact as both retail and institutional traders continue to show interest.
Bitcoin sees sustained institutional demand
Following the recent price breakout, Bitcoin has continued to see sustained demand among institutional investors as its ETF market continues to see a steady influx of new capital.
As such, BlackRock has once again extended its Bitcoin buying streak with another purchase made on August 27, according to data provided by Whale Insider.
The data shows that BlackRock has made a huge Bitcoin purchase worth $200.76 million after the broader Bitcoin ETFs recorded a combined net flow of $232.12 million during their last trading session.
While BlackRock had consistently sold Bitcoin during its recent period of volatility, its sudden switch to steadily buying Bitcoin has got the community talking, while also stirring confidence among market participants.
Bitcoin breaks past $80,000
The large Bitcoin purchase from BlackRock has come at a time when Bitcoin is showing signs of another major rally, breaking past the $80,000 resistance level as it continues trading in the green zone.
As of the time of writing, Bitcoin is trading around $79,502, following an increase of 1.24% over the last day as it continues to print bullish signals.
It appears that the sustained demand from institutions has helped Bitcoin retain momentum around the $80,000 mark, positioning it for another major breakout.
U.Today Editorial Team
Dan Burgin
