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Bitcoin Behemoth: BlackRock Flips OKX and Kraken in BTC Holdings

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Mon, 25/03/2024 - 12:25
Bitcoin Behemoth: BlackRock Flips OKX and Kraken in BTC Holdings
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BlackRock, the world's largest asset manager, has been making significant inroads into the cryptocurrency market with its Bitcoin ETF, iShares Bitcoin Trust (IBIT). The ETF's rapid accumulation of BTC holdings is a clear indication of institutional investors' growing confidence in Bitcoin as a viable asset class.

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In a landmark development, BlackRock's Bitcoin ETF has surpassed the combined Bitcoin (BTC) holdings of prominent crypto exchanges OKX and Kraken. This move signals a shift in terms of BTC asset management.

According to crypto analyst Ali, BlackRock’s Bitcoin ETF, which launched in mid-January 2024, now holds more BTC than crypto exchanges OKX and Kraken combined, which launched in 2017 and 2011, respectively.

BlackRock's Bitcoin exchange-traded fund (ETF) has been gaining momentum since its inception. As the demand for cryptocurrency exposure continues to soar among institutional investors, BlackRock has positioned itself to capitalize on this growing trend.

According to a screenshot posted by Ali, BlackRock's Bitcoin ETF (IBIT) boasts an impressive 243,130 BTC. This figure not only surpasses the holdings of individual exchanges like OKX and Kraken, which came in at 132,500 BTC and 77,300 BTC, respectively, but also the combined total of both, which arrived at 209,800 BTC.

Exchange-traded funds (ETFs) have emerged as a popular vehicle for institutional investors seeking exposure to Bitcoin and other cryptocurrencies, as they provide a more accessible and regulated entry point than outright ownership or investment in cryptocurrency.

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BlackRock has also surpassed MicroStrategy, which owns 214,246 BTC, per the most recent estimates.

At the time of writing, BTC was up 3.47% in the last 24 hours to $66,948, with $72,000 as the next potential target. According to Ali, a sustained break past $66,990 might trigger Bitcoin's rise toward $72,880.

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