Renowned investment giant BlackRock has continued with its aggressive Bitcoin accumulation, as another massive $750 million Bitcoin buy from the investment firm hits the crypto market, as revealed by Arkham Intelligence.
Amid the persisting market rally, BlackRock has remained committed to buying the leading cryptocurrency by market capitalization in large quantities. It has made another massive Bitcoin purchase just one day after it acquired about $416 million worth of Bitcoin in one go. The firm is renowned for consistently topping its ever-rising portfolio without making any sale attempts in recent times.
Apart from BlackRock, institutional investors are increasingly becoming aware of Bitcoin’s durability and future potential, and they have also adopted the aggressive Bitcoin accumulation strategy.
Following its latest Bitcoin accumulation, BlackRock’s total Bitcoin holdings as of July 17 are worth over $86.2 billion. This positions the firm as a major force in the Bitcoin ecosystem.
BlackRock leads Daily ETF Inflow
Notably, the move differs from the daily inflow recorded by the BlackRock (IBIT) ETF. The latest move marks a direct purchase of Bitcoin by BlackRock itself.
While inflows into BlackRock (IBIT) also highlight the involvement of the firm with Bitcoin investment, they represent the purchase of shares in its Bitcoin-related investment product by investors.
Nonetheless, BlackRock has continued to make waves either way as its Bitcoin ETF has also led the broad U.S. spot Bitcoin ETF with the highest inflow recorded over the last day.
According to the data source, BlackRock has achieved a massive $764 million in net inflows in the last 24 hours, marking more than 90% of BTC ETF flows recorded during the period. The massive inflows into BlackRock’s ETF suggest a wide trend of Bitcoin gaining recognition as a legitimate asset class among major institutions.
BlackRock’s commitment to its regular Bitcoin buy reflects the firm’s high level of confidence in the future potential of BTC. Similarly, daily inflows into the BlackRock Bitcoin ETF signals growing confidence in regulated Bitcoin investment vehicles among investors who do not want to directly own the leading cryptocurrency.
Vladislav Sopov
U.Today Editorial Team