BlackRock, a leading asset management firm and one of the top-performing Bitcoin ETF-issuing firms, has added to its Bitcoin stash with another purchase.
According to recent data from a crypto monitoring firm, BlackRock has spent about $183.41 million on buying Bitcoin as institutional interest appears to be returning to the market.
Bitcoin institutional demand returns
The large Bitcoin purchase from BlackRock has arrived alongside broader demand for the Bitcoin ETF product after Bitcoin briefly reclaimed the $65,000 mark.
Notably, the firm made the purchase after its Bitcoin ETF saw one of its largest influxes of fresh capital in weeks, recording up to $183.41 million in inflows for the first time since July 6.
This also follows a broader bullish trend across the Bitcoin ETF market, as over $233 million was collectively recorded by Bitcoin funds, including Fidelity, as total net inflows for the day — the largest single-day inflow registered since early July.
Meanwhile, BlackRock still maintains its dominance in the market, and has made the largest Bitcoin purchase among all issuing companies.
Bitcoin rebounds after two-month steady losses
BlackRock's large Bitcoin buy reflects the growing demand for Bitcoin, especially among institutional investors and high-profile holders, as the asset continues to make more positive moves.
After registering steady losses for two consecutive months following the extensive bearish trend seen so far this year, July has marked a month of rebound for Bitcoin.
As of Wednesday, July 31, Bitcoin has posted a return of 9.02% for the month as both retail and institutional investors continue to show renewed interest in the asset.
Dan Burgin
U.Today Editorial Team
