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BTC Holdings of Funds See Strong Uptick Thanks to BlackRock

Fri, 07/07/2023 - 14:30
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Yuri Molchan
This analyst says financial institutions have begun to massively grab Bitcoin after being triggered by this event
BTC Holdings of Funds See Strong Uptick Thanks to BlackRock
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Crypto analyst Miles Deutscher has taken to Twitter to share that financial institutions have actively begun to accumulate the leading digital currency, Bitcoin.

Deutscher tweeted that BlackRock has spurred an increased accumulation of Bitcoin by various funds, sharing a chart to prove it. According to this chart, in June, the amount of Bitcoin held by fund management companies increased from 830,000 BTC to slightly above 848,000 BTC.

BlackRock refiles with SEC

Almost a month ago, the largest fund management company, BlackRock, spearheaded by Larry Fink, announced that it had made a filing with the SEC to set up a spot Bitcoin ETF. Several large Wall Street companies followed suit. This and also the launch of the centralized exchange EDX by Fidelity and several other large financial companies pushed Bitcoin above the $31,000 level.

However, the regulator claimed that those filings were "inadequate," requiring more clarity about them.

Three days ago, BlackRock refiled its application, naming Coinbase as a "surveillance-sharing" partner.

Earlier this week, Larry Fink compared Bitcoin to digitized gold, stating that BTC can reform finance. However, by now, BTC has pulled back to the $30,280 zone.

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BlackRock partners with Quintet Private Bank

As reported by Bloomberg, BlackRock has inked a partnership with Quintet Private Bank in order to boost its investment offers to wealthy customers.

BlackRock will offer the company a wide set of investment products. Quintet will be able to access BlackRock's platform for risk management and will be entitled to financial advice from the fund management experts of Larry Fink's company.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at