Leading asset management firm BlackRock has suspended its long-running Bitcoin selling streak as the Bitcoin ETF market appears to be regaining momentum, causing it to make bullish Bitcoin moves in recent days.
Following the recent price rally that pulled Bitcoin back to an upside trajectory, recent data from an onchain tracking platform shows that BlackRock has made a huge Bitcoin purchase.
BlackRock's Bitcoin ETF regains momentum
The data reveals that BlackRock bought up to $138.9 million worth of Bitcoin on Wednesday, July 15, as demand for the leading cryptocurrency appears to be rising again.
The large Bitcoin purchase from the fund has come as the broader Bitcoin ETF market begins to see a wave of renewed interest from institutional investors after several weeks of extreme caution.
While the broader Bitcoin ETFs recorded a combined $181 million in inflows during their latest trading session, the purchase made by BlackRock suggests that the fund still maintains its lead among the pack.
With this move, BlackRock has just made its first Bitcoin purchase of the week as investors expect more such transactions in the coming days amid renewed optimism for the Bitcoin-based investment product.
Bitcoin reclaims dominance as XRP ETFs stall
Over the previous months, XRP had continued to outperform Bitcoin and Ethereum in ETF performance, recording a steady influx of fresh capital while the rest of the market continued to see consistent withdrawals.
However, it appears that Bitcoin has reclaimed its dominance as demand appears to have returned to the market and the Bitcoin ETFs begin to see a new capital injection, while trading activity across the XRP funds remains muted as they record zero net flows on most trading sessions in recent days.
Dan Burgin
U.Today Editorial Team
