{"id":644636,"date":"2024-09-26T11:00:19","date_gmt":"2024-09-26T11:00:19","guid":{"rendered":"https:\/\/ktsl888.com\/?p=644636"},"modified":"2024-09-26T04:36:56","modified_gmt":"2024-09-26T04:36:56","slug":"blackrock-continues-to-buy-bitcoin-holdings-now-reach-358000-btc-worth-22-billion","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/blackrock-continues-to-buy-bitcoin-holdings-now-reach-358000-btc-worth-22-billion\/","title":{"rendered":"BlackRock Continues To Buy Bitcoin: Holdings Now Reach 358,000 BTC Worth $22 Billion"},"content":{"rendered":"

In less than nine months since the launch of its Bitcoin exchange-traded fund (ETF) following the approval of these investment vehicles by the US Securities and Exchange Commission (SEC), asset manager BlackRock has established itself as the world’s largest Bitcoin fund.\u00a0<\/span><\/p>\n

A Tale Of Two Titans In Bitcoin And Ethereum Holdings<\/span><\/h2>\n

According to on-chain data from blockchain analysis platform Arkham, BlackRock has aggressively expanded its <\/span>Bitcoin holdings<\/span><\/a> through its ETF, known as IBIT over the last months.\u00a0<\/span><\/p>\n

Despite recent market volatility that saw significant dips in Bitcoin’s price on August 5 and September 6, BlackRock continued to buy more Bitcoin, thereby supporting not only the token\u2019s value but also its own asset base.\u00a0<\/span><\/p>\n

Related Reading: Ethereum Gains On Bitcoin Following Fed Rate Cut: Altseason Soon?<\/a><\/div>\n

As of September 25, BlackRock’s <\/span>holdings <\/span><\/a>have reached approximately 358,000 BTC, valued at around $22.76 billion, representing about 1.70% of Bitcoin’s total supply of 21 million.<\/span><\/p>\n

In comparison, BlackRock’s Bitcoin holdings exceed those of Grayscale, another major crypto asset manager in the industry, by nearly 100,000 BTC. Grayscale currently <\/span>holds <\/span><\/a>approximately 258,671 BTC, valued at $16.45 billion, highlighting the significant gap that BlackRock has created in the BTC investment landscape.<\/span><\/p>\n

While BlackRock has taken a commanding lead in Bitcoin, Grayscale maintains an advantage in <\/span>Ethereum <\/span><\/a>(ETH) holdings. Arkham’s data indicates that Grayscale possesses 2.104 million ETH, valued at roughly $5.45 billion based on the current trading price of $2,600 per ETH. In contrast, BlackRock’s Ethereum holdings amount to only 349,970 ETH, valued at approximately $910 million.<\/span><\/p>\n

BlackRock Strengthens Bitcoin Stance<\/span><\/h2>\n

BlackRock\u2019s support for Bitcoin extends beyond mere investment; it includes a strong endorsement of the technology underpinning the cryptocurrency. In a recent <\/span>interview <\/span><\/a>with Bloomberg, Robbie Mitchnick, head of digital assets at BlackRock, challenged the prevailing notion that Bitcoin should be categorized as a \u201crisk-on\u201d asset.\u00a0<\/span><\/p>\n

During Tuesday’s interview, Mitchnick noted that while Bitcoin has recently shown a high correlation with US equities, this relationship may be misleading.<\/span><\/p>\n

The head of digital assets at BlackRock noted that risk-on assets, such as stocks, commodities, and high-yield bonds, perform well during periods of <\/span>market optimism<\/span><\/a> and economic growth. Conversely, assets like gold are sought after in times of uncertainty, providing a safe haven for investors.\u00a0<\/span><\/p>\n

Mitchnick drew parallels between Bitcoin and gold, saying “gold shows a lot of the same patterns”, referring to their temporary correlations with equities. He emphasized that the long-term correlation between BTC and<\/span> traditional financial assets<\/span><\/a> is close to zero.<\/span><\/p>\n

Related Reading: Solana (SOL) Consolidates in Symmetrical Triangle \u2013 Analyst Reveals $160 Target On Breakout<\/a><\/div>\n

One of BTC’s defining characteristics is its decentralized nature, Mitchnick added. No single country or government controls it, he said, which adds to its appeal as a global monetary alternative.\u00a0<\/span><\/p>\n

Mitchnick went on to highlight Bitcoin’s scarcity, global reach and decentralized framework, describing it as a “non-sovereign asset”. He pointed out that BTC has no specific country risk and no counterparty risk, making it a compelling option for investors looking to diversify their portfolios.<\/span><\/p>\n

\"BlackRock\"
The 1D chart shows BTC dropping below the key $64,000 level. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

At the time of writing, the largest cryptocurrency on the market has given back some of the gains made during Tuesday’s trading session, after hitting a one-month high of $64,700. Currently, BTC is trading at $63,220, down a slight 0.3% over the 24-hour period.<\/span><\/p>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In less than nine months since the launch of its Bitcoin exchange-traded fund (ETF) following the approval of these investment vehicles by the US Securities and Exchange Commission (SEC), asset manager BlackRock has established itself as the world’s largest Bitcoin fund.\u00a0 A Tale Of Two Titans In Bitcoin And Ethereum Holdings According to on-chain data from blockchain analysis platform Arkham, BlackRock has aggressively expanded its Bitcoin holdings through its ETF, known as IBIT over the last months.\u00a0 Despite recent market volatility that saw significant dips in Bitcoin’s price on August 5 and September 6, BlackRock continued to buy more Bitcoin, thereby supporting not only the token\u2019s value but also its own asset base.\u00a0 Related Reading: Ethereum Gains On Bitcoin Following Fed Rate Cut: Altseason Soon? As of September 25, BlackRock’s holdings have reached approximately 358,000 BTC, valued at around $22.76 billion, representing about 1.70% of Bitcoin’s total supply of 21 million. In comparison, BlackRock’s Bitcoin holdings exceed those of Grayscale, another major crypto asset manager in the industry, by nearly 100,000 BTC. Grayscale currently holds approximately 258,671 BTC, valued at $16.45 billion, highlighting the significant gap that BlackRock has created in the BTC investment landscape. While BlackRock has taken a commanding lead in Bitcoin, Grayscale maintains an advantage in Ethereum (ETH) holdings. Arkham’s data indicates that Grayscale possesses 2.104 million ETH, valued at roughly $5.45 billion based on the current trading price of $2,600 per ETH. In contrast, BlackRock’s Ethereum holdings amount to only 349,970 ETH, valued at approximately $910 million. BlackRock Strengthens Bitcoin Stance BlackRock\u2019s support for Bitcoin extends beyond mere investment; it includes a strong endorsement of the technology underpinning the cryptocurrency. In a recent interview with Bloomberg, Robbie Mitchnick, head of digital assets at BlackRock, challenged the prevailing notion that Bitcoin should be categorized as a \u201crisk-on\u201d asset.\u00a0 During Tuesday’s interview, Mitchnick noted that while Bitcoin has recently shown a high correlation with US equities, this relationship may be misleading. The head of digital assets at BlackRock noted that risk-on assets, such as stocks, commodities, and high-yield bonds, perform well during periods of market optimism and economic growth. Conversely, assets like gold are sought after in times of uncertainty, providing a safe haven for investors.\u00a0 Mitchnick drew parallels between Bitcoin and gold, saying “gold shows a lot of the same patterns”, referring to their temporary correlations with equities. He emphasized that the long-term correlation between BTC and traditional financial assets is close to zero. Related Reading: Solana (SOL) Consolidates in Symmetrical Triangle \u2013 Analyst Reveals $160 Target On Breakout One of BTC’s defining characteristics is its decentralized nature, Mitchnick added. No single country or government controls it, he said, which adds to its appeal as a global monetary alternative.\u00a0 Mitchnick went on to highlight Bitcoin’s scarcity, global reach and decentralized framework, describing it as a “non-sovereign asset”. He pointed out that BTC has no specific country risk and no counterparty risk, making it a compelling option for investors looking to diversify their portfolios. At the time of writing, the largest cryptocurrency on the market has given back some of the gains made during Tuesday’s trading session, after hitting a one-month high of $64,700. Currently, BTC is trading at $63,220, down a slight 0.3% over the 24-hour period. Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":644641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,485,656,679,7720,89670,92467,89215,89704,1119,1122,1144,78790,6664,14690],"class_list":["post-644636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-blackrock","tag-blackrock-bitcoin","tag-blackrock-bitcoin-fund","tag-blackrock-news","tag-blackrock-spot-bitcoin-etf","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\nBlackRock Continues To Buy Bitcoin: Holdings Now Reach 358,000 BTC Worth $22 Billion<\/title>\n<meta name=\"description\" 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. 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