BlackRock Rekindles Bitcoin Buying Spree Near $80,000
BlackRock has resumed buying Bitcoin after a period of reduced activity during market volatility. The asset management giant made another significant purchase on August 27, adding approximately $200.76 million to its BTC holdings. This move comes as institutional demand remains strong following last week's rally and Bitcoin holds near the closely watched $80,000 level.
The combined net inflows of $232.12 million in the U.S. spot Bitcoin ETF market on August 27 further supports this trend. BlackRock's renewed accumulation has strengthened expectations that institutional investors remain confident in Bitcoin's longer-term prospects.
BTC briefly moved above the key resistance threshold before trading at approximately $79,502 at the time of writing, representing a 1.24% gain over the previous 24 hours. The ability of buyers to provide support near the $80,000 price level is crucial for maintaining bullish sentiment.