BlackRock Snaps Up $111M in Bitcoin After Record Outflow
BlackRock, the world's largest asset manager, has made a significant Bitcoin purchase worth $111 million, just under 24 hours after recording an outflow. This move is seen as a reversal of fortunes for the American giant, which manages over $10 trillion in assets.
The purchase was made through BlackRock's iShares Bitcoin Trust spot ETF (IBIT), adding to its existing holdings of several billion dollars' worth of BTC. Since the launch of IBIT in January 2024, the fund has established itself as one of the largest institutional holders of Bitcoin worldwide.
Despite this major purchase, Bitcoin remains anchored around $63,000, holding within a consolidation zone that traders are watching closely. The market is waiting for a clear catalyst to break the deadlock, with the next significant resistance level at $65,000 to $66,000.