Amid rising speculation that Bitcoin [BTC] ETFs could soon exceed the holdings of Satoshi Nakamoto, BlackRock has achieved a significant milestone in its accumulation of BTC.
Accumulation of Bitcoin by BlackRock
As per a recent report from Lookonchain, the prominent asset management firm now possesses more than 400,000 Bitcoin, currently valued at around $26.98 billion.
Within the last fortnight alone, BlackRock has integrated 34,085 BTC into its investment portfolio, closing in on approximately $2.3 billion. This latest procurement has emphasized BlackRock’s supremacy in the realm of cryptocurrencies, showcasing its continuous expansion of Bitcoin holdings.
Conversely, BlackRock’s BTC ETF (IBIT) has displayed impressive growth, surpassing the $23 billion milestone, as reported by Farside Investors. Notably, IBIT has been experiencing consistent inflows since October 14th.
Between October 14th and 25th, IBIT saw inflows nearing $400 million on certain days, indicating significant investor interest and confidence in BlackRock’s Bitcoin strategy. This underscores BlackRock’s strategic approach to Bitcoin amidst its growing adoption.
Responses from the Community and Impact on Bitcoin
The cryptocurrency community responded with optimism to this development.
At the latest update, Bitcoin was trading at $67,773.35, demonstrating a growth of more than 1% within the past 24 hours according to CoinMarketCap.
Moreover, the Relative Strength Index (RSI) was positioned above the neutral threshold, indicating bullish momentum overcoming bearish pressures.
In terms of Bitcoin’s future path, an analysis by IntoTheBlock, mentioned by CryptoCrypto, revealed that around 92.88% of BTC holders were currently “in the money,” with their holdings valued higher than their initial purchase price.
In contrast, only 2.45% of holders were “out of the money,” showcasing a strong market sentiment and hinting at potential for further price increases.
Could This Signal the Beginning of a “Bitcoin Battle”?
Speculation regarding potential future “Bitcoin battles” is circulating, with some suggesting that industry giants such as BlackRock might contemplate forking the original Bitcoin chain to introduce their version as the legitimate one.
While this scenario may seem like a conspiracy theory presently, the swift accumulation of BTC by BlackRock has sparked concerns about its escalating influence over the market.
Nevertheless, BlackRock is not alone in this endeavor—other prominent entities like MicroStrategy under Michael Saylor, along with Tesla, Binance, and SpaceX, have also been steadily amassing Bitcoin.
Therefore, the question remains whether MicroStrategy and other institutions can challenge the dominance of BlackRock successfully.