BlackRock Goes on a Massive Bitcoin Buying Spree – What Does It Mean for BTC Price?

LookOnChain reported last night that BlackRock's massive Bitcoin buying spree is continuing. They revealed that BlackRock purchased another 1,684 BTC

BlackRock's Massive Bitcoin Buying Spree Continues

output: BlackRock's massive Bitcoin buying spree is still on, according to a report by LookOnChain on Friday. The company purchased an additional 1,684 BTC, valued at roughly $110.7 million.

This brings BlackRock's total Bitcoin purchases to 7,578 BTC, valued at roughly $497.6 million, over the past four days. The company's total BTC holdings are currently valued at $24.04 billion.

The news comes amid strong inflows into Bitcoin ETFs this week, setting the stage for an interesting October in terms of the BTC price. However, the Bitcoin price has remained relatively stable this week, fluctuating within the $65,300-$65,700 range after rising about 4% during the week.

BlackRock bought another 1,684 $BTC($110.7M)!#BlackRock(IBIT) has bought 7,578 $BTC($497.6M) in the past 4 days and now holds a total of 365,310 $BTC($24.04B).https://t.co/2UQKKBxzrT pic.twitter.com/Xf6FdWdCeN

BlackRock's Bitcoin Purchases Could Be Bullish for BTC

Here's why BlackRock's continued Bitcoin purchases could be bullish for BTC price:

It demonstrates that one of the biggest asset managers worldwide is optimistic about Bitcoin's long-term investment potential. Such institutional backing can encourage other major players to enter the market.

Lastly, BlackRock's involvement lends further legitimacy to Bitcoin in the world of traditional finance. This could lead to increased adoption and investment from both institutions and retail investors, potentially driving the Bitcoin price higher.

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It remains to be seen what will happen with Bitcoin and the broader crypto market in October. Many anticipated a “red” September, but the market performed exceptionally well instead.

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