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- BlackRock scoops $635 million in three days<\/a><\/li>\n
- Bitcoin returns to red territory<\/a><\/li>\n<\/ul>\n<\/div>\n
After multiple days of a consistent selling spree, BlackRock has finally taken a pause on its usual Bitcoin sell activity and has switched to consistently buying Bitcoin.<\/p>\n
Despite the sudden flip in Bitcoin\u2019s price to the negative territory, BlackRock has reignited bullish sentiment in the crypto market after receiving another 4,082 BTC worth about $269.41 million from Coinbase Prime.<\/p>\n
BlackRock scoops $635 million in three days<\/h2>\n
The data<\/u><\/a>,<\/u> which was disclosed by on-chain monitoring firm Lookonchain, further revealed that the latest transfer marks the third consecutive day of Bitcoin accumulation by the leading asset management firm.<\/p>\n
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\n<\/a><\/p><\/div>\n<\/div>\nOver the three-day period, BlackRock has recorded a total net inflow of 9,615 BTC, worth about $635 million at Bitcoin\u2019s current market price.<\/p>\n
While the asset has continued to show mixed price action, the move suggests that institutional appetite for Bitcoin<\/u><\/a> exposure is increasing, particularly as price action has recently stabilized.<\/p>\n
Although the market has flipped bearish again, market commentators believe that the sustained inflows indicate long-term positioning rather than short-term trading.<\/p>\n
While Coinbase Prime is largely renowned for frequently facilitating large over-the-counter transactions and custody services for major financial institutions, the large transfer into BlackRock\u2019s ETF wallet has been closely watched by market participants.<\/p>\n
Bitcoin returns to red territory<\/h2>\n
- Bitcoin returns to red territory<\/a><\/li>\n<\/ul>\n<\/div>\n