Bitcoin price has dropped sharply despite October being a traditionally favorable month for the cryptocurrency. Amid market decline, BlackRock continues to increase its BTC holdings.

Bitcoin Price Drop in October

October is traditionally seen as a favorable month for Bitcoin price growth. However, this year the trend was different: as soon as October began, the crypto market faced pressures leading to the liquidation of more than $500 million in the past 24 hours. The flagship cryptocurrency led in liquidated funds, accounting for about $141 million. According to CoinMarketCap, Bitcoin price is currently trading at $61,091.47, down 4.19% from the previous day.

Constant BTC Acquisition by BlackRock

Amid the overall market decline, BlackRock continues to increase its Bitcoin assets. According to Arkham Intelligence, the company acquired more Bitcoin in the past few weeks than all ETF issuers sold combined. Currently, the hedge fund's total Bitcoin holdings amount to over 362,193 BTC, equivalent to approximately $22 billion at the current price.

Reaction of Other Asset Managers

Unlike BlackRock, other asset managers demonstrated various approaches to the situation. WisdomTree, CoinShare Valkyrie's BRR, Franklin Templeton, and Invesco refrained from operations, while VanEck, Ark, Bitwise, and Fidelity sold significant amounts of Bitcoin. Specifically, VanEck sold $15.8 million, Ark $84.3 million, Bitwise $32.7 million, and Fidelity $144.7 million worth of BTC.

The sharp drop in Bitcoin price has led to diverse actions from asset managers. While some are selling off their assets, BlackRock continues to see potential in the cryptocurrency's future growth, increasing its BTC positions.