BlackRock continues to strengthen its position in the Bitcoin market, increasing its iShares Bitcoin Trust (IBIT) assets to 683,000 BTC. Amid growing institutional interest, analysts emphasize the importance of current market trends.
BlackRock's Increased Investment in Bitcoin
BlackRock acquired an additional 2,681 BTC for its iShares Bitcoin Trust (IBIT), raising the total amount to over 683,000 BTC. This figure accounts for over 3% of the total circulating Bitcoin supply. The recent influx of $639.19 million further emphasizes the considerable accumulation strategy employed by BlackRock amid market volatility.
Rise in Institutional Interest
According to SoSoValue data, U.S. spot Bitcoin ETFs logged inflows of $389.57 million on Wednesday. This increase represents a positive trend since June 9 and confirms high institutional demand. The IBIT ETF has shown resilience amid broader ETF market outflows, contributing to the fund's market capitalization of $50.67 billion.
Bitcoin Price Analysis
Crypto analyst Carl Moon noted a forming Head and Shoulders pattern, suggesting that the cryptocurrency could surge if the pattern reverses. Bitcoin recovered near the 50-day Exponential Moving Average at approximately $103,100, following a 2.1% decline. Technical indicators remain bearish, and a close below the 50-day EMA may lead to a move towards the $100,000 support zone.
The current situation with BlackRock's assets and overall market trends indicates a growing interest from institutional investors. However, market indicators signal possible risks for short-term price declines.
