BlackRock Acquires Over $250 Million in Bitcoin
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BlackRock Acquires Over $250 Million in Bitcoin

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On June 17, BlackRock bought another $250 million worth of Bitcoin (BTC)

continuing its six-day buying streak and bringing its total BTC holdings to $70.63 billion, according to Arkham.

BlackRock’s running inflow trend has so far amounted to $1.4 billion, while the combined U.S. BTC exchange-traded fund (ETF) market cap has been pushed to over $133 billion, as per CoinMarketCap.

In other words, BTC ETFs now account for around 22.98% of the global spot volume, a significant increase from the 13.2% seen exactly one year ago on June 18, 2024.

In the wake of BlackRock’s new purchase, Bitcoin price briefly rose past the $105,500 mark again, although it’s still down significantly from its weekly high of $109,714, currently trading at $104,830.

Despite the dip, institutional demand remains strong, with BlackRock’s competitor Saylor Strategy, for example, now holding 590,000 BTC.

Short-term volatility is most likely to continue due to rising geopolitical tensions. Indeed, BTC dipped as low as $102,822 following President Trump’s June 17 warning to Iran.

What’s more, the market appears to be in a state of uncertainty in preparation for today’s Federal Open Market Committee Caution (FOMC) meeting, especially in regard to future rate cuts that could affect Bitcoin.

Featured image via Shutterstock

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