In the ever-expanding crypto world, BlackRock has attracted attention with the amount of Bitcoin they hold. But, how much Bitcoin does this investment management giant actually own? Let's dive deeper to uncover the mystery behind these impressive numbers.
BlackRock's Performance in the Market
Recently, BlackRock, a well-known investment management company, was in the spotlight after the American SEC approved their spot Bitcoin ETF application . In a short period of time, this ETF recorded impressive trading volume, more than $4.5 billion on the first day. Nevertheless, Grayscale still leads the market with $1.9 billion.
Although expectations for BlackRock's iShare Bitcoin Trust were high, reality showed different results. In two trading days, BlackRock managed to raise 11,439 BTC worth more than $497 million. This figure, while impressive, is still below higher market expectations.
Larry Fink, CEO of BlackRock, expressed his satisfaction with the performance of this Bitcoin ETF. It doesn't stop there, BlackRock also plans to launch a spot Ethereum ETF in the near future.
Also read: Buy Bitcoin vs Spot Bitcoin ETF, Which is More Profitable?
Bitcoin Price Fluctuations Post ETF Launch
On the other hand, Bitcoin, on which BlackRock's ETF is based, has not shown any significant increase post-launch.
Currently, the price of Bitcoin is at $42,785.44, having risen to $46,000 before the SEC backed a spot Bitcoin ETF. However, the long-term effects of this ETF approval on Bitcoin prices remain unclear.
The recent decline in Bitcoin prices was also influenced by several other factors, including the liquidation of Grayscale
Bitcoin Trust (GBTC). According to Ran Neuner, CEO of Blockchain Investment Fund and Advisory service, this liquidation played an important role in the decline in Bitcoin prices.
Despite price fluctuations, many crypto analysts remain optimistic. Michaël van de Poppe, a well-known crypto analyst, even estimates that Bitcoin's price could reach $600,000, which means a potential increase of almost 1,176% from the current price.
Wait and See the Long-Term Impact of BlackRock ETFs
Although the BlackRock Bitcoin ETF has had a good run, there are still many questions about its impact on the future value of Bitcoin. The crypto market is waiting to see how this ETF will shape Bitcoin price trends going forward.
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DISCLAIMER : This article is informational in nature and is not advice, recommendation, offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time. Bittime is not responsible for changes in exchange rates or crypto asset prices.
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