In this post:
- Unable to recover the $70,000 barrier, Bitcoin fell more than 2% to about $67,000.
- During the decline, investment behemoth BlackRock purchased 4,869 Bitcoin (about $328 million).
- Inflows into Bitcoin spot ETFs were $294.29 million, with BlackRock’s IBIT ETF leading the way.
The largest digital asset, Bitcoin (BTC), saw a significant pause to its optimistic outlook for regaining the $70,000 mark.In the past day, the price of Bitcoin fell by more than 2%, returning to the $67,000 range.But BlackRock, the financial behemoth, took advantage of the situation and immediately purchased the dip.
Over the past day, the total value of the cryptocurrency market fell by about 2.5 percent to $2.33 trillion. Well known cryptocurrencies like Solana (SOL) and Ethereum (ETH) saw declines of 1.37% and 3.25%, respectively.
BlackRock purchases 4869 more Bitcoins
According to the statistics, BlackRock purchased 4869 Bitcoin during the decline, which is roughly equivalent to $328 million.The massive investing firm has continued to amass wealth.It increased Bitcoin by 8% last week and purchased 16,975 BTC in total, which is roughly worth $1.17 billion.
Boosted by ETF inflows and confidence about US regulatory developments, Bitcoin jumped nearly $70,000 on Monday.Political factors are at work, with the election scheduled for November 5th.Bitcoin is a possible “Trump trade” since Republican nominee Donald Trump has adopted a pro-crypto position.Kamala Harris, the vice president, has pledged to back more transparent crypto laws.
At the same time, Arkham revealed that a 2009 old whale had sold $9.68 million worth of Bitcoin. This whale extracted thousands of BTC starting just only 5 days after the first block was produced.
𝗨𝗣𝗗𝗔𝗧𝗘: 𝗔𝗡𝗖𝗜𝗘𝗡𝗧 𝟮𝟬𝟬𝟵 𝗪𝗛𝗔𝗟𝗘 𝗦𝗢𝗟𝗗 $𝟵.𝟲𝟴𝗠 𝗕𝗜𝗧𝗖𝗢𝗜𝗡
— Arkham (@ArkhamIntel) October 21, 2024
We’ve been tracking an ancient Bitcoin whale who mined thousands of BTC, starting only 5 days after the first block in 2009.
He’s now sold $9.68M BTC in total – and has $72.09M BTC remaining. https://t.co/juZlzhPtfc pic.twitter.com/YO9s6jxbdc
The wallet now contains $72.09 million worth of Bitcoin.
IBIT at BlackRock expects $329 million influx
Bitcoin spot ETFs saw a $294.29 million inflow on October 21, 2024, according to SoSoValue statistics, which represents seven days of steady inflow.
With a daily net inflow of $329.03 million, BlackRock’s ETF IBIT recorded the largest net inflow of the day. It has received $23.17 billion in net inflows overall. With a net outflow of $4.85 million, Grayscale’s ETF GBTC had a $20.10 billion net outflow overall.On the other hand, Fidelity’s ETF FBTC had a net influx of $5.90 million each day, with a historical net inflow of $10.31 billion.
The price of bitcoin has increased by 3.5% during the past seven days, even though it reached $66,600 on its way down. BTC is trading at an average price of $67,532, at the press time.
