BlackRock has significantly boosted its investment in the IBIT Bitcoin ETF, according to its latest SEC filing. The firm now holds over $77 million worth of shares in its Strategic Income Opportunities Portfolio.
BlackRock’s IBIT Bitcoin ETF Stake Hits $77M
As per the U.S. Securities and Exchange Commission (SEC) filing, BlackRock reported holding 2,140,095 shares of the IBIT Bitcoin ETF as of September 30, 2024. These holdings, valued at $77.3 million, represent a significant jump from the 88,000 shares held on June 30, 2024.
This substantial increase in BlackRock’s Bitcoin ETF holdings aligns with heightened activity in Bitcoin ETFs. During a recent streak of strong inflows, Bitcoin ETFs recorded five consecutive days of gains before experiencing $435.3 million in outflows as Bitcoin’s price fell.
Despite market turbulence, BlackRock’s IBIT Bitcoin ETF remains a standout performer. It recorded $267 million in inflows, even as Bitcoin’s price slipped below $93,000—a 3% decline over the past 24 hours, according to CoinMarketCap.
Bitcoin ETF Outflows Amid Price Pressure
While BlackRock’s IBIT performed strongly, other Bitcoin ETFs like Fidelity’s FBTC, Bitwise’s BITB, and ARK’s ARKB faced significant outflows. These funds saw withdrawals of $134.7 million, $280.7 million, and $110.9 million, respectively, on the sixth day of activity.
Additionally, Bloomberg analyst Eric Balchunas noted that long-term Bitcoin holders have sold approximately 128,000 BTC since late October. U.S. spot Bitcoin ETFs absorbed 90% of this selling pressure, reflecting growing investor interest in Bitcoin ETFs despite market challenges.
Bitcoin’s Technical Analysis: Key Levels to Watch
Technically, Bitcoin faces bearish pressure as its price nears the critical support level of $93,257. Analysts warn that breaching this level could push Bitcoin toward its 100-day Simple Moving Average (SMA) on the 4-hour chart.
Conclusion
BlackRock’s increased investment in the IBIT Bitcoin ETF highlights its confidence in Bitcoin ETFs as a long-term asset class. While the broader Bitcoin market experiences volatility, strong institutional interest may signal future growth for ETFs like IBIT.
