BlackRock Leads $1 Billion Spot Bitcoin ETF Inflows: Bull Run Incoming?

The U.S. spot Bitcoin ETF market is seeing a massive spike, with inflows surpassing $1 billion this week. Institutional demand for Bitcoin has jumped, boosted by the Federal Reserve’s rate cuts, and BlackRock is at the forefront. The asset management giant has raised its Bitcoin ETF (IBIT) holdings to 198,874 shares, a sharp increase from 43,000 in June.

But that’s not all…

This explosive demand has fueled excitement for a potential Bitcoin bull run as we head into Q4 2024. On Friday alone, $495 million flowed into Bitcoin ETFs, with over 17,009 BTC bought in just one week!

Strong Demand from Institutional Investors

The appetite for spot Bitcoin ETFs has grown significantly, backed by high trading volumes. Ark Invest’s ARKB attracted over $203 million in inflows on Friday, leading the market. Fidelity’s FBTC followed with $123 million, and BlackRock’s IBIT saw $111.7 million, according to data from Farside Investors. Together, these three funds snapped up 6,661 BTC in a single day.

This demand far exceeds Bitcoin’s daily production of about 450 BTC. In addition to the 17,000 BTC scooped up by ETFs, MicroStrategy purchased another 7,000 BTC this week, adding to the supply shortage.

Bitcoin’s Price Climbs

As a result of this heightened demand, Bitcoin’s price has been climbing steadily, gaining 5% over the past week. At the time of writing, Bitcoin is trading at $66,071.29, with a market capitalization of $1.305 trillion. Investors are eagerly positioning themselves in anticipation of a potential Bitcoin bull run in the fourth quarter of 2024.

BlackRock’s Aggressive Buying Strategy

BlackRock, the world’s largest asset manager, has been actively increasing its Bitcoin holdings. The company sees Bitcoin as a long-term asset and a hedge against inflation. According to recent SEC filings, BlackRock has steadily boosted its Bitcoin holdings through its spot Bitcoin ETF, IBIT.

In a recent portfolio update, BlackRock reported holding 198,874 IBIT shares as of July 31, up from 43,000 in June. With over $21.3 billion in inflows since its launch just nine months ago, BlackRock’s Bitcoin ETF continues to dominate the market. This aggressive accumulation highlights growing institutional confidence in Bitcoin and sets the stage for potential price gains in the months ahead.

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The Bitcoin bull run may just be getting started. Don’t miss out on this historic opportunity.