- BlackRock moves closer to surpassing Satoshi Nakamoto as the world’s largest Bitcoin holder.
- Bitcoin’s price surge boosts investor confidence, driving record inflows into Bitcoin ETFs.
- Institutional demand for BTC grows as BlackRock and Fidelity record substantial ETF inflows.
BlackRock is about to take the top spot as the biggest holder of Bitcoin, now holding 57% of the Satoshi Nakamoto holdings. If the price of Bitcoin rises to $150,000 in the following months, the firm could amass more coins than those held by Nakamoto. Eric Balchunas predicts that BlackRock will accomplish this by next summer, which could encourage a rush among advisors.
Spot Bitcoin ETFs See Massive Inflows
A record net inflow was seen in U.S.-listed spot Bitcoin ETFs yesterday, totaling $667.44 million since May 2. It was the fourth straight inflow day, highlighting the rising interest among institutional investors. Investor confidence is increasing, suggesting a broad recovery is taking place.
Bitcoin surged to $107,108 during intra-day trading on Monday. It pulled back slightly and ended the session above $105,000, which encouraged investors. As a result of the rally, investors put a lot of money into BlackRock’s ETF IBIT, contributing an additional $305.92 million. The ETF has now recorded more than $45.86 billion in cumulative net inflows.
Fidelity’s ETF, FBTC, recorded inflows of $188.01 million on the day. As a result, there have now been $11.78 billion in historical inflows, confirming a rising overall trend. The strong results of these funds prove that institutions are becoming more interested in Bitcoin.
Bitcoin Soars as Open Interest Hits $70B
As of press time, BTC is trading at $104,791, up by 1.05% over the past day. Future open interest in cryptocurrency has increased to over $70 billion. The rise in open interest to its highest level this year demonstrates that investors are putting more money into the market.
Interest in the market and prices is growing, signalling that bulls are gaining ground. As more and more people enter the market, optimism for Bitcoin’s rise continues to grow. With the rising interest from institutions, the overall outlook for Bitcoin is positive.
Related: BlackRock Capitalizes on Crypto Market Pullback; Adds $8.65 Million in ETH to Portfolio
BlackRock’s investment in Bitcoin, alongside rising institutional adoption, shows that the digital asset is starting a new phase. As bullish signals strengthen, the cryptocurrency market stands to grow significantly in the following months.
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