The world’s largest asset management firm, BlackRock, has accumulated 12,272 BTC worth $742 million over the past 16 days.
On-chain data shows that the asset manager has resumed purchasing BTC since September 24, bringing its total holdings to over 369,822 BTC, worth around $23.2 billion. The recent accumulation reflects asset managers’ increasing confidence in the crypto asset’s long-term potential.
BlackRock bought 12,272 $BTC($742M) over the past 16 days.
Between Aug 27 and Sept 24, when $BTC traded below $60K for an extended period, #BlackRock made few accumulations.
Since Sept 24, they’ve resumed buying, adding 12,272 $BTC to their holdings, and currently hold… pic.twitter.com/fnhrI4Ijp8
— Lookonchain (@lookonchain) October 11, 2024
Last week, BlackRock recommended purchasing BTC as the US dollar weakens and loses purchasing power over time. In contrast, Bitcoin positions itself as a hedge against inflation and a solid alternative to offset the dollar’s declining value.
Big Firms Accumulating BTC
BlackRock’s recent purchase is part of a more significant trend of institutional interest in Bitcoin and cryptocurrencies. Other major financial players, such as Fidelity and J.P. Morgan Asset Management, have expanded their crypto offerings recently.
Meanwhile, other firms are actively accumulating the leading crypto asset. For instance, Metaplanet is capitalizing on bitcoin dips, having recently acquired around 108.99 BTC for ¥1 billion ($7.6 million).
The purchase came just four days after a previous BTC acquisition earlier this week. As of October 11, Metaplanet now holds 748.50 BTC, bought for $46.7 million.
Similarly, MicroStrategy spent $458M to acquire an additional 7,420 BTC two weeks ago. The purchase came a week after the firm acquired 18,300 BTC for $1.11 billion.
The recent market decline has prompted experts to consider the likelihood of a 75% correction based on historical trends.
Investors Still Optimistic About BTC
BTC price has seen notable fluctuations recently, influenced by broader conditions and regulatory factors. Despite the price swing, many investors maintain an optimistic long-term outlook for the crypto asset.
BTC was trading above $63,200 when writing, up 5.28% in the last 24 hours.
