BlackRock has continued to extend its large Bitcoin purchases since the broader crypto market began to see renewed interest following the prolonged rally seen in the previous months.
While institutional investors are increasingly doubling down on their Bitcoin investments, BlackRock appears to have just made its biggest weekly Bitcoin purchase of the year, which nearly reached a billion dollars.
This massive purchase has sparked discussions across the crypto community while also boosting investor confidence that the world's largest crypto asset may be set for a major price breakout.
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BlackRock buys $900 million of BTC
Amid the rising demand for the Bitcoin investment product among institutional investors, Arkham Intelligence firm has provided data on Wednesday, April 22, revealing details of the massive Bitcoin purchase.
According to the data, the world's largest asset management firm, BlackRock, purchased a total of over $900 million worth of Bitcoin in just five days.
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While this accounts for over 90% of the total capital that flowed into the broader Bitcoin ETF market over the week, BlackRock has further established its position as the biggest Bitcoin fund across the globe.
This massive purchase marks a resurgence from the steady weeks of extreme volatility when the firm continued to shrink its holdings with major Bitcoin sales.
Is Bitcoin supply shock brewing?
In addition to BlackRock's consistent Bitcoin purchases, it is important to note that other large Bitcoin treasuries like MicroStrategy, Metaplanet and others are also doubling down on the asset.
These massive purchases from large holders and institutions have caused a massive reduction in the amount of Bitcoin left on exchanges, sparking concerns of a Bitcoin supply shock soon.
As of the time of writing, there are about 2.6 million Bitcoin left on exchanges as demand for the world's largest cryptocurrency continues to outweigh supply.
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