BlackRock Bitcoin ETF’s $388M Buy Outpaces BTC Sold in 3 Weeks

BlackRock has made a significant move in the Bitcoin ETF market with purchasing over $388 million worth of BTC. Moreover, the buying pressure has outpaced the amount of BTC sold by ETFs in the last three weeks. In addition, it has offered a boost to the BTC price, which recently broke above the $66,000 level.

BlackRock Bitcoin ETF Buys More BTC

According to Lookonchain data, BlackRock’s IBIT Bitcoin ETF added 5,894 BTC worth $388.2 million to its holdings over the past four days. This brings the asset manager’s total BTCholdings to 363,626 BTC, valued at $23.68 billion. Yesterday alone, IBIT purchased another 1,434 BTC for approximately $94.3 million.

BlackRock’s recent Bitcoin purchases outpace the amount sold via BTC ETFs over the last three weeks. No ETF has sold as much Bitcoin as BlackRock has bought during this period. In addition, Thursday’s Bitcoin ETF inflows were highly positive, totaling $365.7 million across several funds.

BlackRock has bought more Bitcoin this week than ANY ETF has sold in the past 3 weeks. pic.twitter.com/d6fsVNgdZO

— Arkham (@ArkhamIntel) September 27, 2024

Fidelity contributed $74 million in inflows, while Bitwise added $50.4 million. Furthermore, VanEck brought in $22.1 million and Ark Invest attracted an impressive $113.8 million in inflows. Even smaller BTC ETFs reported inflows, a signal of increasing institutional interest in the asset class. Grayscale Bitcoin Trust (GBTC), however, recorded $7.7 million in outflows.

BTC Price Holds Above $66,000

This buying spree helped push Bitcoin price past the key resistance level of $66,000, establishing a new higher high. Despite the settlement of quarterly options and futures today, BTC price gained 1.20% to $66,122.10 at the time of writing on Friday, September 27.

As “Uptober” — a traditionally bullish month for Bitcoin — kicks off next week, BlackRock’s aggressive buying activity signals strong institutional demand for BTC. The market now looks ahead to whether this momentum will continue throughout October. Currently, the optimism from last week’s 50 bps Federal Reserve rate cut and MicroStrategy’s continued BTC buying has also fueled the bullish momentum.

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