Bitcoin: BlackRock Buys $184 Million Worth Of BTC In One Day

According to the data from Farside Investors, BlackRock purchased $184.4 million worth of Bitcoin (BTC), 2913 coins to be exact, on Wednesday, Sept. 25, 2024. The figure represents the highest amount of BTC purchased in a single day in September. The development also highlights the growing dominance of BTC-based exchange-traded funds (ETFs) in the US.

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With Wednesday’s $184 million BTC purchase, BlackRock’s total holdings have risen to 359,279 BTC, worth around $23 billion. The world’s largest asset manager, with nearly $10 trillion worth of assets under management, has overtaken the likes of Microstrategy in the amount of BTC held. Microstrategy, a company heavily bullish on Bitcoin, holds around 252,220 BTC, worth around $16 billion.

Will Bitcoin Rally After BlackRock’s Purchase?

BlackRock’s massive BTC purchase highlights the growing client demand for exposure to the cryptocurrency market. This may be because investors and clients anticipate the crypto market to rise in October.

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September has usually been a bearish month for crypto, while October has been historically bullish. In times when September is bullish for crypto, October is even better. This month, the Federal Reserve cut interest rates by 50 basis points. A rate cut is bullish for Bitcoin (BTC) as it often leads to market participants taking more risks as borrowing becomes easier.

According to CoinCodex’s analysis, BTC could hit a new all-time high in October, surpassing the $80,000 level. The platform predicts BTC to hit $87,207 on Oct. 26, 2024. Reaching $87,207 from current price levels will entail a rally of about 36.76%.

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BlackRock’s big BTC purchases highlight the growth potential for Bitcoin (BTC). BTC is among the best-performing assets of the last decade-and-a-half and may continue its upward trajectory for the foreseeable future.