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BlackRock’s spot Bitcoin 
$104,679 ETF, IBIT, has attracted significant attention from institutional investors, leading to a surge in Bitcoin purchases and resulting in prices reaching new highs. Within just one day, BlackRock acquired 2,250 Bitcoins, enhancing its portfolio by approximately $232 million. As Bitcoin edges towards $103,000, anticipation for record-breaking numbers intensifies. IBIT’s rise exerts a notable influence in both the ETF and spot purchase markets.
BlackRock Dominates ETF Market
The US-based asset management giant, BlackRock, has claimed supremacy in the cryptocurrency investment fund arena with its IBIT-coded spot Bitcoin ETF. Since mid-April, IBIT has seen the highest influx, netting $223 million in a single day—constituting about 70% of the daily ETF entries totaling $319 million. IBIT now holds a total of 628,000 Bitcoins. This significant increase highlights an enhanced level of trust from institutional investors towards Bitcoin.
In comparison, Fidelity’s FBTC ETF and Grayscale’s smaller-scale Bitcoin ETF contributed $35 million. However, these numbers fall short in the face of IBIT’s impact. Over the past month, IBIT shares have appreciated by 23%, showing that investor interest is driven not just by spot purchases but also by share price movements. As institutional interest remains robust, IBIT’s leadership position seems poised to strengthen further.
Spot Purchases Propel Bitcoin Prices
According to popular analyst Miles Deutscher, the rise in Bitcoin prices is rooted in direct spot purchases rather than leveraged trades. Large funds entering the market, particularly from entities like BlackRock, are making this uptick more lasting. The noticeable lack of volatility in futures trading suggests that the current rally stands on solid grounds, indicating a structural inclination rather than a fleeting uptick.
Data from Glassnode corroborate this scenario. The cost basis for long-term Bitcoin investors has risen to $45,340. This indicates that remaining players are predominantly patient, focusing on long-term investments. Particularly those who purchased between $90,000 and $100,000 are now observed to hold onto their assets. This trend contributes to supply constraints, pushing prices upward.
Technical Indicators Signal New Peaks
At publication time, Bitcoin was trading at $102,388. Despite a 10% drop in daily trading volume to $44.5 billion, technical indicators remain robust. According to cryptocurrency analyst Ali Martinez, Bitcoin is in an overbought zone of the relative strength index (RSI), potentially prompting a short-term correction to test the $100,000 level. However, this potential pullback does not alter the overall upward trend.
In addition, the rising wedge formation identified by analyst Captain Faibik is noteworthy. If Bitcoin shows resilience, it will test the strong horizontal resistance at $104,900. Once surpassed, the path to new highs for Bitcoin could become clearer. These technically-grounded expectations further fuel investor enthusiasm, suggesting that with BlackRock’s influence, the Bitcoin market is approaching a historic threshold.
