Crypto investors began the new week with justified excitement as BTC climbed back over $44,000. As expected, losses in altcoins deepened with the new week. For days, we had been discussing the possibility of accelerated selling in altcoins and a renewed interest turning back to BTC. That’s exactly what happened.
BlackRock Buys Bitcoin
In the early days, BlackRock, which was expected to see over $2 billion in volume for its Spot Bitcoin ETF, was revealed to have purchased $10 million worth of BTC on January 5. Although the purchase amount by the world’s largest asset management company was not massive, it was a significant step. Comparing to the days when Tesla accepted Bitcoin, BlackRock is a much larger company, and these moves show they are convinced of a definite ETF approval.
The company, which acquired 227.90 BTC, also set the fund management fee at 0.3%. This is a reasonable fee and represents a well-considered figure to be competitive with other ETFs. The goal is for the SEC to put the final point in this story with an official ETF approval two days after Wednesday.
