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BlackRock has significantly increased its stake in its own IBIT Bitcoin ETF, according to its recent portfolio disclosure filed with the U.S. Securities and Exchange Commission (SEC). Now, it holds more than $77 million worth of IBIT in its Strategic Income Opportunities Portfolio.
BlackRock Increases IBIT Bitcoin ETF Holdings
According to the SEC filing registered today, BlackRock revealed that the firm held 2,140,095 shares of IBIT Bitcoin ETF in its Strategic Income Opportunities Portfolio as of September 30, 2024. These shares were valued at $77.3 million, a marked rise from the 88,000 shares reported as of June 30, 2024.
This notable growth in BlackRock’s IBIT holdings coincides with a period of high activity in Bitcoin exchange-traded funds (ETFs). Inflows into Bitcoin ETFs saw a strong trend across five consecutive days before reversing on the sixth day, with $435.3 million in outflows as Bitcoin’s price declined.
As of the latest data, BTC price has dropped below $93,000, reflecting a 3% decrease in the past 24 hours, according to CoinMarketCap. Despite these market dynamics, BlackRock’s IBIT has emerged as the top performer, recording inflows of $267 million during this period.
BTC ETF Outflows Amid Price Turbulence
Conversely, other major Bitcoin ETFs such as Fidelity’s FBTC, Bitwise’s BITB, and ARK’s ARKB experienced significant outflows on the sixth day. Outflows for these ETFs were $134.7 million, $280.7 million, and $110.9 million, respectively.
Market trends also indicate that long-term Bitcoin holders have been offloading their positions. Bloomberg ETF analyst Eric Balchunas highlighted in a recent post that around 128,000 Bitcoins have been sold by these holders since late October. This selling pressure has largely been absorbed by U.S. spot Bitcoin ETFs, which have accounted for 90% of the sales.
Technically, Bitcoin is under bearish pressure, with its price currently hovering near the critical support level of $93,257. Analysts warn that a breach of this level could result in Bitcoin testing its 100-day Simple Moving Average (SMA) on the 4-hour chart.