BlackRock, the world’s largest asset manager, managing approximately $11.6 trillion in assets, has executed significant purchases of BTC for the year 2055, valued at approximately $172.1 million.
This transaction, which followed their recent purchase of 2,600 BTC on March 18, valued at $218.1 million, highlights their unwavering investment commitment.
According to Treasury data from bitbo.io, the company’s total Bitcoin holdings stand at 570,582 BTC as of March 19, accounting for more than 2.7% of the total Bitcoin supply, which is capped at 21 million coins. Following today’s acquisition, this number has risen to 572,637 BTC, further solidifying BlackRock’s position as a prominent provider of spot Bitcoin ETFs.
Bitcoin Resistance at $87,500
The latest attempt by Bitcoin to price itself at $87,500 has faltered. It is facing significant resistance, with market movements suggesting that large stakeholders are attempting to drive the price lower. Bitcoin reached a 13-week high of $87,500 on March 20 but has since retreated 4.4% to $83,600, with technical indicators showing more downside risks.
BlackRock’s acquisition underscores the strategic focus outlined in the company’s 2025 Global Outlook report, which highlights Bitcoin as a competitive and viable asset in a world characterized by unreliable stock market correlations.
BlackRock’s CEO, Larry Fink, has also voiced support for Bitcoin’s potential. He suggested that, due to discussions with sovereign wealth funds, this transition could be the “first wave,” implying that broader adoption may soon follow.
However, these responses have not been entirely uncritical. Bitcoin proponents on X have raised concerns over centralization risks, emphasizing BlackRock’s historical skepticism and the growing influence of its impact on BTC market dynamics.
Nevertheless, the prevailing sentiment is largely bullish, with posts labeled as “institutional validation in action,” which could serve as an accelerator for cryptocurrency adoption.
Institutional Market’s Perception of Bitcoin’s Risk
Robert Mitchnick, head of BlackRock’s Digital Assets division, is attempting to challenge the notion of Bitcoin as a high-risk investment, especially considering the volatility in the cryptocurrency market.
In an interview with CNBC Squawk Box, Mitchnick stated that the cryptocurrency industry has fostered the perception of Bitcoin as a risky asset, even though the token is “global, scarce, non-custodial, decentralized.”
Mitchnick noted that this view has become a self-fulfilling prophecy, partly driven by industry research and commentary reinforcing the risk narrative. He suggested that framing Bitcoin in this way might lead the industry to exacerbate its volatility.
U.S. regulators approved spot Bitcoin exchange-traded funds (ETFs) early last year, expanding institutional investors’ access to the world’s oldest cryptocurrency. BlackRock’s Bitcoin ETF application is widely seen as a pivotal moment in the issuer’s efforts to earn long-term recognition for these funds.
ETFs now manage about $100 billion in assets, with BlackRock’s iShares Bitcoin Trust (IBIT) controlling $46.5 billion in total assets. IBIT reached $10 billion in assets faster than any fund in the 32-year history of the ETF industry.
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