BlackRock
scoops
$635
million
in
three
days
Bitcoin
returns
to
red
territory
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After
multiple
days
of
a
consistent
selling
spree,
BlackRock
has
finally
taken
a
pause
on
its
usual
Bitcoin
sell
activity
and
has
switched
to
consistently
buying
Bitcoin.
Despite
the
sudden
flip
in
Bitcoin’s
price
to
the
negative
territory,
BlackRock
has
reignited
bullish
sentiment
in
the
crypto
market
after
receiving
another
4,082
BTC
worth
about
$269.41
million
from
Coinbase
Prime.
BlackRock
scoops
$635
million
in
three
days
Thedata,which
was
disclosed
by
on-chain
monitoring
firm
Lookonchain,
further
revealed
that
the
latest
transfer
marks
the
third
consecutive
day
of
Bitcoin
accumulation
by
the
leading
asset
management
firm.
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Back
in
Demand
With
$506
Million,
Dogecoin
Price
Reclaims
$0.10
—
U.Today
Crypto
Digest
Over
the
three-day
period,
BlackRock
has
recorded
a
total
net
inflow
of
9,615
BTC,
worth
about
$635
million
at
Bitcoin’s
current
market
price.
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While
the
asset
has
continued
to
show
mixed
price
action,
the
move
suggests
that
institutional
appetite
forBitcoinexposure
is
increasing,
particularly
as
price
action
has
recently
stabilized.
Although
the
market
has
flipped
bearish
again,
market
commentators
believe
that
the
sustained
inflows
indicate
long-term
positioning
rather
than
short-term
trading.
While
Coinbase
Prime
is
largely
renowned
for
frequently
facilitating
large
over-the-counter
transactions
and
custody
services
for
major
financial
institutions,
the
large
transfer
into
BlackRock’s
ETF
wallet
has
been
closely
watched
by
market
participants.
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Bitcoin
returns
to
red
territory
WhileBlackRock’srenewed
buying
streak
signals
strengthened
confidence
among
investors,
Bitcoin’s
price
has
flipped
negative
after
the
latest
Bitcoin
withdrawal
from
Coinbase.
Over
the
last
24
hours,
Bitcoin
has
dropped
by
3.38%
despite
the
rapid
price
surge
seen
in
the
previous
day.
As
such,
it
is
trading
at
$64,045
as
of
writing
time
despite
reclaiming
$69,953
three
days
ago.