BlackRock’s iShares Bitcoin Trust (IBIT) holdings grew by 3,570 Bitcoins (BTC), worth $682.43 million, on Jan. 21, according to data from BitcoinTreasuries. The fund now holds 563,134 BTC in total.
Based on the current market price, IBIT’s BTC holdings are worth $59.4 billion. For the past three days, inflows into BlackRock’s IBIT have been the highest among other spot Bitcoin ETFs.
BlackRock’s Confidence in Bitcoin
Data from the on-chain analytics platform SoSoValue showed that IBIT recorded inflows of $661.9 million on the same day it acquired more BTC. BlackRock is more confident about its investment in Bitcoin after the cryptocurrency reached $108,014 on Jan. 20.
The value of iShares’ BTC holdings increased from Jan. 16 to Jan. 17, peaking at $1.3 trillion. Last month, BlackRock purchased $1 billion in BTC before the coin’s price declined sharply.
However, BTC’s price has been gradually declining since reaching this high. It’s currently at $105,326, gaining 0.8% over the last day. The price of this cryptocurrency has risen 9% in the last week.
Industry participants anticipate advancements in the cryptocurrency sector following President Donald Trump’s inauguration. Whether the BTC rally will continue remains to be seen. One such advancement is the implementation of a national Bitcoin reserve that Trump promised to create to make the US the “crypto capital” of the world.
Still, CryptoQuant CEO Ki Young Ju has warned investors that BTC’s price will drop or trade sideways for months. He explained that indicators remain bullish but is unsure whether the bullish cycle is over. Hence, he warned those trading with leverage to be careful.
Top Corporate Bitcoin Holders
Meanwhile, the highest corporate holder of BTC remains MicroStrategy, which purchased 11,000 BTC for $1.1 billion on Jan. 21. The company now holds a total of 461,000.
According to CoinGecko data, its holdings put it ahead of other Marathon Digital and Riot Platforms, which occupy second and third positions among corporate BTC holders. Tesla and Coinbase complete the top five corporate BTC holders.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
