Asset manager BlackRock is the largest Bitcoin fund in the world. This was achieved after the US Securities and Exchange Commission approved these investment vehicles.
Two titans of Bitcoin and Ethereum Holdings
BlackRock’s aggressive expansion of its cryptocurrency business is reflected in data collected by blockchain analysis platform Arkham. Bitcoin holdings IBIT, formerly known as ETF.
BlackRock has continued to purchase Bitcoin despite recent volatility, which saw the price of Bitcoin drop significantly on August 5, and then again in September 6. This helped not only support Bitcoin’s value, but also its overall stability. own asset base.
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BlackRock announced on September 25 that it has increased its BlackRock holdings The value of Bitcoin has reached 358,000 BTC. This is approximately $22,76 billion. That’s about 1.7% of the 21 million total Bitcoin supply.
Grayscale currently holds more Bitcoin than BlackRock, another leading crypto asset management company in the industry. The difference is nearly 100,000 BTC. Grayscale has a current cryptocurrency holding of approximately 100,000 BTC. holds BlackRock created a gap of approximately 258,671 BTC worth $16.45 Billion in BTC investing.
Grayscale has maintained an edge over BlackRock in Bitcoin. Ethereum (ETH) holdings. Arkham data shows that Grayscale has 2.104 millions ETH. This is worth approximately $5.45 Billion based on current exchange rates of $2.600 for each ETH. BlackRock has only 349.970 Ethereum worth $910,000,000.
BlackRock Strengthens Bitcoin Stance
BlackRock’s support of Bitcoin goes beyond investment. It also includes a powerful endorsement of the technology that underpins the cryptocurrency. According to a recent interview Robbie Mitchnick of BlackRock challenged in an interview by Bloomberg the idea that Bitcoin was a cryptocurrency. “risk-on” asset.
Mitchnick stated in his interview of Tuesday, that although Bitcoin recently showed a strong correlation with US equity markets, the relationship could be misleading.
BlackRock’s digital asset head noted that assets with a high level of risk, like stocks, commodities and high yield bonds perform well in periods of uncertainty. market optimism Growth in the economy. Gold is sought out in periods of uncertainty as a form of safe-haven by investors.
Mitchnick made a comparison between Bitcoin and gold. “gold shows a lot of the same patterns”He referred to temporary correlations between BTC and equities. He said that BTC’s long-term performance is closely related to the stock market. traditional financial assets It is very close to zero.
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Mitchnick said that BTC is characterized by its decentralized character. It is not controlled by a single country, or even a government, said Mitchnick, and this adds to the appeal of BTC as an alternative global currency.
Mitchnick then went on to emphasize Bitcoin’s scarcity and global reach, as well as its decentralized structure, calling it a “non-sovereign asset”. He noted that BTC has both no country-specific risk as well as no counterparty risks, which makes it a great option for diversifying portfolios.
The largest cryptocurrency in the world has, at the moment of this writing, given up some gains that were made on Tuesday, when it hit a high of $64,700, which was a month-high. BTC currently trades at $63,220. This is a small 0.3% decline over the last 24 hours.
Chart from TradingView.com, image from DALL.E
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Source: www.newsbtc.com