- BlackRock purchased 47,064 BTC for $4.44 billion at $95K, boosting Bitcoin to $100K.
- BTC surged 4.19%, reaching $102,952.53 with a market cap of $2.04 trillion.
- Bitcoin ETFs saw $142 million in inflows, with Ark 21Shares leading at $54.73 million.
Bitcoin (BTC) has experienced a significant surge of 4.19% in the past 24 hours, reaching $102,952.53. With a market cap of $2.04 trillion and a 24-hour volume of $66.01 billion, Bitcoin remains a dominant force in the crypto market.
In a related development, Lookonchain highlighted a strategic move by BlackRock. When BTC was hovering around $95K, the investment giant acquired 47,064 BTC, worth $4.44 billion. This move was followed by Bitcoin’s price rising to $100K.
BlackRock’s Role in BTC’s $100K Milestone
BTC’s price surge extended beyond its own performance, influencing the broader market. After BlackRock’s purchase, BTC gained 5.26% within 28 hours, pushing it past the $100,000 milestone. Rally highlights the impact of large-scale institutional purchases on the overall market sentiment and crypto price momentum.
From a trading perspective, BlackRock’s massive buy at $95,000 sent a bull signal to crypto traders. Investors spotting the accumulation pattern in on-chain data took long positions around $95,500, riding the wave above $100,000. This quick-profit opportunity highlights how institutional flows can drive short-term price movements, rewarding those who monitor on-chain data accurately.
Particularly, Binance’s BTC/USDT pair registered high trading volume after the BlackRock buy, which further highlights the significance of institutional actions in influencing crypto market behavior. Secondly, the strength of BTC over Ethereum was witnessed as the BTC/ETH pair in Kraken registered an increase in BTC’s relative value by 3.2%.
Bitcoin ETFs Surge with $142 Million Inflows
Bitcoin exchange traded funds bounced back strongly mid-week, reversing the drop seen on Tuesday, with $142.31 million in net flows. Four large funds benefited, with the highest being Ark 21Shares’ ARKB with $54.73 million, followed closely by Fidelity’s FBTC with $39.92 million, and BlackRock’s IBIT with $37.19 million. Bitwise’s BITB completed the gains with $10.48 million. Importantly, no fund incurred outflows.
The wave propelled the overall Bitcoin ETF net assets to $112.71 billion, with $2.10 billion traded throughout the space. Yet, the Ether ETFs went into decline yet again, losing $21.77 million for the second day in a row, all from BlackRock’s ETHA, with the rest of the ether funds holding firm.
Despite the favorable trend for BTC, the Ether funds closed with net assets slightly down at $6.20 billion, while the total value traded decreased to $123.21 million. Market sentiment appears to favor Bitcoin funds, while that for ether funds is more conservative.
Read More: Bitcoin Surges Past $101K with Eyes on $110K Bullish Breakout