BlackRock, the world’s largest asset manager, has resumed buying Bitcoin through its iShares Bitcoin Trust (IBIT). On-chain intelligence shows that the top ETF has bought more than $250 million in BTC over the last two days, improving the cryptocurrency’s short-term outlook. The sudden buying flipped nearly two weeks of sustained selling that put pressure on BTC and helped send its price below $60k before a nervous recovery above the key level in the last few days.
On-chain intelligence website Arkham tweeted:
The report shows that BlackRock is back to purchasing cryptocurrency in batches of 300 BTC (worth $19 million each) and has sped up its buying in the last 48 hours. The major fund bought the crypto from Coinbase Prime and immediately moved it into the custody wallets of its ETF.
It is important to point out that BlackRock itself isn’t buying this crypto. Investors interested in getting a piece of the action through its IBIT ETF initiate this move. The flows are consistent with ETF movements. The buying activity is entirely organic market activity and not influenced in any way by the big capital firm.
Selling Pressure Subsided for Now?
While $250 million in BTC purchases by BlackRock are not a major market-moving activity by any stretch of the imagination, the purchase is being welcomed by the bulls, as BTC ETFs have largely bled in June and even in the first week of July. Outflows regularly exceeded $300-$400 million on a daily basis, and the bulls can now take a short sigh of relief after the prolonged selling pressure.
 
The two-day buying pressure could be attributed to several factors, including seller exhaustion, improved ETF premiums, and seasonal patterns.
However, the bulls need to remain on their guard as the BTC continues to navigate across deeply bearish waters. A two-day IBIT streak worth $250 million only indicates a pause, not a change in fortunes for the premier cryptocurrency’s top exchange fund.
The Future
The immediate outlook for Bitcoin remains in the balance despite improving demand in the ETF market. Bottom buyers remain hesitant about the current setup, believing another significant price decline could occur in the near future. However, if ETF demand continues to grow and the price moves above $70k, retail buyers could spring back into action once again.
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