U.Today - BlackRock’s Bitcoin holdings are up as the crypto market extends its recovery in Thursday’s trading session. According to blockchain analytics platform Lookonchain, on March 6, the group of 10 Bitcoin ETFs saw a positive net inflow of 80 BTC worth $7.22 million, with BlackRock (NYSE:BLK)’s iShares Bitcoin ETF leading the charge.
Lookonchain reported that BlackRock’s iShares Bitcoin ETF (IBIT) recorded an inflow of 432 BTC, valued at $38.9 million. This brings BlackRock’s total Bitcoin holdings to an impressive 572,658 BTC, worth approximately $51.57 billion.
The March 6 inflows to the Bitcoin ETFs, though minute, stand in stark contrast to the previous day’s figures. On March 5, Bitcoin ETFs collectively saw negative net outflows of 1,747 BTC worth $153.87 million.
Grayscale’s GBTC led the decrease, shedding 641 BTC worth $56.45 million, reducing its total holdings to 195,746 BTC or $17.24 billion.
IBIT’s fund, launched in January 2024, has absorbed inflows totaling more than $37 billion in the last year alone. While appetite has recently waned, BlackRock reports that advisers have expressed substantial interest in exposure inside model portfolios.
Recently, BlackRock announced that it would add a 1% to 2% allocation to the iShares Bitcoin Trust ETF (IBIT) in its target allocation portfolios that allow for alternatives. The addition is likely to be a possible source of additional demand for IBIT at a time when cryptocurrency sentiment is waning.
Bitcoin rebounds
Bitcoin prices fell alongside the markets at the start of the week, weighed down by a toxic mix of economic fears. The largest cryptocurrency rebounded in the last 24 hours, hitting $90,000; other digital assets, such as Bitcoin cash (BCH), Chainlink’s LINK and Aptos’ APT, saw considerable advances.Bitcoin is trading for $90,243, up 1.48% in the last 24 hours. The cryptocurrency reached all-time highs of nearly $110,000 in January.
As Bitcoin retests $90,000, market analysts are predicting its next move. In a recent analysis, Swissblock indicated that after bouncing from $81,500, BTC faces a key test at the $90,000-$92,000 zone, the lower boundary of its consolidation range since November. While recovery is crucial, the short-term outlook remains unchanged.