Bitcoin holdings of BlackRock have reached a high of $25 billion. IBIT now has an AUM of 375,169 bitcoins. The development comes at a time when IBIT noted a net inflow of $288.8 million on October 15, 2024, taking its cumulative historic net inflow to $22.06 billion. The net inflow happened for the second consecutive day after it registered $79.5 million in its favor.
It is also noteworthy that the holdings have reached $25 billion, as they occur subsequent to Larry Fink, the Chief Executive Officer of BlackRock, expressing his confidence in Bitcoin tokens. He stated that the token is less likely to be affected by the results of the upcoming US Presidential elections, adding that there is only an upward trajectory for the flagship cryptocurrency.
His views on Bitcoin tokens are not new, as he frequently discusses them and often links them to gold. The most recent interaction saw him claim that Bitcoin was an asset class, further stating that it has the capability to substitute other commodities, including gold. Fink is confident that its application will continue to support the significant growth of other tokens in the sphere. For instance, Ethereum could see a push to its blockchain amid increased acceptability, enhanced transparency, and improved analytical tools.
He does not consider it a function of regulation because it primarily concerns liquidity and transparency, which are the primary concerns in this context. Bitcoin tokens are under the limelight here.
Fink’s projections for BTC align with generic predictions for the token. The token is currently trading at $66,970.62, having briefly flirted with a price above $68,000. Ongoing movement is up by 2.02% in the last 24 hours and 7.59% in the last 7 days. Near-term predictions see BTC surge by almost 36.94% in the next 30 days, with a Bitcoin price prediction estimating it to be valued as high as $91,505. However, a more practical projection estimates the token to reach $85,000 by the middle of November.
A lot depends on how the movements happen in the next five days. It could jump by 16.08% to reach $77,572. That said, Spot Bitcoin ETFs have now marked net inflows for the third consecutive day. The last figure was $371 million on October 15, 2024, following net inflows of $253.6 million and $555.9 million on October 11 and 14, 2024, respectively. BlackRock’s IBIT led the charge with $22.06 billion in inflows, contributing to the cumulative historical inflows of $19.8 billion.
His colleague Martin Small remains optimistic about BTC. The Chief Financial Officer at BlackRock emphasized that the company was bringing private markets to wealthy clients.
It will be interesting to see how many more Bitcoin tokens BlackRock’s IBIT adds in the future. Also, how effectively does its association with gold facilitate long-term investment?
