Analyst: BlackRock purchased 11,500 bitcoins during the bitcoin downturn, potentially triggering supply tightening
According to Invest answers analysis, BlackRock purchased 11,500 bitcoins in its most recent decline since the launch of its bitcoin ETF. Considering that only 900 bitcoins are issued per day, this quantity is quite substantial. BlackRock's purchase volume actually represents a participant absorbing approximately 13 days' worth of bitcoin production.
Furthermore, Invest answers indicates that the average trading volume of IBIT Spot ETF within two days is only 25%, so it can be assumed that 46,000 bitcoins were taken away within two days (GBTC has an impact on this). If this pace continues, we may face severe supply shortages.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The US SOL spot ETF recorded a net inflow of $199 million in its first week of listing.
Bitmine accumulated a total of 112,960 ETH this week, worth $443 million.
Prenetics increases its holdings by 100 BTC, bringing the total to 378 BTC
Trending news
MoreCrypto prices
More
