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On a falling day, the largest US Bitcoin ETF buys more BTC
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On Wednesday (18), the financial market faced a turbulent day. The triggering factor was the Federal Reserve’s announcement, which, despite an expected 0.25 point cut in the interest rate, indicated that there is room for inflation and fewer future cuts than expected.
Given this, the The market recorded significant losses of approximately US$1.5 trillion. The only exception was Bitcoin investment fundstraded on the stock exchange. This is because ETFs “went against the tide” and ended the day with more acquisitions.
According to data from British investment firm Farside Investors, Bitcoin ETFs saw an influx of net inflows of US$275.3 milliondespite the general negative climate. To a large extent, the positive balance amid a day of losses is due to BlackRock.
After all, the largest asset manager in the world continued its bets on Bitcoin and acquired an additional $359.6 million in BTC, amidst the chaos caused by the FED. This is the fifth consecutive acquisition of the managerwhich now holds 542,955 in BTC, or about 2.58% of all current assets.
Bitcoin retreats, but BlackRock ETF remains firm
However, the balance of net inflows was lower because other ETF managers recorded significant departures. Franklin Templeton’s Bitcoin Strategy ETFs; Bitcoin ETF, from BMO Global Asset Management; ARK 21Shares Bitcoin ETF, from ARK Invest; and GBTC’s Grayscale Bitcoin Trust sold some of their Bitcoins during Wednesday. ETFs liquidated US$128.2 million, US$24.4 million, US$17 million and US$84.7 million, respectively.
The Bitcoin community celebrated BlackRock’s resilience. The cryptocurrency, which was being quoted at around US$ 105,0000 before President Jerome Powell’s speeches, it fell to US$ 98,000 hours later.
Despite significant losses, the Bitcoin has recovered and at the time of writing is priced above US$102,000. With this recovery, the cryptocurrency market, which had lost around US$300 billion shortly after the FED’s announcement, it managed reduce losses to around US$100 billion.
On a falling day, the largest US Bitcoin ETF buys more BTC
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On a falling day, the largest US Bitcoin ETF buys more BTC
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On a falling day, the largest US Bitcoin ETF buys more BTC
