Bitcoin
BlackRock Makes Surprising Move as Bitcoin Reacts – All the Details
- June saw all Bitcoin ETFs register significant outflows, led by the Grayscale Bitcoin Trust with $559 million
- BlackRock Global Allocation Fund discloses ownership of 43,000 shares of IBIT
We are approaching the final approval of the spot Ethereum [ETH] ETFs scheduled for July 4th. And yet, according to a recent report from CNF, Bitcoin [BTC] ETFs have consistently seen significant outflows throughout the month.
Bitcoin ETFs Underperform
In fact, data from Distant investors revealed that this was the case across most Bitcoin ETFs in June. At the time of publication, the Grayscale Bitcoin Trust (GBTC) led the pack with nearly $559 million in outflows since June 10.
Source: Farside Investors
On June 27, GBTC was the only BTC ETF to record $11.4 million in outflows, while others recorded inflows or remained neutral with zero inflows or outflows.
BlackRock’s surprising move
While the BTC spot ETF market has seen its share of volatility since its approval, it’s worth noting that at the time of writing, BlackRock’s iShares Bitcoin Trust (IBIT) was the only one that stood out with zero outflows. since June 10th.
However, surprisingly, a recent SEC Filing revealed that BlackRock’s Global Allocation Fund now holds 43,000 shares of IBIT. This makes it BlackRock’s third internal fund to invest in BTC.
The same was first highlighted by a blockchain analytics firm – Macroscope. His tweet stated,
“In a document filed with the SEC today, BlackRock’s Global Allocation Fund disclosed owning 43,000 shares of the iShares Bitcoin Trust as of April 30.
Further expanding on the same, the company added:
“This follows two filings BlackRock made on May 28 disclosing Bitcoin exposure in its Strategic Global Bond Fund and Strategic Income Opportunities Portfolio (see my tweets that day).”
Other ETFs in the pipeline
This news came on the back of VanEck Process for an S-1 registration statement on Thursday for his “VanEck Solana Trust,” which marks the first public attempt to launch a spot Solana [SOL] ETF in the United States.
Needless to say, with the crypto community now eagerly awaiting the launch of a Spot Ethereum ETF and based on VanEck’s Solana upgrade, BlackRock’s surprising revelation sent ripples across the market.
Reiterating the same, a user X – Boom – he said,
“Does this mean they own the Bitcoin and not just on behalf of their clients? That’s news, right?”
It is worth noting, however, that some also came to BlackRock’s defense. One of them stated,
Source: LeoA/X
Impact on Bitcoin price
Following these updates, BTC saw a modest increase of 0.35%, with the crypto trading at $61,401 at the time of writing.
And yet, Bitcoin was still struggling to break into the bullish zone on the charts, as confirmed by the RSI remaining well below the neutral level.
Source: TradingView