BlackRock Buys $60 Million in Bitcoin Amidst Sell-Off, Signaling Institutional Confidence

Despite a downturn in the crypto markets, BlackRock made a significant move by purchasing $60 million worth of Bitcoin through its IBIT ETF. This action stands out as it contrasts with the general trend of retail investors selling off during this period. Reports indicate that on October 13, 2023, BlackRock’s iShares Bitcoin Trust (IBIT) bought 525 BTC, valued at approximately $60.4 million, while many were exiting their positions. This action highlights institutional investors’ continued interest in Bitcoin.