BlackRock buys the Bitcoin dip, 2009’s whale cashes out

Bitcoin (BTC), the biggest digital asset, saw a major halt in its bullish chance to regain the $70,000 level. BTC’s price dropped by over 2% in the last 24 hours dragging it back to the $67,000 zone. However, the investment giant, BlackRock, utilized the opportunity and straight away bought the dip.

The cumulative crypto market cap recorded a decline of around 2.5% over the last day to stand at $2.33 trillion. Popular altcoins like Ethereum (ETH) and Solana (SOL) posted a drop of 3.25% and 1.37%, respectively.

BlackRock buys 4869 more Bitcoin

As per the data, BlackRock bought 4869 Bitcoin (approx worth $328 million) amid the price dip. The investment giant has maintained its accumulation spree. Last week, it bought a total of 16,975 BTC (approx worth $1.17 billion) and sent Bitcoin up by 8%.

Bitcoin surged close to $70,000 on Monday, buoyed by ETF inflows and optimism around US regulatory changes. With the November 5 election on the line, political dynamics are at play. Republican candidate Donald Trump has embraced a pro-crypto stance, making Bitcoin a potential “Trump trade.” Meanwhile, VP Kamala Harris has vowed to support clearer crypto regulations.

Meanwhile, Arkham reported that an ancient whale from 2009 sold $9.68 million worth of its Bitcoin holding. This whale mined thousands of BTC starting just only 5 days after the first block was produced.

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We’ve been tracking an ancient Bitcoin whale who mined thousands of BTC, starting only 5 days after the first block in 2009.

He’s now sold $9.68M BTC in total – and has $72.09M BTC remaining. https://t.co/juZlzhPtfc pic.twitter.com/YO9s6jxbdc

— Arkham (@ArkhamIntel) October 21, 2024

It is still holding $72.09 million worth of Bitcoin remaining in the wallet.

BlackRock’s IBIT sees $329M inflow

According to the SoSoValue data, Bitcoin spot ETFs recorded an inflow of $294.29 million on October 21, 2024, marking 7 days of consistent inflow. BlackRock’s ETF IBIT saw the highest net inflow for the day with a daily net inflow of $329.03 million. Its total historical net inflow hits $23.17 billion.

Grayscale’s ETF GBTC had a net outflow of $4.85 million which brings its total net outflow to $20.10 billion. While, Fidelity’s ETF FBTC had a daily net inflow of $5.90 million, with its total historical net inflow reaching $10.31 billion.

Bitcoin price is still up by 3.5% in the last 7 days despite hitting $66,600 on its way down. BTC is trading at an average price of $67,532, at the press time.