BlackRock, a major player in the field of cryptocurrencies, has been trading Bitcoin in recent weeks. $98,523.4 and Ethereum 
$3,879.7It has made serious investments in . New data published by blockchain analysis firm Arkham shows that BlackRock is accelerating its digital asset accumulation. Of course, these assets are pooled on behalf of its clients for the company’s ETF products.
BlackRock’s Bitcoin Purchases
Arkham stated that BlackRock purchased $2.6 billion worth of Bitcoin this week. This amounts to over half a billion dollars in purchases on a daily basis. BlackRock has an influential position in the cryptocurrency market with a $10 trillion asset portfolio under management.
BlackRock is not only limited to Bitcoin but has also invested a significant amount in Ethereum. According to Arkham’s data, BlackRock purchased $500 million worth of Ethereum last week and has increased the amount of Ether by 50% in the last 30 days. Ethereum is currently trading at $3,935.
“BlackRock invested $2.6 billion in Bitcoin this week. “That’s over half a billion dollars every day.” – Arkham
Bitcoin Portfolio of Companies Owned by Elon Musk
Arkham also revealed the Bitcoin portfolios of SpaceX and Tesla, owned by Elon Musk. These companies’ Bitcoin stocks have nearly tripled based on their average cost basis. Tesla holds $1.17 billion worth of Bitcoin with 11,509 BTC, while SpaceX holds $842 million worth of Bitcoin with 8,285 BTC.
“Elon Musk’s companies’ Bitcoin is now worth $2 billion.”
These Bitcoins were purchased at an average cost of $34,980, yielding a total gain of $1.3 billion (186%). These investments by BlackRock and Musk-owned companies could have a significant impact on the digital asset market.
These large investments by BlackRock in crypto assets increase the interest and confidence of institutional investors in the cryptocurrency market. The demand for leading cryptocurrencies such as Ethereum and Bitcoin continues to shape the dynamics of the markets.
As a result, large-scale purchases of Bitcoin and Ethereum by BlackRock clients through the ETF channel provide positive signals for the future of cryptocurrencies. Institutional investors’ focus on this area may contribute to the further development of cryptocurrency markets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
