tl;dr
BlackRock, the world's largest asset manager, holds 403,725 BTC worth $26.98 billion in its iShares Bitcoin Trust ETF. In the last two weeks, it acquired 34,085 BTC worth $2.3 billion. The iShares Bitcoin Trust ETF has delivered 44.80% returns since its launch on January 5th. BlackRock, with over $1...
BlackRock, the world's largest asset manager, holds 403,725 BTC worth $26.98 billion in its iShares Bitcoin Trust ETF. In the last two weeks, it acquired 34,085 BTC worth $2.3 billion. The iShares Bitcoin Trust ETF has delivered 44.80% returns since its launch on January 5th. BlackRock, with over $10 trillion in assets under management, sees Bitcoin as a hedge against the US's increasing debt and other macroeconomic concerns. At present, Bitcoin is trading at $67,735.
According to the asset management’s disclosures, BlackRock holds 403,725 BTC worth $26.98 billion in its iShares Bitcoin Trust exchange-traded fund (ETF). Lookonchain reveals that in the last two weeks alone, BlackRock has gobbled up 34,085 BTC worth $2.3 billion. The iShares Bitcoin Trust ETF (IBIT) went live on January 5th this year and has since delivered 44.80% returns as of September 30th.
In a recent report, BlackRock, a firm with over $10 trillion in assets under management, said that Bitcoin could act as a hedge against the United States’ mounting debt and other macroeconomic concerns. “While Bitcoin has shown instances of short-term co-movements with equities and other ‘risk assets,’ over the longer term its fundamental drivers are starkly different, and in many cases inverted versus most traditional investment assets. As the global investment community grapples with rising geopolitical tensions, concerns over the state of US debt and deficits and increased political instability around the world, Bitcoin may be seen as an increasingly unique diversifier against some of these fiscal, monetary and geopolitical risk factors investors may face elsewhere in their portfolio.” At time of writing, Bitcoin is trading at $67,735.
More about
After conducting a comprehensive technical analysis, it is evident that the stock has reached a critical support level, indicating a potential buying opportunity for traders. The Relative Strength Index (RSI) is also signaling that the stock is oversold, further supporting the case for a potential bounce back. However, it's crucial to monitor the price action closely for a confirmed trend reversal before considering entry into a long position.
On the other hand, the stock is approaching a major resistance level, suggesting a possible area for profit-taking for those holding long positions. The Bollinger Bands indicate a period of increased volatility, emphasizing the need for careful risk management strategies during this phase. Traders should closely observe the price behavior around this resistance level to assess the likelihood of a breakout or a retracement.
Overall, the technical indicators present a mixed outlook, with the stock teetering between key support and resistance levels. Caution is advised, and it's essential for traders to await confirmation of a sustained trend before making significant trading decisions. The market's response to these critical levels will provide valuable insights into the stock's potential trajectory in the near term.