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BlackRock’s Bitcoin ETF now holds 2.7% of total BTC supply after major acquisition

Investment manager BlackRock has purchased Bitcoin worth 1 billion USD, bringing their total holdings to 572,616 BTC. This acquisition signals high institutional interest in Bitcoin as the iShares Bitcoin ETF (IBIT) saw over 1 billion USD in trading volume within two hours.

CEO Larry Fink foresees Bitcoin hitting prices between 500,000 USD to 700,000 USD due to rising adoption. However, Bitcoin’s trading price recently fell to 99,090 USD, marking a decrease of 5.6% in the last 24 hours.

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