After multiple days of a consistent selling spree, BlackRock has finally taken a pause on its usual Bitcoin sell activity and has switched to consistently buying Bitcoin.
Despite the sudden flip in Bitcoin’s price to the negative territory, BlackRock has reignited bullish sentiment in the crypto market after receiving another 4,082 BTC worth about $269.41 million from Coinbase Prime.
BlackRock scoops $635 million in three days
The data, which was disclosed by on-chain monitoring firm Lookonchain, further revealed that the latest transfer marks the third consecutive day of Bitcoin accumulation by the leading asset management firm.
Over the three-day period, BlackRock has recorded a total net inflow of 9,615 BTC, worth about $635 million at Bitcoin’s current market price.
While the asset has continued to show mixed price action, the move suggests that institutional appetite for Bitcoin exposure is increasing, particularly as price action has recently stabilized.
Although the market has flipped bearish again, market commentators believe that the sustained inflows indicate long-term positioning rather than short-term trading.
While Coinbase Prime is largely renowned for frequently facilitating large over-the-counter transactions and custody services for major financial institutions, the large transfer into BlackRock’s ETF wallet has been closely watched by market participants.
Bitcoin returns to red territory
While BlackRock’s renewed buying streak signals strengthened confidence among investors, Bitcoin’s price has flipped negative after the latest Bitcoin withdrawal from Coinbase.
Over the last 24 hours, Bitcoin has dropped by 3.38% despite the rapid price surge seen in the previous day. As such, it is trading at $64,045 as of writing time despite reclaiming $69,953 three days ago.