According to data from Farside Investors, BlackRock’s IBIT Bitcoin (BTC) ETF has purchased $1.1 billion worth of BTC over three days. The world’s largest asset manager bought $193.5 million worth of BTC on Apr. 22, $643.2 million worth on Apr. 23, and $327.3 million worth on Apr. 24. BlackRock’s recent buying spree comes amid a market-wide resurgence.
Also Read: Why No Currency Can Replace U.S. Dollar’s Power: IMF Data Is Clear
Bitcoin Surges After BlackRock’s $1.1 Billion Buy
BTC has reclaimed the $93,000 mark after its recent descent to below $75,000. BTC is currently training in the green zone across all time frames. The asset is up 1.4% in the daily charts, 10.5% in the weekly charts, 15.5% in the 14-day charts, 6.5% over the previous month, and 45.7% since April 2024.
Also Read: Shiba Inu: $18 Million Profits in SHIB If You Invested ‘At This Time’
Other bullish factors may have also propelled Bitcoin’s (BTC) price. A new pro-BTC SEC head has likely led to a spike in investor confidence. Paul Atkins was sworn in as the chair of the SEC on Apr. 21. Atkins will likely take a more relaxed approach to the budding asset class.
Global trade wars are also slowing down. The development may have also led to a boost in investor confidence.
Can The Asset Hit A New All-Time High Soon?
Bitcoin (BTC) hit an all-time high of $108,786 on Jan. 20 of this year. The asset’s price is down by nearly 14% from its January peak.
According to CoinCodex’s research, BTC may continue its rally over the next few days. The platform anticipates the asset to hit a new all-time high of $131,287 on May 3. BTC’s price will face a 40.2% rally if it hits the $131,287 target.
Also Read: De-Dollarization: EU at Risk of U.S. Financial Coercion, ECB Pushes Digital Euro
The Federal Reserve is also expected to cut interest rates soon. A rate cut could lead to a surge in risky investments. Bitcoin (BTC) and other cryptocurrencies could witness a rally if rates are slashed.
