BlackRock Adds $72.8 Million Worth of Bitcoin Before Halving

Paigambar Mohan Raj
blackrock bitcoin btc etf
Source: Coinsturn

According to crypto analysis firm LookOnChain, BlackRock has added another 1162 Bitcoin (BTC), worth $72.82 million. The world’s largest asset manager currently holds 272,139 BTC, worth $17.06 billion.

While BlackRock has increased its BTC holdings, Grayscale has reduced its BTC exposure by 2524 BTC, worth $158.21 million. Grayscale currently holds 311,621 BTC, worth $19.53 billion.

Also Read: BlackRock Launches Bitcoin ETF Ads on Bloomberg’s Homepage

BlackRock’s latest BTC purchase coincides with the asset’s halving event due later this month. Many analysts anticipate a market-wide rally following BTC’s halving, as seen in previous instances. The asset manager’s latest purchase may be due to expectations of a price surge.

Will Bitcoin (BTC) rally soon?

bitcoin btc up rally green

According to CoinCodex, Bitcoin (BTC) may break out after its halving event. The platform predicts BTC to reclaim its all-time high later this month, hitting $74,211 on Apr. 24, 2024. Hitting $74,211 from current levels would translate to a growth of about 16.7%.

Source: CoinCodex

Also Read: 3 Cryptocurrency Meme Coins Set To Surge 200% Post Bitcoin Halving.

Furthermore, CoinCodex anticipates BTC to continue surging over the next few weeks, surpassing the $84,000 mark by mid-May. The platform predicts BTC to hit $84,406 on Apr. 14, 2024. Reaching $84,406 from current levels would translate to a growth of about 32.7%.

Changelly also paints a bullish picture for Bitcoin (BTC), predicting it to hit $76,486 on Apr. 27, 2024. Furthermore, the platform anticipates BTC to hit $83,826 on May 12, 2024.

Another bullish development for BTC is Hong Kong’s recent approval of Ethereum and Bitcoin spot ETF (Exchange Traded Fund) applications. BTC recently hit an all-time high of $73,737 in March, fuelled by the US SEC’s (Securities and Exchange Commission) approval of 11 spot BTC ETFs. A similar pattern may emerge due to the Hong Kong ETH and BTC ETFs.