Cryptocurrency investors started the new week with excitement as Bitcoin climbed back over $44,000, while altcoins experienced deepening losses. There had been speculation about a shift in interest back to Bitcoin, with expectations of accelerated altcoin sell-offs this week. This shift indeed materialized.
BlackRock, the world’s largest asset manager, made a significant move by purchasing $10 million worth of Bitcoin on January 5th. Although the amount is not massive for the company, it indicates a firm step, especially when compared to Tesla’s Bitcoin acceptance days. BlackRock’s investment suggests strong confidence in the approval of a Spot Bitcoin ETF.
The company acquired 227.90 BTC and set a fund management fee of 0.3%, a competitive rate thoughtfully priced to contend with other ETFs. The market anticipates that the SEC will place the final seal of approval on the official ETF by Wednesday, just two days after BlackRock’s investment, concluding this chapter in the crypto narrative.
