Bitcoin ETF

Bitcoin

BlackRock

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<p dir="ltr">The first Monday in August 2024 has gone down in cryptocurrency history as a <a href="https://u.today/worst-day-in-2024-bitcoin-btc-obliterated-with-10000-move-ethereum-eth-in-freefall-shiba-inu-shib" rel="noopener noreferrer nofollow">notable day</a> in terms of price crash. Some have even described it as a "red Monday" given the huge slump in the crypto space and the broader financial market.</p>
<p dir="ltr">Despite the price crash, which pushed many investors to hit the sell button on their digital assets, particularly Bitcoin, <a href="https://farside.co.uk/?p=997" rel="noopener noreferrer nofollow">BlackRock</a> (IBIT) did not see sell-offs as the asset manager held on to its portfolio investment in the world’s leading digital asset.</p>
<h2 id="blackrock-s-unwavering-stance">BlackRock's unwavering stance</h2>
<p dir="ltr">As Eric <a href="https://x.com/EricBalchunas/status/1820791906978132071" rel="noopener noreferrer nofollow">Balchunas</a>, Bloomberg Senior ETF analyst said, BlackRock’s decision not to sell speaks volumes of their unshaken stance. Notably, BlackRock had suffered an 8% decline in the outgone week and was reeling from that loss before the market crash of Monday occurred.</p>
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 <p lang="en" dir="ltr">So <a href="https://twitter.com/search?q=%24IBIT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IBIT</a> investors woke up on Monday to a -14% move over wknd after stomaching an 8% decline the week prior and what did they do? ABSOLUTELY NOTHING. $0 flows. Compared to some of these degens these boomers are like the Rock of Gibraltar. You guys are so lucky to have them. <a href="https://t.co/Qqg9Y2E40k" rel="noopener noreferrer nofollow">pic.twitter.com/Qqg9Y2E40k</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1820789996778897907?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 6, 2024</a>
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<p dir="ltr">In the epic market movement on Monday, BlackRock’s investors again recorded a negative move (-14%) after weathering the weekend storm of an 8% loss. Nonetheless, these investors stood steadfast with zero flows.</p>
<p dir="ltr">Meanwhile, the total outflow for the group registered $168 million, which represents approximately 0.3% of the total assets under management (AUM). Noteworthy to state that Grayscale (GBTC) accounted for one-third of it. Balchunas predicted that this week will register more outflows up to the tune of billions or the equivalent of 5%. Overall, the renowned analyst has expressed shock at the reaction from some investors in the crypto market.</p>
<p dir="ltr">“Even I've been surprised by the HODL ability of the boomers and equally surprised by the weakness of the natives. My lord you finally have ETFs here bringing in $17b and you can't just chill?” Balchunas queried.</p>
<h2 id="michael-saylor-preaches-belief-in-bitcoin">Michael Saylor preaches belief in Bitcoin</h2>
<p dir="ltr">While the downward market price movement persisted on Monday, <a href="https://u.today/michael-saylor-issues-bitcoin-statement-amid-1-billion-market-crash" rel="noopener noreferrer nofollow">Michael Saylor</a>, the chairman and co-founder of MicroStrategy, sent out reassurance to members of the community. Saylor urged everyone to believe in Bitcoin despite price volatility. The Bitcoin enthusiast has consistently maintained a bullish stance on the digital asset.</p>
<p dir="ltr">Similarly, Peter Brandt, a legendary trader, remains optimistic that Bitcoin will still surge to his predicted $90,000 level after this price correction. At the time of writing, <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">data</a> shows Bitcoin has climbed by 6.12% to $56,238.09.</p>

BlackRock Did Not Sell During Crypto Market Crash: Details

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