BlackRock purchased large amount of Bitcoin, but market sentiment is cautious

From Investing.com

October 23, 2024 11:30:20 AM:

Spot ETFs experienced a net outflow of $79.1 million on Oct. 22, contrasting sharply with the previous day’s $294.3 million inflow. U.S. Bitcoin ETFs saw outflows after seven days of inflows, but BlackRock’s IBIT added 22,480 BTC, totaling 392,121 BTC. CoinShares reported $2.2 billion inflows into crypto ETPs, the largest since July.

Bitcoin’s price is uncertain, with key support levels lost. The altcoin market suffered a $40 billion decline in market capitalization this week. Despite BlackRock’s massive purchases, investor caution prevails. Outflows continue below $100 million, reflecting a wary market sentiment towards cryptocurrencies.

Read more at Investing.com: BlackRock Bets Big on Bitcoin, While Fear Takes Over Market By U.Today