Blackrock’s Ibit Bitcoin (BTC) ETF has been on a buying spree since the end of April. According to Farsidge Investors, the world’s largest asset manager has purchased BTC $ 1.5 billion since May 1. Blackrock has bought a total of $ 4.45 billion in the asset since April 21.
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Bitcoin is facing correction despite Blackrock’s big purchases
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The recent market resuscitation was probably due to an increase in institutional investments. Retail investors have probably not participated much in rally.
Bitcoin’s latest dip may be due to Florida withdrawing two of its crypto reserve counts. The move came as a setback to crypto advocates and investors.
Will the asset gather soon?
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A peak in retail investors can also drive BTC past the $ 97,000 mark. The original Krypton can recover $ 100,000 if it breaks its current resistance level. Breaking $ 100,000 can push BTC to a new highest time. The asset is currently down by 13.7% from its top of $ 108,786.