Leading asset management firm BlackRock has doubled down on its Bitcoin exposure as momentum appears to be building again after multiple weeks of prolonged volatility.
According to the latest data from renowned ETF tracker SosoValue, BlackRock has made a huge Bitcoin purchase worth $151.46 million as of October 28.
The large Bitcoin purchase from the fund did not go unnoticed as the broader Bitcoin ETF market began to see a wave of renewed interest from institutional investors after several weeks of extreme caution.
BlackRock Bitcoin ETF regains demand
The recent Bitcoin purchase from BlackRock came after Bitcoin finally recovered from the prolonged volatility seen in the past week.
With Bitcoin now trading in the green territory, reclaiming its local high around the $81,000 mark, it appears that demand from institutional investors is back.
The $151 million recently pulled in by BlackRock marks the second day the Bitcoin fund has recorded a notable net inflow, as cautious trading from institutional investors had caused consistent withdrawals in the previous days.
While the broader Bitcoin ETFs recorded a combined inflow of $175.99 million during their latest trading session, the purchase made by BlackRock suggests that the fund still maintains dominance and has seen the most participation from investors.
Bitcoin reverses again
Despite its brief price recovery seen in the past day, Bitcoin has shifted back into the red territory shortly after BlackRock's Bitcoin purchase.
As of the time of writing, Bitcoin is trading around $80,509 following a very modest price decrease of 0.04% over the last 24 hours.
Although Bitcoin's price remains relatively weak despite the recent recovery, market analysts believe that sustained demand from investors across its ETF market could drive a stronger price rebound for the asset.
