Institutional investors are increasingly getting involved in the Bitcoin market. As per the stats shared by Lookonchain, an on-chain crypto analytical firm, four major firms i.e., BlackRock, Fidelity, ARK21Shares, and Bitwise have purchased 7,407 $BTC worth $484.5 million through the Spot Exchange-Traded Funds (ETFs). These transactions from institutions show the probability of Bitcoin’s demand in the crypto market and Bitcoin’s long-term potential.
BlackRock and Fidelity Lead the $BTC Acquisitions
BlackRock, the leading global investment management corporation, bought 1,206 $BTC. This buy transaction was done at $78.89 million, proceeds that add to the firm’s stake that now stands at 370846 BTC, presently valued at $24.26B.  In the same wave, Fidelity bought the largest BTC across purchases of 3,627 worth $237,277,300. Through its Spot ETFs, Fidelity has acquired a total of 183,695 BTC, a $12.02 billion investment.
ARK21Shares and Bitwise Continue Expanding Bitcoin Portfolios
ARK21Shares, an innovative leader in ETF markets, bought 1,054 BTC valued at $68.95 million. This increases ARK’s total Bitcoin position to 48,862 BTC, about $3.2 billion. Close behind was Bitwise, which purchased 1,520 $BTC for $99.41 million. Bitwise now holds 41,075 Bitcoins worth a total of $2.69 billion.
Bitcoin’s price movement over the past 24 hours has been volatile. It is trading at $66,538, an increase of 1.26%. The trading volume is $46.25 billion, a surge of 17.53%, suggesting heightened market activity. The market cap is $1.32 trillion, suggesting possible trading reactions to market news or events, followed by a consolidation phase.
The large acquisitions made by these big institutions mean that these market players believe that Bitcoin has the potential to be a valuable asset in the future. These companies’ constant and increasing investments signify the increasing general market sentiment to adopt digital assets as investment products. This development is particularly significant due to regulatory authorities’ rising approval of the Bitcoin ETFs.
