BTC Holdings of Funds See Strong Uptick Thanks to BlackRock

Crypto analyst Miles Deutscher has taken to Twitter to share that financial institutions have actively begun to accumulate the leading digital currency, Bitcoin.

Deutscher tweeted that BlackRock has spurred an increased accumulation of Bitcoin by various funds, sharing a chart to prove it. According to this chart, in June, the amount of Bitcoin held by fund management companies increased from 830,000 BTC to slightly above 848,000 BTC.

Since BlackRock filed for a spot #Bitcoin ETF, $BTC held by funds has seen a strong uptick.

This is only the beginning of widespread institutional BTC accumulation. pic.twitter.com/VhDB0kBPhO

— Miles Deutscher (@milesdeutscher) July 7, 2023

BlackRock refiles with SEC

Almost a month ago, the largest fund management company, BlackRock, spearheaded by Larry Fink, announced that it had made a filing with the SEC to set up a spot Bitcoin ETF. Several large Wall Street companies followed suit. This and also the launch of the centralized exchange EDX by Fidelity and several other large financial companies pushed Bitcoin above the $31,000 level.

However, the regulator claimed that those filings were “inadequate,” requiring more clarity about them.

Three days ago, BlackRock refiled its application, naming Coinbase as a “surveillance-sharing” partner.

Earlier this week, Larry Fink compared Bitcoin to digitized gold, stating that BTC can reform finance. However, by now, BTC has pulled back to the $30,280 zone.

BlackRock partners with Quintet Private Bank

As reported by Bloomberg, BlackRock has inked a partnership with Quintet Private Bank in order to boost its investment offers to wealthy customers.

BlackRock will offer the company a wide set of investment products. Quintet will be able to access BlackRock’s platform for risk management and will be entitled to financial advice from the fund management experts of Larry Fink’s company.