BlackRock Goes All-In: $1.16B Bitcoin Splurge Sparks Rally Talk

Wall Street’s quiet giant just dropped a bombshell—BlackRock snapped up $1.16 billion in Bitcoin over 72 hours. The move reeks of institutional FOMO, with traders now debating if this triggers the next ATH.

Timing the top? The asset manager’s buying spree coincides with BTC hovering near key resistance levels. Cynics whisper this is just another case of ’smart money’ front-running retail yet again.

Market impact: Liquidity providers are scrambling to adjust order books as the ETF issuer’s whale-sized purchases ripple through derivatives markets. One thing’s certain—when BlackRock talks, crypto listens.

Bitcoin Surges After BlackRock’s $1.1 Billion Buy

BTC has reclaimed the $93,000 mark after its recent descent to below $75,000. BTC is currently training in the green zone across all time frames. The asset is up 1.4% in the daily charts, 10.5% in the weekly charts, 15.5% in the 14-day charts, 6.5% over the previous month, and 45.7% since April 2024.

Other bullish factors may have also propelled Bitcoin’s (BTC) price. A new pro-BTC SEC head has likely led to a spike in investor confidence. Paul Atkins was sworn in as the chair of the SEC on Apr. 21. Atkins will likely take a more relaxed approach to the budding asset class.

Global trade wars are also slowing down. The development may have also led to a boost in investor confidence.

Can The Asset Hit A New All-Time High Soon?

Bitcoin (BTC) hit an all-time high of $108,786 on Jan. 20 of this year. The asset’s price is down by nearly 14% from its January peak.

According to CoinCodex’s research, BTC may continue its rally over the next few days. The platform anticipates the asset to hit a new all-time high of $131,287 on May 3. BTC’s price will face a 40.2% rally if it hits the $131,287 target.

The Federal Reserve is also expected to cut interest rates soon. A rate cut could lead to a surge in risky investments. Bitcoin (BTC) and other cryptocurrencies could witness a rally if rates are slashed.