New data reveals one of the world’s largest banks is buying shares in BlackRock’s Spot Bitcoin ETF.
According to a new document filed with the US Securities and Exchange Commission (SEC), France-based BNB Paribas – the 8th largest bank in the world – bought 1,030 shares of the iShares Bitcoin Trust (IBIT) for a total of 41,684 dollars.
What does this mean for the market?
In principle this means nothing at all for the market. Of course, an investment of $41,684 means nothing in the big picture. Those are not the amounts that move the Bitcoin price.
However, it is interesting that a banking giant like BNB Paribas decides to buy some Bitcoin in this way. Perhaps it is a trial and they are currently investigating how everything works.
The current value of BNB Paribas’ position is $33,362, which means they could have chosen a better entry point.
However, it remains special that a large bank like BNB Paribas makes this choice and this is something to keep an eye on. Will they continue to buy shares of the BlackRock ETF in the coming months or was this a one-time move?
Bitcoin ETF inflows come to a standstill
Something needs to happen in the field of American Spot Bitcoin ETFs in the coming weeks. Since the fantastic start, the inflows have stopped considerably and in recent weeks we have actually seen more outflows.
Yesterday there was another outflow of 34 million dollars on the boards at the end of the day. The only bright spot was that other than Grayscale, no US Spot Bitcoin ETF had to record an outflow.
On the other hand, the largest inflow was in the name of ARK 21Shares with 13 million dollars. Of course, these are not the inflows that will make the difference for the Bitcoin price in the long term.
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Source: https://newsbit.nl/9e-grootste-bank-ter-wereld-koopt-bitcoin-via-blackrock-etf/
