BlackRock Goes on a Bitcoin Buying Spree: Purchases Over $680 Million in BTC


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According to data from Lookonchain, ETF issuer BlackRock has been buying immense quantities of Bitcoin (BTC). The first of these purchases took place on October 15, purchasing over $294 million worth of the asset. BlackRock followed this up with an even larger purchase the next day, at over $390 million.

BlackRock's continued enthusiasm for BTC should come as little surprise due to the stupendous success of its IBIT Bitcoin ETF. This month, Eric Balchunas declared IBIT one of the top ETF performers of the decade, with over $25 billion AUM. The Bitcoin ETF market, in general, has been surging this week, but IBIT was the clear leader.

Several members of BlackRock's leadership have also praised Bitcoin this October. BlackRock's US Head of Thematics and Active ETFs, Jay Jacobs, predicted a $30 trillion BTC market in the coming years. Its CEO, Larry Fink, also called Bitcoin an "independent asset class" in an earnings call, promising future growth in the firm's strategy.
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Back to $68.000, fingers crossed that it would not be a short term double top --> dump but a breakout from the 7 month channel.

Explanation
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I've been confused by posts like this for a bit.  Does this mean BlackRock is buying the BTC for BlackRock, or outside funds are flowing in to BlackRock to facilitate buys of BTC ETFs for outside parties? And if the latter, why are they stating it like the former?

Explanation
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Yes outside funds flow into the ETF to facilitate the buying.
Because the buying is done by Blackrock not the investor, all they do is provide the funds and are issued shares in accordance to the current price of Bitcoin.
The investor buy share
Blackrock buys Bitcoin.
When investors move their funds, the equivalent is reflected on Blackrock holdings.

Used Blackrock as an example.

Explanation
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Explanation
Chartbuddy thanks talkimg.com