In a recent filing with the U.S. Securities and Exchange Commission (SEC), BlackRock's Global Allocation Fund x.com/MacroScope17/status/1806374143501471838″ target=”_blank” rel=”nofollow”>revealed his ownership of 43,000 shares of the asset manager's bitcoin ETF, iShares bitcoin Trust, as of April 30.
This announcement follows two previous filings from BlackRock on May 28, which revealed the fund's exposure to bitcoin in its Strategic Global Bond Fund and Strategic Income Opportunities Portfolio.
BlackRock bitcoin ETF Investment Plan
The investment giant's move towards bitcoin integration became evident in March when bitcoin-etfs-global-allocation-fund/” target=”_blank” rel=”nofollow”>presented a presentation to the SEC, expressing its intention to include bitcoin ETFs in its Global Allocation Fund.
BlackRock aims to invest in bitcoin ETFs that directly hold btc, with the aim of reflecting the performance of the digital currency market.
The company's filing specifies that the Global Allocation Fund can acquire shares in exchange-traded products (ETPs) that seek to mirror the price of bitcoin by directly owning the cryptocurrency. However, it clarified that investments in bitcoin ETPs It will be limited to those listed and traded on recognized national stock exchanges.
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This initiative aligns with BlackRock’s broader investment strategy for its Global Allocation Fund, a mutual fund designed to diversify investors across a broad range of assets, including stocks, bonds and potentially bitcoin ETPs.
With 17.8 billion dollars in assets under management (AUM) and a year-to-date return of 4.61% as of March 2024, the fund aims to capitalize on global investment opportunities while effectively managing risk and pursuing long-term capital and income growth .
This is BlackRock's third internal fund to invest in bitcoin through the iShares bitcoin Trust ETF (IBIT). The Strategic Global Bond Fund, the Strategic Income Opportunities Portfolio and now the Global Allocation Fund have recognized the potential of bitcoin as an investment asset.
bitcoin price analysis
Over the past 24 hours, bitcoin has shown resilience by reclaiming the $61,780 level after experiencing a drop to $58,000 on Monday. This recovery suggests that the leading cryptocurrency is holding its own selling pressure has found over the past week, indicating a possible continuation of its halted upward trend.
x.com/ali_charts/status/1806328202295497195″ target=”_blank” rel=”nofollow”>According For technical analyst Ali Martinez, bitcoin is forming an Adam and Eve bottom pattern, which could lead to a projected 6% rise towards $66,000 if btc maintains a candle close above the $62,200 level.
Furthermore, historical data indicates that July has historically been favorable for bitcoin price growth, particularly in Halving years.
Analyzing the image above, 7 of the previous 11 July months resulted in positive gains. The green months, in particular, generated an impressive 16.52% increase, while the red months saw a 6.99% drop.
examining the performance of bitcoin in the third quarter (Q3), the data presents a more balanced picture. Of the 11 previous third quarter periods, 5 were positive. Green Q3s, on average, produced a significant gain of 33.52%, while red Q3s generated an average drop of 16.023%.
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Whether historical price behavior will repeat itself, leading to price gains for btc, remains to be answered. If history were to repeat itself in this scenario, it could result in bitcoin retesting its all-time high, which reached $73,700 in March, and potentially even surpassing it.
Featured image of DALL-E, chart from TradingView.com