Financial titan BlackRock reached a significant milestone by managing over $10.6 trillion in assets.
This growth of around $1.3 trillion in one year is largely driven by the soaring inflows into its ETFs.
The iShares Bitcoin Trust (IBIT), BlackRock’s largest spot Bitcoin ETF, holds more than $19.4 billion in Bitcoin, securing a 35.2% market share among US Bitcoin ETFs. The firm’s significant market influence means its trading activities can considerably impact Bitcoin’s price.
In the second quarter of 2024, investors poured $83 billion into BlackRock’s ETFs, bringing the year-to-date total to over $150 billion. This influx resulted in an 8% revenue increase and an 11% rise in operating income year-over-year.
Larry Fink, the company’s CEO, attributes part of this success to BlackRock’s strong corporate and governmental relationships, enhancing its capital partnership in private markets.
Bitcoin’s price recently rose to almost $63,000 due to positive BTC ETF inflows, optimistic views on a potential rate cut by the Fed this year and the assassination attempt on Donald Trump. US spot Bitcoin ETFs have seen net positive inflows for two consecutive weeks, totaling over $414 million, with BlackRock leading the charge on July 12, attracting over $120 million in investments.
CryptoQuant CEO Ki Young Ju recently expressed his view that the bullish phase for Bitcoin has come to an end, pointing to a transition into a bear market.
Phaver, once a promising player in the decentralized social media space, has unexpectedly shut down following a catastrophic drop in its native token’s value.
Investment analyst Dan Ives from Wedbush Securities believes that the US tech industry could face a major downturn due to tariffs imposed by President Trump.
Wells Fargo faces a substantial financial setback after being ordered to pay hundreds of millions of dollars in damages following a Florida jury verdict.