BlackRock, one of the world's largest asset management firms, has made a bullish Bitcoin move after Bitcoin briefly moved into the green zone.
Latest onchain data shows that the leading Bitcoin ETF provider has purchased over $111 million worth of Bitcoin following a positive trading day for its Bitcoin fund.
Is BlackRock bullish?
The move has sparked discussions as BlackRock continues to show mixed sentiments, buying and dumping Bitcoin on regular occasions, especially as Bitcoin's price remains unstable.
The latest purchase from BlackRock came after the broader Bitcoin ETF market saw a positive trading day, registering a notable net inflow of over $170 million.
While this signals growing institutional demand for the Bitcoin-based investment product, it appears that BlackRock has once again taken the lion's share of all new capital that flowed into the market during the last trading session.
With a total of $111.43 million worth of Bitcoin scooped by BlackRock in just a few hours, market participants are closely watching whether Bitcoin will respond to the bullish activity.
Bitcoin may defy bearish expectations this month
Expectations for a more positive close for August have grown weary, as historical data shows that the month has often proven to be one of Bitcoin's worst months over the past several years.
Since 2022, Bitcoin has maintained a negative trend with a streak of steady August losses, triggering doubts about a recovery for the asset this month.
However, Bitcoin has started on a stronger footing this month, positioning it for a better August return in 2025, as it already shows a modest gain of 1.37% as of August 4th.