BlackRock and MARA Holdings Purchase More Than 9,000 Bitcoin as Prices Fall Below $93,000

The decline in Bitcoin’s price to $92,957 on December 5 prompted significant purchases by BlackRock and MARA Holdings, who together acquired 9,173 Bitcoin.

BlackRock executed the largest transaction, acquiring 7,750 Bitcoin, as reported by data from Arkham.

This purchase increased the asset management firm’s total Bitcoin holdings to $48.9 billion.

The acquisitions were driven by a surge in demand for shares of its spot Bitcoin exchange-traded fund (ETF), which Apollo Markets’ Thomas Fahrer referred to as the “fastest-growing ETF ever.”

Blackrock Buys 7750 #Bitcoin
They hold over $50 Billion in Assets.
Fastest growing ETF EVER! pic.twitter.com/uJU9MLTlTb

— Thomas | heyapollo.com (@thomas_fahrer) December 6, 2024

MARA Acquires 1.4k BTC

Bitcoin miner MARA Holdings purchased 1,423 Bitcoin across four transactions between December 5 and 6, totaling $139.5 million.

These acquisitions followed the firm’s completion of its second $850 million convertible note offering, intended to enhance Bitcoin reserves.

MARA now possesses 22,108 Bitcoin valued at $2.17 billion, indicating a remarkable 162% increase in its holdings compared to the previous month.

The company’s revised treasury policy aligns with MicroStrategy’s approach, retaining all mined Bitcoin and utilizing capital market instruments for accumulation.

In addition, an anonymous whale capitalized on the opportunity created by Bitcoin’s price decline, acquiring 600 Bitcoin worth around $58.85 million.

Blockchain analytics company Lookonchain noted that the wallet address “bc1pg…u0pk3” had no previous Bitcoin activity prior to its first transaction on November 24, according to BitInfoCharts.

This surge in activity followed Semler Scientific’s acquisition of 303 Bitcoin on December 4 at an average price of $96,779.

This purchase increased the healthcare technology firm’s holdings to 1,873 Bitcoin, valued at $182.8 million.

Publicly traded companies holding Bitcoin now control 527,026 Bitcoin, which accounts for 2.66% of the total supply of the cryptocurrency, as reported by Bitcoin Treasuries.

Despite these acquisitions, Bitcoin continues to face pressure, trading at $97,580, reflecting a 4.9% decrease in the last 24 hours.

Spot Bitcoin ETFs Experience $747M in Inflows

Spot Bitcoin ETFs in the United States demonstrated strong momentum, with 11 funds collectively recording $747.8 million in inflows on December 5.

BlackRock’s iShares Bitcoin Trust (IBIT) led the way, contributing $751.6 million, which offset the $148.8 million outflow from Grayscale’s Bitcoin Trust (GBTC).

The BlackRock Bitcoin ETF has now accumulated nearly $34 billion in inflows since its inception.

On Thursday, Bitcoin reached an all-time high of $104,000, increasing its market dominance by 4.4% to 57%.

This resurgence challenges the narrative of an approaching “altcoin season,” during which alternative cryptocurrencies typically outperform Bitcoin.

Bitcoin dominance had fallen to 54.7% on December 4, following a sharp decline from its November peak of 61.8%.

However, Bitcoin’s rapid ascent to a six-figure valuation reversed this trend, surprising the crypto market.

Meanwhile, spot Ether ETFs recorded their largest single-day inflow on December 5.

The nine spot Ether ETFs collectively experienced $431.5 million in inflows, marking the ninth consecutive trading day of net positive flows for the rising cryptocurrency.

This inflow surge exceeded the previous record of $333 million set on November 29, underscoring increasing investor confidence in Ether ETFs.

Over the past two weeks, these funds have attracted more than $1.3 billion in inflows, solidifying Ether’s status as a rallying asset in the crypto market.

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