BlackRock Bitcoin ETF buys 666 BTC totaling 69.4 million dollars

- BlackRock adds 666 BTC to Bitcoin ETF, amounting to $69.4 million - Increase in Institutional Bitcoin Investment Due to Eased U.S. Regulations [Unblock Media] Cointelegraph reports that BlackRock, the world's largest asset manager, purchased an additional 666 BTC, equivalent to $69.4 million, for its spot Bitcoin ETF (IBIT) on May 12. This investment further confirms institutional investors' trust in the cryptocurrency market. This purchase is one of the largest daily buys since the launch of IBIT earlier this year. Following the U.S. regulatory authorities' approval of the spot Bitcoin ETF in January 2024, BlackRock's continued accumulation of Bitcoin highlights its establishment as a cornerstone asset in institutional portfolios. An analyst from Galaxy Digital stated, "Regulatory clarity reduces uncertainty and unlocks capital. BlackRock's latest move will likely encourage other asset managers as well." Bitcoin remains the most secure and decentralized blockchain network worldwide. It operates using the SHA-256 algorithm and has the global highest hash rate, making a 51% attack economically unfeasible. In contrast, new Proof-of-Stake (PoS) systems do not offer this level of network resilience. For instance, Ethereum, which has fully transitioned to PoS, faces criticism concerning validator centralization and governance risks. Meanwhile, Bitcoin's predictable monetary policy, limited to 21 million BTC, provides scarcity akin to "digital gold" in an inflationary era. The U.S. Securities and Exchange Commission (SEC)'s decision to approve the spot Bitcoin ETF has signified the recognition of cryptocurrency as an investable asset class to traditional financial institutions. Major players like Fidelity, Franklin Templeton, and Invesco joining the ETF competition highlight a broader push toward integrating digital assets. With regulatory barriers easing and custodian infrastructure maturing, the likelihood of more pension funds, insurance companies, and sovereign wealth funds allocating to Bitcoin increases. BlackRock's recent $69.4 million BTC purchase is not merely a sign of optimism; it signals that institutions are no longer on the sidelines. As Bitcoin continues to demonstrate security, scarcity, and institutional trust, its role in the global financial system is becoming increasingly significant.