BlackRock and MARA Holdings Acquire Over 9k Bitcoin Amid Price Dip Below $93k

Bitcoin's price dip to $92,957 on December 5 spurred major acquisitions by BlackRock and MARA Holdings, who collectively purchased 9,173 Bitcoin.

BlackRock made the most significant move, purchasing 7,750 Bitcoin, according to data from Arkham.

This acquisition pushed the asset management giant's total Bitcoin holdings to $48.9 billion.

The purchases were fueled by surging demand for shares of its spot Bitcoin exchange-traded fund (ETF), described by Apollo Markets' Thomas Fahrer 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 Purchases 1.4k BTC

Bitcoin miner MARA Holdings added 1,423 Bitcoin in four transactions between December 5 and 6, valued at $139.5 million.

The acquisitions came after the firm closed its second $850 million convertible note offering, earmarked for boosting Bitcoin reserves.

MARA now holds 22,108 Bitcoin worth $2.17 billion, reflecting a staggering 162% increase in its holdings compared to last month.

The company's updated treasury policy mirrors MicroStrategy's strategy, retaining all mined Bitcoin and leveraging capital market instruments for accumulation.

Meanwhile, an unidentified whale seized the opportunity presented by Bitcoin's price drop, purchasing 600 Bitcoin worth approximately $58.85 million.

Blockchain analytics firm Lookonchain reported that the wallet address "bc1pg…u0pk3" showed no prior Bitcoin activity before its first transaction on November 24, as per BitInfoCharts.

The flurry of activity followed Semler Scientific's purchase of 303 Bitcoin on December 4 at an average price of $96,779.

The acquisition raised the healthcare tech firm's holdings to 1,873 Bitcoin, valued at $182.8 million.

Publicly listed Bitcoin-holding companies now control 527,026 Bitcoin, representing 2.66% of the cryptocurrency's total supply, according to Bitcoin Treasuries.

Despite these acquisitions, Bitcoin remains under pressure, trading at $97,580, down 4.9% in the past 24 hours.

Spot Bitcoin ETFs See $747M in Inflows

Spot Bitcoin ETFs in the U.S. reported strong momentum, with 11 funds collectively netting $747.8 million in inflows on December 5.

BlackRock's iShares Bitcoin Trust (IBIT) dominated, contributing $751.6 million, offsetting the $148.8 million outflow from Grayscale's Bitcoin Trust (GBTC).

The BlackRock Bitcoin ETF has now amassed nearly $34 billion in inflows since its launch.

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

The resurgence challenges the narrative of an impending "altcoin season," where alternative cryptocurrencies often outshine Bitcoin.

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

However, Bitcoin's explosive move to a six-figure valuation reversed the trend, catching the crypto market off guard.

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

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

This inflow surge surpassed the previous record of $333 million set on November 29, highlighting growing investor confidence in Ether ETFs.

Over the past two weeks, the funds have attracted more than $1.3 billion in inflows, cementing Ether's position as a rallying asset in the crypto market.

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