BlackRock Recommends 2% Bitcoin Allocation as BTC Hits $100K; ETFs Absorb Over 500,000 BTC

Dec 13, 2024, 11:46 AM

BlackRock has officially recommended a 2% allocation to Bitcoin, marking a significant endorsement from the world's largest asset manager. The recommendation comes as Bitcoin surpasses the $100,000 mark, indicating growing institutional interest in the cryptocurrency. Yesterday, Bitcoin ETFs saw $597.5 million in net inflows, contributing to a cumulative total of over 500,000 BTC absorbed since their launch on January 11, 2024—representing more than 2.5% of Bitcoin's circulating supply. Similarly, Ethereum ETFs have experienced substantial growth, with $273.7 million in net inflows yesterday alone, marking ten consecutive days of inflows and pushing total inflows past $3 billion. Experts predict that Ethereum's price could surge to $15,000, fueled by increased institutional investment. BlackRock has suggested that investors treat Bitcoin like Apple and Amazon, comparing it to the 'Magnificent Seven' tech giants.