Bitcoin market share hits 54% for first time in three years after Bitcoin price surges past $44,000

With the Bitcoin price exceeding $44,000, today Bitcoin Dominance increased to 54.89%, a 3-year high since April 2021.

Bitcoin market share graph over the past 3 years. Source: Courtesy Trading View.

Bitcoin Market Share Is Rising It happened after the US government’s SEC revealed that BlackRock, a giant asset management company, Received a $100,000 investment from an anonymous investor who wanted to invest in a Bitcoin spot ETF product.

According to SEC filings, an investor has agreed to purchase 4,000 shares at a price of $25.00 each on October 27, 2023, for a total of $100,000. “Legal Guarantor” for “Seed Creation Baskets”

BlackRock’s latest filing reveals details related to the asset manager’s plans to pay sponsor fees. BlackRock plans to borrow Bitcoin or cash in the form of short-term trading credits, giving BlackRock Fees can be collected through the loan. Instead of selling Bitcoin, this way it will not have much of an impact on the price of Bitcoin.

BlackRock was one of the first major financial institutions to apply for a Bitcoin Spot ETF in July. The request is one of 13 currently awaiting approval from the US SEC, although the SEC has previously refused to approve the BTC Spot ETF and postponed its decision. But experts think that By early next year, the SEC is expected to approve all Bitcoin Spot ETF applicants simultaneously. So that no one has an advantage or disadvantage.

Source: Cointelegraph
Image source: Bitcoinsensus