BlackRock’s IBIT adds $276M in Bitcoin – Can BTC escape its downtrend?

Bitcoin [BTC] has been in a downtrend since its attempted upside move collapsed at $84.9k ten days ago. In fact, since then, Bitcoin has fluctuated between $79k and $81k. At press time, Bitcoin was trading around $80,046, down 3% on weekly charts. As BTC struggles to regain the uptrend, some ETFs are taking the market slowdown as an opportunity to buy more. BlackRock adds $276 million in Bitcoin BlackRock’s IBIT has been actively buying BTC over the past three sessions, defying the overall dull market. According to Onchain Lens, BlackRock's IBIT Bitcoin ETF wallets accumulated 3,441.176 BTC worth $276.7 million from Coinbase Prime over the past 24 hours. Between the 26th and 28th of October, the fund purchased $397 million in Bitcoin.

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