[DigitalToday reporter Yoonseo Lee] Asset manager BlackRock bought an additional $111.43 million worth of bitcoin.

U.Today, a blockchain media outlet, reported on Aug. 4 local time that the purchase came right after a trading day when the spot bitcoin exchange-traded fund (ETF) market returned to net inflows.

On-chain data showed BlackRock took the largest share of newly inflowing funds in the spot bitcoin ETF market. The overall spot bitcoin ETF market recorded more than $170 million in net inflows on the latest trading day. BlackRock absorbed a significant portion and bought $111.43 million worth of bitcoin within hours.

The move came after bitcoin briefly entered a rising range during the session. The market is watching whether BlackRock's buying is a signal of growing institutional demand.

Market participants also cite that BlackRock's recent actions have not shown a consistent direction. BlackRock has bought bitcoin regularly while also selling, and participants are split on how to judge the current situation.

Bitcoin's performance in August is also in focus. In the past, August was seen as a weak month for bitcoin, and declines in August have continued since 2022. Bitcoin rose 1.37 percent as of Aug. 4, starting the month on a relatively positive note.

The key to the market reaction is the size of BlackRock's purchase and the concentration of inflows. On the day the overall spot bitcoin ETF market turned positive, BlackRock took most of the new funds, confirming again that institutional investment demand remains centered on large asset managers.

In the short term, whether BlackRock makes additional purchases and how bitcoin prices react are emerging as key points to watch. Whether bitcoin breaks out of its August weakness pattern and whether ETF inflows continue are cited as factors that will shape the market this month.

BlackRock's purchase shows that large asset managers still have strong market influence as institutional inflows through spot bitcoin ETFs revive. With new funds concentrated in BlackRock, the likelihood has also increased that short-term supply and demand will react more sensitively to fund flows into a few large products.

Going forward, it will be necessary to watch whether BlackRock makes additional purchases and whether inflows spread to other asset managers. There is a view that if net inflows extend beyond a specific product and spread across the broader market, bitcoin prices could gain additional upward momentum.