The cryptocurrency market has been energized by multiple bullish signals this week. Blackrock, the world’s largest asset manager, has accumulated nearly 110,000 bitcoins for its iShares Bitcoin Trust (IBIT) since the ETF’s launch just over a month ago, attracting close to $5 billion in net inflows and leading all spot Bitcoin ETFs. Meanwhile, “Rich Dad Poor Dad” author Robert Kiyosaki has reiterated his prediction that Bitcoin will reach $100,000 by June this year, and has increased his personal holdings. The AI cryptocurrency sector saw its total market value jump by more than $10.21 billion in just 17 days, fueled by OpenAI’s unveiling of a generative AI application that converts text to video. Additionally, the Bitcoin network is approaching its fourth halving, and historical patterns suggest a possible price dip before the event.
Blackrock’s Bitcoin ETF Holdings Near 110K BTC
The iShares Bitcoin Trust (IBIT) has been a standout among the U.S. spot Bitcoin ETFs approved in January 2024. As of late February, the fund managed roughly 110,000 bitcoins, valued at over $7 billion at current prices. Its cumulative net inflow of approximately $5 billion far exceeds that of any competing product. Blackrock CEO Larry Fink, who was once skeptical of crypto, has publicly declared himself a “big believer in Bitcoin,” signaling a paradigm shift in institutional attitudes toward digital assets.
Kiyosaki Predicts $100K Bitcoin by June
Robert Kiyosaki, author of the best-selling personal finance book “Rich Dad Poor Dad,” has long been a vocal Bitcoin advocate. He now expects the price of Bitcoin to hit $100,000 before the end of June 2024, citing the recent approval of spot Bitcoin ETFs and the upcoming halving as primary catalysts. Kiyosaki revealed that he has recently added to his Bitcoin stack, anticipating a sharp price rally. He also reiterated his view that gold will underperform relative to Bitcoin in this cycle.
AI Crypto Assets Soar Over $10B in 17 Days
The AI-focused cryptocurrency sector has seen an astonishing surge, adding $10.21 billion to its combined market capitalization over a 17-day period. The rally was triggered by OpenAI’s announcement of Sora, a text-to-video generative AI model. Tokens associated with AI and machine learning projects, such as Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN), experienced double-digit percentage gains, pushing the entire sector into the spotlight. Investors are betting on the convergence of AI and blockchain technology as a long-term growth theme.
Bitcoin Halving Looms: Historical Pre-Event Dip
Bitcoin’s fourth halving is expected to occur in April 2024, reducing the block reward from 6.25 BTC to 3.125 BTC. Historically, Bitcoin’s price has rallied six to seven months before the halving, only to witness a sharp correction in the weeks leading up to the event. This pattern was observed in 2012, 2016, and 2020. As of late February, Bitcoin was trading around $51,000, down from its January highs, suggesting a possible pre-halving pullback is already underway. While short-term volatility may persist, many analysts remain bullish on Bitcoin’s post-halving trajectory.
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