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Blackrock wants to stop bitcoin ETF outflows with 1-2% allocation target

Blackrock wants to stop bitcoin ETF outflows with 1-2% allocation target
The crypto market is currently in a bear market, and the outflows from spot bitcoin ETFs are contributing to the decline. However, there is potential for a reversal in these outflows as BlackRock, a major asset management firm, has announced that it will recommend bitcoin in its model portfolios for the first time. BlackRock advisors will suggest a 1-2% allocation to the company's spot bitcoin ETF. The maximum value of model portfolios that could be affected by this change is $150 billion. While this news is seen as bullish by some, even with the maximum allocation, it would only result in $3 billion of near-term buying, which is a small fraction of bitcoin's market capitalization of $1.6 trillion. Despite a recent White House crypto summit, bitcoin's price has dropped 10% in the past week.

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