Morgan Stanley, BlackRock and Fidelity Buy $159 Million in Bitcoin During Recent Market Dip

Morgan Stanley purchased about 232.5 bitcoin worth $15.05 million at an average price of $64,718 while bitcoin traded below $65,000, according to data from the Arkham platform reported by ArzDigital; the purchase pushed the fund's total bitcoin holdings above 6,500 units, worth roughly $426 million at current prices, for the first time. Funds managed by BlackRock added about $111 million in bitcoin and Fidelity added $33 million, the report said. The market price was trading about 3.8 percent below the short-term holder cost basis, a level that typically triggers selling pressure, but large institutions instead used it to build up reserves. The purchases came despite $265 million in net outflows from bitcoin funds earlier in August.