Blackrock’s head of digital assets has revealed that bitcoin is the overwhelming favorite cryptocurrency for the asset management firm’s clients. “And then a little bit Ethereum, and very little everything else,” he added. Blackrock’s spot bitcoin exchange-traded funds (ETF), the Ishares Bitcoin Trust (IBIT), has amassed approximately 243K bitcoins since its launch. Blackrock’s Head of […]
Bitcoin News
Blackrock Aims to Launch Tokenized Investment Fund, Seeks SEC Nod for ‘BUIDL’ Fund on Ethereum
The globe’s most substantial asset manager by assets under management, Blackrock, has submitted a form to the U.S. Securities and Exchange Commission (SEC) for the initiation of a tokenized investment fund. Additionally, the community has unearthed the development of a token named the “Blackrock USD Institutional Digital Liquidity Fund” or BUIDL on the Ethereum blockchain. […]
Bitcoin News
Blackrock Explores Bitcoin ETP Investments for Global Allocation Fund
In a significant development, Blackrock, the world’s largest asset manager, has amended its prospectus for the Blackrock Global Allocation Fund to potentially include investments in bitcoin exchange-traded products (ETPs). This move, filed with the U.S. Securities and Exchange Commission (SEC), signals a new avenue for traditional investors to gain exposure to the digital asset market. […]
Bitcoin News
Bitcoin ETF Frenzy: BlackRock Smashes Expectations With $788 Million Inflows In One Day
BlackRock’s Bitcoin ETF, IBIT, achieved a remarkable milestone on March 5. Attracting a staggering 8 million, it exceeded its previous record of 2 million in inflows in a single day. This surge in investment coincided with Bitcoin reaching a new all-time high (ATH) of ,300, surpassing its previous ATH set in 2021.
Bitcoin ETF Trading Volumes Reaches Record Billion
Shortly after Bitcoin hit its new milestone, the market experienced a notable price correction, dropping below ,000. However, this dip seemed to entice ETF buyers who saw it as an opportunity to accumulate Bitcoin at a discounted price.
As a result, the Bitcoin price has quickly recovered and reached the ,200 level, positioning itself for further price gains and consolidation above its ATH.
According to Bloomberg ETF expert Eric Balchunas, the ten Bitcoin ETFs traded a staggering billion in volume on the same day, breaking the previous record set just a week ago.
The expert noted that this surge in trading activity is not entirely unexpected, as volatility and volume often go hand in hand with ETFs. Balchunas also highlighted that several ETFs, including Blackrock’s IBIT, Fidelity (FBTC), Bitwise (BITB), and Arkham (ARKB), achieved record-breaking trading volumes.
Interestingly, while the Bitcoin ETFs experienced a surge in inflows, the Grayscale Bitcoin Trust (GBTC) continued its trend of outflows since the ETFs launched on January 11.
Balchunas noted that GBTC has seen nearly billion in outflows, yet its total assets under management remain unchanged since its launch. This phenomenon can be attributed to the bull market subsidy, wherein investors continue to hold assets despite outflows, generating revenue for the trust.
A Temporary Halt Before Further Gains?
Bitcoin’s recent price action has encountered resistance at its ATH level of ,000, signaling a temporary rejection from this crucial point. This coincides with the activation of the Golden Ratio Multiplier, the first and only cycle top indicator to have fired thus far.
The Golden Ratio Multiplier, an indicator often used in technical analysis, has seen its cycle top band (level 5) rise to ,099, aligning perfectly with Bitcoin’s recent peak. However, considering this is the sole indicator predicting a cycle top, some analysts, including Crypto Con, believe that a significant market correction may not have occurred yet.
According to Crypto Con, this current phase represents a temporary resting place for Bitcoin’s early parabolic ascent. Crypto Con suggests that once Bitcoin breaks through the ATH, it will begin a new phase characterized by heightened market activity and potential price gains.
Featured image from Shutterstock, chart from TradingView.com
BlackRock Spot Bitcoin ETF Launches In Brazil, ETF Market Secures 4% Of Total BTC Supply
BlackRock, the world’s largest asset manager, announced the iShares Bitcoin Trust ETF (IBIT39) launch in Brazil on Thursday. Starting today, Friday, March 1, shares of this index fund, which tracks the spot price of Bitcoin (BTC), will be traded on the Brazilian Commodities and Futures Exchange, known as B3.
BlackRock Launches IBIT39 Bitcoin ETF In Brazil
Karina Saade, president of BlackRock in Brazil, highlighted the company’s commitment to providing high-quality access vehicles to investors in the digital asset market. She stated:
IBIT39 is a natural progression of our efforts over many years and builds on the fundamental capabilities we have established so far in the digital asset market.
Felipe Gonçalves, Superintendent of Interest and Currency Products at B3 discussed the growth of the listed crypto market in Brazil. He noted that the market, which started in 2021, now has 13 ETFs with total assets of R.5 billion, or about 5 million.
While the market experienced fluctuations in its early years, it reached an eye-catching daily trading volume of R million reais (.6 million) by the end of last year, according to local media reports in Brazil.
Gonçalves mentioned that investors in crypto ETFs include institutional investors, such as funds, and individual investors, with a current number of 170,000. Liquidity in the market is provided by non-residents investing in B3 as a whole.
IBIT39 will reportedly have a management fee of 0.25%, with a one-year waiver that reduces the fee to 0.12% once the fund reaches its first billion in assets under management (AUM). The product will be made available to the general public, allowing broader participation in the Bitcoin market.
.5B Net Inflow In Bitcoin ETFs Since Launch In The US
BlackRock’s IBIT (iShares Bitcoin Trust) ETF has emerged as a notable player in the US ETF race, countering a significant outflow from Grayscale’s Bitcoin Trust (GBTC).
BitMEX research data shows that on February 29, 2024, positive flows amounted to million for the day. Notably, BlackRock and GBTC offset each other, experiencing 0 million in opposite directions. The data shows that since the ETFs began trading on January 11, 2024, there has been an impressive net inflow of .5 billion.
The overall holdings of spot funds, which directly hold Bitcoin, stood at 776,464 BTC (equivalent to .7 billion) on Friday morning, according to BitMEX Research. It’s essential to consider that the total BTC supply currently in circulation is 19.64 million, with a maximum limit of 21 million.
With this context, the fact that the ETFs have secured 4% of the total BTC supply is a significant milestone. It demonstrates the growing demand for Bitcoin among investors utilizing these index funds to gain exposure to the cryptocurrency.
BTC continues to consolidate above the ,000 mark, rising 1.3% in the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Blackrock Launching Brazil’s First Bitcoin ETF
Blackrock is launching Brazil’s first spot bitcoin ETF, the Ishares Bitcoin Trust BDR (IBIT39), on Mar. 1, initially available to qualified investors with plans to eventually open it to retail investors. The ETF aims to provide investors with regulated access to bitcoin and is part of Blackrock Brazil’s strategy to expand into the digital asset […]
Bitcoin News
Blackrock Bitcoin ETF Shatters Inflow and Volume Records — Holdings Exceed 141K BTC
Blackrock’s spot bitcoin exchange-traded fund (ETF) has had a second consecutive record-breaking day with over .3 billion in trading volume. The world’s largest asset manager’s Ishares Bitcoin Trust (IBIT) also saw a record net inflow on Tuesday. The fund’s total bitcoin holdings have now surpassed 141K bitcoins. Another Record Day for Blackrock’s Bitcoin ETF Nine […]
Bitcoin News
Blackrock Holds 110K BTC, Kiyosaki Expects $100K BTC Soon, AI Crypto Assets Skyrocket, and More — Week in Review
Blackrock has significantly expanded its presence in the digital currency space, accumulating nearly 110,000 bitcoins for its Ishares Bitcoin Trust (IBIT) ETF. Robert Kiyosaki predicts bitcoin will reach 0,000 by June this year. The AI cryptocurrency sector has seen a remarkable surge, with over billion added to its market value in just 17 days. […]
Bitcoin News
Bitcoin ETFs Experience Day 12 Reversal, GBTC Selling Slows, Fidelity And Blackrock Garner $400 Million
Bitcoin has witnessed a positive turn of events as it reclaimed the ,000 mark on Tuesday, thanks to a significant reduction in selling pressure from asset manager Grayscale. The reversal in Bitcoin ETFs during day 12 of trading has seen more inflows than outflows. Fidelity and Blackrock recorded a combined 0 million across their Bitcoin ETFs under the ticker names FBTC and IBIT, respectively.
Bitcoin ETFs Record Third-Largest Money Day
According to market expert James Mullarney, Grayscale Bitcoin Trust (GBTC) has experienced a noticeable reduction in selling pressure, as reflected by the slowing down of GBTC selling.
Day 12 of trading showed a substantial inflow compared to outflow, marking the third-largest money day ever in net money flow, bringing in 6 million.
Mullarney further states that adding new Bitcoin ETFs has contributed to a net positive of billion in ETFs, with an estimated 25,000 Bitcoin added to the market. The new Bitcoin ETFs now hold a total of 150,000 BTC in aggregate.
Miners Sell Most Coins Since May 2023
Despite these positive developments with Bitcoin ETFs, there is an ongoing increase in selling pressure from miners. A recent CryptoQuant report reveals that miners have sold the most coins since May 2023.
The flow of coins from miner wallets to spot exchanges reached its highest value since May 16, 2023, with over 4,000 Bitcoin amounting to approximately 3 million in selling pressure.
Although miners have increased their selling activity, CryptoQuant asserts that the market has absorbed this pressure “calmly”. It is important to note that the reserves in mining portfolios have remained at the same level since the beginning of January.
CryptoQuant highlights that it is crucial to consider that these actions do not necessarily indicate a “dump” by miners. The firm concluded:
It is true that there were several interactions with exchanges during this period, some quite significant, but this does not correspond to a “dump” on the part of these entities. Furthermore, it is necessary to be careful when reading messages like “miners are dumping coins”, this analyzes may not take into account the return of these coins to miners’ wallets.
New All-Time High For Bitcoin After November?
Renowned crypto analyst, CryptoCon, cautions against the belief that “this time is different” for Bitcoin, highlighting the recurring nature of its market cycles. With three completed cycles and a fourth underway, CryptoCon emphasizes that historical patterns, including the launch of Bitcoin ETFs, have consistently influenced Bitcoin’s price trajectory.
CryptoCon emphasizes that Bitcoin’s price movements have followed distinct cycles, and he warns against the notion that each cycle will deviate significantly from the preceding ones.
Despite the anticipation surrounding the launch of ETFs, historical evidence suggests that they have coincided with local price highs rather than instant new all-time highs.
CryptoCon argues that the repeated occurrence of such patterns should serve as a reminder that “this time is different” often proves to be an illusory belief.
According to CryptoCon’s analysis, a period of sideways movement is expected to commence soon after the completion of the ongoing correction, which saw BTC retrace to the ,500 level on Tuesday, January 23.
This phase is predicted to last approximately four months, culminating in a second early price peak in June 2024, according to Crypto Con.
Following this, the analyst foresees the possibility of new all-time highs occurring after November 28th, 2024. However, it is crucial to note that the cycle’s peak will occur within approximately 21 days from this date, around November 28th, 2025.
Featured image from Shutterstock, chart from TradingView.com
9 Newly Launched Bitcoin ETFs Amass 132,170 BTC With Blackrock and Fidelity Commanding 70% of Total Holdings
At 10:30 a.m. Eastern Time (ET) on Friday, Grayscale’s GBTC reported a decrease of 10,871.56 bitcoin from its holdings compared to Thursday. In contrast, since its inception on Jan. 11, 2024, Blackrock’s IBIT has accumulated a total of 49,952.32 bitcoin worth .98 billion.
Grayscale’s GBTC Sees Significant Bitcoin Outflow as Blackrock’s IBIT and Other ETFs Gain Momentum
In the last 24 hours, GBTC has seen another significant outflow of bitcoin, with a tranched of 10,871.56 bitcoin, valued at 9 million, departing from its reserves. As of Thursday, Grayscale’s bitcoin trust held a total of 523,516.43 BTC, but as of today, this amount has decreased to 512,644.87 BTC. This signifies that a substantial sum of 104,435.12 BTC, amounting to .3 billion, has been withdrawn from Grayscale’s trust since Jan. 12, 2024.
Blackrock has experienced yet another boost, with its holdings now reaching 49,952.32 BTC, valued at .98 billion. Since Thursday, Blackrock’s IBIT has seen an increase of 4,284.24 BTC. According to a recent report from Fidelity, its spot bitcoin exchange-traded fund (ETF) FBTC currently possesses 43,855.14 BTC, worth .74 billion. The Ark Invest 21shares ETF’s holdings amount to 13,285 BTC, valued at 9 million, while Bitwise’s BITB now boasts a balance of 12,840.05 BTC.
Vaneck’s HODL ETF maintains its previous count of 2,772.33 BTC as of the latest update. Similarly, Franklin Templeton’s EZBC bitcoin reserve remains at 1,334 BTC, and Invesco’s figure also stays constant at 6,339 BTC, as estimated from BTCO’s assets under management (AUM). Valkyrie’s BRRR ETF has shown an uptick since Thursday, now holding 2,592.75 BTC. Wisdomtree’s BTCW ETF continues to hold 201 BTC, indicating no change in its holdings since yesterday.
This trend indicates that while GBTC saw an exodus of 104,435.12 BTC, valued at .3 billion, the nine newly launched spot bitcoin ETFs have collectively acquired 132,170.59 BTC since they began trading. At current exchange rates, these nine ETFs hold a combined value of .46 billion. Blackrock and Fidelity together represent a significant 70.97% of the nine ETFs’ collective holdings. Furthermore, the total assets of these nine ETFs amount to 25.78% of the size of Grayscale’s GBTC holdings as of Friday.
What do you think about the latest GBTC outflow and the accumulation from other ETFs? Share your thoughts and opinions about this subject in the comments section below.