The World Gold Council’s 2024 survey reveals that central banks plan to increase gold reserves amid geopolitical and financial uncertainties. Over 80% of respondents expect global bullion holdings to rise, and 29% of central banks plan to boost their own reserves. Motivations include strategic rebalancing, domestic production, and market concerns like crisis risks and inflation. […]
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Global Crypto Ownership Reaches 562 Million: 6.8% of World Population Now Own and Use Digital Currencies
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BlackRock Overtakes Grayscale To Become The Largest Bitcoin Fund In The World With $20 Billion AUM
American multinational investment company BlackRock, has recently achieved a monumental milestone, recording over billion in total assets. The BlackRock Spot Bitcoin ETF has successfully surpassed Grayscale to become the largest Bitcoin fund in the world.
BlackRock Overtakes Grayscale
BlackRock iShares Bitcoin Trust has recently become the world’s largest Bitcoin fund, overtaking its primary rival, Grayscale Bitcoin Trust (GBTC).
As of Tuesday, May 28, BlackRock’s Spot Bitcoin ETF held around .68 billion in Assets Under Management (AUM), overthrowing Grayscale’s Bitcoin ETF with .65 billion and surpassing the third largest, Fidelity Investments, which recorded .1 billion in AUM. Over the past two days, BlackRock has recorded more inflows, pushing its AUM to more than billion presently.
Following the launch of its Spot Bitcoin ETF on January 11, Grayscale has consistently recorded massive outflows worth billions of dollars. For years, the asset management company was the world’s largest Bitcoin fund, reaching a peak of about billion in 2021.
However, since its conversion into an ETF at the beginning of 2024, investors have pulled out almost billion from Grayscale’s Bitcoin fund. On May 3, GBTC recorded its first inflow, receiving approximately million, and effectively ending its 82-day streak of outflows.
Its previous outflows had already significantly weakened Grayscale’s position as the largest Bitcoin ETF. In contrast, BlackRock’s Spot Bitcoin ETF has been recording millions of inflows since its launch, making it unsurprising that IBIT has eventually surpassed Grayscale’s GBTC.
BlackRock has only recorded a handful of outflows and minimal zero flows. Its highest recorded inflow occurred on March 12, with IBIT gathering approximately 9 million in a single day. Additionally, BlackRock’s Spot Bitcoin ETF witnessed its first outflow on May 1, losing about .9 million. On the same day, Grayscale had reported outflows of more than 7 million.
Investors are likely favoring BlackRock’s Spot Bitcoin ETF due to its relatively affordable ETF management fees, which decreased from 0.30% to 0.25%. On the other hand, Grayscale has the highest ETF management fees among all the 11 approved United States Spot Bitcoin ETFs.
While the asset management company has promised to slash fees, Grayscale’s Bitcoin Trust’s current ETF management fees remain as high as 1.5% annually.
Still Leading Spot Bitcoin ETF Net Inflows
According to Farside data, for the past week, BlackRock has been leading the Spot Bitcoin ETF race, recording the most inflows out of the 11 Spot Bitcoin ETFs.
Excluding May 27, when all United States Spot Bitcoin ETFs saw zero flows, BlackRock recorded a total of 7.1 million for the first two days. BlackRock’s Bitcoin Trust saw 2.5 million in inflows on Wednesday, while Grayscale’s Spot Bitcoin ETF witnessed outflows of 5.2 million. Currently, Grayscale is still recording more outflows, losing .1 million as of writing.
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The Eroding State of Privacy in the Crypto World
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World Gold Council Sees Gold as Underowned, Forecasts Continued Rally
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Worldcoin Foundation Announces ‘World Chain’ for Enhanced Human-Centric Apps
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Tim Draper Expects Bitcoin to Transform El Salvador Into One of the Richest Countries in the World
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Spot Trading on Zenit World: Explained
In the ever-evolving world of cryptocurrency, having a reliable and accessible platform for trading is crucial. Zenit World steps into this arena, offering a user-friendly platform specifically designed for spot trading. But what exactly is spot trading, and how does Zenit World facilitate it?
This article breaks down Zenit World’s Spot Trading capabilities and explores why it’s a top choice among traders.
What is Spot Trading?
Spot trading, in essence, is the direct buying and selling of cryptocurrencies at the current market price. This means you exchange one asset for another, like instantly swapping Bitcoin (BTC) for Ethereum (ETH) at the prevailing rate on the platform. Therefore, it’s a straightforward approach, ideal for beginners and experienced traders alike.
What is Zenit World?
Zenit World is a cryptocurrency trading platform aiming to empower individuals in the crypto market. They strive to make advanced trading strategies and technologies accessible to everyone, fostering a community of passionate traders seeking success in the world of crypto.
Zenit World’s Spot Trading Platform
Zenit World boasts a platform built with accessibility and versatility in mind. Here’s what makes it stand out:
- Wide Range of Cryptocurrencies: Trade various leading cryptocurrencies across diverse sectors, including DeFi, metaverse tokens, Layer 2 solutions, and established coins.
- USDT Pairing: All cryptos are paired with Tether (USDT), a stablecoin pegged to the US dollar. This simplifies trading and avoids price fluctuations.
- 24/7 Accessibility: Trade anytime, anywhere, ensuring you never miss an opportunity.
- Secure and Reliable: Zenit World prioritizes security, employing robust measures to protect your assets and transactions.
Benefits of Spot Trading on Zenit World
- Simple and User-Friendly: The platform is designed for ease of use, making it suitable for both novice and experienced traders.
- Diverse Trading Options: Explore a wide range of cryptos across various sectors to match your trading goals.
- Standardized Experience: USDT pairing ensures consistency and clarity across transactions.
- Accessibility & Convenience: Trade anytime, anywhere, from any device.
Why Zenit World?
Zenit World goes beyond just offering spot trading. It strives to be a comprehensive platform that fosters a vibrant community of passionate crypto enthusiasts. Their commitment to accessibility and innovation shines through in several key features:
- Diverse Cryptocurrency Selection: Trade a wide array of leading cryptocurrencies across diverse sectors, including established coins, DeFi tokens, metaverse projects, Layer 2 solutions, and more.
- Standardized Trading Experience: All cryptocurrencies are paired with Tether (USDT), a stablecoin pegged to the US dollar. This eliminates volatility and simplifies the process, providing consistency across transactions.
- 24/7 Global Access: Trade anytime, anywhere, from any device. Never miss an opportunity, regardless of your location or time zone.
- Third-party Custodianship: Your crypto assets are shielded by advanced MPC wallet technology in partnership with a premier custodian.
Learn more about Zenit World and get access to exclusive content, including its latest White Paper.
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Disclaimer:
The content provided on this article, web page, or blog is intended for informational purposes only and should not be interpreted as investment advice or recommendations. Engaging in cryptocurrency purchasing or trading inherently involves risks, such as market fluctuations, potential market manipulation, and cybersecurity threats. Before making any decisions, users are advised to perform comprehensive research to ascertain the credibility and authenticity of individual cryptocurrencies and their underlying platforms.