Crypto market volatility rises in reaction to Trump’s decreasing victory odds, with the technical setup hinting at a deeper correction.
Franklin Templeton says this is the first tokenized money fund to launch on Coinbase's layer-2 network.
BlackRock CEO Larry Fink on CNBC means more to QCP's founder and chief investment officer rather than presidential candidates promoting crypto.
Bitcoin is marching higher, easing past $70,000 and $72,000 in the past two days, sparking a wave of demand. Although prices are moving within a tight range at spot rates, the uptrend remains. While there are pockets of weakness, at least seen earlier today, candlestick formation in the daily and weekly charts point to strength. Is Bitcoin Preparing For A 6X Surge To $462,000? In a post on X, one analyst thinks Bitcoin will not only break above its all-time high at $74,000 but can easily 6X to over $462,000 in the coming sessions. To support this outlook, the analyst said the coin is breaking out above key resistance levels, and Fibonacci extension levels mirror this shift in trend after the Q3 2024 plunge. Related Reading: Bitcoin Needs Daily Close Above $76,000 To Confirm True Breakout: Analyst Based on the analyst’s assessment, historical price action shows that BTC peaks between the 1.618 and 2.272 Fibonacci extension levels. Technical analysts use this tool to project how fast prices will rally or drop based on a given range. If history guides and the Fibonacci extension levels remain valid, applying the same pattern to the current cycle could easily see Bitcoin soar to between $174,000 and $462,000. These two levels mark the extension levels’ lower and upper limits that define past cycles’ peak zone. As bullish as this forecast is, it should be known that the range anchoring any Fibonacci extension is subjective. For this reason, it will change depending on the analyst, meaning potential peaks will shift accordingly. Despite everything, the consensus is that Bitcoin could break and reach new all-time highs in Q4 2024. Taking to X, another analyst said Bitcoin is already within a bullish breakout formation, easing above a descending channel or bull flag. At the same time, prices are breaking above the resistance of a “cup and handle” pattern. Institutions Buying As BTC Recovers If bulls take over, pushing prices higher, the evolution would confirm gains of Q1 2024. Subsequently, it would mark the resumption of bulls, an encouraging development following the 30% drop from March highs. Related Reading: Dogecoin Metrics Reveal Increasing Network Activity – Is DOGE Ready To Break Yearly Highs? Amid this wave of optimism, institutions are also pouring in, getting exposure via spot Bitcoin ETFs. According to SosoValue, there are massive inflows as institutions buy more shares on behalf of their clients. On October 29, spot Bitcoin ETF issuers in the United States bought $870 million worth of shares backed by BTC for their clients. BlackRock’s IBIT received $642 million, pushing their BTC under management to over $24.9 billion. Feature image from DALLE, chart from TradingView
BlackRock’s iShares Bitcoin Trust ETF (IBIT) has become the fastest-growing ETF in history, exceeding $30 billion in assets under management. According to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, IBIT reached this milestone in just 293 days, setting a new record. This pace surpasses the JPMorgan Equity Premium Income ETF (JEPI) and major Gold […]
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Continued ETF inflows could help push Bitcoin to an all-time high, which the asset came within $200 of on Oct. 29.
A notable outperformer was bitcoin miner Bitfarms, which nominated a new board member amid its proxy battle with Riot Platforms.
In a new YouTube video titled “There Is No ETF Paper Bitcoin,” Fred Krueger, an investor at the crypto hedge fund 2718.fund, delved into the growing concerns surrounding US spot Bitcoin Exchange-Traded Funds (ETFs) and their impact on the cryptocurrency’s price. Krueger aimed to dispel the fear, uncertainty, and doubt (FUD) that have been circulating about “paper Bitcoin”—the notion that ETFs might be selling Bitcoin they do not actually possess—and to explain why Bitcoin’s price has not surged as dramatically as some might expect, despite significant ETF purchases. Krueger began his analysis by acknowledging the prevalent skepticism in the market. “There’s all this paper Bitcoin, and ETFs don’t really have the Bitcoin, and if they were buying all this Bitcoin, how come Bitcoin price is not higher?” he stated, encapsulating the core concerns of many investors. Historically, the concept of “paper Bitcoin” has been associated with exchanges that sold Bitcoin to customers without actually possessing the underlying assets. Krueger highlighted several high-profile instances where this practice led to significant losses for investors. He cited the case of Mt. Gox. Another example he provided was QuadrigaCX, a Canadian exchange that collapsed under mysterious circumstances. Founder Gerald Cotten allegedly died in India, taking with him the private keys to the exchange’s cold wallets, effectively locking away customer funds. “A lot of Canadians lost all their Bitcoin on this Quad exchange,” Krueger noted. Are “ETF Paper Bitcoin” Real? These historical events have contributed to the current apprehension about ETFs and the possibility that they might be engaging in similar practices—selling Bitcoin they do not actually hold, thereby suppressing BTC’s price through artificial supply. However, Krueger argued that ETFs, particularly those managed by established financial institutions, operate under a fundamentally different framework compared to unregulated exchanges. Related Reading: Bitcoin Bullish Outlook Confirmed By Critical Data – STH Overheating? Focusing on two leading ETFs—IBIT, the BlackRock ETF, and FBTC, the Fidelity ETF—Krueger emphasized the stringent regulatory oversight governing these entities. “Both of these ETFs are subject to very strict regulatory oversight, including the SEC but also other agencies in the US,” he stated. This comprehensive oversight includes requirements for complete transparency, regular audits, and the use of third-party custodians for asset verification. “They literally have to get a receipt of an asset from a third-party custodian,” Krueger added. In the case of IBIT, Coinbase serves as the third-party custodian. “Coinbase is itself a public company that is audited,” Krueger pointed out, noting that the public nature of Coinbase adds an additional layer of scrutiny and accountability. IBIT conducts audits of Coinbase, and both entities are subject to audits by the SEC and other regulatory bodies. For FBTC, custody is handled by Fidelity Digital Assets, a separate entity within Fidelity that specializes in the custody of digital assets, thereby ensuring specialized oversight and management. “The issuers of IBIT and FBTC are BlackRock and Fidelity, two of the largest and oldest financial institutions, and they have a vested interest in maintaining their reputation,” Krueger asserted. “Their reputation is at stake, and this is a big deal,” he emphasized, suggesting that these institutions would not risk their credibility by engaging in the sale of non-existent Bitcoin. Krueger contrasted BlackRock with entities like QuadrigaCX to underscore the disparity in regulatory compliance and operational scale. “BlackRock is highly regulated […] BlackRock has a robust corporate governance structure with committees for audit, risk, and compliance and very extensive internal controls,” Krueger added. Related Reading: Bitcoin To Hit $125,000 By Year-End If Trump Wins, Says Standard Chartered Addressing the core concern about ETFs holding “paper Bitcoin,” Krueger provided specific data to refute this notion. “The reality is the ETFs have zero pure paper Bitcoin,” he stated unequivocally. He highlighted that IBIT holds approximately 403,000 actual Bitcoins, while FBTC holds about 185,000 actual Bitcoins. “Together, these two ETFs hold almost 3% of the world’s total Bitcoin, or 588,000 Bitcoins—I think it’s 2.9%,” he calculated. Krueger acknowledged that some skeptics have attempted to analyze Bitcoin movement between specific dates to challenge these holdings. However, he emphasized that the facts are clear and verifiable. “We know how much Bitcoin these ETFs have; we know that it’s accounted for, and that’s a reality,” he insisted. Turning to the question of why Bitcoin’s price has not increased more dramatically despite significant ETF inflows, Krueger offered a nuanced explanation. He noted that Bitcoin is, in fact, up by 60% since the introduction of the ETFs, translating to a $600 billion increase in market capitalization. This growth has been fueled by approximately $20 billion in net inflows into the ETFs, resulting in a price multiplier effect of about 30x. “That’s historically about normal, maybe a little on the low side but not terribly so,” he assessed. Krueger attributed the moderation in Bitcoin’s price growth to substantial selling pressures from various sources. “There’s been a bunch of selling,” he explained. He detailed that Germany sold $3 billion worth of Bitcoin as well as Mt. Gox holdings. Additionally, FTX sold its GBTC (Grayscale Bitcoin Trust) stake earlier in the year, and the Digital Currency Group (DCG) sold assets to resolve lawsuits. “We had a lot of selling,” Krueger summarized. Speculating on the potential impact absent these selling pressures, Krueger suggested that Bitcoin’s price could have been significantly higher. “We probably would be at $90k if there wasn’t any selling,” he posited. At press time, BTC traded at $68,752. Featured image created with DALL.E, chart from TradingView.com
The US-based spot Bitcoin ETFs has produced another impressive performance in the past week recording nearly $1 billion in total inflows. Meanwhile, the spot Ethereum ETFs have struggled to maintain a positive form with outflows dominating the market in the same period. Related Reading: Bitcoin Retail lnvestors Remain Cautious Despite Price Gain – Details Spot Bitcoin ETFs Attract $3 Billion In 11 Days Following a splendid performance in October’s third week during which the Spot Bitcoin ETFs registered $2.18 billion in market inflows, these institutional funds retained investors’ interest the following week evidenced by a total weekly inflow of $997.70 million. According to data from ETF tracking site SoSoValue, the Spot Bitcoin ETFs recorded a positive netflow on all weekdays except Tuesday, October 22nd, where they experienced $79.09 million in outflows. Meanwhile, the largest inflows came on Friday, October 25, valued at $402.08 million. Of this figure, The dominant BlackRock’s IBIT attracted $291.96 million as its cumulative net inflows moved to $23.99 billion. In a similar fashion, Fidelity’s FBTC emerged in second place recording $56.95 million inflows, while $33.37 million was invested in Ark & 21 Shares’s ARKB. Other ETFs that contributed to Friday’s gain include Bitwise’s BITB, Grayscale’s BTC, and VanEck’s HODL with respective inflows of $2.55 million, $5.92 million, and $11.34 million. Interestingly, these positive net flows recorded on Friday mean the spot Bitcoin ETFs have now recorded over $3 billion in inflows in the last eleven trading days. Commenting on this development, popular crypto analyst Michaël van de Poppe shared the general excitement of the crypto community as such massive inflows indicate significant institutional interest in Bitcoin. Van de Poppe said: The #Bitcoin ETF has seen an inflow of more than 3 Billion US Dollars since October 10th. 3 Billion US Dollars. That’s a strong sign that we’re about to see the big breakout for #Bitcoin to $100K. As of now, cumulative total net inflows for the Spot Bitcoin ETFs now stand at $21.93 billion, with their total net assets now valued at $65.25 billion which represents 4.93% of Bitcoin market shares. Related Reading: Bitcoin Price To Go ‘Vertical’ Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern Ethereum ETFs See Negative Returns Again In other news, the struggles of the spot Ethereum ETF market persist, which saw total outflows of $24.45 million over the past week, marking their 11th week of negative returns since debuting on July 26. Total net assets for these Ethereum ETFs currently stand at $6.82 billion but with a cumulative total net outflows of $504.44 million. At press time, Bitcoin and Ethereum traded respectively at $67,077 and $2,484 following a minor decline in both assets in the past day. Featured image from StormGain, chart from Tradingview
Bitcoin prices are steady above the $66,000 support when writing on October 25. While confidence is high, the coin is still trending below the psychological round at $70,000. It has yet to shake off sellers in early October. Demand For Spot Bitcoin ETFs Shoots To A 6-Month High However, looking at emerging spot Bitcoin ETF […]
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
These tokens are at a regulatory disadvantage to stablecoins due to their classification as securities, the report said.
XRP prices have declined after Ripple co-founder’s $10 million donation to Kamala Harris’ US presidential campaign.
London-based L&G, which has $1.5 trillion in assets, is evaluating ways to join other big traditional players like BlackRock, Franklin Templeton and Abrdn that are offering blockchain-based money-market funds and the like.
The world’s largest asset manager, BlackRock, aims to expand its foray in the digital asset industry following the successful launch of spot Bitcoin and Ethereum ETFs in 2024. In a new venture, the American asset manager is attempting to push the adoption of its money-market token BUIDL as a collateral asset in the crypto derivative […]
The crypto market is up today, following a bullish performance from US equities markets and increasing traders' demand for crypto investment products.
More than half a billion dollars flowed into spot Bitcoin ETFs in the US as the cryptocurrency topped $66,000.
Cointelegraph spoke with Riot Platforms’ Pierre Rochard and Metaplanet’s Dylan LeClaire at the Bitcoin Amsterdam 2024 conference.
The card links to WisdomTree's WTGXX onchain money fund, which yields 4.6% APR.
Hedera, a proof-of-stake platform, wasn’t spared from aggressive bears in early October. After HBAR, its native token, floated higher in September, the rejection of bulls in early October resulted in a double top. Overall, there is optimism that bulls will resume and push prices to new Q4 2024 highs. The pace of this growth will depend on how the market performs and whether fundamental factors around the project will prop up buyers. Will HBAR Rise By At Least 30X? While there are cracks in the HBAR price action, considering the dump from April highs of around $0.18, one analyst on X thinks the token is set for major gains. From his assessment, Hedera can easily score 30X in the coming sessions, mirroring the gains posted by Cardano in the last cycle. Then, ADA soared by over 170X. If HBAR is to follow the same path, the token can easily soar to $6, over 60X from its 2024 highs. Related Reading: Bitcoin’s Non-Realized Profits Hit Negative Levels—What Does This Mean for Investors? Presently, technical candlestick arrangements favor sellers. After the rally to $0.18 in April 2024, HBAR has been falling. To put the numbers into perspective, the token is down 70% but is stable after finding support in August and September. The local resistance is the double top at around September highs. If prices break above this liquidation zone, HBAR bulls could embark on the journey to drive the coin to $0.18. In effect, this will resume the uptrend set in motion in Q1 2024 and early Q2 2024. Hedera Fundamentals Key To Driving Growth There are fundamental factors to consider that may propel HBAR, helping the token shake off weaknesses. Early this month, Canary Capital released the first United States HBAR Trust. Like Grayscale products, including the ETHE and GBTC, the HBAR Trust allows institutional investors to gain exposure to HBAR. Accordingly, this could drive demand, lifting prices. Related Reading: ETH’s Fate Hinges On $2,300: Will Ethereum Soar To $6,000 Or Dive To $1,600? In September, Hedera launched the Asset Tokenization studio. Through this solution, the network would be at the forefront of driving the tokenization of real-world assets (RWAs) while adhering to existing laws. Already, BlackRock, one of the world’s largest asset managers, believes tokenization will rapidly grow in the coming years, managing trillions. According to rwa.xyz, over $12.7 billion worth of RWAs has been tokenized. Additionally, there is interest. In the last month alone, the number of RWA holders rose to 68,929, a 4% increase. Most of these assets are tokenized on Ethereum and Stellar. Feature image from DALLE, chart from TradingView
A drop in Ethereum network activity and investors' concerns about the global economy continue to weigh on ETH price.
BlackRock’s stance on cryptocurrencies—especially Bitcoin and Ethereum—has lately made headlines. While Ethereum is considered as a “technology bet,” the investment behemoth sees Bitcoin as a “gold alternative.” This point of view captures a major change in the way conventional finance is starting to welcome digital assets. Related Reading: Bittensor (TAO) Soars 130% – What’s Behind The Altcoin’s Recent Surge? The company’s findings show that people are becoming more and more sure that Bitcoin can protect against inflation, just like gold has in the past. BlackRock’s Chief Investment Officer, Rick Rieder, recently said that Bitcoin is appealing to investors who want to protect their wealth in uncertain economic times because there is a limited quantity. Many investors who are growingly concerned about market volatility and inflation will find resonance in this mindset. Bitcoin: The Modern Gold? For those looking for stability in the realm of finance, gold has traditionally been the preferred asset. BlackRock contends, though, that Bitcoin is filling in this function. As the company points out, Bitcoin’s limited supply and spread-out nature could make it a more interesting purchase than gold. Central banks around the world are printing money at rates that have never been seen before. This makes Bitcoin an even better way to save money. “More institutional investors entering the market will only speed up the acceptance of Bitcoin at an incredible rate,” says Rieder. With this new money coming in, demand will grow even faster, making Bitcoin even more of a digital gold standard. Additionally, BlackRock believes that with increased realization of worth and scarcity, the price of the blockchain will keep moving upwards. BlackRock considers Bitcoin a “risk-off” asset like gold. At a recent conference, BlackRock’s Robbie Mitchnick argued that Bitcoin might hedge against fiat currencies and government trust. Mitchnick said Bitcoin is a safe shelter for investors, especially during economic turmoil. As inflation, monetary devaluation, and banking crises develop, Bitcoin’s potential as a worldwide monetary alternative makes it important for financial security. Ethereum: A Technological Transformation Although Ethereum is seen via another perspective, Bitcoin attracts attention as a store of value. BlackRock sees Ethereum as a platform for innovation as much as a cryptocurrency. With its smart contract capability, developers may create decentralized apps (dApps), therefore transforming many sectors, including gaming and banking. Ethereum has great future potential. Ethereum demand may explode as more companies investigate blockchain technology. The analysts of BlackRock are positive about Ethereum’s future and indicate that its core technology might cause rapid increase in the coming years. Related Reading: Starknet: Long Positions Liquidated Lead To 16% Losses The Future Of Digital Assets With BlackRock continuing to invest in these types of cryptocurrencies, that spells massive influence for the financial market. The general financial market is responding in such a trend, with old-time investors now becoming conscious of the potential attached to such digital assets. Featured image from Unsplash, chart from TradingView
The likes of BlackRock and Franklin Templeton could see tokenized shares of their money-market funds pledged in trading after a major group under the aegis of the Commodity Futures Trading Commission (CFTC) approved guidelines for their use, Bloomberg reported on Thursday.
BlackRock, ARK 21Shares and Fidelity’s Bitcoin products led the way with $499 million, $289.5 million and $206.1 million in inflows, respectively.
BlackRock's latest report shows that bitcoin has a very low correlation to U.S. equities on a trailing 6-month basis.
Bitcoin broke above $65,000 mark during late trading on Sept. 26, with the day bringing over $360 million in inflows to United States-listed spot Bitcoin ETFs.
BlackRock's Bitcoin ETF saw the highest daily inflow of any fund this month on Sept. 25, amid a wider five-day inflow streak across all spot Bitcoin ETFs in the United States.
Ethena’s synthetic stablecoin USDe can benefit from incorporating UStb during periods of weak funding conditions, Ethena Labs said.
A decision on Ethereum ETF options has been pushed back to November, four days after Blackrocks’s IBIT options trading was approved.
They could potentially spark an "explosively recursive” price upside for Bitcoin, according to one investment manager.