The $10 trillion asset manager is staffing up to scale digital asset ETFs, pursue tokenization and identify "first-mover big bets" in Asia.
It marks the third consecutive week of inflows, reflecting a cautious yet optimistic investor base, Head of Research James Butterfill said.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
BlackRock is seeking the Securities and Exchange Commission's sign-off for a staked Ethereum exchange-traded fund.
The iShares Ethereum Staking Trust marks a bold push into on-chain yield exposure, as the SEC's tone has shifted under new leadership.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The world’s largest asset manager released its AI report with a bearish outlook on U.S. bonds and the country’s economy, and presented a bullish projection for crypto adoption.
IBIT options are the ninth largest in the U.S.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The executives pointed to a 300% surge in real-world asset tokenization over 20 months as evidence that the shift is already accelerating.
US-listed Bitcoin ETFs capped their second-heaviest month of redemptions with a rare late-month shift back into positive flows. According to SoSo Value data, the 12 US-listed spot Bitcoin funds recorded net creation of roughly $70 million in the final days of November, after four weeks of relentless selling pressure that totalled more than $4.3 billion […]
The post Bitcoin ETFs end brutal November with a late $70M inflow appeared first on CryptoSlate.
Spot Bitcoin ETFs (exchange-traded funds) are one of the biggest narratives and have been a game-changer in the cryptocurrency space in the past two years. With these investment products, people get to participate in the cryptocurrency market without having to directly own the digital assets. Interestingly, one of the biggest winners—that often gets overlooked—has been the issuers, especially as the crypto industry has seen increased institutional adoption since the Bitcoin ETFs launched. According to the firm’s executive, the BTC exchange-traded funds becoming the major source of revenue for BlackRock, the world’s largest asset manager, was not envisioned. BlackRock’s Bitcoin Funds Outweighing Expectations At the Blockchain Conference 2025 in São Paulo on Friday, November 28, BlackRock’s business development director in Brazil, Cristiano Castro, told reporters that the Bitcoin ETFs are the largest revenue source for their company. According to the executive, this development came as a “big surprise” to the asset management firm. Related Reading: Fed To End QT In December: Will Bitcoin Mirror The Massive Price Crash From Last Time? Castro said in a statement: We were very optimistic when we launched, but we didn’t believe it would reach such proportions. Just to give you an idea, it [IBIT in the US and IBIT39 in Brazil – the asset’s reference names] came very close to US$100 billion [in allocation]. This feat is notable for the Bitcoin ETFs, especially considering that BlackRock offers more than 1,400 exchange-traded products globally and has a whopping $13.4 trillion in assets under management. The US-based Bitcoin fund (with the IBIT ticker) has over $70.7 billion in net assets, becoming the first ETF to reach the $70-billion mark (doing so in June 2025). While the US Bitcoin ETF market has somewhat slowed down, BlackRock’s IBIT still continues to outpace other ETFs launched in recent years. As earlier reports suggested, IBIT had managed to generate roughly $245 million in annual fees as of October 2025. Bitcoin ETF Outflows ‘Perfectly Normal’ – Castro When asked about the recent outflows from BlackRock’s Bitcoin ETF as the market leader’s value fell, the director stated that there are zero surprises in that trend. “ETFs are very liquid and powerful instruments, and they serve precisely to allow people to allocate their capital and manage their cash flow,” Castro noted. The BlackRock director said that the withdrawals are expected, considering that the product is heavily owned by retail investors, who are reactionary in nature to price corrections. On Friday, the iShares Bitcoin Trust saw a net outflow of $113.72 million, bringing the weekly record to a negative $137.01 million and the fund to its fifth-consecutive week of withdrawals. Related Reading: The Bitcoin Price Crash To $41,000: There’s A Shark In The Water Featured image from Getty Images, chart from TradingView
The firm's US-listed spot bitcoin ETF IBIT, launched in January 2024, reached $70 billion in assets in record time and has generated hundreds of millions in fees.
Strategic Income Opportunities Portfolio expands its allocation to the iShares Bitcoin Trust amid rising institutional demand.
On Nov. 26, Nasdaq’s International Securities Exchange quietly triggered one of the most important developments in Bitcoin’s financial integration. The trading platform asked the US Securities and Exchange Commission (SEC) to raise the position limit on BlackRock’s iShares Bitcoin Trust (IBIT) options from 250,000 contracts to one million. On the surface, the proposal looks procedural. […]
The post BlackRock’s IBIT is graduating to mega-cap options — opening the door to bank-grade products in your brokerage appeared first on CryptoSlate.
As the cryptocurrency ecosystem matures and evolves, a new narrative is gaining traction that positions XRP for an upcoming institutional-driven surge that could redefine market expectations. With momentum building around XRP exchange-traded funds, one prominent analyst now believes the asset could be on the verge of a rally so large it may outperform Bitcoin’s own ETF-driven surge. Why Analysts Believe XRP Is Poised For A Larger Upside Than Bitcoin XRP is entering its ETF chapter, and the scale of what’s coming could make Bitcoin look small. Crypto analyst Xfinancebull mentioned on X that early players like Grayscale, Bitwise, Franklin, and Canary Funds are already live with their XRP products. Meanwhile, the real power players like BlackRock, Fidelity, and the other giants haven’t even filed for an XRP spot ETF yet, which shows this is just a warm-up. Related Reading: Here’s Why A Supply Shock Could Be Imminent For XRP The heavyweights haven’t even stepped into the arena, and the initial institutional capital is already flowing. Spot ETFs were highly beneficial for BTC, which triggered a trillion-dollar shockwave that attracted Wall Street institutions and momentum traders who couldn’t ignore the access. According to Xfinancebull, XRP is a different beast, with functional utility, real-world adoption, and banking infrastructure already built out across Japan and Asia. The capital that will soon flood into XRP via ETFs won’t just speculate, but it will stay. When a fraction of over $80 billion in Assets Under Management (AUM) from these initial titans begins to rotate into XRP, the inflows could be significant. This is cold, hard math that is about to unlock high levels of liquidity and historically repeat the move on a larger scale. “The XRP spot ETF ignition is not coming, but it is already here. If you missed the Bitcoin momentum move, don’t miss this one,” Xfinancebull noted. An analyst known as RipBullWinkle has also highlighted that Bitcoin has leaked $151 million, while XRP led all inflows with $164 million. That’s not random, it’s institutions reallocating with intention into assets built for settlement and speed. When powerhouses like Franklin Templeton and Grayscale pull over $130 million into XRP on day one, it confirms where the institutional smart money is going. Market Stabilization Signals The Start Of A New Upward Leg Bitcoin and altcoins are reacting sharply to momentary declines after the brief pullback. TerraHaberTr has stated that BTC has reclaimed the $87,000 level, and if momentum continues at this pace, BTC will target $90,000 and $100,000 levels. On the altcoin side, the recovery is happening even faster, and altcoins that have experienced deep dips may start to gain strength. Related Reading: XRP Price Will Climb Above $10 When This Happens: Analyst Meanwhile, XRP is gaining traction as it pushes back above $2.20. If the move continues, XRP could reach the $3.00 region. Overall, opportunities have continued to emerge across major altcoins. Featured image from iStock, chart from Tradingview.com
Filing comes amid rapid growth in IBIT options activity and a migration of open interest toward US regulated venues.
Texas has taken the first formal step toward becoming the first US state to hold Bitcoin as a strategic reserve asset. On Nov. 25, Lee Bratcher, president of the Texas Blockchain Council, reported that the world’s eighth-largest economy, valued at $2.7 trillion, purchased $5 million worth of BlackRock’s spot Bitcoin ETF, IBIT. He added that a […]
The post Why Texas is buying Bitcoin from BlackRock before building a real reserve appeared first on CryptoSlate.
Texas has moved public money into Bitcoin exposure, buying $5 million worth of shares in a regulated Bitcoin exchange-traded fund. Related Reading: Bitcoin Creator Somehow Becomes ‘Poor’ By Losing $41 Billion Without Saying A Word According to reports, the state’s purchase was made on November 20, 2025, and it used the BlackRock iShares Bitcoin Trust (IBIT) to gain price exposure without immediately holding the cryptocurrency itself. The state set aside a total allocation of $10 million for its new Strategic Bitcoin Reserve. Lee Bratcher, who leads the Texas Blockchain Council, confirmed the state’s crypto purchase on X. State Uses ETF As Interim Step Reports have disclosed that officials chose the ETF route as a temporary measure while the state puts custody plans in place. The IBIT shares give Texas a stake that tracks Bitcoin’s market moves. Based on reports, the entry price equated to roughly $87,000 per BTC at the time of the buy. The buy represents half of the total allocation, leaving $5 million still available for future moves. TEXAS BOUGHT THE DIP! Texas becomes the FIRST state to purchase Bitcoin with a $10M investment on Nov. 20th at an approximately $87k basis! Congratulations to Comptroller @KHancock4TX and the dedicated investments team at Texas Treasury who have been watching this market… pic.twitter.com/wsMqI9HrPD — Lee ₿ratcher (@lee_bratcher) November 25, 2025 The move follows legislation passed earlier in the year. According to public records, the reserve program was created by Senate Bill 21, signed in June 2025. The law authorizes a capped budget for the reserve and sets conditions for what assets qualify. Reports have disclosed that Bitcoin met the criteria laid out in the measure, prompting the initial allocation. What Officials Say And What Comes Next According to state officials, the purchase is meant as a hedge and a way to diversify long-term holdings. An RFP process is expected to pick a custodian, with officials planning to transfer from ETF positions to direct custody once systems are ready. The request for proposals is slated for early 2026, based on public statements. Analysts noted the distinction between ETF shares and direct ownership. ETF holdings provide price exposure; they do not give the state direct control over on-chain Bitcoin wallets. That control would come only after the state completes its custody procurement and shifts assets into cold storage or similar solutions. Possible Broader Effects Market observers say the purchase is notable because it marks one of the first instances of a US state formally placing public funds into Bitcoin exposure. The amount is small relative to broader markets, yet symbolic. It may prompt other states to consider similar reserve strategies, especially where lawmakers favor diversification. Related Reading: Hamas Victims Sue Binance And CZ — Accusations Of Terror Financing Rock Crypto World Transparency And Oversight According to public filings, the state will publish details of the holdings and any custody plan updates. Oversight mechanisms built into the law require regular reporting, and the remaining $5 million allocation must follow the same rules before it is used. That reporting will be watched closely by lawmakers, taxpayers, and market watchers. The buying decision was made amid wide debate over how government bodies should handle crypto assets. Texas plans to move carefully, using regulated products first and then moving toward self-custody when the proper safeguards and vendors are chosen. Featured image from Pexels, chart from TradingView
The four-week negative streak now totals $4.9 billion — the third largest since 2018, Head of Research James Butterfill said.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
A recent report discussed how Digital Asset Treasury (DAT) companies like BitMine and Strategy are sitting on billions of dollars of unrealized profits as Ethereum (ETH) and Bitcoin (BTC) lose crucial support levels. Related Reading: This Altcoin Soars 20% In One Day Following Major Saudi Arabia Partnership DATs To Face ‘Increasing Scrutiny’ On Thursday, crypto insights company 10x Research reported that the largest Ethereum Treasury company, BitMine Immersion Technologies, has a multi-billion-dollar paper loss after the ongoing market correction, which has sent ETH to multi-month lows. “Bitmine is now down more than $1,000 per ETH, implying about $3.7 billion in unrealized losses before even accounting for the hefty NAV [net asset value] premium public-market investors paid on top,” the report highlighted. 10x Research believes that treasury companies will struggle to attract new retail investors amid the current market environment, where existing shareholders are sitting on billions of dollars in losses. When NAV rises, “old” shareholders benefit; when it falls, the damage compounds, a dynamic DAT investors often underestimate. When the premium inevitably shrinks to zero, as it is doing now, investors find themselves trapped in the structure, unable to get out without significant damage, a true Hotel California scenario. Unlike Exchange-Traded Funds (ETFs), Digital Asset Treasuries “layer on complex, opaque, and often hedge-fund-like fee structures that can quietly erode returns,” the report added, noting that many investors are unaware that DATs embedded costs “far exceed” the management fee charged by asset managers like BlackRock on its Bitcoin (BTC) and ETH ETFs. Moreover, 10x Research argued that with the potential introduction of a staked Ethereum ETF by BlackRock, “the economics of DATs are likely to face increasing scrutiny” as retail investors reallocate to a low-cost source of yield. BitMine Remains Confident On Ethereum Despite DAT challenges and ETH’s price action, BitMine has continued to bet on the King of Altcoins. According to Lookonchain data, a new wallet suspected to be linked to the Ethereum-focused treasury company purchased 21,054 ETH, worth around $66.57 million at the time, on Tuesday night. In its November Chairman’s Message, Thomas ‘Tom’ Lee, noted that the crypto market prices have not recovered from the October 10 liquidation event, and “the lingering weakness has the hallmarks of a market maker (or two) suffering from a crippled balance sheet.” BitMine does not believe crypto prices have peaked for this cycle, he added, suggesting that “a crypto cycle top is likely 12-36 months away.” On the contrary, Lee told CNBC News on Monday that the market is “pretty close” to bottoming this week. Crypto suffered from that liquidation event on October 10th, but because the fundamental story is intact and crypto discounts the future, that’s why it’s volatile, but it still looks pretty attractive here. Related Reading: Solana Reclaims $140 As Second Wave Of SOL ETFs Debut – Is A Rebound Coming? Notably, ETH has lost the $3,000 support for the first time since July, retesting the $2,800 area on Thursday morning. However, Lee has affirmed that “Ethereum is undervalued because number one, the story is gaining relative to Bitcoin this year. But two, we’re getting this sort of intrinsic floor because of the value that the assets locked onto the Ethereum blockchain.” As of this writing, Ethereum is trading at $2,840, a 29% decline in the monthly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
The conversation around XRP has grown louder in recent months as the asset continues to gain traction through ecosystem growth, Spot XRP ETFs, and market interest. Despite this momentum, XRP still sits far below Bitcoin, the industry’s dominant cryptocurrency, when comparing total valuation. That gap raises a simple question: how high would the XRP price need to climb in order to actually flip Bitcoin? Data from MarketCapOf provides a direct, real-time look at what XRP’s price would be if it matched Bitcoin’s market capitalization today. The Market Cap Required To Flip Bitcoin Although it is currently going through a correction phase, Bitcoin has the largest presence in the crypto market by an overwhelming margin, and its market capitalization currently stands at roughly $1.84 trillion. This valuation ranks Bitcoin among the largest assets on the planet, surpassing many global corporations. Related Reading: Is It Time To Buy XRP? Analyst Says Get In Before This Switch Happens XRP, now trading around $2.14 at the time of writing, holds a market cap of approximately $128.7 billion. This means Bitcoin’s valuation is more than fourteen times larger than XRP’s. For XRP to flip Bitcoin, the cryptocurrency would need to rise to the same market capitalization that Bitcoin currently holds. Using the circulating supply of XRP, MarketCapOf calculates how much each XRP token would be worth if it matched Bitcoin’s market cap. Based on the latest data, XRP would need to trade at $30.61 for its total valuation to equal Bitcoin’s. This is the current “flippening price,” and it reflects the direct ratio between their two market caps. To reach the level of Bitcoin’s all-time high market cap of $2.485 trillion recorded on October 6, XRP would need to climb to about $41.26 per token. Breaking Down The Numbers The calculation highlights how far ahead Bitcoin still is. XRP sits at roughly seven percent of Bitcoin’s total valuation, meaning the asset would need to appreciate more than fourteen times from its current level to stand on equal footing. In simple terms, an investor holding 1,000 XRP would see their position shift from about $2,140 today to more than $30,000 if the token were priced at $30.61. Related Reading: Wondering Why The XRP Price Is Still Lagging Despite Record ETF Launch? Read This This comparison does not assume any change in circulating supply, tokenomics, or macro factors. It is a clean and direct valuation exercise based purely on market capitalization. However, even in its simplicity, it shows the scale of inflows required for XRP to close the gap and flip Bitcoin’s dominance in the cryptocurrency rankings. Recent months have seen stronger activity in the Ripple ecosystem, most especially with new partnerships and acquisitions by Ripple. Added to this is the expanding conversation around Spot XRP ETFs, which many analysts believe could introduce significant liquidity if major issuers like BlackRock, Fidelity, and Grayscale fully enter the space. The newest entrant is Bitwise, which launched its Spot XRP ETF just hours ago. Featured image from iStock, chart from Tradingview.com
The company sees bitcoin as a store of value, similar to gold, a spokesperson told Bloomberg.
A Delaware name registration is one of the first public signals that a new exchange-traded fund is in the works.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The average spot bitcoin ETF buyer sits near a $90,000 cost basis, leaving most investors roughly flat.
The debut of Canary Capital’s spot-XRP ETF was one of the standout moments for the XRP community this year, bringing the token into the US ETF arena with strong opening volume and heavy attention from traders. Many holders went into launch week expecting that kind of headline event to push XRP into a sharp rally, especially after waiting years for regulated access in the United States. Instead, price action has stayed relatively muted, leaving a gap between expectations and reality. In a new 26-minute video shared on X, finance coach Coach JV tried to close that gap, breaking down why XRP has not exploded higher yet and what he believes holders should actually focus on. Coach JV Puts XRP In A Macroeconomic Perspective XRP’s Spot ETF has undoubtedly been a success, considering the amount of inflows it has had in its first two trading days. However, this has yet to translate into a surge in the price of XRP, as many traders had predicted and expected. Related Reading: Analyst Claims XRP Will Flip Bitcoin As These Developments Play Out Instead, XRP’s price action has been highlighted by a downtrend in recent days. A large part of this price downtrend is due to the wider decline in the crypto market. In his breakdown, Coach JV approached the XRP situation from a macroeconomic perspective. Rather than treating the ETF launch as an isolated trigger, he contextualized XRP’s current price behavior within the larger environment that financial markets are dealing with. A major theme of his outlook was the way people respond to hype. Coach JV stated plainly that the only way is to have discipline and a consistent plan. He did not build his message around chasing short-term excitement or reacting emotionally to price moves. His focus was on having a structure that an individual can stick to, regardless of whether XRP moves fast after the ETF launch or takes longer than many were expecting. Is $5 Next? I Don’t Know Coach JV also addressed one of the most common questions circulating in the community: whether $5 is the next big target for XRP now that an ETF is live. Related Reading: Analyst Breaks Down Why There Can’t Be 7 Million XRP Holders “Is $5 next? I don’t know; I’m not banking on that, I’m not waiting for it, I believe it’s going to happen at some point, and I have my exit strategy set up,” he said. That tone is now being echoed by others in the community who are pushing back against unrealistic targets. Zach Rector recently reminded his audience that XRP is not heading toward triple-digit prices this year, despite widespread speculation. Another commentator, known as Xoom on X, made a similar remark, saying XRP will not reach $100 or even $10 on ETF momentum alone. At the time of writing, XRP is trading at $2.18, down by 3.5% in the past 24 hours. It is still too early to conclude how much long-term influence Spot XRP ETFs will have on price, especially with major issuers such as BlackRock, Fidelity, and Grayscale yet to launch their own offerings. Featured image from iStock, chart from Tradingview.com
The price of IBIT has dropped 16% to $52, a level last seen in April.
The speculation surrounding a potential BlackRock XRP ETF has surged to new heights. This surge is a direct consequence of the astonishing market debut of the Canary XRPC ETF. Canary XRP ETF’s launch has painted a clear picture of robust institutional and retail demand for a regulated XRP investment product. Why XRPC’s Success Fuels BlackRock Rumors As the speculation around a potential BlackRock XRP ETF is heating up again, the Canary XRPC ETF has delivered one of the strongest launches of the year. An analyst known as Skipper_xrp has noted on X that the newly listed fund stunned the market with over $58 million in first-day trading volume and $245 million in net inflows, outperforming hundreds of ETF debuts of 2025. Related Reading: XRP ETF Completes First Full Day Of Trading, Here’s Why The Community Is Shocked Skipper_xrp mentioned that many supporters in the XRP community still believe that BlackRock might already be quietly experimenting with or even testing the idea of an XRP trust behind closed doors. The momentum has increased further after Ripple CEO Brad Garlinghouse made a statement at the company’s Swell event, highlighting that Ripple’s ongoing collaboration with major traditional financial firms will bring digital asset adoption into regulated global markets. However, with the ETF inflows accelerating and XRP gaining more visibility among institutions, many investors are now arguing that it’s only a matter of time before a heavyweight firm like BlackRock will consider stepping into the XRP space. Understanding XRP’s Long-Term Growth Trajectory Crypto trader Adam_Xrp has also offered some insight on why XRP didn’t moon when the first ETF was launched. According to the expert, the XRP ETF launch was never going to be a flip-the-switch moment. Even with the first XRP ETF going live, price action was building slowly, and the institutional money did not pour in all at once. Rather, it scales over time as confidence and liquidity grow. Related Reading: New XRP ETF Just Dropped, But Will Anything Be Different This Time? Furthermore, the altcoin is still early in the rollout, and more XRP ETFs are scheduled to begin trading. Each new product will increase exposure, volume, and demand. This is how true institutional adoption is slowly progressing. BlackRock has stated that the company is not launching an XRP ETF right now, but this isn’t something they would ignore forever. However, once the regulatory path is fully cleared and institutional demand strengthens, it’s only a matter of time before the biggest players, like BlackRock, will step into the arena. Adam_Xrp concluded that the altcoin wasn’t supposed to skyrocket overnight. This phase is a gradual process of foundation building as the ecosystem, liquidity expansion, and the institutional framework grow. The expert added that if you expect to get rich overnight, without understanding the long-term game plan, then XRP might not be the right investment for you. Featured image from Pxfuel, chart from Tradingview.com