Following the overwhelming support of pro-crypto candidates in the United States and the recent Fed rate cut, which followed similar moves in major jurisdictions, the demand for Bitcoin (BTC) has significantly escalated. The United States is expected to follow the path of El Salvador in accumulating Bitcoins to counter the ballooning debt crisis. This growing …
BlackRock’s IBIT accounted for most of the inflows at $1.1 billion, with zero net outflows from any product.
As the crypto bull run began with Trump’s political win, the institutional support for Bitcoin surged. 11 U.S.-spot Bitcoin ETF recorded the biggest net inflow ever of $1.372 billion. The record has been broken after 167 days and was spearheaded by BlackRock’s IBIT, which witnessed the massive inflow of $1.169 billion yesterday. This is the …
As well as Trump’s victory, the crypto market recently received another big news as the Fed slashed interest rate by 25 bps. Bitcoin’s price, often highly responsive to US news, had already reached a record near $77,000 and remained relatively stable. Fed Goes Easy on Monetary Policy In line with market expectations, the U.S. Federal …
BlackRock's iShares Bitcoin Trust registered $4.1 billion in volume traded as bitcoin broke out to all-time highs.
Although the Bitcoin (BTC) price made new all-time highs (ATH) today, there could be more gains for the cryptocurrency’s future price trajectory. Bitcoin To Hit $100k By Inauguration Day? Following the victory of the Republican presidential candidate Donald Trump, the leading digital asset witnessed a steep surge in price, breaking through its previous ATH of […]
Following Donald Trump’s presidential win, BlackRock’s iShares Bitcoin Trust (IBIT) recorded its highest trading day ever on November 6, with a staggering $4.1 billion in volume. Bloomberg analyst Eric Balchunas noted that IBIT outpaced major stocks like Berkshire Hathaway and Netflix in trading volume, seeing a 10% price jump. Bitcoin also hit a new all-time …
On Monday, the State of Michigan revealed substantial investments in cryptocurrency exchange-traded funds (ETFs) for Bitcoin and Ethereum in a 13F filing with the US Securities and Exchange Commission (SEC). This strategic move marks a significant step for institutional investment in digital assets, as the Michigan Retirement System manages approximately $144 million in pension fund […]
BTC fell amid a transfer of $2.2 billion worth of the asset by defunct exchange Mt.Gox from its storage to new wallets.
Bitcoin ETFs in the United States just faced their largest-ever single-day outflow, with $580 million exiting these funds on Monday—surpassing previous outflow highs seen earlier this year in May. Investors are trimming Bitcoin positions in anticipation of the U.S. presidential election, a likely catalyst behind the spike in outflows and an overall bearish market sentiment. …
Michigan’s pension fund’s million-dollar dive in both Bitcoin and ETH ETFs is creating ripples in the market. Recently, the State of Michigan’s pension fund has shown strong confidence in Bitcoin, revealing a substantial $6.9 million investment in the ARK Bitcoin ETF. According to a recent SEC filing, Michigan holds 110,000 shares in the fund—an unchanged …
Bitcoin (BTC) exchange-traded funds (ETFs) have collectively acquired over one million BTC in less than a year since their launch, reflecting strong demand for the digital asset among investors. Bitcoin ETFs Surpass One Million BTC Milestone According to a chart shared by crypto analyst Ali Martinez on X, the cumulative BTC holdings in Bitcoin ETFs have exceeded one million BTC within this short period. To recall, after a lot of deliberation, the US Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs earlier this year in January. To say that Bitcoin ETFs have proven to be a resounding success won’t be an overstatement. Related Reading: Record-Breaking Day: Spot Bitcoin ETF Trading Exceeds $3 Billion As BTC Eyes Record Peak Bitcoin ETFs have recorded a cumulative total net inflow of $24.15 billion to date. Martinez added that the total value of BTC held by these ETFs currently stands at approximately $70 billion. From a price perspective, BTC has jumped from about $41,900 on January 8 to its current price of $68,941, marking an increase of almost 65%. During this period, BTC reached an all-time high (ATH) of $73,737 in March. With over a million BTC now held in Bitcoin ETFs, roughly 5% of the total 21 million BTC supply is tied up in these financial products, reinforcing Bitcoin’s scarcity narrative. Notably, asset manager BlackRock’s IBIT spot BTC ETF leads the market, holding approximately $30 billion net assets. Grayscale’s GBTC follows with $15.22 billion, and Fidelity’s FBTC ranks third with $10.47 billion in net assets. The growing interest in Bitcoin ETFs is also highlighted in a recent CoinShares report, which found that digital asset investment products attracted inflows of over $2.2 billion last week. CoinShares attributed the recent surge in crypto product inflows to the possibility of a Republican victory in the upcoming US presidential election on November 5. Interestingly, higher inflows were seen at the beginning of the week, while outflows emerged toward the end as Democratic candidate Kamala Harris’s odds of winning improved. At the time of writing, decentralized prediction markets platform Polymarket shows Harris a 41.6% chance of winning the presidency, while Republican candidate Donald Trump remains the favorite with a 58.5% chance. Trump Win To Benefit Crypto, Experts Opine While voter opinion on other policies might be split more evenly, the overall consensus as far as crypto is concerned seems to be that a Trump victory may benefit BTC and other digital assets. Related Reading: Trump’s Vision: America To Reign As Crypto And Bitcoin Epicenter, Latest Statement Reveals Earlier this month, JPMorgan stated that retail investors increasingly view BTC as a ‘debasement trade’ to protect their assets’ purchasing power amid inflation and that a Trump win could provide ‘additional upside’ to BTC. That said, Kamala Harris, Biden’s current vice president, is reportedly taking a fresh approach to digital assets, in contrast to the current administration’s perceived cautious stance. Whether this will boost her popularity among crypto-focused voters remains to be seen. At press time, Bitcoin is trading at $68,941, up 0.8% in the past 24 hours. According to CoinGecko data, Bitcoin dominance stands at 56.7%. Featured image from Unsplash, Charts from X and Tradingview.com
The US presidential race could determine the fate of more than half a dozen proposed crypto ETFs.
Last week, from October 28 to November 1, Bitcoin spot ETFs recorded a net inflow of $2.22 billion. This marks the third-largest weekly inflow in the US Spot Bitcoin ETFs history. With the largest NAV, BlackRock’s IBIT led the surge with a net inflow of $2.15 billion. This highlights the strategic and strong institutional interest …
ADA's gains largely coincide with the conclusion of the fourth Cardano Summit, among other catalysts.
Prices had rallied early in U.S. trading on Friday alongside a soft economic data and a rebound in stocks.
Crypto market volatility rises in reaction to Trump’s decreasing victory odds, with the technical setup hinting at a deeper correction.
On Wednesday, BlackRock, the world’s largest asset manager, achieved a significant milestone in the Bitcoin ETF market, recording the largest inflows since the inception of these investment funds in January. Bitcoin ETF Demand Soars Ahead Of US Presidential Election According to Bloomberg, approximately $872 million flowed into BlackRock’s iShares Bitcoin Trust on Wednesday, marking a daily record for the fund. This influx highlights the strong demand for Bitcoin ETFs, with subscriptions for this nine-month-old product ranking among the highest globally for ETFs in 2024. As a result of the inflows, BlackRock’s total holdings in Bitcoin now stand at 429,185 BTC, valued at approximately $31.04 billion. This accounts for about 2.04% of Bitcoin’s total supply, capped at 21 million coins. The recent inflows are being attributed to a phenomenon dubbed the “Trump trade,” as pro-crypto Republican nominee Donald Trump gains momentum in betting markets ahead of the upcoming election day on November 5. Related Reading: BNB Price Slips as Peers Climb: Can It Regain Ground? Bitcoin is on the verge of reaching new heights, fueled by a 13% rally in October. James Seyffart, an ETF analyst at Bloomberg Intelligence, noted on Bloomberg Television that the demand for these ETFs is palpable, suggesting that investors are responding not only to Bitcoin’s upward momentum but also to Trump’s favorable odds in the political arena. Trump has made headlines with his pledge to turn the US into the “crypto capital of the planet” and to create a strategic Bitcoin reserve for the country to halve the US’s $35 trillion national debt. In contrast, Democratic Vice President Kamala Harris, has pledged to support a regulatory framework for the cryptocurrency industry but has not provided further details on how her potential new administration will address the community’s calls for a change in leadership at the US Securities and Exchange Commission (SEC) and its approach to digital assets. Price Predictions Surge Amid bullish predictions for the leading crypto of the industry, market expert Ali Martinez has shared compelling insights regarding Bitcoin’s potential price trajectory for the months ahead. In a recent post on social media platform X (formerly Twitter), Martinez analyzed historical patterns, noting that Bitcoin has typically peaked between the 1.618 and 2.272 Fibonacci retracement levels during past bull cycles. If this trend continues, Martinez predicts that Bitcoin could reach a price range between $174,000 and $462,000 in the current cycle. Related Reading: Analyst Says It’s ‘Time To Be Bullish On Ethereum’ As ETH Retests $2,700 In addition to these price predictions, Martinez pointed to another bullish indicator: a significant outflow of Bitcoin from cryptocurrency exchanges. Over the past 48 hours, approximately 8,000 BTC, valued at around $576 million, have been withdrawn from exchanges. This trend signifies a growing inclination among investors to hold onto their Bitcoin rather than sell it, which can create upward pressure on prices as BTC inches closer to its all-time high level of $73,700 reached in March. At the time of writing, BTC was trading at $71,640. This represents a retracement of 1.2% over the past 24 hours. Featured image from DALL-E, chart from TradingView.com
On October 31, the Bitcoin spot ETF reported a daily net inflow of $32.14 million, the lowest in the past week. Ethereum’s spot ETF had a net inflow of $13.06 million in a similar slowdown. BlackRock’s IBIT ETF remains positive, with a net inflow of $318.80 million. However, outflows were seen in Grayscale’s GBTC and …
As institutional interest in Bitcoin soars, the crypto community grapples with fundamental questions about custody and control.
Bitcoin is electrifying the market! After a recent dip in the crypto market, Bitcoin ETFs are gaining renewed momentum. BlackRock’s iShares Bitcoin Trust ETF (IBIT) hit a major milestone on Wednesday, attracting $875 million in new investments in a single day—a record-breaking achievement. This influx, as reported by SoSoValue, marks the largest single-day inflow IBIT …
US Bitcoin ETFs recorded their highest daily inflow since inception, amassing $870 million on Tuesday. This surge in investment comes as the largest cryptocurrency inches closer to its all-time high of $73,700, originally reached in March. This comes as investor sentiment appears to be buoyed by speculation surrounding a potential victory for Republican candidate Donald Trump over VP Kamala Harris, which many believe could foster a more positive environment for the digital asset ecosystem, ultimately favoring crypto prices. Bitcoin ETFs Inflows And Price Rally According to Bloomberg data, Tuesday’s subscriptions pushed the year-to-date inflows for the group of 12 Bitcoin ETFs to over $23 billion. Analysts attribute the growing demand for Bitcoin exposure to Trump’s elevated odds in election betting markets. However, while Trump leads in prediction markets, polls show a tight race against Vice President Harris, who has pledged to support a regulatory framework for the cryptocurrency industry. Still, Trump’s approach seems to have resonated more with the community. Related Reading: Solana Memecoin Market Thrives: POPCAT Reaches New Record Price Of $1.75 Adding to the speculation, Bitcoin options markets reflect a one-third chance of a price swing exceeding 10% on election day, November 5, as indicated by Nick Forster, founder of the crypto trading platform Derive.xyz. This surge would take the Bitcoin price to a new all-time high of $72,900 in the potential scenario where BTC consolidates above $72,000 for the next few days ahead of the election. Forster believes such volatility often encourages traders to position themselves for potential market movements, increasing demand for Bitcoin ETFs and contributing to the current price rally since the beginning of the week. Expert Warns Of Potential Selloff ETF expert Eric Balchunas has also commented on the bullish sentiment surrounding Bitcoin ETFs. He noted that these funds are on track to reach 1 million BTC in holdings as early as today. In a recent social media post, Balchunas reported that US spot ETFs could surpass 1 million BTC by next Wednesday, potentially surpassing the holdings of Bitcoin’s mysterious creator, Satoshi Nakamoto, by mid-December, with the funds adding approximately 17,000 BTC each week. However, following Tuesday’s performance, Balchunas remarked, “We’re going to need to move up our predictions,” highlighting that Bitcoin ETFs had gobbled up over 12,000 coins in a single day, now holding 996,000 BTC. The expert expressed optimism about the likelihood of breaching the 1 million mark today, stating that the “extraordinary” trading volume from the previous day is likely to translate into significant inflows. Related Reading: Cardano (ADA) NVT Ratio Now Highest Since June: What Does It Mean? Balchunas also cautioned that market conditions can be unpredictable. “Anything can happen,” he warned, referencing the risk of a sudden selloff that could delay reaching the 1 million BTC milestone. Conversely, if Bitcoin prices continue to rise and a Trump victory boosts market enthusiasm, a fear of missing out (FOMO) could drive even more rapid accumulation, according to the expert’s analysis. When writing, the largest cryptocurrency on the market was trading at $72,360, up over 8% in the 7-day time frame. Featured image from DALL-E, chart from TradingView.com
Continued ETF inflows could help push Bitcoin to an all-time high, which the asset came within $200 of on Oct. 29.
As Bitcoin (BTC), the largest cryptocurrency by market capitalization, inches closer to its all-time high of $73,700 reached in March, the US spot Bitcoin ETF market has re-emerged as a key driver of the cryptocurrency’s recent price surge. On Tuesday, total trading volume for spot Bitcoin ETFs surpassed $3 billion, coinciding with Bitcoin’s price briefly above the pivotal $73,000 mark for the first time in over 7 months. Bitcoin ETF Market Set To Surpass 1 Million BTC Holdings Soon Notably, crypto investor BigRig observed a remarkable uptick in Bitcoin ETF purchases over the past two weeks, reporting $2.673 billion in inflows since October 16. This accounts for a substantial 11.8% of total ETF inflows during this period, suggesting a robust interest from institutional and retail investors. BigRig also pointed out that, prior to Tuesday’s trading volume, this period represented the best day for ETF inflows. Related Reading: Dogecoin Price Is About To Complete This Breakout To A Descending Megaphone Pattern, Is $1 Next? Bloomberg ETF analyst Eric Balchunas added to the optimistic narrative by stating that US spot ETFs are on track to hold 1 million Bitcoin by next Wednesday, surpassing the holdings of Satoshi Nakamoto, the enigmatic creator of Bitcoin, by mid-December with an average addition of about 17,000 BTC per week. However, Balchunas also cautioned that market volatility could impact these projections. “Anything can happen,” he noted, referencing the possibility of a sudden selloff that could delay the timeline. Conversely, if prices continue to rise and political factors, such as a potential Trump victory in the upcoming election, contribute to increased market enthusiasm, the expert believes that this influx of new investors could accelerate the pace of Bitcoin’s ascent to new highs. Whale Accumulation Spurs Optimism Despite heightened activity in the Bitcoin ETF market, the price of the largest cryptocurrency recently fell short of its all-time high, retracing to approximately $72,250 at the time of writing. However, there are positive indicators for Bitcoin bulls. The cryptocurrency has been consolidating above key support levels, with strong backing around the $66,000 mark. This support has effectively prevented any significant decline over the past week and has contributed to the ongoing rally. However, what would be a notable bullish indicator would be a sustained consolidation above the $70,000 level for the bulls, which could further demonstrate the strength of the current move. Related Reading: Analyst Says XRP Price Is Ready For A Breakout As Metrics Turn Bullish, What To Expect Market expert Miles Deutscher has been vocal about his bullish outlook for Bitcoin, particularly in the latter months of the year. He recently pointed out a significant trend: whales—large holders of Bitcoin—are accumulating the cryptocurrency at an “unprecedented pace.” This observation suggests that institutional demand for Bitcoin is currently outpacing retail interest, a shift that could have implications for massive price movements to the upside in the near future. Deutscher further highlighted that Bitcoin exchange reserves have reached all-time lows. This means that the amount of Bitcoin available on exchanges for trading has dwindled, signaling a supply squeeze. Featured image from DALL-E, chart from TradingView.com
The "mini" trusts spun off from Grayscale's legacy Bitcoin and Ether funds in July.
In the last 30 days, Bitcoin has recorded a surge of 8.5%. Meanwhile, during the same period, Ethereum has declined 1.0%. Since October 15, the Bitcoin Spot ETF market has seen only one day with a negative inflow. Yesterday, the market registered an impressive inflow of +$472.60M. Notably, the 2-year US Treasury Bond Yield was …
Jack Dorsey’s Bitcoin-friendly financial services firm Block saw its stock rally 13% in October, coming in line with bullish market action.
Bitpanda GmbH, the Vienna-based crypto trading platform backed by billionaire investor and PayPal co-founder Peter Thiel, is reportedly considering a range of strategic options, including a potential initial public offering (IPO) in Frankfurt. According to a Bloomberg report, the company is currently in discussions with major financial institutions such as Citigroup Inc. and JPMorgan Chase […]
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
It’s the first United States university endowment to report holding Bitcoin ETFs, according to Bloomberg.