Companies linked to President Donald Trump are expanding their presence in the cryptocurrency industry, with the Trump Media & Technology Group taking another formal step into digital asset markets. Truth Social Funds, an affiliate of Trump Media, has submitted a registration statement to the US Securities and Exchange Commission (SEC) seeking approval to launch two new cryptocurrency exchange‑traded funds (ETFs). Trump Media Latest Crypto Proposal The filings outline plans for Crypto.com’s native token, Cronos (CRO), the Cronos Yield Maximizer ETF, and the Bitcoin (BTC) and Ethereum (ETH) ETFs. Related Reading: Standard Chartered Lowers Bitcoin Forecast: Predicts Price Dive To $50,000 Before Rebound The Cronos-focused product is designed to provide exposure to CRO, the native token of the Cronos blockchain, while also capturing staking rewards associated with holding the asset. The second fund would track the performance of Bitcoin and Ethereum, the two largest cryptocurrencies by market value, and incorporate Ether staking yields into its strategy. Under the proposed structure, Crypto.com would play a central operational role. The digital asset platform is set to provide custody, liquidity, and staking services for the funds. Meanwhile, Yorkville America Equities has been named as the investment adviser, with the filings indicating a 0.95% annual management fee. Bitcoin Struggles Below $70,000 Friday’s announcement builds on a broader strategic partnership formed last year between Trump Media and Crypto.com. As part of that agreement, Trump Media was set to acquire 684.4 million Cronos (CRO) tokens at an approximate price of $0.153 per token. The transaction was structured as a 50% stock and 50% cash exchange and included the creation of a Trump Media Group CRO Strategy aimed at integrating Cronos into the company’s broader digital asset plans. Related Reading: Cardano Founder Hoskinson Warns Of 90-180 Days Of Pain Ahead: Here’s Why The expansion into crypto-linked investment products comes at a time when Bitcoin continues to face technical resistance. Although the leading cryptocurrency has posted gains of roughly 5% over the past 24 hours, it remains unable to decisively break above the $70,000 level. Shares of Trump Media (DJT) also moved modestly higher during Friday’s trading session, rising about 2.5% to trade near $11.18. Featured image from OpenArt, chart from TradingView.com
Nearly two years after the inception of the Bitcoin ETF sector in the United States, these funds are currently grappling with significant challenges, exacerbated by mounting concerns regarding a potential bear market in the coming months. This turmoil is exemplified by the BlackRock iShares Bitcoin Trust ETF (IBIT), which experienced its largest single-day withdrawal since launch, further contributing to the decline in Bitcoin’s price. Profit-Taking And Caution The recent outflows from BlackRock’s Bitcoin ETF highlight the severity of the current selloff within the Bitcoin market, which has experienced a substantial correction below the crucial $100,000 mark following a record high reached in October. Related Reading: Kraken Achieves $20 Billion Valuation With $200 Million Investment From Citadel This downturn emphasizes the widespread pullback affecting various risk assets, while gold has notably remained resilient. Some analysts suggest that these developments indicate a trend of investors shifting their exposure from Bitcoin to gold. “The crypto market entered a hangover in August,” said Thomas Perfumo, Global Economist at Kraken, in a recent interview with Reuters, noting that much of the earlier demand for Bitcoin had been fueled by borrowed funds. He added, “Momentum seemingly peaked during the summer. But the truth is this hangover trend started months ago.” Analysts have also pointed to profit-taking behaviors among long-term holders and increasing caution among Bitcoin ETF funds and digital asset treasury (DAT) firms, which had previously ramped up their acquisitions throughout the year. Brian Vieten, a research analyst at Siebert Financial, stated that Bitcoin treasury companies had collectively purchased nearly $50 billion worth of Bitcoin over the past year. Recently, however, many of these firms have begun trading at a discount to their net asset value, which could dampen market expectations for new Bitcoin purchases in the near term. Bitcoin ETF Inflows Plummet This shift occurs amid rising concerns among heavyweight investors regarding inflated valuations across various asset classes. José Torres, a senior economist at Interactive Brokers, noted that “an ongoing lack of speculative spirits is weighing on Bitcoin.” Related Reading: Bitcoin Dips Below $90,000—Yet Altcoins Remain Unscathed: Here’s Why Despite managing over $73 billion in assets, IBIT has seen a decline of 19% in the current quarter. Data from SoSoValue indicates that spot Bitcoin ETF funds collectively have recorded $2.59 billion in outflows this month alone. Leading the pack is BlackRock’s Bitcoin ETF, which has experienced $1.78 billion in outflows in November alone. The Fidelity Wise Origin Bitcoin Fund (FBTC) ranks second, with nearly $540 million in outflows. The turbulence isn’t limited to Bitcoin; the Ethereum exchange-traded fund sector also faced outflows, totaling approximately $74.2 million yesterday, with BlackRock selling off $165.1 million. On a more positive note, Solana spot ETFs reported net inflows of $30.09 million on Tuesday, primarily driven by Bitwise’s BSOL. This marks a major streak of 15 consecutive days of inflows for Solana. Featured image from DALL-E, chart from TradingView.com
Trump Media and Technology Group Corp (TMTG) has officially filed for its second crypto exchange-traded fund (ETF), focusing on Bitcoin (BTC) and Ethereum (ETH), as detailed in a recent filing to the Securities and Exchange Commission (SEC). Trump Media Files For Second Crypto ETF If the SEC approves this new investment product, it will trade on NYSE Arca, the electronic division of the New York Stock Exchange known for handling exchange-traded fund transactions. This latest filing comes just eight days after TMTG submitted a prospectus with the Connecticut Attorney General through its Special Purpose Acquisition Company (SPAC) partner, Yorkville America. Majority-owned by President Donald Trump, Trump Media is intensifying its efforts to promote financial products linked to blockchain technologies. The company aims to provide the public with regulated investment vehicles that offer exposure to the cryptocurrency market. Related Reading: Is Ethereum Staging A Repeat Of 2021? Here’s Why A 200% Surge Could Follow Recently, Trump Media announced its ambition to raise $2.4 billion, with the goal of becoming one of the largest corporate holders of Bitcoin. This move appears to be part of a broader strategy to diversify its business and attract a wider array of investors. By launching multiple crypto-focused ETFs, Trump Media hopes to generate significant interest in its stock, potentially positioning itself as an appealing option for cryptocurrency enthusiasts. However, with several crypto ETFs already available in the market, there are questions about how much investor interest these funds will garner. The success of the ETFs will likely hinge on their fee structures and how competitive they are compared to existing options. Bitcoin To Hit $180,000-$250,000 As of now, Bitcoin is trading at $106,000, recovering 3% from a recent drop to $98,000. This volatility is largely attributed to the ongoing conflict between Israel and Iran, which has intensified over the past 12 days, impacting financial markets significantly. Market analyst known as Mr. Wall Street recently shared his insights on social media platform X (formerly Twitter), reiterating his bullish targets for Bitcoin, which he believes will reach between $180,000 and $250,000 this year despite any external conflict. Interestingly, Mr. Wall Street noted a significant shift in capital flows, with over $20 billion moving from gold to Bitcoin in the last two weeks alone. Related Reading: Ethereum Whale Loads Up: $422M In ETH Bought In Under a Month This trend suggests that institutional investors and hedge funds are increasingly viewing Bitcoin as a more reliable store of value compared to gold, given Bitcoin’s fixed supply. Additionally, Mr. Wall Street pointed out that the over-the-counter (OTC) desks are becoming less liquid, indicating that significant upward movement in Bitcoin’s price could be imminent. A key indicator, the hash ribbon, recently flashed, signaling that Bitcoin often experiences a 10% correction before rallying by 50-125%. Mr. Wall Street believes that the recent dip to $98,000 constituted this correction, and he anticipates a substantial return on investment from current levels. Moving forward, the analyst expects “continued noise” from the geopolitical landscape, but he believes that further escalation is unlikely. The recent market dip created a sense of peak fear, which historically precedes significant price breakouts, Mr. Wall Street said. Featured image from DALL-E, chart from TradingView.com
BlackRock’s iShares Bitcoin Trust (IBIT) has made headlines by amassing a staggering $70 billion in total assets, achieving this milestone faster than any other exchange-traded fund (ETF) in history. This remarkable feat occurred just 341 days after its launch, according to Bloomberg analyst Eric Balchunas, who noted that IBIT reached this figure five times quicker than the previous record holder, State Street’s GLD gold ETF, which took nearly 1,700 days. BlackRock’s IBIT Outshines Competitors As the most popular of the twelve Bitcoin ETFs currently available, IBIT stands out significantly in the market. Following closely behind are Fidelity’s FBTC and Grayscale’s GBTC, both of which have around $20 billion in assets. Related Reading: Dogecoin Is Going To $1 With The ‘Next Impulse’, Analyst Predicts The launch of IBIT and ten other Bitcoin ETFs at the start of last year by the world’s largest asset managers marked a significant shift in the investment landscape, fueled by long-awaited regulatory approval from the Securities and Exchange Commission (SEC). The debut of these funds highlighted a robust demand from investors eager to capitalize on Bitcoin’s price fluctuations. IBIT alone accumulated over $1 billion in assets within just four days of its market introduction. By November, IBIT had surpassed the total assets of BlackRock’s gold fund, solidifying its position as the largest among the 1,400 funds managed by the asset manager worldwide. Bitcoin ETF Market Thrives The momentum didn’t stop there; in December, IBIT became the fastest exchange-traded fund to hit $50 billion in assets, achieving this milestone five times quicker than BlackRock’s iShares Core MSCI EAFE ETF, which took nearly four years to reach the same level. “IBIT’s growth is unprecedented,” remarked Bloomberg ETF expert James Seyffart in an interview with Fortune Magazine on Monday. “It’s the fastest ETF to reach most milestones, outpacing any other ETF across all asset classes.” Related Reading: Pundit Says Do Not Ignore Ethereum Amid New All-Time Highs In Major Metric The surge in Bitcoin ETFs has coincided with significant increases in the cryptocurrency’s price. For instance, as Bitcoin reached an all-time high of $111,900 in late May, the cumulative net assets across all twelve Bitcoin ETFs surpassed $134 billion, reflecting the growing interest and investment in this digital asset class. Since reaching its record high, the market’s leading cryptocurrency has retraced, with the most important support line at $100,000 being tested on June 5. Nevertheless, Bitcoin has once again regained its bullish momentum, jumping past the $108,400 mark on Monday. With gains of 2% and 4% on the 24-hour and weekly time frames, respectively, the price of BTC is now only 2.7% below the record price level. This puts the cryptocurrency on the verge of a new price discovery phase after the normal pullback seen last week. Featured image from DALL-E, chart from TradingView.com
Recent trends in the Bitcoin ETFs market reveal a significant shift in investor sentiment, with funds flowing into BTC exchange-traded funds while gold-backed funds experience notable outflows. Bitcoin ETFs Emerge As Preferred Safe Haven According to a Bloomberg report, US Bitcoin ETFs have attracted over $9 billion in inflows in the past five weeks, primarily driven by BlackRock Inc.’s iShares Bitcoin Trust ETF (IBIT). In contrast, gold-backed funds have seen outflows exceeding $2.8 billion during the same time frame. Related Reading: Can XRP Market Cap Touch $1.5 Trillion? Analyst Reveals The Math Behind It This divergence in investor behavior comes as easing trade tensions have diminished demand for traditional safe havens like gold. Meanwhile, Bitcoin is increasingly being recognized as a viable alternative store of value amid growing concerns about US fiscal stability. Furthermore, the market’s leading cryptocurrency reached a record high of $111,980, buoyed by favorable regulatory developments and rising macroeconomic uncertainty. Although gold remains up more than 25% this year, it has retreated from its recent peaks, currently trading approximately $190 below its all-time high. BTC’s Advantages Over Gold Analysts suggest that this rotation towards Bitcoin ETFs indicates a growing acceptance of the cryptocurrency as a legitimate hedge within investment portfolios. Christopher Wood, global equity strategist at Jefferies, expressed optimism for both gold and Bitcoin, noting their effectiveness as hedges against currency debasement in the G7 nations. However, skeptics argue that Bitcoin’s notorious volatility still undermines its position as a true safe haven. Historical instances of macroeconomic shocks have shown Bitcoin falling sharply alongside other risk assets. Yet, some experts believe that Bitcoin’s decentralized nature gives it an advantage over gold in times of financial system risks. Geoff Kendrick, global head of digital assets research at Standard Chartered, highlighted Bitcoin’s dual role as a hedge against both private sector risks, such as the collapse of Silicon Valley Bank in 2023, and government-related concerns, including the stability of the US Treasury. Kendrick pointed out that recent threats to Federal Reserve (Fed) independence, alongside tariff escalations and broader concerns about US policy credibility, further bolster Bitcoin’s appeal. Related Reading: $400K Bitcoin? Analyst Says It’s Not A Dream—It’s ‘Coded’ In addition to these factors, Bitcoin appears to be shedding its previous reputation as merely a tech-adjacent risk asset. Dilin Wu, a research strategist at Pepperstone, noted that Bitcoin’s intraday correlation with major indices like the Nasdaq, as well as with the dollar and gold, has significantly decreased. The backdrop of growing fiscal strain has intensified the discourse surrounding these assets. Moody’s recently downgraded the US from its last triple-A credit rating, citing concerns over ballooning deficits and national debt. This downgrade aligns the US with other ratings agencies, including Fitch and S&P Global, which already rate the country below the top tier. Despite the recent surge in Bitcoin’s popularity, gold continues to outperform on a year-to-date basis, boasting gains of about 25% compared to Bitcoin’s rise of approximately 15%. Featured image from DALL-E, chart from TradingView.com
Bitcoin (BTC), the leading cryptocurrency, is witnessing a notable resurgence, with its price nearing the $100,000 mark for the first time since February 2025. This upward trend has been significantly supported by substantial inflows into Bitcoin exchange-traded funds (ETFs), reflecting growing investor confidence and interest once again in the cryptocurrency market. Bitcoin And Major Cryptos Bounce Back According to a recent report by Fortune, Bitcoin ETFs experienced their largest inflows since December, attracting more than $3 billion last week. The influx into these ETFs is often considered a barometer of market sentiment, indicating that investors are increasingly embracing Bitcoin as a viable asset class. The recent buying spree comes as Bitcoin has reversed its earlier downward trend, climbing from a low of $75,000 on April 7 to surpass $95,000 by April 28. Over the past week alone, Bitcoin has jumped approximately 8%, reaching a price of $95,500—levels not seen since February. Related Reading: XRP To Hit $8, No Double Digits This Cycle — Warns Crypto Analyst Gadi Chait, head of investment at Xapo Bank, emphasized that this price movement is more than just a fluctuation; it signals a renewed willingness among investors to engage in the market. Chait noted that a combination of robust institutional inflows through ETFs and strong bullish activity in options trading has paved the way for Bitcoin to potentially break the $100,000 threshold in the near future. The upswing in Bitcoin’s price is mirrored by a recovery in the broader cryptocurrency market. Other major cryptocurrencies have also posted gains in recent weeks, with Ethereum rising 11%, XRP increasing by 9%, and Solana up 8%. This resurgence follows a turbulent period triggered by President Trump’s sweeping tariff policy announcement earlier this month, which initially led to a significant market downturn. Preferred Safe-Haven Asset Amid Equity Turmoil On April 2, the S&P 500 suffered a massive blow, wiping out $2.5 trillion in a single day as investors reacted to potential disruptions in supply chains and inflationary pressures. This uncertainty prompted many to flee from riskier assets, including cryptocurrencies, as they braced for the impact of the tariffs. However, the market began to stabilize after Trump authorized a 90-day pause on most tariffs, excluding those affecting China. This announcement led to a significant rebound in the S&P 500, marking its largest single-day increase since 2008, while Bitcoin rebounded by 9% on April 9. Related Reading: Crypto Analyst Reveals XRP Price Crash In The Short-Term, Here’s The Target Since President Donald Trump’s tariff pause was announced, the S&P 500 has seen a modest increase of 1%, whereas Bitcoin has outperformed with a 14% gain. James Butterfill, head of research at CoinShares, noted a critical divergence in how investors are perceiving Bitcoin compared to traditional equities. He explained that as equities face pressure from tariffs and declining corporate earnings, BTC is increasingly viewed as a safe-haven asset—detached from centralized entities such as governments or central banks. This shift in perception could be a pivotal factor driving Bitcoin’s recent performance. “While equities are weighed down by tariffs and declining corporate earnings prospects, Bitcoin remains unaffected and has actually benefited from investors seeking alternative safe-haven assets,” Butterfill stated. On Monday, BTC retraced toward $94,640, registering a 14% price surge in the monthly time frame. Featured image from DALL-E, chart from TradingView.com
Amid a wider readjusting of market expectations for interest rate cuts by the Federal Reserve (Fed) for 2025, investors withdrew a record $680 million from Bitcoin ETFs on Thursday, the highest outflow in a single day since January’s approval of these investment funds. Grayscale And Bitwise Bitcoin ETFs Experience 8% Decline As Bitcoin ETFs faced this outflow, the price declined, dropping another 5% to trade around $97,400 to close the week. The sell-off aligns with a general downturn in risk assets, triggered by the Fed’s updated economic projections released earlier this week. The US central bank now anticipates only two quarter-point rate cuts in the coming year, a significant reduction from the four cuts previously expected at its September meeting. Related Reading: How Low Can Dogecoin Go Before It Rebounds? Expert Forecasts Notable Bitcoin ETFs, including Grayscale’s Bitcoin Trust and Bitwise’s Bitcoin ETF, have experienced declines of approximately 8% since the Fed’s new guidance, while Bitcoin itself has lost about 9% in the same timeframe. Notably, Thursday’s outflows broke a streak of 15 consecutive days of inflows for the twelve US Bitcoin ETFs, for a net inflow of approximately $5.3 billion during this period. After hitting a record high of just over $108,000 earlier in this week, the market’s top cryptocurrency dropped below the $100,000 level on Thursday. Prior to the recent recovery, which is just around $100,000, it fell all the way to $92,000. While the bearish sentiment in the markets can be attributed to the Fed’s cautious stance, it is also likely influenced by seasonal profit-taking among institutional investors of the Bitcoin ETFs. Analysts Warn Of Continued Crypto Sell-Off The recent selling pressure could further strain market sentiment, as noted by Joseph Dahrieh, managing principal at Tickmill. “This decline could weigh strongly on the cryptocurrency and broader market sentiment, particularly as Bitcoin fell below the USD 100,000 mark, indicating potential short-term volatility and downside risks,” he remarked. The volatility has been exacerbated by massive liquidations in both long and short positions, totaling over $240 million within a 24-hour period. Antonio Di Giacomo, a senior market analyst at XS.com, commented, “The Federal Reserve’s cautious stance in signaling fewer cuts for 2025 created an atmosphere of doubt and speculation.” Related Reading: Ethereum Investment: Trump Crypto Project Grabs 722 ETH At $2.5 Million Looking ahead, the sell-off in the cryptocurrency market may persist in the near term. Alex Kuptsikevich, chief market analyst at FxPro, speculated that the total market capitalization of cryptocurrencies could drop below $3 trillion, down from a peak of $3.7 trillion earlier this month. He cautioned that “a failure below $94,500 would signal a break of the uptrend of the last six weeks, while a fall below $92,000 would bring the price under the 50-day moving average. In this case, time is playing on the side of the bears.” As of this writing, Bitcoin has managed to stabilize above $97,400 as the week draws to a close, despite registering 4% losses over the previous 24 hours. Featured image from DALL-E, chart from TradingView.com
Since Donald Trump became president-elect a little more than a month ago, roughly $10 billion has flooded into US spot Bitcoin ETFs, showing growing optimism that his administration will support the cryptocurrency industry. According to Bloomberg, a dozen funds from big issuers including BlackRock and Fidelity Investments have received around $9.9 billion in net inflows into their various Bitcoin ETFs since November 5, bringing their total assets to around $113 billion. Trump’s Appointments Signal Shift To Pro-Crypto Regulation Trump’s recent selections, such as a digital asset champion to lead the US Securities and Exchange Commission (SEC) and the creation of a White House czar for artificial intelligence and crypto, indicate a shift toward a more friendly regulatory climate. Notably, Trump has praised the concept of establishing a national Bitcoin reserve, which is gaining bipartisan support in Congress, with pro-crypto Senator Cynthia Lummis at the lead. Related Reading: XRP Skeptic Turned Believer? Critic Hails XRP As Crypto’s Chart King Bitcoin recently surpassed the $100,000 mark for the first time on December 5, trading at around $96,898 as of Monday. The cryptocurrency’s six-week winning streak is the longest since the market frenzy of 2021, but analysts remain concerned about volatility. David Lawant, head of research at crypto premier broker FalconX, noted that a sustained push above the $100,000 milestone will most likely necessitate other positive catalysts, as BTC has struggled to recapture this level while stabilizing after the advance over the last four days. Bitcoin Rally Boosts MicroStrategy And Peers Bloomberg also notes that the positive atmosphere surrounding cryptocurrencies has resulted in a substantial rebound among companies that have followed MicroStrategy’s strategy of selling convertible bonds to fund Bitcoin purchases. MicroStrategy alone sold $6.2 billion in convertibles this year and intends to raise an additional $21 billion through fixed-income offerings. Other companies, including MARA Holdings and Core Scientific, have successfully obtained significant funds to support their Bitcoin acquisitions. MicroStrategy’s stock, MSTR, has risen 73% since Donald Trump’s election, while MARA, Riot Platforms, and Core Scientific’s shares have increased by 63%, 33%, and 30%, respectively. This trend closely resembles Bitcoin’s nearly 40% growth within the same period. With a market capitalization approaching $2 trillion, Bitcoin’s recent ascent has dramatically increased MicroStrategy’s assets, which are now worth more than $41 billion. Related Reading: Dogecoin Price Prediction: Here’s What The 91-Day Pattern Says Could Happen Next The terms of recent crypto-related convertible deals stand out, particularly because many are structured with zero coupons, allowing investors to engage in convertible arbitrage. Despite the high demand for these instruments, there appears to be little anxiety about prospective Bitcoin price decreases. Raj Imteaz, head of convertible and equity derivatives advisory at ICR Capital LLC, noted that larger players in the market feel compelled to issue convertibles to remain competitive. “If your competitor has a large war chest funded at very low coupons and you haven’t tapped the market, you’re at a competitive disadvantage,” he said. “You almost have to issue converts to stay competitive within crypto.” Featured image from DALL-E, chart from TradingView.com
Cboe, the derivatives exchange for digital assets and securities trading, is set to make a big addition to the crypto landscape by launching the first cash-settled index options linked to Bitcoin’s (BTC) spot price movements. Scheduled to debut on December 2, these options will be based on the Cboe Bitcoin ETF Index, which tracks a selection of US-listed spot Bitcoin exchange-traded funds. What This Means For Traders The introduction of these options follows closely on the heels of Nasdaq’s recent listing of spot Bitcoin ETF options. This move allows US investors to utilize derivatives to speculate on or hedge against BTC’s price movements. Related Reading: XRP Price Outlook Brightens: Expert Predicts $2 Target Post-Gensler Era Alex Thorn, head of firmwide research at Galaxy Digital, emphasized that reducing Bitcoin’s volatility could significantly alter investor perceptions. The availability of cash-settled options will provide institutions with effective tools to hedge their positions, potentially increasing overall market liquidity. This influx of options trading could also influence retail trading behavior, especially during bullish market conditions. Notably, the current surge in Bitcoin’s price, which reached an all-time high of $99,300, has been partly attributed to increased trading activity and market optimism. Therefore, introducing cash-settled options could further push Bitcoin over the $100,000 mark, especially given the increased buying pressure seen in recent days. Cboe’s options on the Bitcoin ETF Index will also enable market participants to gain exposure to spot Bitcoin ETFs and, by extension, to Bitcoin itself. The cash-settled nature of these options is said to simplify the process, as positions will be resolved in cash at expiration. Additionally, the options will feature a “European-style exercise,” meaning they can only be exercised on the expiration date, thus minimizing the risks associated with early assignment. Cboe Mini Bitcoin ETF Options In conjunction with the standard-sized index options, Cboe plans to launch Cboe Mini Bitcoin ETF Index options (Ticker: MBTX), valued at one-tenth the notional value of the standard options. Moreover, Cboe will also offer cash-settled FLEX options on both the standard and mini index options. FLEX options enable traders to customize key contract terms such as exercise price, exercise style, and expiration date, providing further flexibility in trading strategies and allowing for larger positions than typically permitted with standard options contracts. Related Reading: Dogecoin Price Set To Skyrocket By Saturday, Warns Crypto Analyst Rob Hocking, Cboe’s Global Head of Product Innovation, highlighted the benefits of cash settlement and the variety of index sizes available, which are expected to attract institutional and retail participants looking to hedge or capitalize on Bitcoin’s price movements without directly holding the asset. The exchange already lists cash-settled Bitcoin and Ether margin futures on Cboe Digital Exchange, with plans to transition these products to the Cboe Futures Exchange in the first half of 2025, pending regulatory approval. Cboe’s BZX Equities Exchange also holds a leading position in the US market for spot crypto ETFs, having captured a majority market share of available Bitcoin and Ethereum ETFs. When writing, the market’s leading cryptocurrency is trading at $99,240. Featured image from DALL-E, chart from TradingView.com
BlackRock, the world’s largest asset manager, has officially launched options trading for its Bitcoin ETF, the iShares Bitcoin Trust (IBIT). This debut comes after the ETF received regulatory approval in January and has since attracted significant inflows. Increased Liquidity And Reduced Volatility On The Horizon According to Bloomberg, the introduction of options trading on the $43 billion iShares Bitcoin Trust is anticipated to reduce volatility while broadening Bitcoin’s investor base. Related Reading: VanEck Gives Official Backing To Donald Trump’s Bitcoin Reserve Strategy Alex Thorn, head of firmwide research at Galaxy Digital, stated during a Bloomberg Television interview that as Bitcoin becomes more widely held, its volatility is likely to decrease. “Options will help dampen volatility, and as volatility comes down, people can take larger position sizes,” he explained. Thorn noted that a decrease in volatility could shift investor sentiment, encouraging them to view Bitcoin as a viable asset for fundamental use cases rather than merely a speculative gamble. The availability of options will also enable institutions to hedge their positions more effectively, increasing liquidity and potentially impacting retail trading during bullish market conditions. Call Options Dominate BlackRock’s Bitcoin ETF On Day 1 Bloomberg ETF analysts Eric Balchunas and James Seyffart reported that on the first day of options trading, the total notional exposure for IBIT reached nearly $1.9 billion, spread across 354,000 contracts. Of these contracts, 289,000 were calls, while 65,000 were puts, resulting in a bullish call to put ratio of 4.4:1. Seyffart claimed that this overwhelming interest in call options contributed to Bitcoin hitting new all-time highs of $94,000 during Tuesday’s trading session for the market’s leading crypto. Balchunas, on the other hand, pointed out that the majority of options contracts are bullish, especially the December 20 call option, which essentially bets that the Bitcoin price will double within a month. This means that based on current prices, investors are expecting BTC to hit a new record high of little over $180,000 by that date. The put/call volume ratio for BlackRock’s Bitcoin ETF was “impressive,” according to Balchunas, who noted that the ratio of 0.17 indicates strong bullish sentiment compared to other ETFs, such as the SPDR S&P 500 ETF (SPY) with a ratio of 1.1. Related Reading: Bitcoin Reaches New High Of $94,000: Blockstream CEO Anticipates $1 Million Ahead Market expert Marty Party highlighted in a social media post that options on the iShares Bitcoin Trust will settle in actual Bitcoin. This means that when an option contract is exercised, settlement will involve the delivery of Bitcoin, giving investors direct exposure to BTC price movements without the need to interact with crypto exchanges. At the time of writing, the market’s leading digital asset is trading at $91,580, up 4% in the weekly time frame after today’s bullish move to its new high. Featured image from DALL-E, chart from TradingView.com
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 […]
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
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
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
Regulated spot Bitcoin ETFs (exchange-traded funds) in the United States have seen a resurgence in inflows following significant selling pressure over the past two months that sent the largest cryptocurrency on the market to a 6-month low of $53,500 on July 5. Bitcoin ETFs And Institutions Now Control 9% Of Total Supply Data from analytics providers SoSo Value and Ecoinmetrics show that Bitcoin ETFs have been consistently accumulating BTC in their holdings, despite a brief dip in inflows at the start of June. However, since July 1st, inflows have resumed at an accelerated pace, surpassing the averages recorded over the previous two months. Specifically, on July 31st, the Bitcoin spot ETF saw a net inflow of $298 million, while the Grayscale mini ETF BTC had a net inflow of $17.99 million. Additionally, the BlackRock ETF IBIT recorded an inflow of $20.99 million. Related Reading: Hoskinson Claims Cardano Will Flip Bitcoin As Leading Crypto According to data from data analytics firm Ecoinmetrics, Bitcoin ETFs have added nearly 300,000 BTC to their holdings since their approval by the US Securities and Exchange Commission (SEC) January 2023. While the pace of accumulation has slowed from earlier this year, the consistent inflows, even during periods of price stagnation, are a testament to the persistent institutional demand for the leading cryptocurrency, according to the firm. In total, institutions now control nearly 9% of the entire Bitcoin supply, with ETFs and ETF-like products accounting for approximately 5.2% of the total. Public companies hold another 1.6%, while private companies account for at least 2% of the BTC supply. Sentiment Soars To Highest Level Since May Despite Bitcoin’s inability to surpass the $69,000 resistance level in its latest uptrend and a recent retrace of over 5% in the past 24 hours, the overall sentiment toward the leading cryptocurrency appears to be turning increasingly bullish. According to market intelligence platform Santiment, the level of bullish commentary on Bitcoin this week has reached its highest point since the week of May 15. This suggests that many in the crypto crowd believe that the Bitcoin price is poised to reach the $70,000 milestone soon. Corroborating this sentiment, crypto analyst Ali Martinez has noted that top traders on the Binance exchange are currently buying the Bitcoin dip, with nearly 70% of them going long on BTC, according to on-chain data. Related Reading: Chainlink At Risk: Key Indicators Signal Further Losses To $12 However, the cryptocurrency’s short-term price action remains a cause for concern as if Bitcoin fails to close the day above the $64,200 mark, which corresponds to its 200-day exponential moving average (EMA), it could spell trouble for the asset’s near term price action. As can be seen on the daily BTC/USDT chart below, marked by the thick yellow line, the 200-day EMA has historically acted as a strong support level for Bitcoin, but whenever the price has traded below this indicator, it has also acted as a notable resistance wall. At the time of writing, BTC was trading at $62,830, erasing most of its gains from last month, as the cryptocurrency is up just 1.6% in the 30-day timeframe. Featured image from DALL-E, chart from TradingView.com
The Grayscale Bitcoin Mini Trust (the “Trust”) officially launched on Wednesday after receiving approval from the US Securities and Exchange Commission (SEC), emerging as a lower-cost alternative to the renowned Grayscale Bitcoin Trust (GBTC). New Bitcoin Mini Trust Debuts According to Bloomberg, the Grayscale Bitcoin Mini Trust, which debuted with a 0.15% expense ratio, is […]
Last week, the US spot Bitcoin ETF market experienced a notable shift in investor sentiment. Positive inflows were reported, breaking a streak of outflows that had persisted for almost a month. The week concluded with a significant $116 million positive inflows, indicative of growing interest in the newly approved index funds. Notably, a new player […]
According to a recent Reuters report, Hong Kong is on the verge of becoming Asia’s first city to launch spot Bitcoin ETFs. Notably, the initial approvals for these ETFs are expected to be announced as early as next week, which is significantly ahead of industry expectations for such launches this year. Hong Kong’s Bid For […]