Since the second quarter, Goldman Sachs has added $300 million to its portfolio in Bitcoin ETF holdings, increasing exposure by 71%.
Spot crypto ETFs in the US have seen outflows for the first time since Donald Trump was elected, as both Bitcoin and Ethereum fell on the day.
Crypto ETF issuer and asset manager BlackRock announced on Wednesday the expansion of its USD Institutional Digital Liquidity Fund (BUIDL) to include five new blockchain ecosystems: Aptos, Arbitrum, Avalanche, Optimism, and Polygon. Initially launched on the Ethereum network in March 2024, BUIDL rapidly gained traction among investors, becoming the largest tokenized fund globally regarding assets under management (AUM) within just 40 days. BNY Mellon To Custody BUIDL The expansion will allow BUIDL to interact with more blockchain-based financial products and infrastructures. BlackRock aims to enhance accessibility for investors, decentralized autonomous organizations (DAOs), and digital asset firms, enabling them to leverage BUIDL within the ecosystems of their choice. Related Reading: Bitcoin Consolidates After Recent Surge – Metrics Reveal Moderate Selling Pressure Carlos Domingo, CEO and co-founder of Securitize, the firm responsible for tokenizing BUIDL, emphasized the importance of this multi-chain approach in Wednesday’s press release by saying: Real-world asset tokenization is scaling, and we’re excited to have these blockchains added to increase the potential of the BUIDL ecosystem. With these new chains we’ll start to see more investors looking to leverage the underlying technology to increase efficiencies on all the things that until now have been hard to do. With the addition of these blockchains, BlackRock aims to provide increased options and access for investors, allowing developers to build applications that integrate seamlessly with the BUIDL fund. BNY Mellon, which recently received a Bitcoin and crypto custody license for institutional services, will play a key role in this initiative as the fund administrator and custodian for BUIDL. BlackRock Bitcoin ETF Achieves Unprecedented Growth On the crypto ETF front, BlackRock’s Bitcoin ETF, IBIT, has reached a remarkable milestone, surpassing the $40 billion mark in assets under management (AUM) just two weeks after hitting $30 billion. This achievement comes in a record 211 days, shattering the previous record of 1,253 days held by the iShares Core MSCI Emerging Markets ETF (IEMG). IBIT is now positioned in the top 1% of all ETFs by assets and at just 10 months old, it has outperformed all 2,800 ETFs launched in the past decade, according to ETF expert Eric Balchunas. Balchunas further highlighted that Bitcoin ETFs collectively have crossed the $90 billion asset threshold, following a significant $6 billion surge in the past few days. This increase comprises $1 billion in new inflows and $5 billion in market appreciation. The growing popularity of Bitcoin ETFs indicates that they are now 72% of the way toward surpassing gold ETFs in total assets. Related Reading: Justin Drake Unveils ‘The Beam Chain’: A Vision For Ethereum Final Design The rise in Bitcoin ETF assets has coincided with a surge in investor confidence, particularly following Donald Trump’s recent victory over Kamala Harris in the presidential elections. This political shift has positively influenced market sentiment, contributing to a broader uptick in cryptocurrency prices. Bitcoin, in particular, has experienced a substantial rally, climbing over 24% to reach a record high of $93,000 in the past week alone. Featured image from DALL-E, chart from TradingView.com
BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has expanded its reach to multiple blockchain networks, including Aptos, Arbitrum, Avalanche, Optimism, and Polygon, according to a Nov. 13 statement. This expansion is part of BlackRock’s strategy to strengthen its tokenization efforts, transforming BUIDL into a multi-chain asset. It enables users and applications within these blockchain ecosystems to […]
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The tokenized money market fund will launch on nearly half a dozen new blockchain networks.
BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed every exchange-traded fund (ETF) launched in the past decade in terms of total assets. On Nov. 13, Bloomberg’s ETF analyst Eric Balchunas reported that IBIT reached $40 billion in assets— just two weeks after hitting $30 billion. This achievement came in a record 211 days, almost 6x lower […]
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The investment giant is bringing its real-world asset fund to Aptos, Arbitrum, Avalanche, Optimism's OP Mainnet and Polygon.
Almost $650 million has entered Ether ETFs over the past five trading days as the asset surged more than 30%.
Veteran trader Peter Brandt says Bitcoin is following a similar pattern from its past, which could lead to a $125,000 BTC price by New Year’s Eve.
The launch of the spot Bitcoin ETFs (exchange-traded funds) in January 2024 marked a perfect start to the year for the cryptocurrency industry. These crypto investment products were expected to walk the extra mile for the premier cryptocurrency, drawing in more investors into the digital assets space. BlackRock’s exchange-traded fund IBIT has been the leader […]
This week’s Crypto Biz features Polymarket, BlackRock’s IBIT hitting $1B volume, Meta’s Llama joining the US military, Bitcoin miners posting production records in October and VanEck listing PYTH ETN.
They include options on Bitwise Ethereum ETF, Grayscale Ethereum Trust, and Grayscale Ethereum Mini Trust, as well as “any trust that holds Ether,” the filing said.
Blackrock's IBIT ETF now holds upwards of $33 billion in assets, more than the asset manager's gold fund.
BlackRock’s spot Bitcoin ETF has surpassed $1 billion in inflows for the first time since its launch in January.
The iShares Bitcoin Trust (IBIT) saw a rare day of outflows before Bitcoin went on to hit a new all-time high.
Solana has a reputation as a memecoin hub, but financial institutions are looking to build on the network.
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 spot Bitcoin ETFs (exchange-traded funds) in the United States have recorded their first net outflow day in the past seven days. This negative single-day performance ended what was another impressive weekly outing for the crypto investment products. Bitcoin ETFs Shine While Ethereum ETFs Continue To Struggle After a strong performance throughout the month of October, the US-based spot Bitcoin ETFs didn’t register a perfect start to November. According to data from SoSoValue, the BTC exchange-traded funds posted a net outflow of $54.9 million on Friday, November 1. Breaking down the data, Fidelity’s FBTC surprisingly accounted for almost half ($25.64 million) of the outflow recorded on Friday. This figure was followed closely by Ark & 21Shares’ ARKB’s $24.13 million, the second consecutive outflow day for the fund. Related Reading: Bitcoin ETFs Crucial To Sustain Current Buying Pressure – Details Grayscale’s GBTC, which usually contributes to the outflow days for the Bitcoin ETFs, recorded only $5.51 million in capital outflow. Other funds that recorded an outflow on Friday included Bitwise’s BITB, VanEck’s HODL, and Valkyrie’s BRRR, with outflows of $5.64 million, $5.86 million, and $1.66 million, respectively. Interestingly, BlackRock’s exchange-traded fund IBIT didn’t see any inflow or outflow on Friday. Prior to this zero-inflow day, the trillion-dollar asset manager’s fund had seen capital influx for the last 14 consecutive days. In fact, IBIT posted its highest inflow day in the past week, with an influx of $872 million on Wednesday, October 30. While the Bitcoin ETFs posted outflows to end the previous week, the negative single-day action barely made an impact on the weekly performance. According to data from SoSoValue, the US BTC funds registered a $2.22 billion cumulative weekly inflow in the past week, the highest value since March. While the Bitcoin exchange-traded funds have been producing remarkable performance in recent days, their Ethereum counterparts have not exactly impressed. After witnessing an almost $11 million outflow on Friday, the weekly capital influx was slashed to approximately $13 million for the spot Ethereum ETFs. Bitcoin Price Overview Investors will be hoping that the Bitcoin ETFs will resume inflows when trading opens on Monday, considering its recent positive impact on price. The price of BTC almost touched its all-time high of $73,737 on Tuesday and Wednesday when the ETFs recorded their highest inflows in more than five months. Related Reading: BNB Token Burn: $1 Billion Of Tokens Sent To ‘Black Hole’ Address — Impact On Price? As of this writing, the price of BTC sits just above $68,000, reflecting a 2% dip in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by more than 3% in the last seven days. Featured image created by Dall.e, chart from TradingView
Crypto market volatility rises in reaction to Trump’s decreasing victory odds, with the technical setup hinting at a deeper correction.
Franklin Templeton says this is the first tokenized money fund to launch on Coinbase's layer-2 network.
BlackRock CEO Larry Fink on CNBC means more to QCP's founder and chief investment officer rather than presidential candidates promoting crypto.
Bitcoin is marching higher, easing past $70,000 and $72,000 in the past two days, sparking a wave of demand. Although prices are moving within a tight range at spot rates, the uptrend remains. While there are pockets of weakness, at least seen earlier today, candlestick formation in the daily and weekly charts point to strength. Is Bitcoin Preparing For A 6X Surge To $462,000? In a post on X, one analyst thinks Bitcoin will not only break above its all-time high at $74,000 but can easily 6X to over $462,000 in the coming sessions. To support this outlook, the analyst said the coin is breaking out above key resistance levels, and Fibonacci extension levels mirror this shift in trend after the Q3 2024 plunge. Related Reading: Bitcoin Needs Daily Close Above $76,000 To Confirm True Breakout: Analyst Based on the analyst’s assessment, historical price action shows that BTC peaks between the 1.618 and 2.272 Fibonacci extension levels. Technical analysts use this tool to project how fast prices will rally or drop based on a given range. If history guides and the Fibonacci extension levels remain valid, applying the same pattern to the current cycle could easily see Bitcoin soar to between $174,000 and $462,000. These two levels mark the extension levels’ lower and upper limits that define past cycles’ peak zone. As bullish as this forecast is, it should be known that the range anchoring any Fibonacci extension is subjective. For this reason, it will change depending on the analyst, meaning potential peaks will shift accordingly. Despite everything, the consensus is that Bitcoin could break and reach new all-time highs in Q4 2024. Taking to X, another analyst said Bitcoin is already within a bullish breakout formation, easing above a descending channel or bull flag. At the same time, prices are breaking above the resistance of a “cup and handle” pattern. Institutions Buying As BTC Recovers If bulls take over, pushing prices higher, the evolution would confirm gains of Q1 2024. Subsequently, it would mark the resumption of bulls, an encouraging development following the 30% drop from March highs. Related Reading: Dogecoin Metrics Reveal Increasing Network Activity – Is DOGE Ready To Break Yearly Highs? Amid this wave of optimism, institutions are also pouring in, getting exposure via spot Bitcoin ETFs. According to SosoValue, there are massive inflows as institutions buy more shares on behalf of their clients. On October 29, spot Bitcoin ETF issuers in the United States bought $870 million worth of shares backed by BTC for their clients. BlackRock’s IBIT received $642 million, pushing their BTC under management to over $24.9 billion. Feature image from DALLE, chart from TradingView
BlackRock’s iShares Bitcoin Trust ETF (IBIT) has become the fastest-growing ETF in history, exceeding $30 billion in assets under management. According to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, IBIT reached this milestone in just 293 days, setting a new record. This pace surpasses the JPMorgan Equity Premium Income ETF (JEPI) and major Gold […]
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Continued ETF inflows could help push Bitcoin to an all-time high, which the asset came within $200 of on Oct. 29.
A notable outperformer was bitcoin miner Bitfarms, which nominated a new board member amid its proxy battle with Riot Platforms.
In a new YouTube video titled “There Is No ETF Paper Bitcoin,” Fred Krueger, an investor at the crypto hedge fund 2718.fund, delved into the growing concerns surrounding US spot Bitcoin Exchange-Traded Funds (ETFs) and their impact on the cryptocurrency’s price. Krueger aimed to dispel the fear, uncertainty, and doubt (FUD) that have been circulating about “paper Bitcoin”—the notion that ETFs might be selling Bitcoin they do not actually possess—and to explain why Bitcoin’s price has not surged as dramatically as some might expect, despite significant ETF purchases. Krueger began his analysis by acknowledging the prevalent skepticism in the market. “There’s all this paper Bitcoin, and ETFs don’t really have the Bitcoin, and if they were buying all this Bitcoin, how come Bitcoin price is not higher?” he stated, encapsulating the core concerns of many investors. Historically, the concept of “paper Bitcoin” has been associated with exchanges that sold Bitcoin to customers without actually possessing the underlying assets. Krueger highlighted several high-profile instances where this practice led to significant losses for investors. He cited the case of Mt. Gox. Another example he provided was QuadrigaCX, a Canadian exchange that collapsed under mysterious circumstances. Founder Gerald Cotten allegedly died in India, taking with him the private keys to the exchange’s cold wallets, effectively locking away customer funds. “A lot of Canadians lost all their Bitcoin on this Quad exchange,” Krueger noted. Are “ETF Paper Bitcoin” Real? These historical events have contributed to the current apprehension about ETFs and the possibility that they might be engaging in similar practices—selling Bitcoin they do not actually hold, thereby suppressing BTC’s price through artificial supply. However, Krueger argued that ETFs, particularly those managed by established financial institutions, operate under a fundamentally different framework compared to unregulated exchanges. Related Reading: Bitcoin Bullish Outlook Confirmed By Critical Data – STH Overheating? Focusing on two leading ETFs—IBIT, the BlackRock ETF, and FBTC, the Fidelity ETF—Krueger emphasized the stringent regulatory oversight governing these entities. “Both of these ETFs are subject to very strict regulatory oversight, including the SEC but also other agencies in the US,” he stated. This comprehensive oversight includes requirements for complete transparency, regular audits, and the use of third-party custodians for asset verification. “They literally have to get a receipt of an asset from a third-party custodian,” Krueger added. In the case of IBIT, Coinbase serves as the third-party custodian. “Coinbase is itself a public company that is audited,” Krueger pointed out, noting that the public nature of Coinbase adds an additional layer of scrutiny and accountability. IBIT conducts audits of Coinbase, and both entities are subject to audits by the SEC and other regulatory bodies. For FBTC, custody is handled by Fidelity Digital Assets, a separate entity within Fidelity that specializes in the custody of digital assets, thereby ensuring specialized oversight and management. “The issuers of IBIT and FBTC are BlackRock and Fidelity, two of the largest and oldest financial institutions, and they have a vested interest in maintaining their reputation,” Krueger asserted. “Their reputation is at stake, and this is a big deal,” he emphasized, suggesting that these institutions would not risk their credibility by engaging in the sale of non-existent Bitcoin. Krueger contrasted BlackRock with entities like QuadrigaCX to underscore the disparity in regulatory compliance and operational scale. “BlackRock is highly regulated […] BlackRock has a robust corporate governance structure with committees for audit, risk, and compliance and very extensive internal controls,” Krueger added. Related Reading: Bitcoin To Hit $125,000 By Year-End If Trump Wins, Says Standard Chartered Addressing the core concern about ETFs holding “paper Bitcoin,” Krueger provided specific data to refute this notion. “The reality is the ETFs have zero pure paper Bitcoin,” he stated unequivocally. He highlighted that IBIT holds approximately 403,000 actual Bitcoins, while FBTC holds about 185,000 actual Bitcoins. “Together, these two ETFs hold almost 3% of the world’s total Bitcoin, or 588,000 Bitcoins—I think it’s 2.9%,” he calculated. Krueger acknowledged that some skeptics have attempted to analyze Bitcoin movement between specific dates to challenge these holdings. However, he emphasized that the facts are clear and verifiable. “We know how much Bitcoin these ETFs have; we know that it’s accounted for, and that’s a reality,” he insisted. Turning to the question of why Bitcoin’s price has not increased more dramatically despite significant ETF inflows, Krueger offered a nuanced explanation. He noted that Bitcoin is, in fact, up by 60% since the introduction of the ETFs, translating to a $600 billion increase in market capitalization. This growth has been fueled by approximately $20 billion in net inflows into the ETFs, resulting in a price multiplier effect of about 30x. “That’s historically about normal, maybe a little on the low side but not terribly so,” he assessed. Krueger attributed the moderation in Bitcoin’s price growth to substantial selling pressures from various sources. “There’s been a bunch of selling,” he explained. He detailed that Germany sold $3 billion worth of Bitcoin as well as Mt. Gox holdings. Additionally, FTX sold its GBTC (Grayscale Bitcoin Trust) stake earlier in the year, and the Digital Currency Group (DCG) sold assets to resolve lawsuits. “We had a lot of selling,” Krueger summarized. Speculating on the potential impact absent these selling pressures, Krueger suggested that Bitcoin’s price could have been significantly higher. “We probably would be at $90k if there wasn’t any selling,” he posited. At press time, BTC traded at $68,752. Featured image created with DALL.E, chart from TradingView.com
The US-based spot Bitcoin ETFs has produced another impressive performance in the past week recording nearly $1 billion in total inflows. Meanwhile, the spot Ethereum ETFs have struggled to maintain a positive form with outflows dominating the market in the same period. Related Reading: Bitcoin Retail lnvestors Remain Cautious Despite Price Gain – Details Spot Bitcoin ETFs Attract $3 Billion In 11 Days Following a splendid performance in October’s third week during which the Spot Bitcoin ETFs registered $2.18 billion in market inflows, these institutional funds retained investors’ interest the following week evidenced by a total weekly inflow of $997.70 million. According to data from ETF tracking site SoSoValue, the Spot Bitcoin ETFs recorded a positive netflow on all weekdays except Tuesday, October 22nd, where they experienced $79.09 million in outflows. Meanwhile, the largest inflows came on Friday, October 25, valued at $402.08 million. Of this figure, The dominant BlackRock’s IBIT attracted $291.96 million as its cumulative net inflows moved to $23.99 billion. In a similar fashion, Fidelity’s FBTC emerged in second place recording $56.95 million inflows, while $33.37 million was invested in Ark & 21 Shares’s ARKB. Other ETFs that contributed to Friday’s gain include Bitwise’s BITB, Grayscale’s BTC, and VanEck’s HODL with respective inflows of $2.55 million, $5.92 million, and $11.34 million. Interestingly, these positive net flows recorded on Friday mean the spot Bitcoin ETFs have now recorded over $3 billion in inflows in the last eleven trading days. Commenting on this development, popular crypto analyst Michaël van de Poppe shared the general excitement of the crypto community as such massive inflows indicate significant institutional interest in Bitcoin. Van de Poppe said: The #Bitcoin ETF has seen an inflow of more than 3 Billion US Dollars since October 10th. 3 Billion US Dollars. That’s a strong sign that we’re about to see the big breakout for #Bitcoin to $100K. As of now, cumulative total net inflows for the Spot Bitcoin ETFs now stand at $21.93 billion, with their total net assets now valued at $65.25 billion which represents 4.93% of Bitcoin market shares. Related Reading: Bitcoin Price To Go ‘Vertical’ Towards $200,000 As Crypto Analyst Points Out Massive Cup And Handle Pattern Ethereum ETFs See Negative Returns Again In other news, the struggles of the spot Ethereum ETF market persist, which saw total outflows of $24.45 million over the past week, marking their 11th week of negative returns since debuting on July 26. Total net assets for these Ethereum ETFs currently stand at $6.82 billion but with a cumulative total net outflows of $504.44 million. At press time, Bitcoin and Ethereum traded respectively at $67,077 and $2,484 following a minor decline in both assets in the past day. Featured image from StormGain, chart from Tradingview
Bitcoin prices are steady above the $66,000 support when writing on October 25. While confidence is high, the coin is still trending below the psychological round at $70,000. It has yet to shake off sellers in early October. Demand For Spot Bitcoin ETFs Shoots To A 6-Month High However, looking at emerging spot Bitcoin ETF […]
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These tokens are at a regulatory disadvantage to stablecoins due to their classification as securities, the report said.