Uniswap’s native token, UNI, posted a sharp gain on Wednesday after the world’s largest asset manager, BlackRock, announced plans to bring its Treasury‑backed digital fund, BUIDL, onto the decentralized finance (DeFi) platform. The move, which also includes BlackRock’s intention to purchase UNI tokens, fueled a strong rally in the token during the trading session. BUIDL Launch On Uniswap The development was detailed in a joint press release from Uniswap Labs and Securitize. The two companies revealed a strategic integration that will allow shares of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) to be traded using UniswapX technology. Through the integration of UniswapX with Securitize’s infrastructure, investors will be able to access market quotes and swap BUIDL directly with whitelisted participants around the clock, every day of the year. Related Reading: Ripple Wins Key UAE Bank Partnership To Support Digital Asset Infrastructure The companies described the move as an important step in bridging traditional financial products with decentralized trading systems. Robert Mitchnick, BlackRock’s Global Head of Digital Assets, characterized the collaboration as a meaningful development in the convergence of tokenized assets and decentralized finance. He said integrating BUIDL into Uniswap represents significant progress in enabling interoperability between tokenized US dollar yield funds and stablecoins. UNI Outperforms Sluggish Crypto Market Following the announcement, Uniswap climbed to a weekly high of $4.50 earlier on Wednesday. However, the upward momentum eased later in the session, with the token pulling back to around $3.68 at the time of writing. Related Reading: Strategy Unfazed By Bitcoin Crash, Michael Saylor Vows Quarterly Purchases Even with the retracement, UNI stood out as one of the few cryptocurrencies recording gains during the day, as Bitcoin (BTC) and the broader digital asset market continued to face bearish pressure. From a technical perspective, Uniswap investors will need to watch the $3.14 level, which has served as support since Friday of last week. On the upside, the $4.70 level may act as short‑term resistance if renewed buying interest pushes prices higher in the coming days. Featured image from OpenArt, chart from TradingView.com
In a recent expert commentary, executives from BlackRock, the world’s largest asset manager and a leading issuer of cryptocurrency exchange-traded funds (ETFs), identified a significant trend in the cryptocurrency market, particularly for Bitcoin (BTC). They foresee a major surge ahead, driven by recent US legislative developments such as the signing of the GENIUS Act. They assert that these developments bolster the role of stablecoins as key players in the future of digital payments. New Regulatory Landscape For Stablecoins Central to BlackRock’s analysis is the recently enacted GENIUS Act, legislation that aims to establish a comprehensive framework for stablecoins as a means of payment. Stablecoins, digital tokens pegged to traditional currencies such as the US dollar, are gaining significant traction among traditional finance firms seeking to modernize their transactions, and could solidify the dollar’s dominance in global markets. Related Reading: Bitcoin Demand Drops Among US Investors—Is a Price Correction Coming? Though their current market share is about 7%—equating to approximately $250 billion—the rapid adoption of stablecoins since 2020 indicates a growing acceptance within the financial landscape. The GENIUS Act delineates stablecoins as payment methods rather than investment products, which includes provisions to prohibit interest payments and restrict issuance to federally regulated banks and select nonbanks. This regulatory framework is poised to create a tokenized ecosystem centered around the US dollar, facilitating easier access for users in emerging markets while potentially limiting adoption in major economies due to the ban on interest payments. Additionally, the act specifies the types of assets that stablecoin issuers can hold in reserve, predominantly consisting of repurchase agreements, money market funds, and US Treasury bills with short maturities. Notably, major stablecoin issuers like Tether (USDT) and Circle (USDC) currently hold over $120 billion in Treasury bills, yet this represents only a small fraction of the total outstanding US Treasury bills. BlackRock Optimistic About Bitcoin’s Potential BlackRock’s commentary also suggests that while the demand for Treasury bills may increase as the stablecoin market grows, the overall impact on yields could be limited. This is due to a likely offsetting shift of funds from similar assets rather than generating significant new demand. Furthermore, the US Treasury’s inclination to increase short-term debt issuance to address persistent budget deficits may also dampen any upward pressure on yields. Beyond US borders, other regions are also taking steps to regulate stablecoins. Hong Kong is implementing new regulations aimed at fostering innovation in stablecoins, while Europe is exploring the concept of a digital euro, albeit with limitations to protect traditional banks. Related Reading: XRP Dormant Coins On The Move: Reason Behind Price Plunge? Should other nations allow interest-bearing stablecoins or pursue central bank digital currencies (CBDCs), the US dollar’s role in trade finance could be at risk, the experts assert, potentially prompting the US to reconsider its stance on interest payments. As digital assets continue to gain mainstream acceptance, the combination of regulatory support and US administration backing suggests a future where Bitcoin and stablecoins play a more integral role in financial systems. BlackRock remains optimistic about Bitcoin’s potential as a distinct return driver and a key asset in diversified investment portfolios. 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
On Wednesday, BlackRock, the world’s largest asset manager, successfully acquired municipal debt through a transaction that exclusively utilizes blockchain technology. According to a Bloomberg report, this marks the first instance of municipal bonds being purchased, settled, and held entirely on a blockchain platform. BlackRock’s Historic Bond Deal Per the report, the bonds were issued earlier […]
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
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
Larry Fink, the founder and Chief Executive Officer (CEO) of BlackRock, the world’s largest asset manager, has admitted to being wrong about his previous views on Bitcoin. While reversing his former stance on the pioneer cryptocurrency, the renowned CEO lauded praises for the cryptocurrency, underscoring its incredible growth over the years. BlackRock CEO Confesses Misjudgment […]
As the world’s largest asset manager and issuer of crypto exchange-traded funds (ETFs), BlackRock, solidifies its foothold in the industry, the firm’s Head of Digital Assets, Robbie Mitchnick, recently made interesting statements on key issues regarding BlackRock’s position and vision of the financial landscape. In a recent interview with Bankless, Mitchnick outlined BlackRock’s strategy for […]
On-chain data platform Token Terminal has set the stage for a potential seismic shift in the crypto ecosystem. It predicts that $10 trillion asset management giant and exchange-traded fund (ETF) issuer BlackRock is preparing to unveil its blockchain platform. BlackRock’s Crypto Masterplan Recent research by Token Terminal delves into BlackRock’s strategic entry into the crypto […]
In a notable development, BlackRock, one of the world’s largest asset managers and ETF issuers, has collaborated with the Nasdaq Stock Market in a move to introduce options for its Ethereum ETF recently approved by US regulators. 2025 Decision On Ethereum ETF Options Proposal The filing with the US Securities and Exchange Commission (SEC) outlines BlackRock’s proposal to amend Options 4, Section 3 to allow for options trading on the iShares Ethereum ETF Trust. Related Reading: 3 Reasons To Buy XRP Now: Crypto Analyst Shares Bullish Forecast Per the filling, if approved, options on the Trust will adhere to the Exchange’s existing rules for ETF options trading. These rules govern various aspects such as listing criteria, expirations, exercise prices, margin requirements, and trading halt procedures, ensuring a standardized approach to trading options on the Trust. The filling further reads: ….The Exchange believes that offering options on the Trust for trading on the Exchange will promote competition by providing investors with an additional, relatively low-cost means to hedge their portfolios and meet their investment needs in connection with spot ether prices and ether related products and positions However, Bloomberg ETF expert James Seyffart noted that the introduction of options on BlackRock’s Ethereum ETF is subject to regulatory approval not only from the SEC, but also from the Options Clearing Corporation (OCC) and the Commodity Futures Trading Commission (CFTC). Seyffart expects a final decision from the SEC around April 9, 2025. Key Levels To Watch For ETH’s Price This development, if approved by the SEC, would give investors further exposure to the second largest cryptocurrency on the market. However, in the near term, ETH needs bullish catalysts to break out of the downtrend witnessed especially on Monday, when the token retraced over 20% following global economic uncertainties and increased selling pressure. Related Reading: Bitcoin Sellers Running Out Of Coins As Dominance Hits 3-Year High At the time of writing, ETH is trading at $2,488, up 1.8% over the past 24 hours, after plunging to a low of $2,112, a level not seen since January 2023 on Monday. This level is key as crypto analyst Trading Tank, in a recent social media post on X (formerly Twitter), claims that as long as ETH remains above $2,400, further price recovery could be seen in the near future for the second largest cryptocurrency on the market. Trading Tank also highlighted the $2,575 level as crucial for another leg higher to test its first resistance to climb to higher levels at $2,690 on the ETH/USDT daily chart. In the scenario in which ETH could breach this barrier, the next hurdle to watch is noted by the $2,910 resistance level, which is imperative to reclaim the $3,000 milestone. Featured image from DALL-E, chart from TradingView.com
In a recent filing with the US Securities and Exchange Commission (SEC), the BlackRock Global Allocation Fund disclosed its ownership of 43,000 shares of the asset manager’s Bitcoin ETF, iShares Bitcoin Trust, as of April 30. This announcement follows two previous filings by BlackRock on May 28, which disclosed the fund’s exposure to Bitcoin in its Strategic Global Bond Fund and Strategic Income Opportunities Portfolio. BlackRock Bitcoin ETF Investment Plan The investment giant’s move towards Bitcoin integration became evident in March when it submitted a filing to the SEC, expressing its intention to include Bitcoin ETFs in its Global Allocation Fund. BlackRock’s objective is to invest in Bitcoin ETFs that directly hold BTC, aiming to mirror the performance of the digital currency market. The company’s filing specified that the Global Allocation Fund may acquire shares in exchange-traded products (ETPs) that seek to reflect the price of Bitcoin by directly holding the cryptocurrency. However, it clarified that investments in Bitcoin ETPs will be limited to those listed and traded on recognized national securities exchanges. Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% This initiative aligns with BlackRock’s broader investment strategy for its Global Allocation Fund, a mutual fund designed to diversify investors through a wide range of assets, including equities, bonds, and potentially Bitcoin ETPs. With $17.8 billion in assets under management (AUM) and a year-to-date return of 4.61% as of March 2024, the fund aims to capitalize on global investment opportunities while effectively managing risk and pursuing long-term capital growth and income. This marks the third internal BlackRock fund to invest in Bitcoin through the iShares Bitcoin Trust (IBIT) ETF. The Strategic Global Bond Fund, Strategic Income Opportunities Portfolio, and now the Global Allocation Fund have all recognized the potential of Bitcoin as an investment asset. Bitcoin Price Analysis In the past 24 hours, Bitcoin has shown resilience by reclaiming the $61,780 level after experiencing a dip to as low as $58,000 on Monday. This recovery suggests that the leading cryptocurrency is withstanding the selling pressure it has encountered over the past week, indicating a potential continuation of its halted uptrend. According to technical analyst Ali Martinez, Bitcoin is forming an Adam & Eve bottoming pattern, which could lead to a projected 6% increase towards $66,000 if BTC maintains a candlestick close above the $62,200 level. Furthermore, historical data indicates that July has historically been favorable for Bitcoin’s price growth, particularly in years of Halving. Analyzing the image above, 7 out of the previous 11 July months resulted in positive gains. The green months, in particular, generated an impressive upside of 16.52%, while the red months experienced a downside of 6.99%. Examining the performance of Bitcoin in the third quarter (Q3), the data presents a more balanced picture. Out of the previous 11 Q3 periods, 5 were positive. Green Q3s, on average, produced a significant upside of 33.52%, while red Q3s generated an average downside of 16.023%. Related Reading: Chainlink (LINK) To Hit New Highs? Analysts Predict $25 Target Whether historical price performance will repeat itself, leading to price gains for BTC, remains to be answered. If history were to repeat in this scenario, it could potentially result in Bitcoin retesting its all-time high, which reached $73,700 in March, potentially even surpassing it. Featured image from DALL-E, chart from TradingView.com
American multinational investment company BlackRock, has recently achieved a monumental milestone, recording over $20 billion in total assets. The BlackRock Spot Bitcoin ETF has successfully surpassed Grayscale to become the largest Bitcoin fund in the world. BlackRock Overtakes Grayscale BlackRock iShares Bitcoin Trust has recently become the world’s largest Bitcoin fund, overtaking its primary rival, Grayscale Bitcoin Trust (GBTC). Related Reading: Shiba Inu Open Interest Explodes 85% Amid 15% Price Jump, Why This Is Important As of Tuesday, May 28, BlackRock’s Spot Bitcoin ETF held around $19.68 billion in Assets Under Management (AUM), overthrowing Grayscale’s Bitcoin ETF with $19.65 billion and surpassing the third largest, Fidelity Investments, which recorded $11.1 billion in AUM. Over the past two days, BlackRock has recorded more inflows, pushing its AUM to more than $20 billion presently. Following the launch of its Spot Bitcoin ETF on January 11, Grayscale has consistently recorded massive outflows worth billions of dollars. For years, the asset management company was the world’s largest Bitcoin fund, reaching a peak of about $44 billion in 2021. However, since its conversion into an ETF at the beginning of 2024, investors have pulled out almost $18 billion from Grayscale’s Bitcoin fund. On May 3, GBTC recorded its first inflow, receiving approximately $63 million, and effectively ending its 82-day streak of outflows. Its previous outflows had already significantly weakened Grayscale’s position as the largest Bitcoin ETF. In contrast, BlackRock’s Spot Bitcoin ETF has been recording millions of inflows since its launch, making it unsurprising that IBIT has eventually surpassed Grayscale’s GBTC. BlackRock has only recorded a handful of outflows and minimal zero flows. Its highest recorded inflow occurred on March 12, with IBIT gathering approximately $849 million in a single day. Additionally, BlackRock’s Spot Bitcoin ETF witnessed its first outflow on May 1, losing about $36.9 million. On the same day, Grayscale had reported outflows of more than $167 million. Investors are likely favoring BlackRock’s Spot Bitcoin ETF due to its relatively affordable ETF management fees, which decreased from 0.30% to 0.25%. On the other hand, Grayscale has the highest ETF management fees among all the 11 approved United States Spot Bitcoin ETFs. While the asset management company has promised to slash fees, Grayscale’s Bitcoin Trust’s current ETF management fees remain as high as 1.5% annually. Still Leading Spot Bitcoin ETF Net Inflows According to Farside data, for the past week, BlackRock has been leading the Spot Bitcoin ETF race, recording the most inflows out of the 11 Spot Bitcoin ETFs. Related Reading: Shiba Inu Price Prediction: SHIB Shows Unusually High Strength Against Dogecoin Excluding May 27, when all United States Spot Bitcoin ETFs saw zero flows, BlackRock recorded a total of $127.1 million for the first two days. BlackRock’s Bitcoin Trust saw $102.5 million in inflows on Wednesday, while Grayscale’s Spot Bitcoin ETF witnessed outflows of $105.2 million. Currently, Grayscale is still recording more outflows, losing $31.1 million as of writing. Featured image created with Dall.E, chart from Tradingview.com
In a surprising turn of events, the native token of the decentralized ledger platform Hedera, HBAR, experienced a significant price surge of over 100% during the early hours of Tuesday. Starting from a low of $0.0875, HBAR skyrocketed to reach the $0.1821 mark by Wednesday. The sudden surge was triggered by the news of BlackRock’s tokenized fund, BUIDL, which generated high expectations among HBAR investors regarding a potential collaboration between the prominent asset manager and the Hedera protocol. Not Directly Connected To Hedera? Launched by BlackRock in March 2024, BUIDL operates as a tokenized fund on the Ethereum blockchain, providing US dollar yields through tokenization. Related Reading: Newbie Bitcoin Whales Hold 2x As Much As Veterans: What’s Behind This Trend? Initially, an announcement led to confusion among investors, who mistakenly believed that BlackRock would directly tokenize the fund on the Hedera network. This misunderstanding triggered a significant surge in the HBAR price. Upon closer examination of the announcement, it became clear that BlackRock and Hedera had no direct connection, although the initial reaction to the news was noteworthy. Crypto analysts, who use the pseudonym “CrediBull” on social media site X (formerly Twitter), shed light on the situation, emphasizing that explicit permission from BlackRock was unnecessary to list tokenized versions of their funds. It was not a deliberate decision by BlackRock to tokenize on Hedera; rather, an existing platform on the network took the liberty of tokenizing one of BlackRock’s funds. However, for the analyst, the fact that a platform on Hedera was among the first to tokenize a BlackRock fund reflects the platform’s leadership in the space. Analyst Clarifies Misconception Further examination reveals that Archax, the company behind the tokenized BlackRock fund on Hedera, is a portfolio company of ABRDN Investments, the largest asset manager in the UK, with approximately $500 billion in assets under management (AUM). Additionally, CrediBull emphasizes that BlackRock happens to be the fourth-largest shareholder of ABRDN. Notably, around ten months ago, Archax tokenized one of ABRDN’s money market funds, preceding their launch of the BlackRock fund. An interview by the Head of Digital Assets at ABRDN clarifies their involvement in the tokenization process on Archax. A “distribution agreement” was signed permitting the tokenization to proceed. If a similar agreement were reached with BlackRock, it would imply the asset manager’s endorsement of the product. Related Reading: Analysts Identify Key Scenario For Bitcoin Hitting $100,000 Ultimately, the interview with the head of digital assets at ABRDN underscores the fact that significant players are utilizing and contributing to the growth of Hedera behind the scenes. Following the clarification of the situation, the price of HBAR has retraced to $0.1199. Nevertheless, it remains up 8% over the past 24 hours and has recorded an impressive gain of nearly 60% in the past seven days. CoinGecko data highlights a substantial surge in HBAR’s trading volume, which has increased by over 1,100% in the past few days. This surge in trading volume indicates the widespread confusion sparked by the initial news announcement. Featured image from Shutterstock, chart from TradingView.com
Asset manager Blackrock has emerged as the frontrunner in the Bitcoin ETF race in terms of inflows with its IBIT ETF, which is increasingly attracting institutions’ attention as a key development showing its success. Many fund managers have flocked to invest in BlackRock’s ETF, signaling a growing interest in digital assets among traditional financial institutions. […]