The SEC's approval of Bitcoin ETFs has transformed the market, with inflows supporting prices and altering post-halving dynamics.
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Asset management firm Grayscale has disclosed new details about its new Bitcoin Mini Trust fund, a “spin-off” of the GBTC exchange-traded fund (ETF). The new fund, which was first announced in March, is expected to operate independently and offer a cost-effective investment option to GBTC shareholders. Grayscale Offers Industry-Low Fee With New Fund According to […]
Yat Siu spoke on the panel "Bitcoin's Revenge: Is Web3 Making a Comeback?" at WebSummit Rio in Brazil.
A recent analysis by crypto exchange Bybit has sounded the alarm on a potential shortage of Bitcoin (BTC) on exchanges by the end of 2024 if demand remains at similar levels. The report predicts that reserves could be entirely depleted within the next nine months if current withdrawal rates persist — currently around 7000 BTC […]
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Last week saw digital asset outflows of $126m, with the US leading at $145m.
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Hong Kong further solidified its status as a crypto hub, with several issuers reporting approval of their spot Bitcoin and Ethereum Exchange-Traded Funds (ETFs) applications on April 15. However, Hong Kong’s foremost financial regulator, the Securities and Futures Commission (SFC), has yet to release an official statement on this development. SFC has not responded to […]
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Celisa Morin, the head of legal at Reed Smith and a former executive at Grayscale, says traditional financial institutions will likely follow BlackRock’s lead in using public blockchains.
Inflows into Bitcoin ETFs have also slowed, indicating declining investor engagement.
The Ethereum (ETH) community has continued to eagerly await news on approving a spot Ethereum Exchange-Traded Fund (ETF) slated to occur by May. However, as the US Securities and Exchange Commission (SEC) maintains a conspicuous silence on the matter, speculation has risen on the likelihood of the approval. This speculation is further fuelled by the […]
Spot Bitcoin exchange-traded funds (ETFs) surpassed several predictions about their assets as their collective assets under management (AUM) hit $59.1 billion within the first three months of the year, Bitwise revealed in a research report on April 11. JP Morgan and Bitcoin investment management firm NYDIG anticipated that spot Bitcoin ETFs could achieve an AUM […]
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This week’s Crypto Biz explores the rise of tokenization markets, PayPal’s stablecoin, SushiSwap’s move to a “Labs model,” and the U.S. SEC’s decision to defer Bitcoin ETF options.
The CEO of investment management firm VanEck says spot Bitcoin ETFs have mainly attracted inflows of capital from retail investors four months since their launch.
Deutsche Bank survey reveals a split view on Bitcoin, with one-third expecting a drop below $20,000 and 40% confident in its future.
Bitcoin price is now eyeing the $73,000 level, right under its all-time high, where new short positions are beginning to stack up.
BTC price action takes an uncertain turn as weak Bitcoin ETF inflows spark nervousness.
BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Trust (FBTC) have broken another record by becoming two of the top 20 exchange-traded funds with the longest streak of continuous inflows of all time. Bloomberg ETF analyst Eric Balchunas observed on April 8 that the two spot Bitcoin ETFs have seen continuous inflows since […]
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The crypto market could be on the cusp of a major boom, according to Brad Garlinghouse, CEO of blockchain company Ripple. Related Reading: Red Flag For eToro? Philippines Investigates Possible Securities Violation In an interview with CNBC, Garlinghouse predicted that the total market capitalization of the crypto market could double by the end of 2024, […]
The exchange has petitioned the Securities and Exchange Commission to approve a broad multi-share class structure.
BlackRock’s new additions include ABN AMRO, Citadel Securities, Citigroup Global Markets, Goldman Sachs and UBS Securities.
Spot Bitcoin ETFs have captured over 4% of BTC supply, driving up whale balances and contributing to new market highs.
BlackRock, the world’s largest asset manager, has today updated the list of Authorized Participants (APs) for its spot Bitcoin exchange-traded fund (ETF), IBIT. The ETF, which has been live since January 10, 2024, allows investors to gain exposure to Bitcoin without directly holding the digital assets. According to the latest prospectus, BlackRock has added five […]
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Although Australia already has a couple of ETPs exposed to Bitcoin, Monochrome’s spot BTC ETF will be the first to hold physical Bitcoin in its ETF, similar to the United States-based products.
Morgan Stanley and UBS are actively competing to become the first major banks to offer their clients access to spot Bitcoin exchange-traded funds (ETFs), according to people familiar with the matter. Sources said that Morgan Stanley wants to be the first major bank to offer its clients full access to spot BTC ETFs and will […]
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Many expect the commission to reach a final decision on spot Ether ETFs in May with approval or denial of a filing from VanEck.
Bitcoin ETF outflows are on the rise once again after a change in the tide last week. These outflows, given the ETFs’ correlation with the Bitcoin price, have a substantial impact on how well the cryptocurrency performs over time. So, as outflows are ramping up, will it trigger a crash in the BTC price? ARK Invest And Grayscale Lead Outflows While Grayscale’s Spot Bitcoin ETF has been the natural culprit for ETF outflows due to its high fees, another fund has joined the trend in a surprising turn of events. Cathie Wood’s ARK Invest saw a substantial outflow from its ETF, leading to a new record for the investment firm. Related Reading: Solana Whales Are Making Moves – Here’s The Direction They’re Headed In The Ark 21Shares Fund (ARKB) saw a record $87.5 million leave its fund on Tuesday, April 2. Interestingly, the fund’s outflows were even higher than that of Grayscale, which saw around $81.9 million in outflows in the same day. For both these funds, it marked the second consecutive day of outflows, although it was more concerning on the part of the Ark 21Shares Fund. This is because Grayscale saw a decline in outflows between Monday and Tuesday, going from $302.6 million to $81.9 million. Whereas the ARK Invest fund saw outflows go from $0.3 million on Monday to $87.5 million on Tuesday, resulting in a 29,000% increase in outflows in a single day. Only these two funds have experienced outflows this week though, as the other ETFs continue to see upside. While Monday’s net flows ended up being negative to the tune of $85.7 million, Tuesday’s numbers looked better with positive net flows of $40.3 million. How Will This Affect Bitcoin Price? Since the Spot Bitcoin ETFs were approved in January, their effect on the Bitcoin price has been positive overall. However, there have been points where outflows from the funds have affected the BTC price, causing it to crash. Related Reading: Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree A few instances of this is back in January, a week after the ETFs were first approved. Outflows had plagued the funds and the Bitcoin price had declined as a result. Then again, in March, when outflows turned negative between March 18 and March 22 and the Bitcoin price crashed from $73,000 to $61,000. Given BTC’s performance during periods where outflows prevail in Spot ETFs, this current trend does not bode well for the price. There has been a recovery in the BTC price after inflows turned positive on Tuesday. But unless they stay positive through the end of the week, the BTC price could see further crashes toward the $60,000 level. BTC price recovers above $66,000 | Source: BTCUSD on Tradingview.com Featured image from Business News This Week, chart from Tradingview.com
For the first time, outflows from Ark 21 Shares overtook Grayscale’s.
Despite a net positive flow into the crypto market, the ETF demand seems to have slowed down compared to its peak in the first week of March.
Ethereum investors are navigating the second quarter of 2024, cautiously embracing optimism, leveraging insights from historical trends and market data to anticipate potential gains. Related Reading: XRP And XLM Blast: Analyst’s 20X Rally Projection To ‘Melt Faces’ Santiment’s recent analysis reveals that the number of Ethereum addresses holding coins has reached highs of more than 118,000, with midterm MVRV suggesting a mild bullish signal. These indicators, combined with past data indicating Ethereum’s tendency for robust performance during Q2, fuel hopes for another season of positive returns. Ethereum: Historically Strong Q2 Performance Crypto analyst Ali Martinez recently shared a screenshot of Ethereum’s quarterly returns on social media platform X, highlighting the cryptocurrency’s significant spikes during previous second quarters, notably in 2017 and 2019. These spikes, with increases of 450% and over 100% respectively, have intrigued investors and led them to closely monitor Ethereum’s performance in the current quarter. Q2 has historically been very bullish for $ETH! However, we must consider the high probability that the @SECGov will delay the approval of a spot #Ethereum ETF, which may cause turbulence in the market. pic.twitter.com/TlZ3KZhr4e — Ali (@ali_charts) April 1, 2024 Several key financial players, including BlackRock, Fidelity, and Grayscale, have expressed interest in launching a spot Ethereum ETF. However, the regulatory hurdles present significant challenges, raising questions about Ethereum’s integration into traditional financial markets. Market indicators reflect Ethereum’s current state, with nearly 5% decline in the last 24 hours, trading at $3,380. Despite this dip, Ethereum briefly surpassed $3,500 over the weekend, showcasing resilience amidst market fluctuations. Ethereum price action in the last three months. Source: Coingecko While market indicators point towards a potentially bullish period for Ethereum, uncertainty looms over the regulatory landscape, casting a shadow of caution over investors’ optimism. The impending decision by the Securities and Exchange Commission regarding the approval or rejection of the spot Ethereum ETF by May 23 is eagerly anticipated. Analysts cautiously estimate a modest 25% likelihood of approval, acknowledging the regulatory complexities surrounding cryptocurrency investment vehicles. Ether market cap currently at $406 billion. Chart: TradingView.com ETF Approval: Boon For Ether? Approval of the ETF could herald a new era for Ethereum, opening the floodgates for increased institutional investment and potentially igniting heightened market demand. Institutional investors, previously hindered by regulatory uncertainties and limited investment avenues, would gain access to a regulated and transparent platform, thus bolstering Ethereum’s legitimacy within traditional finance. Such a development could fuel a surge in Ethereum’s market value, attracting both seasoned investors and newcomers alike. Related Reading: Get Ready For A Bitcoin Cash Revolution: Analyst Forecasts Historic Breakout Conversely, a rejection or further delay in approval may deliver a blow to Ethereum’s short-term prospects, potentially triggering short-term volatility and denting investor sentiment. The market, accustomed to swift movements and rapid changes, may experience a period of turbulence as investors reassess their strategies in light of regulatory setbacks. Ethereum’s second quarter outlook is marked by a delicate balance between historical performance patterns, regulatory uncertainties, and market dynamics. While past trends hint at potential gains, the pending decision on the spot Ethereum ETF introduces a level of unpredictability to the market. Featured image from Gary Bendig/Unsplash, chart from TradingView
Consensys highlighted that Ethereum boasts a larger developer community than Bitcoin and operates on a fully transparent and public blockchain.
Only 19% of gamblers betting on the outcome of a decision on whether to approve or deny spot Ether ETFs by the U.S. SEC are putting their money on a positive result by the May deadline.