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ETF bitcoin

BlackRock’s Bitcoin ETF: Breaking Records in 2024

by Ouess December 31, 2024

written by Ouess

BlackRock’s Bitcoin ETF, IBIT, has redefined market success in 2024. With unparalleled speed and scale, IBIT has become the fastest-growing ETF in history. Its remarkable rise has propelled BlackRock to the forefront of cryptocurrency investments.

BlackRock Leads the ETF Market

When the SEC approved BlackRock’s Bitcoin ETF in early 2024, the firm quickly dominated the market. IBIT’s incredible growth outpaced all other Bitcoin products and traditional ETFs worldwide.

And near lock that $IBIT passes $GLD as the king of store of value ETFs, curr has 78% of GLD's assets, there's even outside chance it does it by Jan 11th within its first year. Another crazy feat a la this fastest ETFs to $50b chart: pic.twitter.com/lkvRKv5lOB
— Eric Balchunas (@EricBalchunas) December 19, 2024

According to Bloomberg ETF analyst Eric Balchunas, IBIT broke records with lightning speed. In December, it surpassed long-established ETFs in Europe, some with decades of history. Market expert Nate Geraci even called IBIT the “greatest ETF launch ever.”

Unmatched Performance Metrics

IBIT has excelled across key performance metrics. After the OCC approved Bitcoin ETF options trading in November, IBIT options sales soared to $425 million on their first day.

BlackRock also outpaced its competitors in Bitcoin acquisitions, becoming one of the world’s largest BTC holders. This aggressive accumulation has solidified the company’s leading position in the ETF market.

BlackRock’s Bold Bet on Bitcoin

Despite recent Bitcoin price corrections, BlackRock remains optimistic. The firm’s bullish stance on Bitcoin spans over a decade, with executives predicting the crypto market will grow into the trillions.

BlackRock’s strategic investment in cryptocurrency is paying off, positioning the company as a leader in this dynamic space.

December 31, 2024 0 comment

Bitcoin

Bitcoin Nears $69K on ETF Inflows and Short Liquidations

by Ouess October 25, 2024

written by Ouess

Bitcoin is making a bold move toward its two-month high of $69,000, fueled by significant inflows into spot exchange-traded funds (ETFs) and a surge in short position liquidations.

Bitcoin’s Climb to $69,000

Currently trading around $67,739, Bitcoin (BTC) has seen a 0.6% increase over the past day, with a market capitalization of $1.33 trillion and a trading volume near $30 billion. This upward trend is driven by both rising ETF investments and liquidated short positions.

Short Liquidations Fuel Price Rally

Recent data from Coinglass reveals that Bitcoin’s price jump is largely due to a spike in short liquidations. Over the past 24 hours, Bitcoin saw $17.91 million in short liquidations, compared to $11.8 million in long liquidations. The forced covering of these shorts has driven additional demand, pushing prices upward.

Spot Bitcoin ETF Inflows Reach Record Levels

U.S.-based spot Bitcoin ETFs have seen unprecedented inflows. Over the past week, ETFs attracted more than $2.12 billion in consecutive net inflows. BlackRock’s IBIT ETF alone pulled in $165.54 million on October 24, marking nine consecutive days of positive inflows. Bitwise’s BITB ETF saw an inflow of $29.63 million, while Grayscale’s GBTC ETF experienced $7.05 million in outflows.

Bitcoin Spot ETFs See $188.1 Million in Net Inflows on October 24, Ethereum ETFs Record $2.3 Million.👀 pic.twitter.com/LkcHYC9WA2
— Crypto Crib (@Crypto_Crib_) October 25, 2024

Since the first spot Bitcoin ETFs launched in January, the 12 products now available have amassed $21.53 billion in net inflows, a notable achievement. Bloomberg ETF analyst Eric Balchunas commented that this feat took gold ETFs five years to reach, underscoring Bitcoin’s rapid adoption.

Bitcoin ETFs have crossed $20b in total net flows (the most imp number, most difficult metric to grow in ETF world) for first time after huge week of $1.5b. For context, it took gold ETFs about 5yrs to reach same number. Total assets now $65b, also a high water mark. pic.twitter.com/edldEimfqd
— Eric Balchunas (@EricBalchunas) October 17, 2024

Political Support Boosts Bitcoin Sentiment

The political climate in the United States is also adding momentum to Bitcoin’s growth. The prospect of a pro-crypto administration, possibly led by Donald Trump, has sparked optimism. With potential plans to replace SEC Chair Gary Gensler and advocate for crypto-friendly policies, investors anticipate a regulatory shift that could encourage Bitcoin adoption further.

October 25, 2024 0 comment

Bitcoin

Bitcoin ETF Inflows Surge as Institutions Eye Q4 Rally

by Ouess September 27, 2024

written by Ouess

As interest in spot Bitcoin ETFs grows, institutional investors are gearing up for a potential Bitcoin rally in the fourth quarter of the year. With global rate cuts providing a significant boost, Bitcoin’s price has surpassed $65,000 for the first time in nearly two months.

Spot Bitcoin ETF Inflows Hit New Highs

On September 26, inflows into spot Bitcoin ETFs soared to $365 million, marking the highest single-day inflows in September. This also represents six consecutive days of rising inflows, indicating renewed institutional interest in Bitcoin. The Ark Invest BTC ETF (ARKB) led the way with $113 million in inflows, followed by BlackRock’s IBIT with $93.4 million.

BlackRock’s continuous accumulation has boosted its Bitcoin holdings to 359,606 BTC, making it one of the largest holders in the market. Other ETFs also saw strong inflows, with FBTC receiving $74 million and BITB attracting $50 million. Grayscale’s GBTC experienced just $7.7 million in outflows, further underscoring the shift in institutional sentiment. Altogether, spot Bitcoin ETFs accumulated 5,602 BTC in a single day according to Farside DATA.

US Regains Dominance in Bitcoin Holdings

According to crypto analyst Ki Young Ju, the United States is regaining dominance in Bitcoin holdings, driven by strong inflows into spot ETFs. With higher trading volumes, the ratio of US-held BTC compared to other countries has surged, reflecting a growing trend of institutional adoption.

The 🇺🇸U.S. is regaining dominance in #Bitcoin holdings. Its ratio compared to other countries is rising, driven by spot ETF demand. Only known entities are included. pic.twitter.com/a9XOb5134E
— Ki Young Ju (@ki_young_ju) September 26, 2024

Institutions Brace for Q4 Bitcoin Price Surge

With central banks like the People’s Bank of China (PBoC) implementing rate cuts, liquidity is pouring into the market. Chinese investors are increasingly turning to Bitcoin as a safe haven amidst economic uncertainty. In a recent statement, QCP Capital expressed confidence in more easing from the PBoC, predicting a global liquidity boost as the Federal Reserve joins the rate-cutting cycle.

"Volatility Supercycle" is an essay exploring my track record of predictions and why it doesn't matter as long as the elites continue suppressing the volatility of markets using printed money.https://t.co/AUg0nGTD6j pic.twitter.com/AdT1UmVsAs
— Arthur Hayes (@CryptoHayes) September 26, 2024

This influx of liquidity could potentially spark a “volatility supercycle.” Notably, former BitMEX CEO Arthur Hayes remains bullish on Bitcoin, stating it offers a sound solution in today’s digital economy to counterbalance the excesses of the financial elite.

September 27, 2024 0 comment

Bitcoin

Bitcoin ETFs Experience Significant Outflows Amid Economic Uncertainty

by Ouess June 12, 2024

written by Ouess

U.S.-listed spot bitcoin exchange-traded funds (ETFs) experienced a second consecutive day of outflows as traders moved to mitigate risk ahead of crucial macroeconomic announcements scheduled for later Wednesday.

According to data from SoSoValue, the eleven ETFs saw net outflows totaling $200 million on Tuesday, the highest since the $580 million outflows recorded on May 1. This sell-off coincided with a brief dip in BTC prices to $66,200 before a quick recovery.

Grayscale’s GBTC bore the brunt of these outflows, accounting for $120 million of the total. GBTC continues to be the worst-performing ETF by outflows since its inception in January, amassing a staggering $18 billion in cumulative outflows. Other ETFs, including Ark Invest’s ARKB, Bitwise’s BITB, Fidelity’s FBTC, and VanEck’s HODL, recorded outflows ranging from $56 million to $7 million, with no inflows reported for any of the funds.

#Bitcoin selling heats up as investors pull $200M from ETFs before #FOMC meeting. pic.twitter.com/qEAlllQe8K
— The Moon (@TheMoonCarl) June 12, 2024

Market analysts attributed these outflows to traders’ derisking actions ahead of the Consumer Price Index (CPI) reading on Wednesday and the conclusion of the two-day Federal Open Market Committee (FOMC) meeting today, where the Federal Reserve’s monetary policy decisions will be announced.

“Markets are in risk-off mode ahead of CPI and FOMC tomorrow. This month’s FOMC will also release the Dot Plot, indicating how many rate cuts the Fed anticipates for the remainder of 2024,” noted Singapore-based QCP Capital in a broadcast message on Tuesday. Despite the short-term challenges, QCP Capital maintains a long-term bullish outlook.

“Despite short-term headwinds, we think this might be a good opportunity to accumulate coin. Bullish events on the horizon, such as the potential launch of an ETH spot ETF and the political battle for the crypto vote between Biden and Trump, support our positive long-term view,” QCP stated.

Additional potential market movers include Treasury Secretary Janet Yellen’s speech on Friday, which could influence riskier assets such as cryptocurrencies based on her comments, as previously reported.

This period of volatility underscores the importance of staying informed about macroeconomic factors and their potential impact on cryptocurrency investments.

June 12, 2024 0 comment