Grayscale sheds $20B from Bitcoin and Ether ETFs

Grayscales spot BTC and ETH ETFs face significant outflows, while other approved ETF participants maintain a positive balance.

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BlackRock Global Allocation Fund Reveals Major Bitcoin ETF Stake With 43,000 Shares

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 managers Bitcoin ETF, iShares Bitcoin Trust, as of April 30.  This announcement follows two previous filings by BlackRock on May 28, which disclosed the funds exposure to Bitcoin in [...]

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BlackRock Overtakes Grayscale To Become The Largest Bitcoin Fund In The World With $20 Billion AUM

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 worlds 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, BlackRocks Spot Bitcoin ETF held around $19.68 billion in Assets Under Management (AUM), overthrowing Grayscales 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 worlds 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 Grayscales 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 Grayscales position as the largest Bitcoin ETF. In contrast, BlackRocks Spot Bitcoin ETF has been recording millions of inflows since its launch, making it unsurprising that IBIT has eventually surpassed Grayscales 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, BlackRocks 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 BlackRocks 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, Grayscales 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. BlackRocks Bitcoin Trust saw $102.5 million in inflows on Wednesday, while Grayscales 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

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BlackRock Spot Bitcoin ETF Launches In Brazil, ETF Market Secures 4% Of Total BTC Supply

BlackRock, the worlds largest asset manager, announced the iShares Bitcoin Trust ETF (IBIT39) launch in Brazil on Thursday. Starting today, Friday, March 1, shares of this index fund, which tracks the spot price of Bitcoin (BTC), will be traded on the Brazilian Commodities and Futures Exchange, known as B3. BlackRock Launches IBIT39 Bitcoin ETF In [...]

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BlackRock lauds AI as ‘mega force’ to drive returns

AI could prove to be a boon for investors looking for gains in today's “unusual” market.

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BlackRock has ‘50% chance’ of getting spot Bitcoin ETF approved: Analyst

Bloomberg’s senior ETF analyst believes BlackRock has an even chance of getting its Bitcoin ETF green-lit, as Grayscale looks more likely to win its case against the SEC.

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Ran Neuner Believes Blackrock’s Bitcoin ETF Could Double Price Next Year, Dismisses ‘Malicious Intent’ Speculations

Following Blackrock, the largest asset manager globally, filing for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), Ran Neuner, host of Crypto Banter, stated during an interview with Michelle Makori, lead anchor for Kitco News, that he believes the asset manager has “no malicious intent.” Neuner additionally expressed his [...]

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Bitcoin price surge will come from retail, not institutions: Fireblocks CEO

While an approved BlackRock spot Bitcoin (BTC) exchange-traded fund (ETF) will funnel new institutional money to Bitcoin, it’s going to be the retail investors that ultimately drive any significant price surges, according to Michael Shaulov, the CEO and co-founder of institutional custody platform Fireblocks. On June 15, investment colossus BlackRock filed for a spot Bitcoin ETF, [...]

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Bitcoin reaches 50% market dominance for first time in 2 years

Bitcoin (BTC) dominance, the measure of how much Bitcoin makes up of the total crypto market cap, has breached the 50% mark. On June 19 at 6 pm UTC, Bitcoin dominance hit just above 50% and has since settled to 49.9% at the time of publication, according to data from TradingView. This means that Bitcoin [...]

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Blackrock CEO Larry Fink Says Crypto Will ‘Transcend Any One Currency’ — Sees Broad-Based Global Interest

Larry Fink, the CEO of the world’s largest asset manager, Blackrock, says crypto is so international that it will transcend any one currency. Regarding Blackrock’s bitcoin exchange-traded fund (ETF) filing with the U.S. Securities and Exchange Commission (SEC), the executive stressed: “We are working with our regulators because, as in any new market, if Blackrock’s [...]

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Blackrock Files for Bitcoin Trust — Analyst Calls It a ‘Real Deal’ Spot Bitcoin ETF Filing

Blackrock, the world’s largest asset manager, has filed to register a bitcoin trust that some believe is actually a spot bitcoin exchange-traded fund (ETF) in disguise. Blackrock is seeking to launch a bitcoin product despite the U.S. Securities and Exchange Commission’s (SEC) efforts to crack down on unregistered crypto platforms and securities tokens. The asset [...]

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VanEck Applies for Ticker Symbol 'HODL' for Proposed Bitcoin ETF...

Major asset management company VanEck filed its fifth amended application for a spot Bitcoin Exchange-Traded Fund (ETF). This move marks a new chapter in the evolution of cryptocurrencies and their integration into mainstream financial markets.

VanEck's proposed ETF will trade under the unique ticker symbol "HODL"...

A widely used term within the Bitcoin community. "HODL" stands for "hold on for dear life" and represents a long-term investment strategy where individuals buy and retain their Bitcoin, unfazed by market volatility. This choice of ticker reflects VanEck's alignment with the core values of the Bitcoin community, emphasizing the long-term potential of the cryptocurrency.

Analysts have offered varied opinions on the "HODL" ticker. Nate Geraci, president of The ETF Store, believes it will resonate well with crypto-savvy investors but might be less intuitive for traditional ones. Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, views it as a bold and unconventional approach, contrasting it with the more conservative choices seen from other firms like BlackRock and Fidelity.

The Companies Racing To Launch their Bitcoin ETF's Are The Largest Financial Intuitions in the World..

One thing justifying Bitcoin's recent price gains is that the companies interested in launching crypto based ETF's are literally the largest and most powerful financial firms in the world.  Several prominent firnms included are BlackRock, Fidelity, Valkyrie, and Franklin Templeton.

While the SEC has yet to provide a clear indication of its stance on these filings, it remains actively engaged in discussions with the firms to address technical aspects of their proposals.

VanEck anticipates SEC approval for its spot Bitcoin ETF as early as January 2024...

They're projecting a potential inflow of $2.4 billion in the first quarter following approval.

This latest move by VanEck signifies a strategic effort to connect with the Bitcoin community and tap into the growing interest in this digital asset. As the regulatory landscape continues to evolve, the anticipation surrounding SEC approval highlights the potential impact such a product could have on the crypto market, potentially making it more accessible and appealing to a wider audience.

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Author: Adam Lee 
Asia News Desk / Breaking Crypto News

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SEC Expected to DELAY Bitcoin ETF Approval AGAIN...

The cryptocurrency world is watching closely this week as the Securities and Exchange Commission (SEC) faces key deadlines to approve or reject several proposed bitcoin exchange-traded funds (ETFs).

Friday marks the deadline for the SEC to make initial decisions on ETF applications from financial firms Hashdex and Franklin Templeton. The regulator could approve the applications, reject them outright, or punt the decision down the road by extending the deadline into 2023.

Another Delay Coming?

According to ETF specialist James Seyffart of Bloomberg Intelligence, there is a "good chance" the SEC will choose the third option and delay the bitcoin ETF decisions until January 2024.

In total, there are 12 pending bitcoin spot ETF applications awaiting judgement by the SEC. The chart below shows the status of the 12 firms applying...

If Not Now, Soon...

While Bloomberg's James Seyffart predicts a delay this week, he remains optimistic that some bitcoin ETFs will ultimately get approved by January 10th, giving this prediction a 90% chance of happing. 

Exploiting the Hype...

However, ETF excitement also led to some market manipulation last week. An unknown actor submitted a fake application for a Ripple (XRP) ETF from Blackrock, briefly causing XRP to spike 10%. The price quickly corrected, but not before causing $5 million in liquidations for XRP leverage traders caught on the wrong side of the swings.

The SEC has yet to approve any cryptocurrency ETFs, repeatedly citing concerns around volatility, manipulation, and adequate oversight. But many investors hope that 2023 could finally be the year bitcoin ETFs get the green light in the US, opening the doors to greater mainstream adoption.

But the SEC faces growing pressure as other countries have already begun approving bitcoin ETFs, further delays would officially put the US behind.

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Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

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Bitcoin ETFs approach $110B as analyst calls $200K BTC in 2025

US-based spot Bitcoin ETFs now hold over 5.7% of the entire Bitcoin supply, with analysts seeing it as a price catalyst toward $200,000. United States-based spot Bitcoin exchange-traded funds (ETFs) are nearing a significant milestone following record-breaking growth during 2024 as BTC crossed the $100,000 price level. The US spot Bitcoin (BTC) ETFs are just

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Pro Trader Peter Brandt Says Bitcoin Halving ‘Will Be a Non-Event’

Veteran trader Peter Brandt has said the upcoming bitcoin halving in 2024 and the “inevitable” approval of a Bitcoin ETF by the U.S. are likely to be non-events. Brandt claimed that while the top cryptocurrency’s correlation to other markets is a non-starter, bitcoin’s position on “top of [the] food chain” is the only thing that [...]

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