Ondo Finance Joins BlackRock Tokenized Fund As Inflows Surpass $160M

BlackRock, one of the largest asset managers globally, has witnessed notable success with its newly launched tokenized money-market fund, BUIDL. The fund, which records shared ownership on the Ethereum (ETH) blockchain, has attracted over $160 million in just one week since its debut.  BlackRocks BUIDL Fund According to a Bloomberg report, the BlackRock USD Institutional [...]

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Bitcoin ETF Breaks Records: BlackRocks IBIT Joins Elite $10 Billion Club Amidst Soaring Demand

The demand for spot Bitcoin exchange-traded funds (ETFs) has surged since their recent approval on January 10, with BlackRock’s IBIT Bitcoin ETF leading the way. This ETF has reached impressive milestones in less than two months, attracting significant investor interest and opening doors for various market participants to invest in the largest cryptocurrency directly.  As institutional and retail investors flock to these new investment vehicles, market experts predict a bullish trend and anticipate a potential price surge. Bitcoin ETF Frenzy According to Bloomberg ETF expert Eric Balchunas, BlackRock’s IBIT Bitcoin ETF has quickly joined the esteemed “$10 billion club,” reaching the milestone faster than any other ETF, including Grayscale’s Bitcoin Trust (GBTC), noting that only 152 ETFs out of 3,400 have crossed the threshold. Balchunas notes that IBIT’s ascent to this club was primarily driven by significant inflows, which accounted for 78% of its assets under management (AUM). This reflects the growing appetite for Bitcoin exposure among investors seeking diversified and regulated investment options. In particular, the current trajectory of the ETF market paints a picture of resilience and bullish sentiment in the market. Equity ETF flows, and leveraged trading levels are positive indicators, although they have not yet reached the euphoria seen in 2021, Balchunas notes.  However, Bloomberg’s new BI ETF Greed/Fear Indicator, which incorporates various inputs, highlights the optimistic outlook shared by ETF investors, as seen in the chart below. Related Reading: Fetch.AI (FET) Surges 21%: Why This Rally Is Just Getting Started On this matter, crypto analyst “On-Chain College” went to social media X (formerly Twitter) to emphasize the significant demand for Bitcoin as evidenced by its rapid departure from exchanges.  In its analysis, On-Chain College highlights that Bitcoin ETFs buy approximately ten times the daily amount of BTC mined. At the same time, the upcoming halving event will further reduce the mining supply. The analyst predicts when demand will exceed available supply, leading to potential upward price pressure. Highest Monthly Close Since 2021 Bitcoin’s recent market performance has caught the attention of wealth manager Caleb Franzen, who highlights the significance of the highest monthly close since October 2021.  Franzen further emphasizes the bullish momentum by pointing out that the 36-month Williams%R Oscillator has closed above the overbought level for only the fourth time in history. Historical data reveals impressive returns following such signals, indicating the potential for substantial gains in the coming months.  Additionally, Franzen notes the changing dynamics of the market, with increased institutional participation and the ease of retail onboarding through ETFs. Franzen presents a compelling case for the bullish nature of overbought signals, urging market participants to view them as momentum indicators rather than signals to fade. Previous instances of overbought signals have resulted in significant Bitcoin price appreciation: February 2013: +3,900% in 9 months December 2016: +1,900% in 12 months November 2020: +260% in 12 months While acknowledging diminishing returns in each cycle, Franzen highlights the unprecedented level of institutional participation and the ease of retail access through ETFs.  Related Reading: XRP Poised for Growth: Analyst Forecast Bullish Movement Ahead Even if Bitcoin were to match the +260% gain from the November 2020 signal, it would reach a price of $180,000, surpassing Franzen’s minimum cycle target of $175,000.  Ultimately, Franzen notes that bull markets are typically characterized by a rising ETHBTC ratio and a falling BTC.D (Bitcoin dominance). While these characteristics have yet to manifest fully, Franzen suggests that a multi-quarter rally in the broader cryptocurrency market may be on the horizon. Featured image from Shutterstock, chart from TradingView.com

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Analyst Labels Bitcoin Rally Strongest Pre-Bull Cycle Yet

The entire cryptocurrency space is fueled with excitement as the price of Bitcoin rallied today, demonstrating immense resilience, reaching the $59,000 threshold and even further in the past 26 months. Bitcoin Rally Kicks Off The Strongest Pre-Bull Cycle So Far Bitcoin is currently in the limelight as the crypto asset continues to rally, leading to several analysts identifying the surge as the start of the “biggest bull cycle ever.” Analyst and trader Crypto Jelle has labeled the recent uptick as the “strongest start to a new cycle” as his analysis examines the strength of BTC‘s surge. Related Reading: Bitcoin Fast Approaching $60,000 As BTC F&G Index Hits Extreme Greed Details Jelle claims this resulted from Bitcoin’s latest “break out from the 0.618 Fibonacci retracement.” According to the analyst, “this marks the first time” the asset has made this kind of move “before the Bitcoin Halving event happens.” He also claims that with the ongoing rally, it seems like the market is “in for a new regime,” he believes things will play out “differently” in the market from how they usually do. The post read: This is the first time Bitcoin breaks that 0.618 Fibonacci retracements before the halving event even takes place. By far the strongest start to a new cycle, ever. Looks like we are in for a new regime, where things work a little different than how they used to. The analyst claims that a shift in the narrative is ushering in a “new era of dynamics in the cryptocurrency landscape.” As a result, “exciting moments await” the space in the future. Crypto Jelle declared that nothing can stop Bitcoin at the moment. “With BTC rising by another 2% in the past few hours, there seems to be no stopping it right now,” he stated. Additionally, most of yesterday’s gains occurred outside the Exchange-Traded Funds’ trading hours. However, the analyst is waiting to see if they will “force boomers to pursue price.” BTC ETFs See Massive Inflow Research company BitMEX reported that Bitcoin Spot ETFs have seen increased adoption, witnessing a massive surge in daily inflow. Data from the platform shows that ETFs have witnessed a significant inflow of 10,167 BTC valued at $576.8 million. Related Reading: Bitcoin Spot ETFs: Issuers Set New Record As Weekly Inflows Cross $2.2 Billion BitMEX underscored that Blackrock’s iShares BTC ETF (IBIT) made up $520 million of the total inflow. Consequently, this marks the highest inflow the company has seen since the products were approved.  So far, Blackrock’s asset holdings have risen to over 141,000 BTC, and its net inflow sits above $6.5 billion. Currently, Bitcoin is trading at $59,254, indicating a rise of over 4% in the past 24 hours.  Featured image from iStock, chart from Tradingview.com

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BlackRock Bitcoin ETF Options Surge: December 20 Call Signals BTC Price Target Of $180,000

BlackRock, the worlds 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 Trumps 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 BlackRocks 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

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