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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Grayscale Battling Outflows And Lower-Cost ETFs, Q1 Revenue Stays Flat At $156M

Grayscale Investments, the issuer of one of the recently approved spot Bitcoin exchange-traded funds (ETFs) in the US, saw flat revenues in the first quarter of the year due to its decision to maintain fees on its flagship Grayscale Bitcoin Trust ETF (GBTC).  Grayscale Exceeds Expectations Despite Outflows According to a shareholder letter from its [...]

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Bitcoin ETF Frenzy: BlackRock Smashes Expectations With $788 Million Inflows In One Day

BlackRock’s Bitcoin ETF, IBIT, achieved a remarkable milestone on March 5. Attracting a staggering $788 million, it exceeded its previous record of $612 million in inflows in a single day. This surge in investment coincided with Bitcoin reaching a new all-time high (ATH) of $69,300, surpassing its previous ATH set in 2021. Bitcoin ETF Trading Volumes Reaches Record $10 Billion Shortly after Bitcoin hit its new milestone, the market experienced a notable price correction, dropping below $60,000. However, this dip seemed to entice ETF buyers who saw it as an opportunity to accumulate Bitcoin at a discounted price.  As a result, the Bitcoin price has quickly recovered and reached the $65,200 level, positioning itself for further price gains and consolidation above its ATH. Related Reading: Can DOGE Avoid A Dive? Sell Pressure Puts Memecoin To The Test According to Bloomberg ETF expert Eric Balchunas, the ten Bitcoin ETFs traded a staggering $10 billion in volume on the same day, breaking the previous record set just a week ago.  The expert noted that this surge in trading activity is not entirely unexpected, as volatility and volume often go hand in hand with ETFs. Balchunas also highlighted that several ETFs, including Blackrocks IBIT, Fidelity (FBTC), Bitwise (BITB), and Arkham (ARKB), achieved record-breaking trading volumes. Interestingly, while the Bitcoin ETFs experienced a surge in inflows, the Grayscale Bitcoin Trust (GBTC) continued its trend of outflows since the ETFs launched on January 11.  Balchunas noted that GBTC has seen nearly $10 billion in outflows, yet its total assets under management remain unchanged since its launch. This phenomenon can be attributed to the bull market subsidy, wherein investors continue to hold assets despite outflows, generating revenue for the trust. A Temporary Halt Before Further Gains? Bitcoin’s recent price action has encountered resistance at its ATH level of $69,000, signaling a temporary rejection from this crucial point. This coincides with the activation of the Golden Ratio Multiplier, the first and only cycle top indicator to have fired thus far. Related Reading: Fetch.AI (FET) Price Gains Another 15% Following This Big News The Golden Ratio Multiplier, an indicator often used in technical analysis, has seen its cycle top band (level 5) rise to $69,099, aligning perfectly with Bitcoin’s recent peak. However, considering this is the sole indicator predicting a cycle top, some analysts, including Crypto Con, believe that a significant market correction may not have occurred yet. According to Crypto Con, this current phase represents a temporary resting place for Bitcoin’s early parabolic ascent. Crypto Con suggests that once Bitcoin breaks through the ATH, it will begin a new phase characterized by heightened market activity and potential price gains.  Featured image from Shutterstock, chart from TradingView.com

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US Spot Bitcoin ETFs Experience Record Outflows, Losing $740 Million In Three Days

The 10 spot Bitcoin ETFs experienced their biggest three-day outflow since their debut in January, as reported by Bloomberg. This shift in investor sentiment comes after heightened interest that propelled the largest cryptocurrency in the market to a record high of $73,700. Bitcoin ETFs See Record Outflows Between Monday and Wednesday, a net total of $742 million exited the Bitcoin ETFs, reflecting outflows from the Grayscale Bitcoin Trust (GBTC) and a moderation in subscriptions for similar offerings from prominent firms like BlackRock (IBIT) and Fidelity Investments (FBTC). Related Reading: Cardano (ADA) Eyes Explosive 2000% Bull Run, Targeting $12 And Quadrupling ATH According to Bloomberg ETF expert Eric Balchunas, the Grayscale Bitcoin Trust has experienced a notable outflow surge. This recent development indicates a “second wind” of investor withdrawals, with a substantial $1.4 billion leaving the trust just this week.  Notably, these withdrawals have surpassed all other ETFs in year-to-date outflows and set a new record for cumulative outflows in ETF history, as shown in the chart above. Nevertheless, GBTC continues to hold a prominent position in terms of revenue generation. It currently ranks third out of the 3,400 ETFs available, demonstrating its continued financial success. Despite the recent outflows, the overall performance of these funds remains noteworthy, with net inflows of $11.4 billion recorded since their launch, according to data compiled by Bloomberg. This signifies one of the most successful debuts for an ETF category. Crypto Analyst Predicts “Massive Bounce” For BTC Bitcoin experienced a significant surge of over 5% in the United States on Wednesday, propelled by signals from the Federal Reserve (Fed) hinting at potential interest-rate cuts.  However, the Asian market painted a different picture on Thursday, with Bitcoin losing momentum compared to continued gains in global stocks and gold. According to Bloomberg, the news of outflows from Bitcoin ETFs permeated markets, contributing to the contrasting performance. Related Reading: Dogecoin Price Holds Crucial Support But Can DOGE Clear This Hurdle? Nonetheless, renowned crypto analyst Michael van de Poppe shared a bold prediction on social media platform X (formerly Twitter). In his post, he expressed optimism about a “massive bounce” for Bitcoin, suggesting the potential for a continuation of its upward trajectory.  Van de Poppe also predicted that Bitcoin could consolidate in the near term before embarking on another rally towards the all-time high it reached before the halving event, which is expected to begin sometime in April. Currently, BTC is trading at $66,200, reflecting a 4% increase in the past 24 hours despite ongoing outflows in the ETF market. Over longer time frames, Bitcoin has shown consistent gains, with a 27% increase over the past thirty days and an impressive 136% gain year-to-date. Featured image from Shutterstock, 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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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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