Cryptocurrencies To Watch

Tag: ETF

  • Fidelity Investments Purchases 1205 BTC Worth Over $121.5M

    Fidelity Investments Purchases 1205 BTC Worth Over $121.5M

    Fidelity Investments, one of the world’s largest asset management firms, has gone bitcoin (BTC) shopping, adding 1205 BTC, valued at over $121.5 million in its Bitcoin portfolio.

    Fidelity Buys More BTC

    According to an X report, the asset manager has purchased approximately 5200 BTC, worth more than $524.6 million in the last three days. Before the latest acquisition, Fidelity held 199,237 BTC, valued at roughly $19.3 billion.

    Fidelity’s acquisition follows a series of strategic initiatives to cement its position in the cryptocurrency ecosystem. The purchase aligns with the firm’s long-standing commitment to the digital asset.

    Fidelity Investments has played a significant role in promoting the integration of crypto assets into traditional investment strategies and has steadily expanded its involvement in crypto services since its launch.

    With bitcoin currently trading at approximately $100,900, Fidelity’s substantial investment underscores the company’s belief in the leading cryptocurrency’s long-term potential. This purchase adds to Fidelity’s already robust portfolio of digital assets and marks one of its largest purchases.

    The acquisition comes when institutional interest in digital assets is reaching new heights. BlackRock, the world’s largest asset manager, announced it now holds 304,976 BTC, valued at over $21 billion.

    Earlier this year, Fidelity launched a Bitcoin ETF, which has seen significant investor demand. This latest purchase may further enhance the firm’s ability to meet client needs and capitalize on the growing adoption of digital assets. The fund attracted approximately $6.9 billion.

    Bitcoin in High Demand

    The demand for bitcoin has gone beyond corporations and entities. Recently, the city council of Vancouver, Canada, passed the motion to become a “Bitcoin-friendly city.”

    The proposal suggests allocating some of the city’s financial reserves to Bitcoin. It cites Bitcoin’s potential as a hedge against inflation and a means to promote innovation and economic growth. The move aims to position Vancouver as a blockchain and crypto innovation hub.

    As such, Thomas Peterffy, a Hungarian-born American billionaire businessman and the founder, chairman, and largest shareholder of Interactive Brokers, noted that individuals invest at least 2-3% of their net worth into bitcoin.

    Meanwhile, due to the asset’s widespread acceptance and performance, Eric Trump, son of President-elect Donald Trump and executive vice president of the Trump Organization, predicted that BTC would reach $1 million.

    He made this prediction at the Bitcoin MENA conference, which discussed Bitcoin’s future and its impact on the Middle East and North Africa region. The event also featured notable speakers, including billionaire Steve Witkoff and Binance founder Changpeng Zhao.

  • BlackRock’s IBIT Holdings Surpasses $50B Amid BTC Surge

    BlackRock’s IBIT Holdings Surpasses $50B Amid BTC Surge

    Setting a new benchmark, BlackRock’s iShares Bitcoin Trust (IBIT) has shattered records by surpassing $50 billion in assets under management (AUM) in the shortest time ever.

    IBIT, launched earlier this year, has demonstrated unprecedented growth, reaching the $50 billion AUM mark in a staggering 228 days.

    According to a tweet by Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, the new record surpasses the previous record held by BlackRock’s iShares Core MSCI EAFE ETF (IEFA), which took about 1,329 days to reach the same landmark.

    BlackRock’s Spot Bitcoin ETF Makes Waves

    Following the landmark launch of up to 11 Bitcoin ETFs in January 2024, BlackRock’s ETF has exhibited exceptional growth, outpacing its competitors and establishing itself as a clear leader in the Bitcoin ETF market.

    A few months after launching, IBIT outperformed Grayscale’s Bitcoin Trust (GBTC) to become the world’s largest Bitcoin ETF. The record was achieved after BlackRock’s ETF reported about $102.5 million in inflows, while GBTC experienced a $105 million outflow.

    On Tuesday, BlackRock’s ETF reached a significant milestone, surpassing 500,000 BTC in AUM. According to Vetle Lunde, K33’s Head of Research, BlackRock’s milestone represented a significant accomplishment, building on the fund’s outstanding launch year.

    Furthermore, the fund’s strong year-to-date inflows have secured its position as one of the top three ETFs in the US, surpassing Invesco’s substantial $314 billion fund.

    The Crypto Rally Continues

    In another historic milestone, Bitcoin breached the $100,000 barrier earlier today, marking a significant achievement for the cryptocurrency.

    According to CoinMarketCap data, although it experienced a slight correction after narrowly missing the $104,000 mark, Bitcoin has stabilized above $102,000.

    The recent surge in Bitcoin’s value and the new record achieved by IBIT can be mainly attributed to US President-elect Donald Trump’s nomination of Paul Atkins, a former SEC commissioner and well-known crypto supporter, to head the US Securities and Exchange Commission (SEC).

    The SEC chair’s new appointment is seen as a significant shift in the regulatory landscape. Atkins is expected to replace Gary Gensler, who has been vocal about his anti-crypto stance.

    The nomination of Paul Atkins, who has spoken out against the agency’s enforcement actions against the industry, has sparked a predominantly optimistic reaction within the crypto sector. Concerns are vastly outweighed by hopes for a more favorable regulatory environment.

  • BlackRock’s Spot Bitcoin ETF Hits Over 500,000 BTC in Asset Under Management

    BlackRock’s Spot Bitcoin ETF Hits Over 500,000 BTC in Asset Under Management

    BlackRock’s spot Bitcoin exchange-traded fund (ETF) has surpassed the threshold of 500,000 BTC ($47 million) in assets under management (AUM). The milestone shows growing institutional adoption and marks a significant achievement in the mainstream acceptance of Bitcoin (BTC) as an asset class.

    Based on its most recent fund filings, BlackRock’s Bitcoin ETF reported holdings of 496,854 BTC as of November 29. A net inflow of $338.3 million (approximately 3,526 BTC) into the ETF pushed its total to 500,380 BTC, according to data from K33. This represents 2.38% of Bitcoin’s total 21 million supply.

    Over 500,000 BTC

    K33 Head of Research Vetle Lunde noted that BlackRock’s surpassing 500,000 BTC is yet another huge milestone after a tremendous launch year. He added that, based on year-to-date inflows, it ranks as the third most robust ETF offering in the United States, surpassing Invesco’s massive $314 billion fund.

    Interestingly, 1 million BTC aligns with the amount proposed by Senator Lummis as the ideal holding for the U.S. government under her proposed Bitcoin Strategic Reserve Bill. This figure represents roughly 5% of Bitcoin’s total supply, mirroring the U.S. government’s proportionate share of global gold reserves.

    Lunde also noted that the products are primed for further expansion, with institutional ownership of IBIT reaching 24% by the close of Q3 2024, allocating 1-3% of their assets to these funds, given bitcoin’s track record of enhancing risk-adjusted performance.

    BlackRock BItcoin ETF Hits The Top

    During an interview with Fox Business following IBIT’s crossing of the 250,000 BTC mark in March, BlackRock CEO Larry Fink noted that IBIT is the fastest-growing ETF in the history of ETFs, expressing his astonishment at BTC’s price surge. At the time, bitcoin was trading at around $69,000, and it has since risen by an additional 38%, now trading at over $93,900, according to data from CryptocurrenciesToWatch.

    The BlackRock Bitcoin ETF, launched earlier this year, surpassed Grayscale’s Bitcoin Trust (GBTC) to become the world’s largest Bitcoin exchange-traded fund (ETF). The asset manager has rapidly attracted institutional and retail investors seeking exposure to Bitcoin without the complexities of direct custody. The 500 BTC milestone has placed the asset manager among the largest Bitcoin investment vehicles globally.

    Meanwhile, according to Bloomberg’s Eric Balchunas, Bitcoin ETFs are 82% on the way to surpassing gold in assets. The Bitcoin EFTs total over $104 billion in assets, triggered by a strong market boost following the U.S. presidential election. This surge has pushed to several highs, with some experts and investors predicting it could hit over $100,000-$150,000 per coin.

  • Bitcoin Uptrend Faces Fresh Test with $138M ETF Outflows

    Bitcoin Uptrend Faces Fresh Test with $138M ETF Outflows

    U.S.-approved spot Bitcoin exchange-traded funds (ETFs) concluded their last business week, November 25 – November 29, with an outflow of $138 million. Although the funds recorded two inflow days in the week, the other days were unfavorable as investors sold over $500 million within the first two days.

    Following the unfavorable week, bitcoin’s (BTC) price has dropped by about 3% and struggles to stay above $95,000.

    First Bearish Week Since October

    Notably, the just-concluded business marked the first outflow week for the Bitcoin ETFs after a long seven-week inflow streak that started in early October. With Bitcoin and crypto optimism rising before, during, and a few weeks after the U.S. presidential election, the funds recorded massive historic inflows.

    The worst day for the bearish ETF week was Monday when the funds lost over $435 million. Bitwise BITB was at the forefront with $280 million outflows, followed by Grayscale’s GBTC, Fidelity’s BTC, and Ark 21Shares ARKB, which collectively bled $403.8 million. After that, they lost $122.8 million on Tuesday.

    The funds recorded inflows of $103 million and $320 million on Wednesday and Friday, but the earlier outflows were about 30% higher, leading to a $138 million loss.

    BlackRock’s Bitcoin ETF, IBIT, and Grayscale’s Mini Bitcoin Trust, BTC, stood out in the business week as investors poured in $405.3 million and $25.8 million, respectively. Both funds did not record any outflows.

    Despite the outflows, the funds have reached a net inflow of $30.67 billion within 11 business months in the American financial market.

    BTC at $95,000

    Starting the new week, the world’s leading cryptocurrency backing the ETFs has seen a 4% price drop from its latest all-time high above $99,000. It trades at $95,000 per BTC as investors expect further price correction before deciding on the next move.

    Notably, the BTC jump to $99k, fueled by increasing ETF investments and a favorable U.S. presidential election, plays out predictions by famous veteran crypto investors and analysts.

    Three months ago, Bernstein analysts predicted that the apex coin would soar to $90k if Donald Trump secures the position of the 47th President of the United States. However, the analyst’s forecast of $150,000 BTC this year seems unachievable as the crypto has struggled to pass the six-figure mark after many attempts.

    Meanwhile, American author Robert Kiyosaki is looking forward to a price dump to $60k before BTC’s further uptrend.

  • Ripple Plans Investment in Rebranded Bitwise XRP ETP

    Ripple Plans Investment in Rebranded Bitwise XRP ETP

    Ripple, a leading provider of digital asset infrastructure, is planning to invest in a recently rebranded XRP-focused Exchange-Traded Product (ETP) managed by Bitwise Asset Management.

    Bitwise, a leading digital asset manager, revealed plans to rename its European XRP ETP, formerly the ETC Group Physical XRP, to the Bitwise Physical XRP ETP while retaining its existing ticker symbol, GXRP.

    The decision comes after Bitwise expanded into the European market in August by acquiring the ETC Group, a cryptocurrency investment company overseeing $1 billion in assets, including various physical crypto ETPs such as Bitcoin (BTCE), Ethereum with staking (ET32), Solana (ESOL), MSCI Digital Assets Select 20 (DA20), and GXRP.

    A physical ETP is a financial product designed to mirror the performance of its underlying assets, which are directly purchased and retained by the issuer.

    Bitwise XRP ETP Targets Europeans

    The Bitwise Physical XRP ETP also aims to provide European investors access to XRP via a physically backed investment vehicle that directly holds the asset.

    Hunter Horsley, co-founder and CEO of Bitwise noted in a press release that XRP and the XRP Ledger are among the industry’s most recognized and reliable blockchain technologies.

    “We’re thrilled to be providing access for investors through an institutional quality product with the Bitwise Physical XRP ETP (GXRP),” Horsley said.

    Bitwise intends to rename its entire European ETP lineup as part of its strategy to broaden its regional presence.

    Bitwise Hits Over $10B in Total Client Assets

    Bitwise reported substantial growth in 2024, with total client assets surpassing $10 billion. The firm also announced plans to introduce more crypto ETPs tailored for institutional investors.

    “Global demand for exposure to the crypto asset class has exploded in 2024, fueled by a growing interest in crypto-backed investment offerings. With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP,” said Brad Garlinghouse, CEO at Ripple.

    The company recently expanded its range of crypto products. On November 12, Bitwise introduced its first Aptos staking ETP, and on November 26, it submitted an S-1 registration for an ETF linked to Bitcoin.

  • Asset Manager WisdomTree Files for XRP ETF

    Asset Manager WisdomTree Files for XRP ETF

    United States exchange-traded funds (ETF) issuer and asset manager WisdomTree has registered with the State of Delaware for a spot XRP ETF. The asset manager has taken the first step, indicating that an official filing with the U.S. Securities and Exchange Commission will come soon.

    Over the past few days, the upsurge in the XRP price has drawn the attention of crypto investors and firms. Many see it as one of the next big players since it ranks as the sixth-largest crypto by market capitalization.

    WisdomTree Join XRP ETF Craze

    According to Fox Business reporter Eleanor Terrett, the asset manager submitted a filing for the XRP fund on Monday. However, it has not revealed where it will be listed or its corresponding ticker.

    The proposed spot XRP ETF would track the price of XRP, the native crypto token of the Ripple payment network. This would allow investors to gain exposure to the crypto without acquiring it directly from the open market.

    WisdomTree is only one of the asset managers aiming for a spot XRP ETF. Asset manager Bitwise opened the door two months ago by registering with Delaware. After that, it filed an S-1 application for the fund with the U.S. SEC.

    The SEC has not reacted to or replied to any filings for a spot XRP ETF. However, with the forthcoming resignation of SEC crypto-pessimistic Chairman Gary Gensler, the asset managers have become even more hopeful that their forms will be attended to if a pro-crypto chair takes on the SEC chairman role.

    Recent ETF Filings

    With the U.S.-approved Bitcoin and Ether ETFs already in operation, asset managers have made moves to establish other crypto ETFs under Donald Trump’s forthcoming administration.

    ETF issuers in America recently filed for a spot Solana ETF, and the SEC has started reviewing the applications. It expects further filings from many more intending issuers. 

    Meanwhile, as a renowned asset manager in the U.S., WisdomTree was also approved to launch its Bitcoin ETF simultaneously with BlackRock and others. While its BTC ETF, BTCW, has not recorded tremendous inflows, it is still active in the market, recording only two outflow days since its launch in January. BTCW has an all-time net inflow of $216.8 million.

  • U.S. Spot Bitcoin ETFs Record $1B Inflows as BTC Eyes $100k

    U.S. Spot Bitcoin ETFs Record $1B Inflows as BTC Eyes $100k

    U.S.-approved spot Bitcoin exchange-traded funds (ETF) have been on a six-week inflow streak since early October as many investors gain crypto exposure by acquiring the funds from different asset managers. About seven ETFs concluded Thursday on the green side, taking in over $1 billion, marking its fourth time since the launch in January.

    Massive ETF inflows have contributed to the upward trajectory of BTC, the world’s leading cryptocurrency, which soared to $99,000 following the historic business day.

    Over $1B Inflow

    According to crypto ETF tracker Farside, the funds took in a whopping $1.005 billion on the just concluded business day. Notably, only Grayscale’s GBTC recorded an outflow of $7.8 million, while BTCO, BRRR, and BTCW didn’t record any market movement.

    Maintaining its position as the leading Bitcoin ETF, BlackRock’s IBIT led the business with $608.4 million in inflows. Thus, it has recorded an all-time net inflow of $30.8 billion.

    Fidelity’s FBTC seconded the flow, covering approximately 30% of the bullish inflows with its $301 million inflows, leaving the other ETFs, including Grayscale’s BTC, Bitwise’s BITB, Ark 21shares’ ARKB, Franklin’s EZBC and VanEck’s HODL with $103.5 million inflows.

    Notably, Bitcoin ETFs’ total assets under management (AUM) have hit a new milestone and now stand at approximately $106 billion.

    BTC Blasts Past $99k

    Following the massive ETF inflow day, there was a significant BTC price jump. For the first time in history, the crypto crossed the $99,000 mark and is just $1,000 away from hitting six figures, as many crypto analysts have predicted.

    Undoubtedly, November replaced this year’s Uptober, becoming the most bullish month. Driven by U.S. Presidential election results, the crypto market has been on the green side, with BTC, SOL, and XRP, amongst a few coins, hitting new all-time highs.

    Meanwhile, one of the factors driving the crypto market upwards is the resignation notice of anti-crypto U.S. financial agency Chairman Gary Gensler. He will step down from his position on the same day pro-crypto President-elect Donald Trump will take office as the 47th President of the United States.

  • U.S. SEC in Talks to Approve Spot Solana ETF

    U.S. SEC in Talks to Approve Spot Solana ETF

    Within the past few months, about three asset managers based in the Unite States have filed for a spot Solana exchange-traded fund (ETF) without any green light from the U.S. Securities and Exchange Commission (SEC). However, as revealed by individuals familiar with the matter, the agency has started processing the submitted S-1 applications.

    The recent engagement with these filings and the rising expectations of a crypto-friendly America under President-elect Donald Trump’s administration has built the momentum for a Solana ETF to be approved in 2025.

    Spot Solana ETF Knocks

    According to Fox Business senior reporter Eleanor Terrett, the talks between the SEC and prospective spot Solana ETF issuers are “progressing.” Since the financial watchdog is already engaging with the S-1 applications, there is a high chance that they will be dealt with in a few days.

    Notably, VanEck, Ark 21shares, and Canary Funds have submitted their S-1 filings, while Bitwise has revealed plans to submit its application soon.

    After evaluating the S-1 forms, exchanges like the Chicago Board Options Exchange (CBOE) will submit 19b4 filings on behalf of the applicant asset managers, asking the SEC to approve the applications. After that, the agency has about eight months to approve or deny the ETFs.

    Could Approval Be Next?

    While a 19b4 filing is a sign of positive progress, it does not mean full approval, as the SEC Chairman will still decide within the allotted period. A previous 19b4 filing was deleted from the CBOE website in August.

    Notably, the current crypto-pessimistic SEC Chairman, Gary Gensler, has indicated plans to step down by January 20, 2025. The crypto community believes his resignation will pave the way for a more crypto-friendly America.

    As the Solana community leaps in momentum about its ETF approval, investors have acquired more of the token on Thursday, pushing the price as high as $259 per SOL.

    Moreover, Trump’s election success has boosted optimism about the approval of many crypto ETFs, as he plans to “make America the world’s capital of Bitcoin and crypto once he’s sworn in.”

    Meanwhile, U.S.-approved spot Bitcoin and Ether ETFs have recorded bullish business days with massive inflows since approval earlier this year.

  • Spot Bitcoin ETFs Surge Past $100B as Rally Continues

    Spot Bitcoin ETFs Surge Past $100B as Rally Continues

    In a stunning display of market enthusiasm, spot Bitcoin exchange-traded funds (ETFs) have crossed a major milestone, blasting past the $100 billion mark, according to data compiled by Bloomberg.

    The new record set by the Bitcoin ETF comes as the underlying asset continues its record-breaking rally fueled by investors’ insatiable appetite for secure, compliant, and liquid exposure to the rapidly evolving and highly volatile cryptocurrency landscape.

    The first wave of spot Bitcoin ETFs, including those from BlackRock Inc., Fidelity Investments, Invesco, Valkyrie, VanEck, and others, have propelled the market past $100 billion, solidifying their place as one of the most remarkable fund category launches in industry history, just 10 months after their debut.

    Trump’s Triumph Sparks Bitcoin Boom

    Donald Trump’s presidential win has sent BTC soaring to record-breaking heights. Its value is marching towards the $100,000 mark as traders eagerly anticipate policy changes favoring the crypto industry. At press time, the crypto asset is selling at $97,600.

    This remarkable surge in BTC’s value and other crypto assets is driven mainly by Trump’s pro-crypto stance, which is expected to create a regulatory environment favorable to increased growth and adoption.

    Bitcoin’s value increased by about 90% in 2024, a remarkable surge attributed to key factors, including the debut of Bitcoin ETFs and the impact of Donald Trump’s reelection, driven by his pro-crypto stance.

    Consequently, the crypto asset emerged as the top performer in 2024, surpassing stocks, silver, and gold with a remarkable 49.2% year-to-date gain.

    With Trump’s victory, the market is betting on a potentially crypto-friendly shift in policy, fueling the rally.

    According to Caroline Bowler, the chief executive officer of BTC Markets Pty, “this price rally is being fed by the frequent pro-crypto news linked to the incoming Trump administration.”

    Crypto Rally to Continue on Trump’s Pro-Crypto Agenda

    During his campaign, Trump made bold commitments to the crypto community, pledging to foster an environment conducive to Bitcoin adoption and growth.

    His promises include dominating the Bitcoin mining sector, creating a strategic crypto reserve, releasing the founder of the famous Silk Road, Ross Ulbricht, and firing the current SEC head, Gary Gensler.

    Trump’s ability to fulfill his crypto-friendly promises is crucial in determining whether Bitcoin’s rally will continue. Time will tell if Trump’s administration will be a game-changer for the crypto space.

  • NASDAQ to List Spot Bitcoin ETF Options on Tuesday

    NASDAQ to List Spot Bitcoin ETF Options on Tuesday

    The United States-based stock exchange Nasdaq is set to list options on BlackRock’s Bitcoin exchange-traded fund (ETF) as early as Tuesday, November 19, 2024, a Bloomberg report revealed. This move will enable investors and traders to speculate on bitcoin’s price actions using derivatives.

    Spot Bitcoin ETF Options

    On Monday, Alison Hennessy, head of ETP listings at Nasdaq, said on Bloomberg’s ETF IQ that BlackRock has been working with regulators for over 10 months to make this happen.

    Notably, the Commodity Futures Trading Commission (CFTC) has issued a notice favorable for the matter, paving the way for BlackRock to launch its spot Bitcoin ETF options.

    “Our intent at Nasdaq is to list and trade these options as early as tomorrow. Getting these options listed on IBIT into the market, I think, will be very exciting for investors because that’s really what we have heard from them,” Hennessey said.

    Following Tuesday’s launch, investors can now bet on or against bitcoin using familiar financial instruments. This exposes them to the digital asset’s performance without directly holding it. The move signals growing institutional acceptance and may attract new investors, potentially boosting market growth.

    Bloomberg Senior ETF analyst Eric Balchunas said, “These group of ETFs did not need this. They are successful on their own merit. But this is a pretty big tailwind to an already juggernaut situation. Options allow you have to express opinions on something with more specificity.”

    Spot Bitcoin ETF Growth

    Following its approval in the U.S. earlier this year, spot Bitcoin ETFs have made waves in the world’s financial market, crossing the boundaries of America as it gained approval across continents, including Asia and Australia.

    Despite the wavering and unstable crypto market, U.S.-approved spot Bitcoin ETFs have taken in over $27 billion within its first ten months of operation. In the just-concluded business week, the market recorded an inflow of over $1.67 billion as the market moved upwards due to Republican Donald Trump’s election success.

    BlackRock’s Bitcoin ETF, IBIT, has become the world’s largest crypto ETF, recording a net inflow of over $29.2 billion. It also led last week’s flow with a $1.89 billion intake.