Bitcoin Update: $500 Million from BlackRock, 27% SPIKE in 2 Weeks, Credit Spread Analysis
Jul 23, 2024
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In this podcast, they discuss Bitcoin's recent 27% spike amidst geopolitical events, a $500 million inflow into BlackRock's Bitcoin ETF, Wall Street interest in Bitcoin, and credit spreads' impact on Bitcoin's future performance.
Bitcoin rose by 27% in 2 weeks, showing resilience in turbulent times.
Growing institutional interest in Bitcoin, with significant ETF inflows, indicates positive future outlook.
Deep dives
Bitcoin's Resilience Amidst Global Uncertainty
Bitcoin has demonstrated resilience by overcoming extreme uncertainty and volatility, rising by 27% in just two weeks amidst significant global events, such as political changes and financial market shifts. Despite challenges, Bitcoin has managed to weather the storm, showing strength and stability in its market performance.
Institutional Interest Driving Bitcoin's Growth
Institutional interest in Bitcoin is on the rise, with significant inflows into Bitcoin ETFs, including a substantial $1 billion inflow last week, a portion of which came from BlackRock's investment vehicle. The growing institutional interest indicates a positive outlook for Bitcoin's future performance, with ETF investors positioning for potential further appreciation.
Bitcoin's Market Significance and Future Outlook
Bitcoin's market presence is becoming increasingly prominent, with ETF assets under management accounting for 4.7% of Bitcoin's total market cap. Institutional and retail investors are actively engaging with Bitcoin, demonstrating a strong demand for the digital asset. As global economic conditions remain favorable for risk assets like Bitcoin, its potential for continued growth and appreciation is high, supported by ongoing market trends and investor interest.
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Bitcoin's Performance Amid Major Events and Institutional Inflows
In this episode, Joe brings us a bitcoin update. We discuss bitcoin's resilience after the most eventful 2-week period in modern history, a remarkable $500-million inflow to BlackRock's bitcoin ETF on Monday, and more. He also discusses BlackRock and Fidelity taking 4th and 8th place in YTD inflows across all ETFs in US markets. With unprecedented demand from Wall Street and credit spreads still at cycle lows, all signals suggest that the bulk of bitcoin's bull run still has yet to begin.
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