Trading volume of billions of dollars in spot Bitcoin ETFs, BlackRock and Fidelity leading the ETF race, SEC's X account hack, Vanguard restricting clients from Bitcoin, Bitcoin price falling, and Vanguard's philosophical stance against Bitcoin
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Quick takeaways
The launch of 11 newly approved Bitcoin ETFs saw massive trading volume, indicating a race for liquidity among ETF issuers and their potential impact on the Bitcoin market.
BlackRock CEO, Larry Fink, endorses Bitcoin as an asset that protects wealth and highlights its potential as a store of value and scarcity compared to gold, reflecting growing acceptance of the cryptocurrency by institutional investors.
Deep dives
Success of Bitcoin ETFs Launch
The launch of 11 newly approved Bitcoin ETFs saw massive trading volume, with $4.6 billion in trading volume on the first day alone. The top ETFs attracting inflows were BlackRock, Fidelity, Bitwise, Arc 21 shares, and Franklin Templeton. Grayscale's GBTC, on the other hand, experienced outflows. The impressive inflows indicate the race for liquidity among these ETF issuers and their potential impact on the Bitcoin market.
Larry Fink's Positive Outlook on Bitcoin
BlackRock CEO, Larry Fink, expressed a positive outlook on Bitcoin, describing it as an asset that protects wealth. He highlighted its potential as a store of value and its scarcity compared to gold. Fink's endorsement of Bitcoin on national television reflects the growing acceptance of the cryptocurrency by institutional investors. BlackRock now holds nearly 11,500 Bitcoin, and collectively, the ETF issuers purchased more Bitcoin in two days than the miners produce annually.
Grayscale Outflows Impact on Bitcoin Price
Grayscale, despite having the highest trading volume initially, experienced significant outflows of $579 million as investors sought cheaper alternatives. This created selling pressure as Grayscale had to sell the underlying Bitcoin. The slow settlement times in traditional finance delayed buying back into the market, contributing to the recent price decline. While short-term price volatility was expected with ETF launches, the long-term impact of these institutional on-ramps for Bitcoin adoption remains significant.
The News Block is powered exclusively by Bitdeer Technologies Group (NASDAQ: BTDR), a publicly-traded leader in Bitcoin mining that stands alone as the only vertically-integrated, technology-focused Bitcoin mining company. Learn more at www.bitdeer.com.
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This podcast is for educational purposes and should not be construed as official investment advice.
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#money #Bitcoin #investing
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