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In a noteworthy development within the cryptocurrency sphere, nine recently introduced spot Bitcoin exchange-traded funds (ETFs) have collectively garnered more than $4 billion worth of Bitcoin in just seven days of trading. The total assets under management (AUM) for these ETFs now exceed 100,000 BTC, equivalent to approximately $4 billion, excluding the Bitcoin Trust (GBTC) fund, which has been converted by Grayscale. Key Players The prominent nine ETFs driving this surge in Bitcoin holdings encompass BlackRock (IBIT), Fidelity (FBTC), Bitwise (BITB), Ark 21Shares (ARKB), Invesco (BTCO), VanEck (HODL), Valkyrie (BRRR), Franklin Templeton (EZBC), and WisdomTree (BTCW). BlackRock’s spot Bitcoin ETF (IBIT) takes the lead, boasting 40,213 BTC in holdings, followed closely by Fidelity’s FBTC with 34,152 BTC, according to data from K33 Research. January 23 The new ETFs took seven trading days to amass BTC holdings of more than 100,000 BTC. BlackRock needed 7 trading days t...

BlackRock, the world’s largest asset manager, has recently updated its application for a spot Bitcoin Exchange-Traded Fund (ETF) in a bid to address the U.S. Securities and Exchange Commission’s (SEC) concerns. The revisions, detailed in the meeting minutes from a Nov. 28, 2023, discussion with the SEC’s Division of Trading and Markets, focus on mitigating issues related to market manipulation and broker-dealer registrations. Looks like BlackRock met with the SEC's Trading & Markets division again yesterday and gave presented them with a "revised" in-kind model design based on Staff's comments at their 11/20 meeting.. h/t @btcNLNico here's full doc: https://t.co/sgOpY5D1jz pic.twitter.com/863pWOX6w0 — Eric Balchunas (@EricBalchunas) November 29, 2023 BlackRock’s updated redemption model In its revised proposal, BlackRock introduces a “prepaid model” within the existing in-kind redemption framework. This model req...

Bitcoin’s price action shows consolidation and significant volatility, focusing on the $38,000 resistance level and market sentiment indicators. How high can Bitcoin go? Bitcoin (BTC) has shown resilience and bounced back above $37k levels after declining to $35k levels on Nov. 15. BTC has maintained its bullish outlook despite a period of sliding price s influenced by the absence of significant developments in the spot Bitcoin exchange-traded fund (ETF) and other macroeconomic factors. Moreover, over the past few weeks, Bitcoin’s journey has been marked by a pattern of higher lows and higher highs, a characteristic of a bull phase in the crypto market. Greg Moritz of AltTab Capital remarks on the natural occurrence of pullbacks even in bullish markets, suggesting that the current scenario is a typical fluctuation within an overall positive trend​​.  Further bolstering Bitcoin’s position is the macroeconomic landscape, which presents interesting dynamics for...

Bitcoin’s Calm Volatility Stirs Breakout Anticipation This period of calm may soon give way to a dynamic shift, potentially ignited by significant catalysts on the horizon. Notably, applications for spot Bitcoin exchange-traded funds (ETFs) by major players like BlackRock Inc. have caught the market’s attention. If approved, these ETFs could significantly boost demand for Bitcoin . advertisement The impending verdict on ETF applications, such as the ARK Investment Management LLC filing, holds the potential to disrupt the current placid market conditions. Analysts from K33 Research suggest the SEC’s response to this application by August 13 could spur market volatility, Bloomberg stated. In an earnings call, Galaxy Digital CEO Mike Novogratz cited insider sources suggesting that approval for BlackRock and Invesco’s spot Bitcoin ETFs is a matter of “when, not if.” The anticipation for a spot Bitcoin ETF approval has surged since...