Bitcoin
BlackRock’s New Bitcoin Ad Is A Monumental Paradigm Shift
Yesterday, BlackRock released a new video aimed at educating people interested in Bitcoin on the asset class.
The video is quite good, honestly. I think they took inspiration from Saifedean Ammous’ book “The Bitcoin Standard,” which discusses the history of money from the beginning of time and how it has changed and evolved throughout history.
Launched in January, IBIT has now topped $50 Billion in assets as investors are increasingly using the ETP to get efficient exposure to bitcoin’s price. Yet many investors are still relatively new to the digital assets space. For those looking to learn more about what bitcoin is… pic.twitter.com/8wh9CW0xYa
— Jay Jacobs (@JayJacobsCFA) December 17, 2024
Seeing this type of educational Bitcoin content from a $11.5 trillion asset manager is something that I think will really resonate with their target audiences.
Watching the video, there was one moment in particular that stood out to me. BlackRock was highlighting where Bitcoin is today and said, “Bitcoin is no longer seen as the radical idea it was 15 years ago. Over 500 million people around the world now use cryptocurrency, with over 50% holding or investing in Bitcoin.”
That right there screams to me that Bitcoin is becoming recognized as a legit and established asset class in the eyes of the financial elite, and then eventually the mainstream.
In the early days, Bitcoin really was such a radical new idea that probably 99% of people could not conceptualize. However, over time, Bitcoin has proven itself time and time again to be a legit asset and people are now interested in embracing this new form of money. It feels like there has been a sincere paradigm shift and that we are slowly, but surely, leaving the point in history where the majority of people think Bitcoin is a scam and bad for any other generic FUD that has already been thoroughly debunked.
With that being said, I’m not saying everyone is on the verge of becoming a bitcoin maximalist or anything, but I do think that more and more people are becoming accepting to the fact that Bitcoin is here to stay and that it’s not going anywhere — which I would think eventually leads to people saying “I should probably own some bitcoin then.”
This isn’t just anyone saying Bitcoin is becoming a legit asset, this is the world’s largest asset manager. BlackRock is putting their reputation behind Bitcoin and projecting confidence in the long-term success of it. And so far it has been an amazing play by them embracing Bitcoin, with their spot Bitcoin ETF being the most successful ETF launch in history.
When they speak highly of a potentially profitable investment, people listen. I think in particular, the wealthy and accredited investors are the first to take notice and advantage of BlackRock’s signalling here. Eventually this will be followed by retail investors.
I believe Bitcoin is set to enter an entirely new paradigm unlike anything we’ve seen before.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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Bitcoin price is at a pivotal level as ETF flows offloaded $93 million on Friday, ending a 10-day buying spree. While BTC holds key support at $82,000, BlackRock investors disposition may signal optimism.
Bitcoin ETFs End 10-day Buying Spree, But BlackRock Investors Hold
Bitcoin ETFs drew media attention on Friday as net outflows reached $93 million, marking the end of a 10-day buying spree that added over $1.07 billion in BTC.
FairSide data reveals that all of the outflows came from Fidelity’s FBTC, while BlackRock’s IBIT and eight other U.S.-approved spot ETFs recorded neutral flows, signaling diverging institutional investor sentiment.
Despite the selling pressure, BTC price showed resilience, bouncing from a 10-day low of $82,000 to reclaim the $84,000 level over the weekend.
This suggests that while some institutional players have turned cautious, BTC continues to find buyers at the $82,000 mark, likely driven by macroeconomic hedging.
Why Are Bitcoin ETFs Taking a Neutral Outlook Despite Bearish Market Sentiment?
While Bitcoin’s brief dip below $82,000 coincided with renewed regulatory uncertainty—following U.S. Congress’ scrutiny of Paul Atkins, Trump’s crypto-friendly SEC pick—the decision by major ETFs like BlackRock’s IBIT to hold rather than sell suggests a more calculated approach among institutional investors.
One possible explanation is that institutional investors are weighing broader macroeconomic risks. With concerns mounting over Trump’s proposed trade policies and their potential impact on traditional stock markets, Bitcoin remains an attractive hedge due to its independence from traditional financial structures. This could explain why ETF outflows have been concentrated in specific funds like FBTC rather than across the board.
- Large Un-realized Profits
Prior to the $93 million sell-off observed on Friday, Bitcoin ETFs had acquired over $1.07 billion in the previous 10-days. This sheer volume of Bitcoin accumulated by ETFs in recent weeks means that short-term supply is limited.
It also hints that majority on investors who began buying when BTC prices plunged below $77,000 over the past week are still in profit, hence the reluctance to sell.
This key dynamics may have contributed to Bitcoin price holding key support levels above $82,000. Notably, while BTC price rebounded, leading altcoins like Ethereum (ETH), Solana (SOL), and Ripple (XRP) have lagged behind, further reinforcing the narrative that institutional capital remains primarily focused on BTC.
What’s Next for Bitcoin ETFs and Institutional Demand?
The coming weeks will be crucial in determining whether Bitcoin ETFs resume their accumulation trend or if further outflows signal a shift in sentiment. Investors will closely watch developments in U.S. regulatory policy and broader market conditions to assess whether Bitcoin’s status as a safe-haven asset remains intact.
If the macroeconomic environment continues to favor Bitcoin as a non-correlated asset, ETF inflows could resume, pushing BTC to new highs. However, prolonged uncertainty or negative regulatory developments could trigger deeper corrections.
For now, BlackRock and other major institutional players appear to be maintaining their positions, indicating confidence in Bitcoin’s long-term trajectory.
Bitcoin Price Forecast: BTC Faces Critical Resistance at $84,400 Amid Bearish Pennant Formation
Bitcoin price forecast signals remains uncertain as BTC trades at $82,363, hovering near key support levels. The Bollinger Bands show tightening volatility, with resistance at $84,412 and $88,215. The Parabolic SAR at $80,237 suggests a continuation of the downtrend unless BTC breaks above the mid-range resistance.
A bearish pennant formation signals potential downside risk. If BTC fails to reclaim $84,400, selling pressure could drive the price towards $80,600 or even the lower Bollinger Band at $80,237. The volume delta reveals declining buying momentum, supporting the bearish case.
However, a bullish scenario emerges if BTC can hold above $82,000 and break past $84,400 with strong volume. This could lead to a rally toward $88,215, negating the bearish pennant. With key resistance intact, Bitcoin’s trajectory depends on its next move at this crucial level.
Frequently Asked Questions (FAQs)
Bitcoin price is declining due to ETF outflows, regulatory uncertainty, and shifting investor sentiment favoring safer assets like gold and cash.
Yes, if institutional demand returns, macroeconomic conditions improve, and key support levels hold, Bitcoin could regain bullish momentum.
Bitcoin ETFs drive large-scale buying and selling, influencing price volatility and overall market liquidity depending on institutional investor behavior.
ibrahim
Crypto analyst covering derivatives markets, macro trends, technical analysis, and DeFi. His works feature in-depth market insights, price forecasts, and institutional-grade research on digital assets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin is making its way from trading desks to corporate treasuries, and by the end of the decade, it could be standard practice, according to one analyst.
“Across all the different strategies and implementations, I anticipate that by 2030, a quarter of the S&P 500 will have BTC somewhere on their balance sheets as a long-term asset,” Elliot Chun, a partner at Architect Partners, wrote in a market snapshot.
The strategy—holding bitcoin as a treasury reserve asset—was unorthodox when Strategy, formerly known as MicroStrategy, first adopted it in August 2020. The firm framed BTC as a hedge against inflation, a diversification tool, and a way to distinguish itself in the market.
Then CEO Michael Saylor’s highly public embrace of bitcoin transformed the company into a de facto proxy for BTC exposure. Since then, MicroStrategy stock has surged more than 2,000%, far outpacing both the S&P 500 and bitcoin over the same period, Chun pointed out.
GameStop is the latest company to follow suit, announcing this week that it would raise $1.3 billion through a convertible note to acquire bitcoin. Its stock initially surged following the announcement but has since endured a correction, falling nearly 15% for the week.
Chun argued that treasurers may soon face career risk not for buying bitcoin, but for ignoring it altogether. “Doing nothing is no longer a defensible strategy,” he wrote.
According to BitcoinTreasuries data, publicly listed companies currently hold 665,618 BTC, around 3.17% of the cryptocurrency’s total supply. Strategy holds the lion’s share, 506,137 BTC.
Read more: U.S. Listed Firms Continue Bitcoin (BTC) Treasury Adoption
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Bitcoin’s price action in the past 48 hours has seen it approaching the $80,000 price level again, with risks of breaking to the downside. Looking at on-chain data shows a notable support level between $80,920 and $78,000 that must not be broken.
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Particularly, on-chain analytics from Glassnode point to a thinning of support at the $78,000 level, where only minimal cost basis clusters now exist. The insight follows a sharp move that saw savvy traders scoop up nearly 15,000 Bitcoin at the March 10 low before cashing out at the $87,000 local top.
Support Cushion Rises With Clusters Between $80,000 And $84,000
Bitcoin started the month of March with a crazy crash that saw its price hit below $77,000 on March 10 and March 11. Most of the month was spent by Bitcoin embarking on a recovery from this level, eventually reaching as high as $88,500 last week.
Interestingly, on-chain data from Glassnode shows that some Bitcoin traders took advantage of the crash and bought about 15,000 BTC at this low. However, many addresses from this same cohort sold at the $87,000 local top, leaving behind a depleted buffer zone that may no longer offer the same price stability.
Bitcoin’s strongest cost basis clusters have steadily migrated upward from $78,000 throughout the month, with the most prominent support levels now sitting between $80,920 and $84,100. Approximately 20,000 BTC were acquired at $80,920, 50,000 BTC at $82,090, and another 40,000 BTC at around $84,100. These fresh accumulations are now the new zones of confidence among recent buyers that may offer cushions for the recent market dip.
At the time of writing, Bitcoin is trading at $83,120, meaning that it has lost the zone of 40,000 BTC around $84,100. This puts the onus on $82,090 and, subsequently, the $80,920 price levels. However, if the correction sharpens further, it wouldn’t be until after $78,000 that structural support reappears at $74,000 and $71,000, where long-term conviction buying occurred, estimated at 49,000 BTC and 41,000 BTC, respectively.
Image From X: Glassnode
$95,000 Cost Basis Cluster Grows With Cooling Demand
As support continues to climb gradually, resistance appears to be firming near the $95,000 mark. Investor cost basis data shows an increase of 12,000 BTC clustered at this level since March 24.
This implies that some investors now anticipate a top forming around $95,000, and selling activity could become more pronounced if prices approach that zone. This resistance, alongside the support levels, could see Bitcoin confined within a narrowing range in the short term.
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Glassnode data confirms that long-term holders (addresses holding Bitcoin for more than 150 days) have been the primary source of profit-taking for a while. Long-term holders’ profit-taking is now nearly matched by the losses endured by short-term traders who have been holding Bitcoin for less than 155 days.
Image From X: Glassnode
Featured image from Tech Research Online, chart from TradingView
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