blackrock
London-Based Pension Giant Legal & General Looks to Enter Crypto’s Tokenization Space
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3 hours agoon
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admin“We are evaluating ways to make the Legal & General Investment Management Liquidity funds available in tokenized format,” said Ed Wicks, global head of trading at Legal & General Investment Management (LGIM), when asked about the firm’s plans via email.
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Spot Bitcoin ETFs Draw Over $2 Billion Inflows As Ethereum ETFs Turn Green Again – Details
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23 hours agoon
October 20, 2024By
adminThe US-based spot Bitcoin ETFs produced a magnificent performance in the past week recording $2.1 billion in net inflows. Meanwhile, their Ethereum counterparts have finally turned the corner registering their third positive weekly inflows since their trading debut in July.
Spot Bitcoin ETFs Record Highest Daily Inflow Since June
After a return to positive net flows in the second week of October, the spot Bitcoin ETFs attracted massive levels of investments in the past week which began with $555.86 million worth of inflows recorded on Monday, October 14, representing the highest daily inflows witnessed by these ETFs since June 4.
According to data from SoSoValue, these Bitcoin ETFs experienced positive investments of similar sizes for the rest of the week culminating in a total inflow of $2.18 billion, which is the fourth-highest weekly net flow registered by these investment funds since their launch in January.
Of these reported figures, over $1.14 billion was invested in BlackRock’s IBIT, which retains its position as the largest spot Bitcoin ETF with cumulative net inflows of $22.84 billion. Unsurprisingly, Fidelity’s FBTC came a distant second with inflows valued at $318.82 million.
Bitwise’s BITB also attracted investments valued at $149.81 million while Grayscale’s GBTC broke a 21-week streak of outflows, recording its largest weekly inflow of $91.47 million. All other spot Bitcoin ETFs except Hashdex’s DEFI also experienced significant levels of inflows albeit below $50 million.
Presently, the cumulative total net inflows of the spot Bitcoin ETFs stand at $20.98 billion. Meanwhile, these investment funds hold total net assets of $66.11 billion i.e. 4.89% of the Bitcoin market cap. These figures being achieved within ten months of trading demonstrate the enormous potential of these ETFs in driving Bitcoin adoption.
Spot Ethereum ETFs Back To Positive Netflows
In the past week, the spot Ethereum ETFs also recorded positive weekly inflows to the tune of $78.98 million. While this figure seems significantly small compared to that of the Bitcoin ETFs, it represents the third positive net flow in thirteen weeks of trading.
Similar to their Bitcoin counterpart, BlackRock’s ETHA accounted for the majority of the reported figures with a $49.76 million inflow while Fidelity’s FETH emerged second, attracting investments valued at $43.52 million. The spot Ethereum ETFs continue to report a negative cumulative total net outflow of $479.99 million while holding 2.31% of the Ethereum market cap represented in $7.35 billion ETH.
At the time of writing, Ethereum trades at $2,649 with a 0.49% gain on the past day. Meanwhile, Bitcoin is valued at $68,168 following a minor decline in the last 24 hours.
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Altcoins
BlackRock in Talks With Crypto Exchanges About Using Its BUIDL Token As Derivatives Collateral: Report
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2 days agoon
October 19, 2024By
adminAsset management titan BlackRock is reportedly in talks with numerous crypto exchange platforms about using its proprietary token BUIDL as collateral for derivatives contracts.
According to a new report by Bloomberg, anonymous people familiar with the matter say the world’s largest asset manager is exploring the idea of utilizing BUIDL – the crypto asset related to the firm’s tokenized mutual fund – as collateral for trading derivatives contracts.
BUIDL, which launched in March of this year and stands for BlackRock USD Institutional Digital Liquidity Fund, is a tokenized money-market fund designed to offer a stable value of $1 per token built on the Ethereum (ETH) blockchain that offers blue-chip traders yields.
Bloomberg says the crypto exchanges BlackRock is in talks with include Binance, the world’s largest crypto exchange by volume, as well as OKX and Deribit.
Previously, it was reported that the fund invests in cash, US Treasury Bills, and repurchase agreements and sends dividends directly to investors’ wallets as new tokens every month.
As stated by Robert Mitchnick, BlackRock’s head of digital assets, in a press release issued by Securitize, BlackRock’s brokerage partner,
“[BUIDL] is the latest progression of our digital assets strategy. We are focused on developing solutions in the digital assets space that help solve real problems for our clients.”
In April, stablecoin issuer Circle launched a new smart contract function that permits holders of BUIDL to convert their tokens into USDC. At the time, Circle chief executive Jeremy Allaire said that the new functionality would allow “investors to move out of tokenized assets at speed, lowering costs and removing friction.”
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Bitcoin ETF
Bitcoin ETFs surpass $2.1b weekly inflows, whale accumulation mirrors 2020 rally
Published
2 days agoon
October 19, 2024By
adminSpot Bitcoin exchange-traded fund inflows shot up more than 580% this week, as one analyst pointed out that whales were loading up on Bitcoin at a pace akin to the lead-up to the 2020 rally.
Over the past week, inflows into the 12 spot Bitcoin ETFs reached $2.13 billion, following six consecutive days of positive inflows. This marks the first time weekly inflows into Bitcoin ETFs have surpassed the $2 billion mark since March 2024.
Total net inflows across Bitcoin ETFs have hit a record $20.94 billion. That’s a milestone that took gold ETFs years to achieve, according to Bloomberg’s Eric Balchunas. Bitcoin products took less than a year.
Weekly inflows hit their high on Oct. 14, with $555.86 million flowing into the ETFs, but by Oct. 18, the pace slowed down, dipping to $273.71 million, according to SoSoValue data.
None of the funds saw negative flows on the last trading day, with ARK 21Shares’ ARKB leading the pack. The inflows recorded were as follows:
- ARK 21Shares’ ARKB, $109.86 million, 7-day inflow streak.
- BlackRock’s IBIT, $70.41 million, 5-day inflow streak.
- Bitwise’s BITB, $35.96 million.
- VanEck’s HODL, $23.34 million.
- Fidelity’s FBTC, $18.0 million, 6-day inflow streak.
- Invesco’s BTCO, $16.11 million.
- Franklin Templeton’s EZBC, Wisdom Tree’s BTCW, Grayscale’s GBTC and BTC, and Hashdex’s DEFI saw no flows.
Whale accumulation intensifies
This week’s inflows into Bitcoin (BTC) products signal strong demand among retail and institutional investors and came alongside an interesting accumulation pattern noted among whales.
On X, CryptoQuant author Woominkyu pointed out that the Bitcoin whale ratio on spot exchanges is looking a lot like it did back in July 2020, right after the COVID crash. According to the chart he shared, that’s when a major Bitcoin rally took off — hinting that whales might be gearing up for another long-term price surge. (See below.)
A similar accumulation pattern was also observed among newer whales by fellow analyst and CryptoQuant CEO Ki-Young Ju, who wrote in an Oct 16 X post that new whale wallets with an average coin age of under 155 days reached a new high of 1.97 million BTC. (See below.)
Whales are often referred to as “smart money” because they tend to buy during market dips and hold through the ups and downs, using their deep pockets and strategic timing to make calculated moves. Their actions can often signal where the market might be heading next, as they usually position themselves ahead of big price shifts.
While the uptick in whale accumulation has ignited hopes of a forthcoming rally, several market analysts are also expecting the bellwether to reach a new all-time high soon buoyed by the upcoming U.S. presidential elections as a potential catalyst.
Pseudonymous trader Crypto Raven pointed out that polls show increasing odds for Republican candidate Donald Trump winning the November elections, which could be just the push BTC needs to hit new highs. As Raven put it, “everything goes this smooth, we could aim for the moon.”
On a more bullish note, Bitwise CIO Matt Hougan predicts Bitcoin will hit six figures, driven not just by the upcoming elections, but also by a surge in institutional demand and other macroeconomic factors.
At press time, the flagship cryptocurrency was trading at $68,280, up 8.5% over the past week.
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