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Tokenized T-Bills issuer OpenEden surpasses $100m in TVL

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3 weeks ago

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Tokenization platform OpenEden has surpassed $100 million in total value locked for its tokenized U.S. Treasury Bills.

OpenEden’s announcement on Aug. 26, comes a few weeks after it revealed plans to launch the first T-Bills on the XRP (XRP) network.

Earlier this month, Ripple announced it would allocate $10 million to OpenEden’s tokenized short-term U.S. government securities, with the T-BILL set to launch on the XRP Ledger. OpenEden also secured a key allocation from Arbitrum’s (ARB) decentralized autonomous organization treasury.

OpenEden hits $100m TVL

The march to $100 million in TVL also comes just a month after the platform hit the $75 million total value locked mark. According to data from DeFiLlama, the platform’s TVL stood at just over $33 million at the start of June 2024.

In a blog post, OpenEden attributed its growth to a deep understanding of the market and active engagement with DAO treasury managers, web3 financial advisors, and crypto funds. These strategies have helped the firm become the largest issuer of tokenized U.S. T-bills in Europe and Asia.

Tokenized U.S. Treasuries market

Data from RWA.xyz indicates that the tokenized U.S. Treasury securities market currently stands around $2.02 billion. The BlackRock USD Institutional Digital Liquidity Fund, Franklin OnChain U.S. Government Money Fund, Hashnote Short Duration Yield Coin, and Ondo U.S. Dollar Yield the top assets by total value.

While the market is experiencing notable growth, OpenEden believes that the current total value remains well below the asset class’s addressable market. With $26.2 trillion, or 30%, of U.S. Treasury securities outstanding at the end of 2023, tokenization is expanding the market’s reach.

Demand for on-chain exposure could drive the total market value of tokenized assets, such as BlackRock’s BUIDL, Franklin’s FOBXX, and OpenEden’s T-BILL, to over $8 billion by the end of 2024. However, this would still represent just 0.1% of the global value.



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Bitcoin ETF

BlackRock Releases a New Report, "Bitcoin: A Unique Diversifier"

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1 day ago

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September 18, 2024

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Asset management giant BlackRock, with over $10 trillion in assets under management, has published a new report touting Bitcoin as a unique portfolio diversifier. This marks the latest embrace of Bitcoin from the world’s largest asset manager.

Earlier this year, BlackRock launched a Bitcoin exchange-traded fund (IBIT), rapidly becoming one of the most successful ETF launches ever. The Bitcoin ETF already has over $21 billion in assets under management.

BlackRock CEO Larry Fink also recently changed his sceptical stance on Bitcoin, admitting he was “wrong” to dismiss it. The firm has steadily released research explaining Bitcoin’s potential role for investors.

The new report explains that while volatile, Bitcoin is fundamentally detached from other asset classes over the long term. It argues Bitcoin’s adoption depends on global concerns over monetary stability, geopolitics, fiscal policy, and political stability – the inverse of traditional “risk assets.”

“Bitcoin, as the first decentralized, non-sovereign monetary alternative to gain widespread global adoption, has no traditional counterparty risk, depends on no centralized system, and is not driven by any one country’s fortunes,” the report states.

As major traditional finance players like BlackRock increasingly embrace Bitcoin, its reputation and adoption will likely accelerate, bringing it further into the mainstream. BlackRock’s continued pro-Bitcoin stance reflects growing acceptance by global financial institutions.





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24/7 Cryptocurrency News

BlackRock And Bitcoin ETFs Saved BTC Price: Bloomberg Analyst

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5 days ago

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September 15, 2024

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Bloomberg analyst Eric Balchunas has asserted that BlackRock and the Bitcoin ETFs saved the BTC from massive decline. The analyst’s statement related to rumors that the world’s largest asset manager receives Bitcoin IOUs from the Coinbase crypto exchange. A popular crypto analyst has outlined a theory suggesting that the asset manager may be shorting BTC with these IOUs, leading to the coin’s decline at different times.

BlackRock And Bitcoin ETFs Saved Bitcoin Price

Balchunas stated in an X post that BlackRock and the Bitcoin ETFs repeatedly saved the BTC price “from the abyss.” The analyst made this statement to rebut arguments that traditional investors were to blame every time the coin declined. He added that he understands why these exist, as people want to “scapegoat the ETFs” because they find it hard to believe that the native HODLers could be the sellers.

However, Eric Balchunas claimed that these Bitcoin natives are indeed the sellers. He remarked that they are sabotaging the Bitcoin price, not traditional investors. Popular Bitcoin analyst Ali Martinez recently revealed how BTC miners had sold over 30,000 $BTC in three days, proving Balchunas’s point that the “call is coming from inside the house.”

It is also worth mentioning that these Bitcoin ETFs contributed significantly to the BTC price reaching a new all-time high (ATH) of $73,000 in March earlier this year. These funds witnessed impressive net inflows upon launch, causing new money to flow into the BTC ecosystem and spark a rise in its price. BlackRock, in particular, has continued to hold on to its coins, recording only three daily net outflows since its January launch.

Coinbase Helping TradFi To Supress Bitcoin

There have been rumors that Coinbase is writing Bitcoin IOUs for BlackRock, leading to price suppression. Crypto analyst Tyler Durden is one of those who have continued to make such allegations. Earlier this year, the analyst explained that the crypto exchange’s IOUs to the asset manager means they can borrow as much Bitcoin to short and not show proof that they hold the coin 1:1.

To further prove his point that the world’s largest asset manager was suppressing BTC price with Coinbase’s help, Durden alluded to data from Cryptoquant. He claimed the US crypto exchange was the biggest buyer and seller on every bottom and top in this range. The analyst also opined that the asset manager will put a top on the market at some point and crash it or create a major pullback.

Meanwhile, Coinbase CEO Brian Armstrong responded to Durden’s allegations, clarified how ETF mints and burns are processed, and ultimately settled on-chain. He indicated there was no foul play, noting that they are audited and these reports are available to everyone. Armstrong added that they had no right to share the addresses of their institutional clients, including BlackRock.

At the time of writing, Bitcoin is trading at around $60,000. As Coingape reported, the projected rate cuts next week could benefit the BTC price. Historically, this macro event is bullish for the coin.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, Boluwatife is an avid basketball lover and a part-time degen.

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 ETF

Bitcoin ETFs outflow $706m: BlackRock, WisdomTree buck trend

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2 weeks ago

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September 7, 2024

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Outflows from U.S. spot Bitcoin ETFs, or exchange-traded funds, surpassed $706 million this week as bears pushed Bitcoin to $53,304 — its lowest level since Aug. 5.

According to data from SoSoValue, the 12 spot Bitcoin ETFs logged $169.97 million in net outflows on Sep. 6, with Grayscale and Fidelity leading the pack.

  • Fidelity’s FBTC shed $85.5 million, with the fund experiencing negative flows for the past seven trading days.
  • Grayscale’s GBTC added to the exit liquidity, with $52.9 million leaving the fund, bringing total losses to over $20 billion since its inception. Over the past eight days, the fund has lost $279.9 million, continuing its outflow streak since Aug. 27.
  • Bitwise’s BITB saw outflows of $14.3 million
  • ARK 21Shares’ ARKB, $7.2 million
  • Grayscale’s Bitcoin mini trust, $5.5 million
  • Valkyrie’s BRRR, $4.6 million

BlackRock, WisdomTree avoid outflows

BlackRock’s IBIT and WisdomTree’s BTCW were the only Bitcoin ETFs that avoided outflows over the past week. However, they recorded no new inflows in the last two days.

This investor hesitancy coincides with Bitcoin’s recent dip. The bellwether crypto was back up to $54,333 at the time of writing after briefly touching $52,690—its lowest point since Aug 5. Yet BTC was down 3% over the past day. 

Bitcoin is down 10.4% from its weekly high and 17.5% from its 30-day peak of $64,648, reached on Aug. 26. The turbulence intensified over the past 24 hours as $113.86 million in Bitcoin positions were liquidated, according to Coinglass.

Bitcoin’s price drop came amid growing unease in the crypto market, fueled by what is dubbed the “Redtember” seasonal slump and uncertainty over potential U.S. interest rate cuts. These factors dampened investor confidence and glorified market volatility.

According to data from Alternative, the widely monitored Crypto Fear and Greed Index still stands at 23, its lowest level in over a month. This indicates high investor anxiety and a risk-averse market environment.

Further downside expected

Technical indicators suggest that a death cross could form soon, with the 50-day and 200-day Exponential Moving Averages nearing a crossover. Death crosses are one of the most feared patterns in technical analysis. Bitcoin plummeted more than 67% after forming a death cross in January 2022. 

Bitcoin ETFs see $706m in outflows, BlackRock and WisdomTree buck trend - 1
BTC price chart – Sep. 7 | Source: crypto.news

Analysts on social media platform X also maintained a bearish outlook. According to crypto analyst Pushpendra Singh Digital, BTC is stuck in a falling wedge pattern.

He suggests a breakout above the wedge around the $57,800 to $58,000 range could lead to a strong upward move.

However, if BTC drops below the support trendline around $54,000, it could lead to further downsides.

Bitcoin ETFs see $706m in outflows, BlackRock and WisdomTree buck trend - 2
A falling wedge pattern forms on the BTC/USD 4h chart | Source: X/PushpendraTech

Echoing this cautious sentiment, a 1D BTC/USDT chart shared by Crypto analyst Nika also highlighted Bitcoin’s struggle to climb above the $58,000 level.

If the cryptocurrency fails to clear this resistance zone, it could face a more significant downward path, with potential support levels at $45,000 and $42,000.



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