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MakerDAO’s $1B Investment In Tokenized U.S. Treasuries Shakes Up Crypto Market

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MakerDAO, a DeFi platform, recently announced its plan to invest in $1 billion tokenized US Treasury Securities that would transform the DeFi industry. This has attracted the attention of large financial actors such as BlackRock’s BUIDL, Superstate, and Ondo Finance all of which are keen to take advantage of this chance.

Crypto Town Hall revealed this in a recent X post, which brought lots of attention among the members of the crypto community. These plans have started to make a difference as MKR token saw a good 5% rise in its value from investors’ and traders’ sentiments.

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MakerDAO has stepped into the tokenized treasury market at the right time making this a turning point in the DeFi industry. Through investing $1 billion into U. S. Treasuries, MakerDAO is debiting its over-concentration on ETH and strengthening the concept and future of tokenized RWAs. This step will greatly improve upon current investment of $1.8 billion in the tokenized RWA market while spurring development and advances in the domain.

Major Players Join MakerDAO

This development is equally significant because of participants like BlackRock’s BUIDL, which are heavy hitters in the market. Asset management firm BlackRock’s investment suggests that the tokenization process is indeed the way forward for assets. Likewise, the companies operating in the financial sector and major stakeholders are Superstate and Ondo Finance that are keen on extending their presences across the growing DeFi market.

While it is probably a smart monetary play, for MakerDAO it is much more than that: it is a bet on the future of decentralized finance and the convergence of legacy financial instruments with blockchain. The tokenization of U.S. treasuries presents a real opportunity to build on the indicators for improving liquidity, accessibility and efficiency in the financial markets by expanding what is possible utilizing established financial frameworks combined with innovative blockchain technologies.

The crypto community is closely following this decision of MakerDAO as this endeavour targets to bring many such innovations in the DeFi sector. The further months of this year should reveal even more active cooperation and engagement of the representatives of the major financial institutions as well as blockchain startups as this large-scale investment will create certain new challenges and opportunities for all of them.

MakerDAO’s investment of $1 billion in tokenized U. S. Treasury is not only a financial decision but an evolutionary one as well. This process has already started affecting the markets, and its future consequences will largely determine the evolution of DeFi and financial systems.

VanEck Leads the Way with Amended S-1 for Spot Ethereum ETF

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In a move that might prove pivotal in shifting cryptocurrency market fortunes, Ethereum exchange-traded funds see action as major financial players jockey for approval. Early Monday, VanEck filed an amended S-1 registration statement for its spot Ethereum ETF, detailing minor changes to custody arrangements.

Following the lead from VanEck, several other companies, including 21Shares, BlackRock, Fidelity, Franklin Templeton, and Grayscale, made their filings with the regulator a little later on in the day. Market insiders speculate that trading for these ETFs could commence around the 15th of July.

Bloomberg ETF analyst Eric Balchunas provided insight into the wave of filings, noting that VanEck’s S-1 amendment was the first to be submitted. “VanEck already had their fee structure in place, so there wasn’t much new in their filing. It’s more about putting the ball back in the SEC’s court. We expect the rest of the filings to come in today, except for Bitwise, who completed theirs last week,” Balchunas explained

The journey for these spot Ethereum ETFs began on May 23 when the Securities and Exchange Commission (SEC) approved the issuers’ 19b-4 applications. However, before these ETFs can begin trading, the SEC must also approve the S-1 registration statements. July 15 is the anticipated trading date.

Golem Sells 24,400 ETH Worth $72M Despite Market Uptick

Contrary to recent optimistic changes in the cryptocurrency market, data from Lookonchain has pointed to an overwhelming move from Golem. In the past three days, Golem has sold 24,400 ETH (around $72 million in value) on leading cryptocurrency exchanges such as Binance, Coinbase, and Bitfinex

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Currently, Golem still holds a substantial amount of 127,634 ETH, worth around $372 million. Golem, which raised 820,000 ETH during its ICO in November 2016 when the price of Ethereum was just $10.20, has seen its holdings grow tremendously in value as ETH’s price soared.

Analyst Predicts ETH Could Surpass $5,000

Renowned crypto analyst Trader Tardigrade has shared an optimistic forecast for Ethereum’s price trajectory despite Golem’s recent sell-off. According to him, Ethereum is forming a second Descending Triangle pattern, which historically suggests a potential breakout within the coming months. He predicts that during the next bull run, Ethereum could surpass the $5,000 mark.

The recent sell-off did not hamper the ETH price; at the time of writing, Ethereum is trading at $3,093.24, with a 24-hour trading volume of $34.16 billion. The market capitalization stands at $371.61 billion. The price of ETH has risen by 2.50% during the last 24 hours.

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VanEck Leads the Way with Amended S-1 for Spot Ethereum ETF 4

Related Reading |  Chainlink Faces Critical $12.95 Support Amid 8% Decline, Bulls Await Rally 

BlackRock Bets Big on Bitcoin with 43k ETF Shares

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Global asset management firm BlackRock has disclosed buying 43,000 shares of iShares BTC ETF for its Global Allocation Fund in the latest SEC filing. The decision highlights BlackRock’s increasing confidence in BTC’s potential as a mainstream investment. Since its launch, Blackrock has quickly ascended to become one of the leading assets under management [AUM] in the crypto fund sector.

In a recent video, BlackRock highlighted Bitcoin’s evolving position in the financial landscape. Head of Thematic and Active ETFs at BlackRock Jay Jacobs Jacobs stated,

“Bitcoin is a nascent asset. It’s only one-tenth of the size of the gold market. Therefore, it has high volatility and behaves a bit differently than stocks and bonds. A lot of investors look at it as a potential hedge against geopolitical and monetary risks. Other investors look at it as a way to play future adoption of blockchain technology. In either case, investors must take a measured approach to Bitcoin, considering both the risks and the potential returns of the asset.”

Digital assets have often come under increasing scrutiny due to their inherent volatility and BTC’s recent drawdown has only boosted the narrative.

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BlackRock Bets Big on Bitcoin with 43k ETF Shares 6

While the dominant crypto has witnessed a major sell-off in the past three weeks, BTC’s Open Interest has also declined by roughly $3 billion over the last three weeks, with longs making up the majority of this number. This indicates a more balanced market, away from the highly speculative nature that critics have often attributed to the asset.

Bitcoin Market Analysis

Digging deeper, the funding rates for perpetual contracts have also reduced significantly and are almost nil. This suggests a fair balance between buyers and sellers, painting a comparatively realistic price outlook

In the last three weeks, Bitcoin has undergone a correction of approximately 15%, dropping from the $70k range to the $60k range. With the more significant correction yesterday, signs of a possible local bottom have emerged: Futures Market: Open Interest has declined by about $3 billion in the past three weeks, with a predominance of long liquidations. The funding rates for perpetual contracts have dropped to near zero, indicating a greater balance between buyers and sellers, creating a healthier and less overly optimistic price structure.

Gensler Signals Ethereum ETF Launch Amid Regulatory Review

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The Securities and Exchange Commission (SEC) of the United States has an ongoing analysis on a proposed exchange-traded fund (ETF) that will directly invest in Ethereum, according to SEC Chairman Gary Gensler.

Speaking at Bloomberg Investment Summit, he said that the review is progressing well but he did not announce when the document review would be completed by the employees. During wider conversations about crypto-policy, this cautious optimism was expressed by Gensler, who insisted on the absence of irregularities between cryptocurrencies and securities laws.

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Meanwhile, Wall Street’s top regulator is navigating a legal challenge that has disrupted one of Gensler’s significant policy initiatives. The SEC is currently assessing its response to a recent appellate court decision that struck down new rules requiring hedge funds and private equity firms to disclose more detailed information about their fees.

The three-judge panel from the 5th U.S. Circuit Court of Appeals ruled that the SEC had overstepped its authority. Gensler, during the Bloomberg Invest event in New York, reiterated the agency’s commitment to acting within legal boundaries and hinted at possible adjustments in their approach.

Despite the legal hurdles, Gensler provided an encouraging update on the Ether ETF review. Companies such as VanEck, ARK Investment Management, BlackRock Inc., and Fidelity Investments are eagerly awaiting the SEC’s decision, though Gensler refrained from offering a specific timeline for the review’s conclusion.

Potential Impact of Ethereum ETF Launch

In a rare moment of candor, Gensler’s remarks hinted at the possibility of an imminent approval, aligning with Bloomberg’s speculation that the ETFs might launch as early as July 2. This potential launch comes at a critical time, with cryptocurrency markets experiencing volatility. Bitcoin ETFs, approved earlier in the year, sparked a rally, raising questions about whether Ether ETFs could have a similar impact.

However, the outlook for Ethereum remains nuanced. Often considered Bitcoin’s less celebrated sibling, Ethereum boasts advanced features like smart contracts and staking but lacks Bitcoin’s straightforward “digital gold” branding.

Christopher Perkins, president of the venture capital firm CoinFund, highlighted the branding challenge Ethereum faces. Bitcoin’s clear value proposition appeals to a wide investor base, while Ethereum’s complex functionality can be harder to grasp, particularly for older investors.

According to Perkins, Bitcoin ETFs enabled investments through brokerage accounts to be made simpler while Ethereum ETFs could bring about a greater degree of regulatory clarity. This is a notable change considering SEC’s historic indecisiveness concerning Ethereum’s legal status. Moreover, these yield-bearing Ethereum ETF’s can alter this landscape, serving as a benchmark rate for staking yield, which frequently exceeds Treasury rates when adjusted for inflation.

As the launch of Ethereum ETFs approaches, Perkins said that people should visualize it as a way towards acceptance by the larger society and lesser regulations. The first adoption was slow though an important moment in the development of cryptocurrency investment may be marked by the Ethereum ETF approval.

Related Reading | Bitcoin Plunge of 20%: Schiff Warns of Further Decline

Corporate Crypto Surge: 39% Rise In Fortune 500 Onchain Ventures

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America’s leading companies are increasingly diving into on-chain ventures, signaling a transformative shift in the financial landscape. A recent Coinbase report, “The State of Crypto: The Fortune 500 Moving Onchain,” reveals that on-chain projects by Fortune 100 companies surged 39% year-over-year, reaching an unprecedented high in Q1 2024.

However, this surge underscores the growing involvement of major corporations in blockchain technology, with 56% of Fortune 500 executives acknowledging their companies’ engagement in on-chain projects.

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Stablecoins and Global Crypto Integration

This rising engagement spans from traditional financial giants to small businesses, encompassing innovations such as stablecoins and tokenized T-bills. The trend is fostering an environment ripe for widespread adoption as companies leverage blockchain to enhance efficiency and accessibility.

Notably, the introduction of spot Bitcoin ETFs has tapped into significant demand, amassing over $63 billion in assets. The SEC’s recent approval for spot ether ETFs further amplifies access to these digital assets, promoting adoption through trusted financial products.

Tokenized government securities are also gaining traction, driven by high interest rates and demand for secure, high-yield investments. The value of tokenized US Treasury products skyrocketed over 1,000% since early 2023, now valued at $1.29 billion. BlackRock’s tokenized US Treasury fund recently became the largest, underscoring the growing appeal of these assets. Projections indicate that the tokenized asset market could reach $16 trillion by 2030, highlighting its potential to revolutionize finance.

Global payment giants like PayPal and Stripe are simplifying the use of stablecoins, enabling merchants to accept payments in USDC across various blockchains and converting them to fiat currency seamlessly. PayPal’s support for cross-border stablecoin transfers with no transaction fees is particularly notable, offering a cost-effective alternative to traditional remittance services. In 2023, stablecoin settlement volumes hit $10 trillion, surpassing global remittances tenfold.

Cryptocurrency has been seen as a good option for small businesses with about 68% believing that it can solve financial problems like high transaction charges and slow processing time. Nevertheless, America needs to combat brain drain by addressing this issue as only 26% of the domestic crypto developers have remained on home ground compared to 14 points which decreased over five years’ period.

These findings indicates that, clear regulatory structures would be important in retaining talent as well as keeping US at the forefront of innovation. As USA establishes itself as a leader in the field of cryptocurrency, executives still desire digital currency backed up by US Dollars. Many would welcome domestic partnerships while others believe this will lead to economic competitiveness through blockchain technology.

Related Reading | Cardano (ADA) Key Developments Propel Price Rally: Analyst Eyes Breakout at $0.57 Resistance

BlackRock Backs New $120M Texas Stock Exchange to Rival NYSE

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In a bold move set to challenge the dominance of the New York Stock Exchange (NYSE) and Nasdaq, BlackRock Inc. and Citadel Securities are among the investors supporting the establishment of a new national stock exchange in Texas. The Texas Stock Exchange (TXSE), headquartered in Dallas, has secured $120 million in funding from over two dozen investors, according to TXSE Chairman and CEO of the new BlackRock backed exchange James Lee.

The TXSE aims to leverage the state’s economic vitality to attract businesses and investors alike. Lee announced on LinkedIn,

“Texas’s booming economy and the strong economic and population growth among states in the southeast quadrant of the U.S. present incredible opportunities for businesses — and ultimately the Texas Stock Exchange.”

The Wall Street Journal highlighted the venture, noting the exchange’s positioning as a “more-CEO friendly” alternative to the NYSE and Nasdaq, which are increasingly criticized for their stringent regulatory environments and rising compliance costs. A contentious Nasdaq rule, which mandates that listed companies disclose board diversity information, exemplifies the type of regulation the TXSE seeks to alleviate. This rule, approved by the SEC in 2021, is currently facing a challenge in a federal appeals court.

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TXSE Aims for 2025 Launch with BlackRock’s Backing

The TXSE plans to be a fully electronic national securities exchange, with ambitions to start trading in 2025 and host listings by 2026. The Dallas Morning News reported that the TXSE will focus on companies in the southeastern U.S., a region experiencing significant economic growth. Lee expressed gratitude to Texas Governor Greg Abbott for his support and leadership in this initiative.

The exchange’s physical presence in downtown Dallas is expected to enhance the city’s status as a burgeoning financial hub, already home to expanding operations of firms like Goldman Sachs and Charles Schwab. However, the TXSE will face considerable challenges in its bid to compete with established giants like the NYSE and Nasdaq. Previous efforts by other upstart exchanges to break into the market have encountered significant obstacles.

As of now, BlackRock and Citadel Securities have not provided comments on their involvement in the TXSE. The new exchange’s success will depend on its ability to attract companies seeking relief from the high compliance costs and regulatory pressures of existing stock markets.

BlackRock Revises S-1 Form for Spot Ethereum ETF, Signals Progress

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The wait for a spot Ethe­reum ETF in the US might be ne­aring its end. BlackRock, the world’s largest asse­t manager, has recently file­d a revised S-1 form with the Se­curities and Exchange Commission (SEC) for its iShares Ethe­reum Trust. This filing is a significant step toward gaining approval for the ETF to trade publicly.

The U.S. Se­curities and Exchange Commission (SEC) had already give­n its nod to BlackRock’s 19b-4 filing, setting the stage for this ne­w financial product. Bloomberg ETF analyst James Seyffart pointe­d out that BlackRock’s re­vised S-1 form indicate­s a constructive dialogue betwe­en the issuer and the­ SEC, marking progress toward the approval of spot Ethere­um ETFs.

Another promine­nt Bloomberg analyst, Eric Balchunas, expresse­d optimism about this development. He­ viewed it as a positive sign for the­ market, suggesting that other filings might soon follow. Balchunas e­stimated a realistic possibility for a launch by the e­nd of June, although a more conservative­ estimate places approval around July 4th.

BlackRock Affiliate Buys $10M Shares

In its revise­d statement, BlackRock disclosed that an affiliate­ agreed to buy $10 million worth of shares on May 21, 2024. This purchase­ included 400,000 shares priced at $25.00 e­ach. The updated filing also indicated that the­se shares would be liste­d and traded under the ticke­r symbol “ETHA.”

Despite­ the news about the pote­ntial launch of a spot ETF, Ethereum’s price did not ge­t an immediate boost. ETH slid by 0.91% on Wedne­sday, trading at $3730, but it held above 50-day and 200-day EMAs, which still suggest bullish signals.

For ETH to gain momentum, it ne­eds to break above $3,840, which could push it toward the­ $4,000 mark and potentially reach the high of $4,091 se­en in March. Conversely, a fall be­low $3,730 could indicate a slide toward the $3500 support le­vel. Interestingly, the­ 14-period Daily RSI reading currently sits at 64.51, sugge­sting there’s room for ETH to reach $4,000 be­fore entering ove­rbought territory.

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With BlackRock’s revise­d S-1 filing and the potential for a June launch, the­ prospects for a US spot Ethereum ETF are­ looking brighter than ever. Whe­ther it’s a late-June de­but or a July 4th launch, the ongoing discourse on increase­d accessibility to Ethereum in the­ US market seems ne­aring its conclusion.

Related Readings | Ethereum Whale Stakes $580M ETH in One Epic Move

Bitcoin ETF’s 71-Day Inflow Reign’s Plunge Shocks BlackRock

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BlackRock’s Bitcoin exchange-traded fund (ETF), IBIT, recently made headlines as its streak of consecutive inflows abruptly ended after an impressive run of 71 days. On Wednesday, IBIT failed to attract any fresh inflows, while total outflows hit a substantial $120 million. This comes in the wake of Grayscale’s GBTC witnessing massive outflows, bleeding over $130 million in a single day. Despite modest inflows into Fidelity’s FBTC and Ark’s ARKB, totaling $5.6 million and $4.2 million, respectively, they were insufficient to offset Grayscale’s losses.

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The significance of BlackRock’s failure to attract fresh flows on Wednesday might signal a bearish sentiment in the market, at least in the short term. Traders often monitor ETF flows to gauge market sentiment, and IBIT’s halt in inflows could raise concerns among investors. However, it’s important to recognize that these ETFs initially saw strong inflows following their launch, with IBIT now boasting assets under management nearing $20 billion. This achievement is noteworthy, especially when compared to traditional assets like the SPDR Gold ETF (GLD), which took almost three years to reach a similar milestone.

Bitcoin ETF Growth Plateau

Despite its success, IBIT’s streak ending isn’t entirely unexpected. ETFs often cease attracting flows once they reach a certain size, and BlackRock’s Bitcoin ETF is no exception. While its streak may have concluded, it still falls short of other ETFs like the JPMorgan Equity Premium Income ETF (JEPI) and the Pacer US Cash Cows 100 ETF (COWZ) in terms of prolonged streaks.

Beyond the implications of IBIT’s streak ending, the overall sentiment in the crypto market appears bearish. Over the past 24 hours, Bitcoin’s price has declined by more than 3%, currently trading at $64,329. This downturn reflects broader market dynamics and investor sentiment.

In conclusion, while the end of BlackRock’s Bitcoin ETF streak may raise concerns among investors, it’s important to consider the broader market context. The crypto market remains dynamic and influenced by various factors, and while short-term fluctuations are inevitable, the long-term outlook for Bitcoin and other cryptocurrencies continues to garner significant interest.

Ethereum ETF Approval Still Viable, Says BlackRock’s Fink

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The head of asset management powerhouse, BlackRock, remains optimistic about the prospects of an Ethereum spot exchange-traded fund (ETF) coming to market, even if regulators deem the world’s second-largest cryptocurrency a security. Larry Fink’s confident stance emerges as the Securities and Exchange Commission nears a May deadline to rule on applications from eight issuers looking to launch such a product.

While the prevailing sentiment among industry observers is that the SEC will reject the Ethereum ETF proposals no matter how it ultimately classifies the digital asset, Fink believes approval remains a possibility. In a recent interview on Fox Business, the BlackRock CEO responded affirmatively when asked if an Ethereum ETF could still go forward under a security designation.

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Fink’s conviction likely stems from the overwhelming success of BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust. Branded by the CEO as “the fastest growing ETF in the history of ETFs,” the fund has raked in over $15 billion in assets under just two and a half months on the market.

The ability of the Bitcoin ETF to inject considerable liquidity and transparency into the market appears to have opened Fink’s eyes to the transformative potential of such products tracking other digital assets beyond just Bitcoin. If his firm’s wildly popular Bitcoin offering is any indication, there could be a substantial appetite among investors for convenient, regulated exposure to Ethereum through an exchange-traded fund.

However, not everyone shares Fink’s optimism. Bloomberg analyst James Seyffart has gone on record stating his expectation that the SEC will ultimately reject the current crop of Ethereum ETF applications when the regulator’s ruling comes down in May. While Seyffart acknowledged the need for further review of Fidelity’s recent filing for a staking Ethereum ETF, his overall assessment suggests the proposals face an uphill battle.

Advocates for Ethereum ETFs

But the asset management giants aren’t alone in their advocacy for an Ethereum ETF. Arthur Hayes, former CEO of pioneering crypto derivatives platform BitMEX, has argued forcefully that the success of Bitcoin ETFs essentially paves the way for similar products tied to other digital assets like Ethereum and Solana. Given the lucrative fees such offerings could generate for major financial institutions, Hayes contends banks have a vested interest in seeing them approved.

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Grayscale’s Chief Legal Officer Craig Salm has also voiced support, stating that the SEC’s perceived lack of engagement with issuers on technical details should not be viewed as an indicator of the final outcome. Many of those operational intricacies, Salm reasons, have already been ironed out through the approval process for Bitcoin ETFs.

However, the crypto world holds its breath as the back-and-forth plays out ahead of the SEC’s looming decision. The ramifications of the regulator’s ruling could profoundly impact the acceptance and accessibility of Ethereum for investors through mainstream, regulated investment vehicles.

Related Reading | BlockDAG’s $9.7 Million Presale Dominates Crypto Market, Outperforming BeFi & Worldcoin Market Fluctuations

Bitcoin ETFs Bounce Back, Attracting $418 Million in Net Inflows

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After a brief period of investor jitters, the U.S. spot Bitcoin ETF (exchange-trade­d fund) market seems to be re­gaining stability. According to the HODL15Capital, the te­n newly launched spot Bitcoin ETFs witnesse­d a combined $418 million net inflow on March 26th. This signifies a major turnaround from the­ preceding five conse­cutive days of net outflows.

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Source: HODL15Capital

Prominent Bitcoin ETF provide­rs Fidelity and BlackRock drove this rene­wed interest through substantial inflows. Fide­lity’s Bitcoin ETF attracted a mammoth $279.1 million inflow – its largest single-day inflow since­ March 13th. Concurrently, Fidelity added around 4,000 BTC to its holdings. It marke­d the second day with inflows exce­eding $260 million.

BlackRock’s iShares Bitcoin Trust (IBIT) also expe­rienced positive $162.2 million inflows. Howe­ver, these re­main lower compared to earlie­r March when daily inflows averaged ove­r $300 million. Other notable inflows include Ark 21Share­s Bitcoin ETF ($73.6 million), Invesco Galaxy, Franklin Templeton, and Valkyrie­’s respective Bitcoin ETF offe­rings (over $26 million each).

Grayscale Loses Ground Amid Bitcoin ETFs Surge

While the overall spot Bitcoin ETFs outlook is positive­, Grayscale’s Bitcoin Trust (GBTC) continued witnessing outflows. On March 26th, the­ trust recorded a $212 million daily outflow. Neve­rtheless, this negative­ figure couldn’t outweigh competitors’ combine­d inflows. Since January 11th, 2024, whe­n Grayscale transitioned from a trust to an ETF, it has faced a major se­tback. It lost 277,393 BTC, roughly $19.5 billion at current rates. This repre­sents a significant decline in its holdings.

Be­yond individual players, a recent Bloombe­rg post by senior ETF analyst Eric Balchunas highlights Bitcoin ETFs’ impressive first 50 trading days. His March 26th analysis showe­d a chart with the 30 largest asset funds during the­ir initial launch period. Remarkably, four Bitcoin ETFs made the­ global funds list. BlackRock’s IBIT and Fidelity’s FBTC led the pack.

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Source: Bloomberg Intelligence

Balchunas furthe­r emphasized these­ Bitcoin ETFs’ dominance. Even the 18th-ranke­d Bitwise Bitcoin ETF (BITB) by assets under manage­ment holds more than the world’s le­ading gold ETF, SPDR Gold Shares (GLD). The rece­nt influx into spot Bitcoin ETFs and positive industry data suggest growing inve­stor appetite for this new asse­t class. While Grayscale struggles, the­ overall spot Bitcoin ETF market sentime­nt seems upward.

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