BlackRock's Bitcoin ETF Crosses $2B Mark, Hong Kong Registers First Spot Bitcoin ETF
Summary:
BlackRock's Bitcoin Exchange-Traded Fund (ETF) has seen its Assets Under Management exceed the $2 billion mark, while Hong Kong's Securities and Futures Commission has registered its first application for a spot Bitcoin ETF. Meanwhile, significant trading volumes on Jupiter, a Solana-powered decentralized exchange, have taken the lead in the last 24 hours. This upswing is largely due to increased Bitcoin purchases from BlackRock clients and a potential supply squeeze, fuelling a likely price surge.
BlackRock's Bitcoin (BTC) Exchange-Traded Fund (ETF) has seen its Assets Under Management (AUM) exceed the $2 billion mark, as revealed by recent industry data. Also, the Securities and Futures Commission (SFC) in Hong Kong has registered its initial application for a spot Bitcoin ETF. Simultaneously, trading volumes on the Solana-powered decentralized exchange, Jupiter, have led the pack in the past day.
BlackRock's Bitcoin ETF, operating under the label 'IBIT,' has achieved assets worth over $2 billion in its management just a few weeks post-launch. Current industry data indicates IBIT presently houses over 52,000 BTC, equating to a total value of above $2 billion. GBTC, from Grayscale Bitcoin Trust, is the only fund with more total volume than IBIT.
James Seyyfart, Bloomberg's ETF analyst stated that the newly sanctioned spot ETFs are balancing out GBTC’s outflows, which have been subjected to significant selling ever since it converted to a spot ETF.
Renowned investor and social media influencer, Rajat Soni mentioned BlackRock's customers are making more Bitcoin purchases than the amount generated everyday on the network. This indicates a possible supply squeeze, propelling a potential price surge.
Per local indications, Harvest Hong Kong, one of the biggest fund managers in China, submitted their spot Bitcoin ETF application to the Hong Kong SFC on January 26. Post Chinese New Year on February 10, the SFC is aiming to accelerate the approval process and debut the inaugural Hong Kong spot Bitcoin ETF.
Regarding trading activity on the Solana network, Jupiter, a decentralized exchange, recorded volumes crossing $480 million in merely the last day. This is primarily due to an airdrop frenzy for a new memecoin and amplified stablecoin exchanges. In fact, Jupiter outperformed the total trading volumes on Uniswap's Ethereum-based V2 and V3 protocols by $10 million.
Nevertheless, Jupiter’s total daily trading volume saw over $50 million by trading 'Wen,' a memecoin obtainable by any Solana user who had conducted transactions on Jupiter during the past six months, or owner of the Solana’s Saga phone. Even so, the lion's share of Jupiter's volumes in the last day stemmed from the trading of Solana (SOL) into Circle’s USD Coin (USDC) and Tether (USDT) with $191 million of the total daily volume.
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Published At
1/29/2024 11:15:49 PM
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