Bitcoin ETFs allow holders to use Bitcoin as a collateral and gain access to credit and leverage in the traditional markets. The few billion dollars of liquidity that’s coming in today will be nothing compared to what’s coming when more institutions begin to understand this.
Excerpt: Blockchain analytics firm Arkham Intelligence has identified the on-chain addresses associated with Bitcoin exchange-traded funds (ETFs) managed by financial giants BlackRock, Fidelity, Bitwise, and Franklin Templeton. This groundbreaking discovery offers unprecedented transparency into the institutional adoption of Bitcoin and sheds light on the specific holdings of these major players.
BlackRock CEO Larry Fink is bullish on Ethereum and tokenization, stating that he sees value in an Ethereum ETF and believes it’s a stepping stone towards a future built on tokenized assets.
Matrixport, a leading crypto financial services platform, forecasts that Bitcoin will soar to $50,000 in the next month, driven by several positive factors. The company expects that the approval of spot Bitcoin ETFs by the U.S. regulator, the increasing institutional adoption of Bitcoin, the limited supply of the cryptocurrency, and the historical seasonal pattern will boost the price of Bitcoin to new highs. Matrixport also predicts that the crypto market will enter an altcoin season, a phase when alternative cryptocurrencies outperform Bitcoin in terms of returns. The company advises investors to diversify their portfolios with altcoins that have strong fundamentals and growth potential.
BlackRock and Bitwise Asset Management have filed amended applications for spot Bitcoin exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC), signaling their confidence and readiness for launching the products.
Software firm MicroStrategy, a vocal proponent of Bitcoin, has once again upped its ante, snapping up $615.7 million worth of the cryptocurrency to bring its total holdings to a staggering $11.4 billion. This latest purchase, announced December 27, 2023, adds 14,620 coins to MicroStrategy’s digital war chest, acquired at an average price of $42,110 each.