The prices of Bitcoin and cryptocurrencies, including major coins Ethereum, XRPXRP, and Solana, soared heading into 2024 as concerns about the future of US dollar dominance suddenly surfaced.
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Bitcoin prices rebounded last year following the 2022 crash, as hype grows over BlackRock-led Wall Street's push for Bitcoin spot exchanges It exceeded $1.6 trillion for the first time since the beginning. – Traded Funds (ETFs) – However, some believe that asset managers may be trying to destroy Bitcoin “for good.”
Now, as panicked traders try to pre-empt the U.S. Securities and Exchange Commission's (SEC) “10-year lag pull,'' BlackRock has announced that if its spot Bitcoin ETF bid is approved, An insider leak revealed that the company is preparing a huge bazooka worth 2 billion dollars.
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Matthew Siegel, head of digital asset research at investment firm VanEck, said: “What we've heard from fairly well-placed sources is that BlackRock is buoyed by new incremental flows from existing Bitcoin holders who are increasing their positions. They say they have more than $2 billion in reserve for the first week.” In X space broadcast organizer block.
“I can't guarantee that,” Siegel added. “But, you know, that's what everyone is doing. Just making phone calls and trying to find people who can write checks for these products. And our estimate is, I mean, that 2 billion If the dollar were to occur in the first week, it would blow away our estimates.”
Siegel said VanEck expects “$2.5 billion in first-quarter trading,” a figure “derived from historical inflows into the first gold ETF and adjustments from the U.S. money supply.” “And we have a market opportunity of $40 billion over two years.” Similar analysis. ”
“Just $1 billion a week for BlackRock would blow away expectations,” said Travis Kling, chief investment officer at Ikigai Asset Management. Posted “If all the ETFs combined were half that, we would have been pretty good.”
VanEck, along with other Spot Bitcoin ETF candidates BlackRock, Fidelity, Grayscale, Valkyrie, ARK 21Shares, and InvescoIVZ, are rushing to finalize their applications this week ahead of the deadline on Monday morning, January 8th.
The five SEC commissioners are reportedly According to , a vote on spot bidding for Bitcoin ETFs will be held next week. bloombergsaid an anonymous source.
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BlackRock's groundbreaking June 2023 Spot Bitcoin ETF filing beats the race to bring a full-fledged Bitcoin fund to the broader market after a decade of SEC rejections. Over the years, the SEC has repeatedly mentioned the possibility of manipulation to deny applications for various spot Bitcoin ETFs.
If approved, many Bitcoin and crypto market watchers expect it to open the floodgates for institutional money to flow into the Bitcoin market, but not everyone agrees. do not have.
“This is a very tough situation to read, but if these ETFs are completely ruled out, it would be very You'd be surprised.”
“The market certainly did not expect that outcome. If rejected or significantly delayed, it would definitely take a big hit to the Bitcoin price. However, approval is already largely priced in. Given that there are a lot of people, there could be a spike effect from the approval.''It won't be as dramatic as some would like. ”
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