BlackRock’s Big Move: Shifting $200 Million to IBTC, as Bitcoin Soars Over $44K
BlackRock Gearing Up for a Competitive Edge with IBTC ETF
BlackRock, a global asset management powerhouse, is reportedly maneuvering its trust assets into the proposed Bitcoin Spot ETF (IBTC), as suggested by Bloomberg’s ETF analyst Eric Balchunas. This strategic shift aims to provide BlackRock with a swift competitive edge upon the ETF’s launch. In the crypto market, Bitcoin has recently hit a new high, reaching up to $44,488, with a 4.95% increase in 24 hours.
If you want to trade BTC immediately, click here!!!
Further reading：Wall Street Advisors Eager for Bitcoin Spot ETF: 80% Expect Launch, Half Hold BTC!
Surge in Top Ten Cryptocurrencies
Bitcoin’s recent surge to $44,488 marks a significant milestone, with Ethereum also climbing by 2.65%. Among the top ten cryptocurrencies by market value, Avalanche (AVAX) leads with an 14.94% rise, nudging TRX out of the eighth spot. AVAX’s growth is attributed to the decentralized finance protocol Benqi, whose Total Value Locked (TVL) expanded by 16% in November, as per Binance’s monthly report.
If you want to trade BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, TRX, TON immediately, click here!!!
Additionally, the market has seen robust trends for Dogecoin, partly fueled by x.AI’s fundraising endeavors under Elon Musk and the physical Dogecoin’s upcoming lunar mission.
Further reading：Galaxy Digital’s Bullish Outlook: $10 Billion Primed for Bitcoin Spot ETF, BTC Set for New Highs in 2024
BlackRock’s Proactive Approach with IBTC
Eric Balchunas, Bloomberg’s ETF analyst, recently tweeted:
“Word is that BlackRock might move assets from trusts (estimated around $200 million) to IBTC. This isn’t creating new demand per se but could help them in the early stages of competition. More intriguing is when BlackRock will add IBTC to their model portfolios.”
James Seyffart, another analyst, concurred with Balchunas’ insights. He believes that BlackRock is exploring mechanisms to convert/transfer these private trust assets into an ETF. The $200 million figure is an estimation of the scale of these private trust assets. If the ETF is approved, many investors might prefer transitioning their BTC holdings from the private trust to the new ETF format.
Click here to register with DigiFinex and enjoy cryptocurrency trading.
Keywords: BlackRock, IBTC, Bitcoin Spot ETF, Cryptocurrency, Eric Balchunas, James Seyffart, Avalanche (AVAX), Dogecoin, Elon Musk, x.AI, Total Value Locked (TVL), Binance
