Before the entry of BlackRock in the cryptocurrency market it was speculated that it could change the past of the industry, yet at the time of writing its Bitcoin ETF has become one of the most popular BTC spot ETFs on the market luring millions of new ones towards BTC trading.
Observing the greater success of IBIT Bitcoin ETF, the ETF Store president, Nate Geraci termed the BlackRock ETF launch as the greatest in history.
In its most recent report, Bloomberg quoted that the Bitcoin spot ETF launched on January 11, 2024, has become one of the most successful ETFs ever.
Bloomberg Intelligence analyst James Seyffart said “IBIT’s growth is unprecedented,” adding “It’s the fastest ETF to reach most milestones, faster than any other ETF in any asset class.”
James further argues that, while IBIT could earn around $112 million annually, BlackRock has recently joined the list of companies holding a massive chunk of BTC.
Is the BTC spot ETF market flourishing with IBIT?
The total outflow of Bitcoin ETFs on December 30 was $427.11 million. The largest withdrawals were from Fidelity’s FBTC, which lost $155.10 million in assets, and Grayscale’s GBTC, which lost $135.5 million.
Bitwise’s BITB saw $32.37 million taken, Grayscale Bitcoin Mini Trust lost $30.80 million, and ARK 21Shares’ ARKB witnessed $28.4 million in outflows.
The adoption by the biggest investment institution in the world, BlackRock, which manages more than $11 trillion in assets, contributed to the first time that the price of Bitcoin exceeded $100k.
Since the past few days Bitcoin prices have seen a sudden decline and a major selling has also been observed in the trading volume and market capitalization.
At the time of writing Bitcoin was trading $93,780 with an intraday decline of 1.67 percent and it recorded a decline of 3.25 percent in a week.
At the same time, it was trading above 50, 100, and 200 days EMA and below 29 days exponential moving average.
Will Trump’s presidency nourish the wider Crypto market?
Following the historical victory of Donald Trump in the recent elections has sparked speculations that the wider market is expecting some good set of rules and a change in the position of heads of enforcement and regulatory commission.
It is anticipated that Donald Trump’s presidency would benefit the larger cryptocurrency industry. The industry has already been rocked by his administration’s expected pro-crypto stance, with Ethereum rising 9% and Bitcoin rising over 21% after his election triumph.
But it’s important to recognize the possible dangers and difficulties of Trump’s administration, including market volatility, regulatory uncertainty, and international conflicts.
But the market for cryptocurrencies is also notoriously risky and volatile. Rapid price fluctuations can provide substantial gains or losses. The danger is further increased by the fact that the regulatory landscape surrounding cryptocurrencies is still developing and might be unpredictable.
Despite these difficulties, a lot of investors are attracted to cryptocurrencies because of their prospective advantages, such as their automation and programmability.
