⚡️ #BlackRock⁩ Amends Bitcoin ETF for Faster BTC Withdrawals from Coinbase

👀 BlackRock, the world's largest asset manager, has filed an amendment to its #Bitcoin❗ ETF application, requiring Coinbase to process Bitcoin withdrawals within 12 hours. This move comes amid investor concerns about Coinbase's onchain settlement practices for ETFs. Despite these concerns, Coinbase CEO #brianarmstrong Armstrong clarified that all ETF transactions are ultimately settled onchain, though not all addresses are publicly shared. The amendment aims to address transparency issues and ensure faster processing of Bitcoin transactions for the ETF.

🖥 Since their January launch, Bitcoin ETFs have accumulated over $59.2 billion in onchain holdings, with BlackRock's IBIT leading at $22.5 billion. Bloomberg senior ETF analyst #Eric.Balchunas Balchunas argues that ETFs and BlackRock have actually supported Bitcoin's price, countering theories that they're suppressing it. He suggests that native Bitcoin holders, not ETFs, are responsible for recent price slumps. As of February, ETFs accounted for about 75% of new Bitcoin investments, highlighting their significant role in the market.