Bitcoin, which has been experiencing a volatile period since April, has seen a rise after a long time by surpassing $30,000 in the last few hours. Bitcoin, the world's largest cryptocurrency by market capitalization, surpassed $30,000 for the first time since April 19th today. According to TradingView, the price rose to $30,003 with a 5.95% increase in the last 24 hours. Bitcoin reached its highest level around $30,800 during this surge.

With the recent surge in Bitcoin, significant volumes were liquidated from the market. According to Coinglass data, a total of $26.98 million was liquidated from exchanges.

The largest liquidation volume occurred on the cryptocurrency exchange Binance. More than $26.81 million in short positions were liquidated on Binance. Following Binance, OKX experienced liquidation of short positions totaling over $19 million.

Bitcoin's price surge coincided with a period when the United States adopted a crypto-antagonistic stance.

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Valkyrie Funds, which currently offers a Bitcoin Strategy ETF and a Bitcoin Miners ETF, is now entering the race for the first spot Bitcoin ETF with a new filing submitted to the U.S. Securities and Exchange Commission (SEC) on Wednesday.

The ETF, called Valkyrie Bitcoin Trust, will hold Bitcoin in a manner that reflects the performance of the CME CF Bitcoin Reference Rate, New York Variant. The fund plans to list its shares on the Nasdaq exchange under the ticker symbol BRRR.

The SEC has not yet approved a spot Bitcoin ETF. Last week, WisdomTree, Invesco, and BlackRock all applied for spot Bitcoin funds. The price of Bitcoin, the world's largest cryptocurrency by market capitalization, saw a 16% increase last week, accompanied by significant interest. According to Bitcoin market price tracking websites, on Wednesday, Bitcoin traded at $30,114, representing a 6.3% increase.

#Binance #CryptoDeNostraDame

Cryptocurrency Future

Perceptions driven by numbers change over time. In the bull season of 2017-2018, when Bitcoin reached $20,000, it symbolized the bull market. But now, there are even people who claim that if BTC drops to $20,000, it could go to zero. This is interesting and at the same time gives us insights into the future. For example, let's consider a similar treatment for the recent bull peak of $69,000. Perhaps this is what we will experience in the next bull season. We might see mainstream media headlines saying "Bitcoin heading to zero as it drops below $60,000."

From this perspective, a six-figure price target doesn't sound too far-fetched. Especially considering that altcoins, except for Ethereum (ETH), have dropped to the 2018 peak and rebounded from there. We are now in the midst of a market that has turned around from the real bottom.

Will Bitcoin Reach $100,000? Historical data suggests that much more is possible. Of course, history doesn't magically show us the future, but Bitcoin has consistently achieved this in its young age. Popular crypto analyst Kaleo, who accurately predicted previous market bottoms, also makes a bold prediction. He previously stated that "Bitcoin will reach $100,000" in 2021, but it didn't happen. Just like PlanB's prediction that we would see it in December 2021, which turned out to be wrong.

In his recent market evaluation, Kaleo said the following:

When do you think Bitcoin will surpass $100,000?

My guess is the beginning of 2025. It wouldn't be shocking to see it towards the end of 2024. The earlier it happens, the more fun we'll have in 2025."

Kaleo's timing for Bitcoin reaching six-figure numbers aligns with the period after the expected next halving in April 2024.

So, let's leave another piece of good news for tonight. According to Kaleo, Bitcoin is breaking above the downtrend against NDX, which previously signaled the start of a major rally for him.

"Bitcoin vs. NDX. This is still one of my favorite chart comparisons to watch. BTC historically has had significant rallies against technology when it breaks above downtrends on HTF (high time frame) like shown below. This is where you accumulate."

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The world's largest asset manager, BlackRock, divided the crypto community with its move towards Bitcoin.

The regulatory pressures from the US Securities and Exchange Commission (SEC) had pushed the cryptocurrency market into a slump. Following the lawsuits against Binance and Coinbase, altcoins experienced significant drops of around 30%. Just at this moment, the world's largest asset manager provided a lifeline to the crypto market. BlackRock drew attention by filing a spot Bitcoin ETF application.

However, following BlackRock's application, discussions emerged about Bitcoin forking and BlackRock potentially having a manipulative impact on the market. How will the world's largest asset manager manage Bitcoin? Let's translate this article into English.

BlackRock: The New Ruler of Bitcoin

BlackRock, the world's largest investment firm with $10 trillion in assets under management, is being hailed by some as the owner of the world. Considered to be governing the world, the company holds significant power in lobbying activities and political maneuvers.

Established in New York in 1988, the company gained recognition as the most trusted and largest asset manager in just 33 years since its founding. BlackRock is known for capitalizing on crises and seizing opportunities for itself. During the 2008 crisis, the investment firm leveraged its support to the Federal Reserve and began providing crisis management consulting worldwide.

BlackRock demonstrates its power and influence in challenging situations, thus establishing itself as a prominent player in its field. Additionally, it is believed that BlackRock holds a significant stake in lobbying activities, particularly in the United States. With assets under management approaching $10 trillion, the company closely monitors the actions taken by nations.

Some of the products invested in by BlackRock are used in wars and political actions. Furthermore, BlackRock continues to support various organizations such as the World Health Organization. In other words, while making investments that can change the world's order on one hand, the investment firm also strives to maintain the world's order on the other. BlackRock is considered one of the companies shaping the world.

With such immense power, BlackRock recently filed an application for a Bitcoin ETF. BlackRock officially took a step into Bitcoin. However, the SEC is in the spotlight for its pressures on the cryptocurrency market. While there is debate about whether the SEC will approve this ETF product, expectations point towards the release of a Bitcoin ETF. Among the discussions, there is speculation that BlackRock's involvement might lead to a fork in Bitcoin and create its own version of Bitcoin. Will BlackRock rule Bitcoin?

Will BlackRock Rule Bitcoin?

BlackRock, the asset manager that governs the world, has entered the industry with its application for a spot Bitcoin ETF. The approval of this ETF by the SEC is expected within 6 months.

BlackRock's move has divided the crypto sector. While many believe that this move will lead to a bull run for Bitcoin, negative comments from some groups draw attention. The crypto community, highlighting a few details in BlackRock's application, argued that this ETF application might not yield favorable results for Bitcoin.

Twitter user RamenPanda shared a post titled "The Devil Is in the Details." RamenPanda claimed that BlackRock intends to fork the Bitcoin network to gain control. Referring to the year 2017, the Twitter user stated that BlackRock's move is a network war. RamenPanda mentioned that investors would buy Bitcoin, assuming they were purchasing iShares Bitcoin ETF, and as a result, BlackRock would sell its Bitcoin.

In the context of Bitcoin Nakamoto Vision, there has been an increase in rumors that BlackRock intends to fork Bitcoin and create its own version of the cryptocurrency.

However, there is also a significant rise in the number of people who believe that these rumors are not meaningful. Ismail Hakkı Polat, sharing his views with Coinkolik, said the following:

Bitcoin is not just a technological consensus consisting of code; it is a social consensus model defended by its community. Therefore, statements suggesting that BlackRock will come to Bitcoin and fork it don't hold much meaning. If anyone attempts to do such a thing, they will be left in the offside position. In my opinion, on the contrary, BlackRock wants to potentially harness the power of this community.

As Polat mentioned, Bitcoin has a strong network structure and participant base. If BlackRock were to fork Bitcoin, it might struggle to take the community along with it. Bitcoin would remain in its place, and any resulting Bitcoin would simply continue as a reflection.

Decision Point in Bitcoin: BlackRock

Bitcoin, introduced by Satoshi Nakamoto as an alternative to centrally controlled fiat currencies, has sparked a major revolution. The whole world has started paying attention to Bitcoin and the evolving blockchain technology. This phenomenon has grown so significant that it has caught the attention of BlackRock, which rules the world.

BlackRock does not leave any of its investments to chance and does not engage in activities that would damage its reputation. It is evident that BlackRock has always had a say in its previous investments. This powerful company is currently targeting Bitcoin. Although it may signal an upward trend for Bitcoin, it could jeopardize the perception of decentralization in the future.

The Bitcoin network can exhibit variations based on the majority of miners. For example, the activation of Ordinals texts was implemented with the approval of majority miners. We can say that the rumors surrounding BlackRock are inspired by this context. BlackRock may want to run the Bitcoin network according to its own terms. However, Bitcoin does not appear to be inclined to submit to such a centralized power.

If a Bitcoin fork were to occur, the resulting BlackRock Bitcoin might not receive much support from the community. This is because Bitcoin Cash and Bitcoin SV emerged in a similar manner in the past but failed to dethrone Bitcoin.

Therefore, rather than taking control of Bitcoin, BlackRock would prefer to manage Bitcoin with its community. The investment firm would bring institutions into Bitcoin through its investments and attract the attention of the community. With its moderate approach, BlackRock could become a figure in Bitcoin, much like Elon Musk.

If a fork were to occur and Bitcoin fell into the hands of BlackRock, it would likely lead to a loss of the decentralized concept and intensify global debates. Bitcoin stands out with its distinct structure, different from fiat currencies and other stock shares.

While BlackRock's ETF move has not been approved yet, it seems that a major decision point awaits us in Bitcoin. Nevertheless, it is worth recalling the words of Nakamoto:

"Hopefully, citizens will one day understand that the central control nature of these systems is what confines them. I think we're trying out something that's never been done before—a decentralized, trust-based system."

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Thomas Kralow claimed that if Ripple (XRP) wins the SEC lawsuit, XRP could rise to $30 in the short term.

Thomas Kralow, founder of asset management firm Kralow Capital and crypto hedge fund manager, made a statement about the expected prices for Ripple in an interview published on FXStreet on June 16. He stated that if Ripple wins the unauthorized securities lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC), XRP could reach prices between $10 and $30 within a three- to four-month period, resulting in a value increase of over 20 to 60 times.

Kralow pointed out three main factors that fuel XRP speculations: the content of the Hinman documents, former SEC Director William Hinman's comments on Ethereum in a speech in 2018, and regulators' stance against categorizing XRP as a security.

In this context, the fund manager stated that these factors could continue to fuel speculation and drive up the price of XRP for a while.

Kralow also mentioned that Google Trends data indicate an increase in interest in the sector, highlighting that XRP searches doubled last month. He made the following statement regarding the matter:

Currently, we observe significant speculative discussions that could potentially lead to significant price increases for XRP in the next three to four months and push its value anywhere between $10 and $30.

Furthermore, according to Kralow, proving legally that Ripple Labs' IPO or that XRP is not a security could also serve as an important catalyst or milestone for price increases.

Additionally, renowned crypto trader Cameron Fous had previously suggested that Ripple could be the only cryptocurrency with the potential to make investors rich this year.

#XRP

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Pepe (PEPE) initially gained attention as one of the meme coins that quickly adapted to BTC's price structure, followed by Shiba Inu (SHIB). After PEPE showed a rapid 91% increase, SHIB also started to move. Currently, SHIB has been in an upward trend since June 10th and has risen by 55.49% from its lowest point. Can SHIB's upward movements continue? What critical price levels should be monitored?

Having faced rejection at $0.00000844, SHIB is currently priced at $0.00000803. With a performance of 55.49% in just 12 days, if SHIB can hold above $0.00000844, it may target $0.00000919, $0.00001008, $0.00001074, and $0.00001166.

In the scenario where BTC undergoes a correction or SHIB experiences independent depreciation, the following levels can be monitored for buying: $0.00000774, $0.00000751, $0.00000650, and $0.00000544. If the last mentioned support level fails to hold, it could intensify SHIB's declines.

Please note that as an AI language model, I don't have real-time data and cannot provide financial advice. Cryptocurrency markets are highly volatile and can be influenced by various factors. It is important to conduct your own research, monitor market trends, and consider consulting with financial professionals before making any investment decisions.

#ShıbaINU #CryptoDeNostraDame

The surge in Bitcoin (BTC) due to the ETF applications by BlackRock and WisdomTree has been accompanied by bullish sentiments. The ETF frenzy initiated by BlackRock and WisdomTree has brought a breath of fresh air to the crypto ecosystem. BTC, which reached $24,800 and then $29,000, has seen a 17.30% increase in just six days. Continuing its momentum with the ETF applications, BTC is currently testing the $30,000 mark. While fundamental analysis data indicates positivity, what is the current status in terms of technical analysis?

High Levels in Bitcoin (BTC)

With the ETF news reviving the sector, BTC, which started to increase rapidly, almost did not recognize the resistance levels. The leader of cryptocurrencies, which has risen in volume since $ 26,000, exceeded $ 29,000 at night. However, it decreased to $ 28,775 with the pressure of sellers in this region. Which levels should be considered in BTC, which is currently trading above the resistance level? In order to expect $ 30,000 in BTC, the persistence of $ 29,250 and the news flow in the market in this process are of great importance. Although ETF news has carried BTC, fud news from regulators or elsewhere could drive the price down again. In this case, the support points that can be followed for BTC are 28,200 - 27,200 - 26,800 and 25,250 dollars, respectively.

#bitcoin #CryptoDeNostraDame

Data from monitoring resource CoinGlass shows that on June 17, the Grayscale Bitcoin Trust (GBTC) almost hit new 2023 highs.

GBTC “premium” heads below -37%

Bitcoin market sentiment showed a modest improvement late last week as news emerged that the world’s largest asset manager, BlackRock, had filed to launch a Bitcoin spot price exchange-traded fund (ETF).

While still not allowed in the United States, a spot ETF from a stalwart entity such as BlackRock should have better chances of breaking the legal impasse, some say.

In the meantime, however, signs of optimism beyond sentiment are becoming clearer, with GBTC long trading at a major discount to BTC spot, which is on the way up.

According to CoinGlass, that discount, or a negative “premium,” used to characterize GBTC share prices, is currently at -36.6%.

While still heavily discounted, GBTC thus trades closer to zero than at almost any time this year. On June 13, for example, the discount was closer to -44%.

“If the Blackrock ETF does get approved, the real winner here is going to be $GBTC,” Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, wrote in part of Twitter commentary at the weekend.

“Because Blackrock will show the path to conversion, and GBTC’s 40%+ discount will resolve on top of industry growth.”

Cochran said that he thought BlackRock’s offering has “good odds” of getting U.S. regulatory approval.

“Very different structure than other efforts by a behemoth who doesn’t lose. ‘30 act redeemable trust w/ redemptions (unlike GBTC) + proposed rule change filing. They came to play,” he added.

ARK yet to join latest buyers

The BlackRock move is already shrouded in controversy of its own, as market commentators spar over whether it is, in fact, an ETF at all.

Some argue that it will simply be a similar Trust to GBTC, while others, including Cochran, adopt a more nuanced view.

IT’S OK TO CALL IT AN ETF GUYS,” Cory Klippsten, CEO of Bitcoin financial services firm Swan, summarized.

“Securities Act of 1933 filing under Form S-1, NOT Form N-1A (like 99% of stock ETFs). Will trade on exchange and be redeemable to the issuer. WAY better than GBTC. Now we’ll wait to see if the SEC approves Blackrock’s spot Bitcoin ETF.”

That aside, investor interest in GBTC is rising as a result. Among the eager buyers is hedge fund North Rock Digital.

“We have been accumulating more of the greyscale trusts consistently over the last several weeks,” it announced post-BlackRock.

“RR seems massively skewed at current levels. 50% upside if Greyscale wins, which we expect, and minimal downside if they lose. This filing could be a catalyst to see them tighten to more rational levels.”

One major holder yet to up exposure, meanwhile, is ARK Invest, which continues to hold around 5.37 million GBTC shares.

Data from Cathie’s ARK — a dedicated tracking website for ARK Invest CEO Cathie Wood — confirms those holdings gradually declining through 2023.

#CryptoDeNostraDame

Crypto analytics platform Santiment has shared updated data, stating that Bitcoin whales have been adding significant amounts to their portfolios amidst ongoing market uncertainty. According to the latest data shared by Santiment, addresses holding between 1,000 and 10,000 BTC have added over 130,000 BTC, worth approximately $3.5 billion at current prices, to their portfolios since the first week of April.

Is Bitcoin (BTC) Getting Ready for a New Rally?

The leading cryptocurrency Bitcoin (BTC) has seen a price increase of over 1% in the past 24 hours, starting to trade at levels above $26,750. In addition to the price increase, Bitcoin has also experienced a significant rise in its market dominance. Bitcoin's market dominance (BTC.D) has surpassed 50% again after a long time. The total market capitalization of the crypto ecosystem has also exceeded $1.07 trillion, according to CoinMarketCap (CMC) data.

Meanwhile, the crypto market started the day with relatively low volatility. According to the latest data from Coinglass, approximately $60 million worth of short and long positions were liquidated in the past 24 hours. Bitcoin positions accounted for the largest share in the total liquidations, with $25 million.

Adding Over 130,000 BTC to Their Portfolios

Addresses holding significant amounts of crypto assets, referred to as "whales" in the crypto ecosystem, have reportedly been adding substantial amounts to their portfolios since the first week of April, as indicated by crypto analytics platform Santiment. These addresses hold high volumes of crypto assets in their portfolios.

According to the latest data shared by crypto analytics platform Santiment, addresses holding between 1,000 and 10,000 BTC have added an average of 131,600 BTC, worth approximately $3.5 billion at current prices, to their portfolios within the past 11 weeks.

#bitcoin #CryptoDeNostraDame

Nansen emphasized the critical role of the United States in the next Bitcoin (BTC) bull run. The cryptocurrency market collapsed with the SEC's lawsuits against Coinbase and Binance, but it started to rebound when BlackRock filed for a Bitcoin ETF. Many analysts who previously believed the bear market would continue have now started to claim that the bull market has begun.

Nansen drew attention to the direction of the market and outlined the requirements for the next bull market. According to Nansen, low inflation and a clearer environment in the United States are crucial. Aurelie Barthere, a researcher at Nansen, pointed out that many global news and regulatory approaches have already influenced the pricing of cryptocurrencies. Barthere emphasized the importance of the United States in unveiling the Bitcoin bull run.

Nansen specifically addressed the regulatory situation in the United States because there hasn't been complete clarity yet. It seems that the SEC is causing issues with some matters it previously approved. Details from the Coinbase lawsuit are cited as an example of this.

Barthere highlighted the regulatory environment in the United States, stating that regulatory clarity is necessary for the next bull market. The Nansen researcher also noted the need for successful reduction of core inflation in the United States.

#bitcoin #CryptoDeNostraDame

MAS (Monetary Authority of Singapore) is working on establishing a common standard for digital currencies. On June 21, MAS published a technical document on Central Bank Digital Currencies (CBDCs) and other digital assets, proposing a common protocol for major banks and investors to use digital currencies.

The technical document suggests a common protocol to determine the usage conditions for digital currencies such as CBDCs on distributed ledgers, tokenized bank deposits, and stablecoins. It outlines the concept of Purpose-Built Money (PBM), which allows issuers to define conditions from validity periods to acceptance by merchants for digital currency transactions.

This effort is part of Project Orchid, a collaboration between MAS and industry partners to build foundational digital infrastructure and platforms for the use of digital currencies. The technical document outlines the key aspects of the PBM protocol, including the lifecycle from issuance to redemption and the interface with supporting digital currencies. It enables users to access digital currencies and transfer digital assets using their preferred digital wallets by working with multiple ledger technologies and currency formats.

Several giants and financial institutions are lining up to test PBM, which enhances payment efficiency and digital asset trading. Sopnendu Mohanty, Chief FinTech Officer of MAS, stated that the collaborations between industry players and policymakers have facilitated significant progress in payment efficiency, investor adoption, and user experience in conjunction with the use of digital currencies. Moreover, it has increased the likelihood of digital currencies becoming a fundamental component of the future financial and payment landscape.

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XRP, at one point rose to the level of being the second-largest cryptocurrency by total market value. However, it experienced a sharp decline and was unable to recover following the news of the lawsuit against Ripple Labs. XRP was delisted from many exchanges, and it has yet to regain its previous levels. But does this mean that all hopes for a price increase in XRP are completely lost? A prominent analyst, in a noteworthy tweet, emphasized that the situation is progressing in the opposite direction.

XRP Price Moves Against BTC

The price of XRP has gained 1.4% in the last 24 hours, and in fact, it has even managed to counter the decline seen in the crypto money market in general. XRP/USD, traded at $0.49, continued on its way with a 5% decline in 7 days. However, there are some promising developments for XRP investors. One of the well-known cryptocurrency analysts, Mr. Huber shared an important post on Twitter. Hube revealed that since the lawsuit filed by the SEC, XRP has gained 200% in value, especially against the leading cryptocurrency BTC. This superiority of XRP over BTC can certainly excite investors.

It appears that the analyst is actually highlighting the price movement that began from the bottom reached after the lawsuit was filed. Following the announcement of the lawsuit on December 22, 2020, the price of XRP experienced a sharp decline. However, according to the chart, it managed to rise from the point of its decline.

XRP Price Comments

XRP investors are eagerly anticipating exciting developments in the coming days, with particular emphasis on the beginning of the third quarter being critical. Renowned crypto analyst DefendDark has also made a statement on the matter. According to the video released by the analyst and their comments, XRP investors may expect price targets of $0.89, $1.73, and $3.39 in August. The analyst stated that the rally would begin with the breaking of $0.89, and $3.39 would be the ultimate bullish target.

Achieving such a rise for XRP may not be possible without a general altcoin bull market. However, reaching a favorable outcome for Ripple in the SEC and Ripple lawsuit would definitely create an independent rally effect for XRP.

XRP investors are eagerly awaiting news from this lawsuit as well.

#RippleSEC

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Digital asset management company Coinshares released its weekly report on June 19th, which could attract the attention of XRP investors and enthusiasts. The report reveals how the largest altcoins, based on market capitalization, have been received by investors in the past seven days.

Latest Developments Impacting Ripple's XRP According to Coinshares' weekly report, altcoins have gained more investor interest following the market crash of the previous week. Investors, in particular, showed increased interest in XRP by adding positions worth over $1 million, making it one of the top altcoins in the asset management company's portfolio. The influx of significant funds into XRP indicates that investors are anticipating a favorable outcome for Ripple in the SEC lawsuit.

The inflow of over $1 million into XRP is clearly evident when examining the price chart depicting the past four days of the popular altcoin. At the time of writing this, XRP was trading at $0.4823, experiencing a 12% decline in value over the past seven days. This drop occurred as the altcoin retested the ascending support trend line, and it appears highly likely that investors made purchases during this retest.

On the other hand, the recent price spike coincided with Ripple CEO Brad Garlinghouse's latest statement regarding the Hinman documents. Although Garlinghouse's statement played a key role in reigniting investor interest, the performance of the altcoin still depends on the court's decision in the ongoing legal battle between SEC and Ripple. While it is believed that the court proceedings are favoring Ripple, no final decision has been reached yet.

On-chain data surrounding

XRP also indicates that investors need to exercise caution. Although there was a slight increase in the number of daily active wallet addresses for the altcoin in mid-June, the same metric has since returned to the lowest range in the past four weeks. This indicates a significant lack of investor optimism, as reflected in the weighted sentiment metric, and signifies a lack of confidence among investors.

Both metrics indicate that XRP may not be ready for a strong upward movement in the short term. This expectation is further supported by the confirmation of short-term profit-taking activities based on whale activity and supply distribution. The supply distribution metric reveals that the largest whale categories have been buying XRP since the second week of June. While this buying pressure has contributed to the price spike as expected, wallet addresses holding over 100 million XRP have been busy offloading their holdings for the past three days.

The highest whale level, represented by the investor category, currently controls over 18% of XRP's circulating supply. This situation suggests that the selling pressure from the same whale category can be partially balanced by buying pressure from other whale categories. As a result of this balancing act, XRP's price is expected to exhibit more sideways movement in the short term, rather than sharp upward or downward swings.

#Xrp #CryptoDeNostraDame

According to new claims, investment giant Fidelity Investments is reportedly preparing to file for a spot Bitcoin (BTC) exchange-traded fund (ETF), positioning itself as a rival to BlackRock.

In recent days, rumors circulated within the crypto community suggesting that Fidelity would submit an application for a spot Bitcoin ETF, following the recent application made by its competitor, BlackRock. It is believed that Fidelity's move would take the ETF race to a different level.

The rumors were fueled by Max Keiser, Bitcoin advisor to El Salvador President Nayib Bukele. Keiser caught attention when he quoted a post from Bitcoin Magazine regarding Fidelity's spot Bitcoin ETF, accompanied by the message "FOMO," which stands for "fear of missing out."

In the details of his post, Keiser emphasized that all cryptocurrencies other than Bitcoin would be zeroed out, indicating the winner-takes-all nature of the race in the giants' arena:

As Bitcoin establishes itself as the winner in the "crypto" arena, FOMO increases. The price of everything other than Bitcoin will effectively be zero against Bitcoin. As we have been saying for 12 years.

Meanwhile, Ripple Attorney John E Deaton pointed out that BlackRock manages $11 trillion in assets, while Fidelity holds $4.5 trillion. He raised the question of what percentage of these assets would be beneficial for Bitcoin.

Social media users believe that even allocating 1% of the total $15.5 trillion in assets to Bitcoin and the entry of new institutional investors into the crypto market could lead to significant price increases.

Considering that BlackRock has received nearly 99% positive outcomes from its spot ETF applications, the possibility of a prominent player like Fidelity presenting a spot Bitcoin ETF request to the U.S. Securities and Exchange Commission (SEC) is seen as positive by investors.

However, given the SEC's track record of rejecting all previous spot Bitcoin ETFs, the odds may not be high for such large institutions.

#CryptoDeNostraDame