Prices of Bitcoin and cryptocurrencies – including major currencies such as Ethereum, XRPXRP and Solana – have soared through 2024 as concerns suddenly emerged about the future dominance of the US dollar.
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Bitcoin’s price rebounded last year after collapsing in 2022, pushing the market for Ethereum, Ripple, Solana and the combined cryptocurrencies above $1.6 trillion for the first time since early 2022, as hype grew around a BlackRock-led Wall Street push for a spot bitcoin exchange. -Exchange-traded fund (ETF) – although some believe the asset manager may be on the verge of “completely” destroying Bitcoin.
Now, as panicked traders try to press ahead with the SEC’s “contract rug pull”, an insider leak has revealed that BlackRock has prepared a massive $2 billion bazooka if its spot offer for a Bitcoin ETF is approved.
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“I heard from a very good source that BlackRock had over $2 billion in the first week of new additional inflows from existing bitcoin holders adding to their positions,” said Matthew Siegel, head of digital asset research at investment firm VanEck. During X Spaces Broadcasting Organized by Bloc.
“I can’t guarantee that,” Siegel added. “But you know, that’s what everyone does. Just making phone calls and trying to find people who can write checks on these products. And our estimates – you know, if that $2 billion happened in the first week, you know, that would blow up our estimates.”
Siegel said VanEck was expecting “$2.5 billion in the first quarter of trading,” a figure derived from “previous inflows into the first gold ETF and adjusted for the U.S. money supply. We have a market opportunity of $40 billion over two years based on the analysis.” similar.”
“Spending $2 billion in the first week of BlackRock alone would exceed expectations,” said Travis Kling, chief investment officer at Ikigai Asset Management. to publish To X. “Half that amount from all the ETFs combined would have been a very good outcome.”
VanEck, along with other Bitcoin ETFs BlackRock, Fidelity, Grayscale, Valkyrie, ARK 21Shares, and InvescoIVZ, rushed to finalize their orders this week ahead of the Monday morning, January 8, deadline.
Five SEC commissioners will reportedly vote on bitcoin ETF bids next week, according to Bloombergciting an anonymous source.
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The June 2023 spot filing of a Bitcoin exchange-traded fund from BlackRock sparked a race to get a full-market Bitcoin fund after a decade of SEC rejections. Over the years, the SEC has repeatedly cited the possibility of manipulation to deny numerous spot Bitcoin ETF applications.
If approved, many Bitcoin and cryptocurrency market watchers expect it to open the floodgates for institutional money to flow into the Bitcoin market, although not all of them agree.
“This is a very difficult situation to read, but I would be very surprised if these ETFs were rejected outright,” Oliver Lynch, CEO of cryptocurrency exchange Bittrex Global, said in email comments.
“The market certainly did not expect this outcome. If rejection occurs – or even materially delays – there will certainly be a significant hit to the price of Bitcoin. However, since approval has mostly already been priced in, the spike impact of approval may not be as dramatic as one would like.” “Some.”
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