Cryptocurrencies

[james22]

Don't be fooled by the first break in inflows into spot bitcoin exchange-traded funds (ETFs) after 71 straight days. The current lull is likely to be followed by a new wave from a different type of investor, said Robert Mitchnick, head of digital assets for BlackRock, the world's largest asset-management company.

 

The coming months could see financial institutions such as sovereign wealth funds, pension funds and endowments start to trade in the spot ETFs, Mitchnick said in an interview. The firm is seeing “a re-initiation of the discussion around bitcoin,” which turns on the topic of allocating to bitcoin (BTC) and how to think about it from a portfolio construction perspective.

 

“Many of these interested firms – whether we're talking about pensions, endowments, sovereign wealth funds, insurers, other asset managers, family offices – are having ongoing diligence and research conversations, and we're playing a role from an education perspective,” Mitchnick said. And the interest is not new: BlackRock has been talking about bitcoin to these sorts of institutions for several years, he said.

 

Pent-up demand for the much-anticipated ETFs has seen more than $76 billion accumulated across these products since their approval in January. So far, some registered investment advisors (RIAs), a decent-sized subset of wealth advisory, are already offering BlackRock’s IBIT ETF, but only on an unsolicited basis. The next step is expected to be the unrestricted offering of bitcoin ETFs to clients of large wealth advisory players like Morgan Stanley.

 

https://www.coindesk.com/business/2024/05/02/blackrock-sees-sovereign-wealth-funds-pensions-coming-to-bitcoin-etfs/

[SharperDingaan]

1 hour ago, rkbabang said:

 

They will certainly exist.  But will they be widely used?   You can make the case that they are already not widely used today and in 5-10 years they will be used much less than now.

 

Agree it will continue to exist but the amount in circulation will progressively be reduced. Friends laugh at this as there is still a need for pay for the drugs and black market activity - and little does it better than cash!

 

SD

 

 

 

 

 

 

 

 

 

 

[ValueArb]

22 hours ago, james22 said:

Don't be fooled by the first break in inflows into spot bitcoin exchange-traded funds (ETFs) after 71 straight days. The current lull is likely to be followed by a new wave from a different type of investor, said Robert Mitchnick, head of digital assets for BlackRock, the world's largest asset-management company.

 

In BlackRock we trust.

[rkbabang]

1 hour ago, ValueArb said:

 

In BlackRock we trust.

 

 

When we've been saying that Bitcoin is going to be the base layer of all human value.  In the future every person on earth, every institution, every government will use Bitcoin as a ruler from which to measure everything of value.  Your pay will be in Sats, your groceries, your stocks will be priced in Sats, your house will be worth a certain number of Sats, etc,  Did you think we meant that will happen while only a handful of Libertarians and anarchists owned Bitcoin?  Yes, BlackRock and other institutions (even governments) are going to acquire Bitcoin in large amounts. 

[james22]

 

 

[james22]

 

[james22]

On 5/3/2024 at 10:31 AM, ValueArb said:

In BlackRock we trust.

 

 

[Sweet]

On 5/5/2024 at 12:21 AM, james22 said:

 

 

 

Is this supposed to be bullish?  Each of the hoorahs ending in disaster.

[james22]

2 hours ago, Sweet said:

Is this supposed to be bullish?  Each of the hoorahs ending in disaster.

 

Sure.

 

Unless you believe Bitcoin has inherent risk anything like MBS (speculation) or ESG (political)? 

 

Or you believe he's learned nothing from his experience? 

 

Or doesn't wish to go out on top?

 

And even so, if does end in disaster, isn't there  money to be made in the runup?

[TwoCitiesCapital]

I saw somewhere recently that Grayscale had received its first inflows since conversion to an ETF. 

 

Which begs the question - who is buying the ETF with significantly higher fees than ALL other available options? 

 

I understand capital gains trapping some current investors - I don't understand new inflows. Anyone have the angle here? 

[Sweet]

On 5/7/2024 at 12:11 AM, james22 said:

 

Sure.

 

Unless you believe Bitcoin has inherent risk anything like MBS (speculation) or ESG (political)? 

 

Or you believe he's learned nothing from his experience? 

 

Or doesn't wish to go out on top?

 

And even so, if does end in disaster, isn't there  money to be made in the runup?

 

I’ve no idea on any of the those questions.

 

Simply saying that the tweet might not be the bull story it first appears to be.

[james22]

The U.S. state of Wisconsin purchased 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT) in the first quarter of the year, a filing shows. The shares are worth nearly $100 million. . . .

 

"Normally you don't get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we've seen these are no ordinary launches," Bloomberg Intelligence senior ETF analyst Eric Balchunas wrote in a post on X. "Good sign, expect more, as institutions tend to move in herds."

 

https://www.coindesk.com/business/2024/05/14/state-of-wisconsin-buys-nearly-100m-worth-of-blackrock-spot-bitcoin-etf/

[james22]

 

[fareastwarriors]

BlackRock closes in on crown of world’s largest bitcoin fund

[Fly]

19 hours ago, james22 said:

 

 

You have to imagine Vanguard is losing some business to Fidelity over the refusal to carry BTC ETFs 

[james22]

1 hour ago, Fly said:

You have to imagine Vanguard is losing some business to Fidelity over the refusal to carry BTC ETFs 

 

 

[Libs]

Big day today. $71,600 now. 

 

I have a bit of a silly question. BTC trades 24/7. So when you read "BTC up 8%" what does that mean?

 

8% since when?

[Fly]

29 minutes ago, Libs said:

Big day today. $71,600 now. 

 

I have a bit of a silly question. BTC trades 24/7. So when you read "BTC up 8%" what does that mean?

 

8% since when?

UTC time starts the BTC trading day

Edited May 21 by Fly

[Libs]

10 hours ago, Fly said:

UTC time starts the BTC trading day

Thanks. You learn something every day.

 

https://en.wikipedia.org/wiki/Coordinated_Universal_Time

 

 

[james22]

8 hours ago, Libs said:

Big day today.

 

Big week:

 

Will Biden veto the bill overturning the SEC's rule against crypto custody?

 

Will the SEC approve the ETH ETF?

[gfp]

15 minutes ago, james22 said:

 

Big week:

 

Will Biden veto the bill overturning the SEC's rule against crypto custody?

 

Will the SEC approve the ETH ETF?

 

Just to get this straight, if you are a MSTR and BTC maximalist / bull / whatever, you want the SEC to not approve the ETH ETF because everything except Bitcoin is a security and that means BTC is unique as digital property and "there is no second best."  - right?

[james22]

27 minutes ago, gfp said:

Just to get this straight, if you are a MSTR and BTC maximalist / bull / whatever, you want the SEC to not approve the ETH ETF because everything except Bitcoin is a security and that means BTC is unique as digital property and "there is no second best."  - right?

 

Right.

 

I'm guessing it's probably more likely to be approved now than not though, as crypto has become political.

 

And Biden will most likely not veto the crypto custody bill. Either to offset the ETF denial or as reflecting their new support.

[rkbabang]

My thinking that Bitcoin is the only digital property that matters and that there is no second best doesn't rely on whatever the SEC or Congress, or President of the United States does or doesn't do.  The thing about Bitcoin is it makes the hierarchical players at the center irrelevant.  I don't think ETH is a security in the traditional sense, but it isn't money nor is it a viable long term store of value.  My views won't change even if the SEC decides to approve a Dog-with-a-hat-poops-on-the-sidewalk-coin ETF.

 

[TwoCitiesCapital]

2 hours ago, gfp said:

 

Just to get this straight, if you are a MSTR and BTC maximalist / bull / whatever, you want the SEC to not approve the ETH ETF because everything except Bitcoin is a security and that means BTC is unique as digital property and "there is no second best."  - right?

 

I tend to agree with rkbabang

 

Bitcoin is unique regardless of what the US govt approves or doesn't approve. Ether was bleeding vs BTC since long before the BTC ETF was approved...

 

Whether on Ether ETF gets approved or not matters little to the long term thesis of BTC - it only impacts short/intermediate flows and only marginally so (IMO). 

 

In other news: 

 

 

 

[SharperDingaan]

ETH will be approved for crypto ETF's simply because ETH provides a solid measure of diversification, and there are also CME options/futures available by which to hedge. Displace some of the global demand on BTC, and both the volatility of BTC and a crypto ETF portfolio declines. Not a bad thing, when attempting to get widespread IPS approvals for crypto holdings.

 

SD