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Learning & News => News related to Crypto => Topic started by: sirty143 on March 31, 2024, 04:06:32 PM

Title: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: sirty143 on March 31, 2024, 04:06:32 PM
Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasantly Surprised' by Retail Demand

Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), has significantly increased its bitcoin holdings, which have now surpassed 252,011 BTC, representing an approximate notional value of $18 billion. See more for yourself here (https://news.bitcoin.com/blackrock-spot-bitcoin-etfs-holdings-soar-past-252k-btc-ceo-says-hes-pleasantly-surprised-by-retail-demand/).

Your opinion is greatly appreciated.
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: Lucius on April 01, 2024, 04:22:40 PM
Why would there be any kind of surprise if we know that BlackRock is a name that has a reputation practically all over the world, and especially in the US. It is logical that they "grabbed" the largest part of the stake, although it should be said that Fidelity has only about 100 000 BTC less, while of the others only Ark and Bitwise record some results worth mentioning.

Of course, Grayscale still has the biggest share when it comes to spot ETFs, but only thanks to the fact that they already had over 600 000 BTC at the time when the SEC approved the ETFs. The total number of BTC that all ETFs (US) bought together (except Grayscale) exceeded 500 000 BTC a few days ago and now it's just a question of when (if) it will reach 1 million BTC.
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: Jating on April 01, 2024, 04:44:16 PM
Why would there be any kind of surprise if we know that BlackRock is a name that has a reputation practically all over the world, and especially in the US. It is logical that they "grabbed" the largest part of the stake, although it should be said that Fidelity has only about 100 000 BTC less, while of the others only Ark and Bitwise record some results worth mentioning.
I can only speculate that the CEO really doesn't know the extend of Bitcoin is, they just jump on the bandwagon because they have trillions and have a lot of big clientele. And when it pours there money then it dawn to him that Bitcoin is really that big and so he blurted this out. And as for us, retail investors, we already knew how bit Bitcoin is and that there will be a huge demand specially that we are in bullish market and so if they can accumulate, then why not average joe like the rest of us?
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: Lucius on April 01, 2024, 05:56:41 PM
~snip~
And as for us, retail investors, we already knew how bit Bitcoin is and that there will be a huge demand specially that we are in bullish market and so if they can accumulate, then why not average joe like the rest of us?


Let's be realistic, when we look globally, the share of people who invested in cryptocurrencies is, according to some research, around 5%, and of that, it is estimated that only 2% invested in Bitcoin. We can now analyze the reasons for this, but let's say that about 40% of people still do not have access to the internet, and that at least another 20-30% do not have the financial possibilities for any risky investments.

We still have about 30% of people who could theoretically invest in Bitcoin, but of all of them, let's say that more than half suspect that BTC is some kind of internet scam, and the other 10% are undecided about it and are waiting for some kind of political approval for such investing. I think we have reached the remaining 5% that are mentioned so often - although now the rules of the game are changing because many will invest through ETFs just because it is so much easier and because they think that the SEC has given some sort of green light for BTC through ETFs.

I think that this is bad in the long term, because the way things are now, millions of BTC will end up in the hands of funds, and not in the hands of those for whom it was actually invented. Some will say that it is not that important, but time will tell how good (or bad) ETFs have been for Bitcoin.
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: yhiaali3 on April 02, 2024, 12:28:48 AM
Of course, the CEO of Blackrock must be very happy that his company's holdings have risen to more than 252 thousand bitcoins. The company now has the largest share in the market and is seeking to collect more.

BlackRock was a well-known giant company before it entered the field of Bitcoin, and it is not surprising that it has the largest share in the market because this is what it has always been accustomed to, and now with the price of Bitcoin rising to significant levels, the value of the company’s shares will increase to very large numbers.

Fear When the bear market starts how will they react? Will they sell all their Bitcoin holdings or will they hold out?
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: Lucius on April 02, 2024, 03:41:29 PM
~snip~
Fear When the bear market starts how will they react? Will they sell all their Bitcoin holdings or will they hold out?


BlackRock itself is a company that offers a service, in this particular case a spot BTC ETF through which investors invest by buying shares in a fund that is backed by the BTC that the fund buys. Clients who buy Bitcoin in this way do so solely for the sake of profit, so it is logical that at some point in the future there will be mass outflows of BTC from the funds. This is "normal" in a way, because most people who invest in BTC have an exit point.

Personally, I am more concerned about how BlackRock and other funds would behave in the event that a serious BTC fork appears, because according to what is written in the documentation from BlackRock, they say that they reserve the right to decide which chain to follow - which means that can choose a forked version of Bitcoin. Be that as it may, it is never good for so many BTC to be found in the possession of one or only a few companies.
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: yhiaali3 on April 03, 2024, 12:40:25 AM
Personally, I am more concerned about how BlackRock and other funds would behave in the event that a serious BTC fork appears, because according to what is written in the documentation from BlackRock, they say that they reserve the right to decide which chain to follow - which means that can choose a forked version of Bitcoin. Be that as it may, it is never good for so many BTC to be found in the possession of one or only a few companies.
In addition to being concerned about how BlackRock and other companies behave in the down season, this is another really worthwhile point that you raised, I mean, this could have a serious role and a huge negative impact on the original Bitcoin network if a fork occurs.

So yes, I completely agree with you that accumulation a large number of Bitcoins in the hands of one or a few companies is very dangerous for decentralization and the future of the network as a whole.
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: Z-tight on April 03, 2024, 01:42:53 AM
There is so much demand for BTC through the spot etf, and even if i am a believer of not your keys, not your coins, i don't think this is going to slow down at all. So many people do not like to manage their own keys and have it in their own custody, and now they have an opportunity to buy 'BTC' through big companies like Blackrock. These institutions would have so much more coins in their possession in a few years time.

The approval of spot etf's had a positive effect on the price of BTC, but in the long term would the effect remain positive? Not just on the price, but about the network generally.
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: Uruhara on April 03, 2024, 03:19:26 AM
And their ownership in BTC accumulation is likely to continue, which will make the market supply increasingly thin. Moreover, when BTC corrects, large companies will definitely take advantage of this to accumulate more. I hope everyone doesn't easily give up their btc holdings. Because if BTC is controlled by an institution then that's when the price will increase rapidly.
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: TomPluz on April 03, 2024, 04:13:50 AM
There is so much demand for BTC through the spot etf, and even if i am a believer of not your keys, not your coins, i don't think this is going to slow down at all. So many people do not like to manage their own keys and have it in their own custody, and now they have an opportunity to buy 'BTC' through big companies like Blackrock. These institutions would have so much more coins in their possession in a few years time.

I am sure that the demand for Bitcoin coming from ETFs will continue though maybe not on the pace that we recently see weeks after its approval. As long as investors will see a positive good returns, they will continue to be pushing for ETFs. Now, most of these investors are actually doing business with platforms like Blackrock or Grayscale so it would not be a big surprise why they keep on pumping the demand as these people really got the money otherwise they would not be clients of these famous platforms. And because many of them are used to have their wealth managed by firms they are trusting, it is just natural for them to also get into ETF and not directly own Bitcoin. Now, am also sure that once the tide of bulls will be turning upside down they will be jumping ship and allocate their funds somewhere else to get the maximum returns.





Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: hugeblack on April 03, 2024, 05:52:09 AM
The approval of the Bitcoin ETF's is somewhat surprising, and I thought that the promotional announcements that preceded the event were intended to put pressure on regulatory authorities, and the high price of Bitcoin and the proximity of the after-halving rush are all reasons that will push investors to invest in Bitcoin.
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: Lucius on April 03, 2024, 06:33:50 PM
In addition to being concerned about how BlackRock and other companies behave in the down season, this is another really worthwhile point that you raised, I mean, this could have a serious role and a huge negative impact on the original Bitcoin network if a fork occurs.

So yes, I completely agree with you that accumulation a large number of Bitcoins in the hands of one or a few companies is very dangerous for decentralization and the future of the network as a whole.


We should not panic, but on the other hand, we should not live in the belief that BlackRock or most of these companies have any sympathy for Bitcoin in terms of what it should represent - they want to make as much money as possible and will do so as long as they can on this or that way.

People should also know one important fact, which is that BlackRock has been investing in BTC mining companies for some time, and in my opinion, this does not mean that they are only interested in profit, but also control over those who are crucial for the functioning of Bitcoin. I would like to be wrong, but it doesn't seem to me that there are really "honorable intentions" behind everything.

Quote from: https://finbold.com/blackrock-is-a-major-shareholder-in-4-of-the-5-largest-bitcoin-miners/
BlackRock (NYSE: BLK) — one of the largest investment companies in the world — is positioning itself in the Bitcoin (BTC) mining industry. The investment giant is already the second-largest shareholder in four out of the five biggest Bitcoin miners by market capitalization.
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: Captain Corporate on April 03, 2024, 08:40:48 PM
Of course he is pleased. That wasn't a shocker though, this is a company with trillions, in fact this is a company that is so big that they have their own army, sure its labeled security guards, but they hired enough security guards all over the world that combined force is bigger than most nations army numbers. In short, they are a huge company and when they got into BTC, we all knew that people would flock to it like crazy, there wasn't anything that would be crazy. I personally believe that we are going to end up with something that would take some time and should be something that is big enough.
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: yhiaali3 on April 03, 2024, 08:52:20 PM
People should also know one important fact, which is that BlackRock has been investing in BTC mining companies for some time, and in my opinion, this does not mean that they are only interested in profit, but also control over those who are crucial for the functioning of Bitcoin. I would like to be wrong, but it doesn't seem to me that there are really "honorable intentions" behind everything.
Thank you for this information. In fact, I had no idea that BlackRock was working in the Bitcoin mining industry. This is really eye-catching information.

I thought about it a little and concluded, based on my personal analysis, that this might be for two reasons: The first is that mining is profitable, and since this is a profitable company, it really cares about getting profits, whether from buying Bitcoin or mining it.

The second reason: According to my expectation, a huge company like BlackRock is not satisfied with being just an ordinary investor. Rather, the thinking of giant companies is mostly to control the market and not just an ordinary investment company, so acquiring Bitcoin, whether through direct purchase or mining, will give them greater control over the market.
Title: Re: Blackrock Spot Bitcoin ETF's Holdings Soar Past 252K BTC — CEO Says He's 'Pleasa
Post by: Lucius on April 05, 2024, 04:43:54 PM
~snip~
The second reason: According to my expectation, a huge company like BlackRock is not satisfied with being just an ordinary investor. Rather, the thinking of giant companies is mostly to control the market and not just an ordinary investment company, so acquiring Bitcoin, whether through direct purchase or mining, will give them greater control over the market.


Of course, such large companies are always looking for ways to have as much influence as possible when it comes to having as much control as possible in what they do. In general, everything is more or less centralized and in a way manipulative, while Bitcoin is something completely opposite to that, and I think that BlackRock might want to change that.

Whether they will succeed in this is very difficult to say, but I sincerely hope that they will not be able to change the very core of Bitcoin, regardless of how much their ETF buys it and how many mining companies they control.

For those who are interested in BlackRock - more new (powerful players) are entering the game.

Quote from: https://cryptoslate.com/blackrock-adds-5-new-aps-to-spot-bitcoin-etf-including-goldman-sachs-citadel-citigroup/
BlackRock, the world’s largest asset manager, has today updated the list of Authorized Participants (APs) for its spot Bitcoin exchange-traded fund (ETF), IBIT. The ETF, which has been live since January 11, 2024, allows investors to gain exposure to Bitcoin without directly holding the digital assets.

According to the latest prospectus, BlackRock has added five new Authorized Participants to the list, expanding the total number of APs from four to nine. The new additions include ABN AMRO Clearing USA LLC, Citadel Securities LLC, Citigroup Global Markets, Inc., Goldman Sachs & Co. LLC, and UBS Securities LLC.

Authorized Participants play a crucial role in the creation and redemption of ETF shares, facilitating the process by transferring cash to and from the Trust Administrator through one or more accounts. The expansion of the AP list is expected to enhance the liquidity and accessibility of IBIT for investors.