UPDATE: Yes, for those not following closely, EVERYTHING WAS APPROVED (all 11 new retail/consumer Exchange Traded Funds) creating a FIREHOSE of new demand from folks who can now buy this in their 401ks and normal investing accounts.. More in this post:
The Establishment Civil War Over Bitcoin Has Begun (things are getting EXCITING!!)
By Teeka Tiwari, editor, Palm Beach Daily (excerpted)
Last week, the crypto community saw an attempted setback in its march toward mass adoption.
I say “attempted” because when you pull back the lens, you’ll see the outcome is a forgone conclusion in favor of massive, global crypto adoption.
On June 30, the U.S. Securities and Exchange Commission (SEC) pushed back against a wave of spot bitcoin exchange-traded fund (ETF) applications.
According to reports, the SEC considers applications filed by Wall Street titans BlackRock and Fidelity to be “inadequate.”
This wasn’t the agency saying no to a bunch of second- and third-tier “crypto bro” friendly players. This was the SEC saying no to the entrenched Wall Street establishment.
The agency claims the ETFs don’t do a good enough job to prevent manipulation of bitcoin prices in the “spot” market.
The spot market is where actual BTC trades hands versus the futures market where people trade “paper” claims on bitcoin.
This has always been a nonsensical argument because the reference price for the bitcoin futures market is already set by the spot market.
Therefore, if the SEC wanted to remain consistent in its reasoning, it would never have approved a bitcoin futures ETF back in October 2021.
So why did the SEC approve a bitcoin futures ETF but thus far refused to approve a spot bitcoin ETF?
My best guess at this point is that with a spot bitcoin ETF, “actual” bitcoin will be purchased and put into storage versus an exchange issuing a futures contract.
The difference is important because a spot purchase removes bitcoin from the market, and a futures purchase doesn’t.
Here’s why that matters to you: According to crypto data firm Glassnode, 68% of all bitcoin hasn’t moved in a year.
And according to blockchain analysis company Chainalysis, up to 3.8 million bitcoin have been lost forever. That leaves just about 5 million BTC in the actual tradeable float.
Five million bitcoin has a current value of about $152 billion.
That sounds like a lot… But it’s only $35 billion more than what Apple made in the fourth quarter of 2022.
And it’s a spit in the ocean compared to an estimated $431 trillion in traditional and non-traditional assets around the globe.
The SEC knows once we have a bitcoin ETF the price of bitcoin will go parabolic, and there’s nothing and no one that will be able to stop it.
The whole world will finally have an easy, secure, and low-cost way to own history’s greatest investment asset.
If I made my living solely from the traditional financial market, I’d be scared too.
So I understand why the SEC has been dragging its feet for 10 years on approving a spot bitcoin ETF.
I’m here to tell you the SEC has finally met its match.
Get Ready for the Establishment Civil War
Nasdaq filed the bitcoin ETF application on behalf of BlackRock. And the CBOE Group filed the application on behalf of Fidelity.
Since this story broke on June 30, both companies have already refiled their bitcoin spot applications revealing more details on how the two exchanges will monitor the spot price of bitcoin on behalf of their respective ETF clients to prevent manipulation.
Friends, Nasdaq and CBOE are two of the biggest, oldest, and most reputable exchanges in the world. They’ve been monitoring markets for decades.
Match those two industry giants with BlackRock and Fidelity, and that’s an establishment syndicate that’s going to be very hard to say no to without destroying your post-SEC career.
In my estimation, the three most powerful men in traditional finance are Federal Reserve Chair Jay Powell… JPMorgan Chase CEO Jamie Dimon… and BlackRock CEO Larry Fink.
Powell heads the world’s largest and most important central bank. Dimon runs the world’s largest and most powerful bank. And Fink oversees the world’s largest and most powerful asset manager.
Powell – who can effectively swing the market with a few utterances – once said bitcoin had “no intrinsic value.”
Just last week, he told a congressional committee that “crypto appears to have staying power as an asset class.” He also said, “We see stablecoins as a form of money.”
We all know Dimon’s story. He once called bitcoin a “fraud” and even threatened to fire any employee trading it.
Today, JPMorgan Chase has its own digital currency called JPM Coin. And last month, it issued a report stating, “Retail demand for bitcoin (BTC) is likely to remain strong over the coming year ahead of the next halving.”
Like Dimon, Fink was an anti-bitcoin crusader. In 2017, he called it an “index of money laundering.”
Yet his firm has so completely embraced bitcoin that it’s fighting the SEC to launch its own bitcoin ETF.
Friends, this is no longer a fight between SEC head Gary Gensler and the young, immature crypto community.
He’s now going up against some of the most powerful and wealthiest players on Wall Street who oversee tens of trillions of dollars.
That’s what I mean when I say a new establishment civil war is under way.
And who do you think wins in a war where Gensler faces off against the combined might of Nasdaq, CBOE, BlackRock and Fidelity?
You do the math.
To me it’s a simple bet. I’m betting the political power and combined greed of Wall Street’s most established firms will overcome the protests of Gensler, who history will view as a low-level obstructionist functionary.
To be crystal clear on making hay when the sun shines...
This year is following almost lockstep with Bitcoin's historic 4-year halving cycle. 2023 is a halving accumulation year, and now that we are six months in, right on cue, the market is heating up.
Do you feel it?
Remember – when prices rise due to the halving, they tend to blast off.
I believe it's for this reason that BlackRock, Goldman Sachs, Citadel, and Fidelity are all getting into crypto right now.
They are preparing for massive gains in the halving right now while conditions are ideal – and I suggest, if appropriate for your unique risk tolerance, goals and objectives, you might consider it too.
Coming soon is "cyberCOVID" currently being planned, the internet will close. For your safety you will need your digital ID to log back on, oh and no bitcoin will be available on the new government approved internet. Just saying...
More market manipulation incoming. Worst case scenario would be the 51% attack on the network. Anyway should make for an interesting bull market after the halving...
BlackRock's spot bitcoin ETF reached 70 consecutive days of net inflows on Monday, ranking it among the top ETFs. BlackRock's spot bitcoin ETF joins exclusive club after 70 straight days of growth
"IBIT inflow streak currently at 69 days. One more day and it moves into top 10," Bloomberg ETF analyst Eric Balchunas posted earlier in the day.
BlackRock's IBIT ETF was later confirmed to have added $19.7 million in net inflows yesterday, cementing its position in the top 10 ETFs with the longest daily inflow streak.
Total net flows for BlackRock's spot bitcoin ETF since it began trading on Jan. 11 now stand at $15.4 billion.
Accounting for the fluctuation in the price of bitcoin, IBIT's total 273,892 bitcoin under management are currently valued at around $18 billion.
BlackRock’s Bitcoin ETF Inflows Climb to Fifth-Highest Among All ETFs in 2024
Fidelity's spot ETF also garnered a ranking in the top 10 of fund inflows so far this year.
By Helene Braun
Feb 6, 2024 at 4:01 p.m. EST
Updated Feb 6, 2024 at 4:03 p.m. EST
BlackRock's IBIT is 5th in ETF inflows this year (Jim.henderson/Wikimedia Commons)
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Only 17 days after its launch, the BlackRock iShares Bitcoin Trust (IBIT) has become one of the top five exchange-traded funds (ETFs) of 2024 based on inflows, according to data from Bloomberg Intelligence.
The only funds that have topped IBIT's $3.2 billion of year-to-date inflows are mammoth longstanding index ETFs from iShares and Vanguard that offer exposure to the S&P 500 or the total stock market. In the number one spot with $13 billion in inflows thus far this year is the iShares Core S&P 500 ETF (IVV), which has a whopping $428 billion in assets-under-management (AUM). Number two with $11.1 billion in inflows is the Vanguard 500 Index Fund ETF (VOO), which has nearly $398 billion in AUM.
Jan 10 Breaking: LOWER: BlackRock has just cut the fee on its spot Bitcoin ETF to 0.25% (and 0.12% for the first $5b). They really going for the jugular here, looking to crush the others bf they even born, just brutal. ARK has also cut to 0.21%. Bitwise curr low at 0.20%. Terrordome life.
Blackrock now wants Ethereum for Lunch too! Better get in before they take it "full retail"... (how? read our stack!! We're up over 250% with our ideas this year already, and the party may just be starting) *Not Financial advice. Do your own due dillegence, always)
JUST IN: 🇺🇸 SEC is having trouble hiring #Bitcoin and crypto experts, because of a rule that they must sell their assets.
(Just let them do what Goldman CEO's who take treasury or Fed positions do... they get to sell ALL their appreciated holdings at ZERO taxes because they are mandated. This is why even the most pathetic shlub will jump at a finance job in the Admin, even if they resign in 6 mos "for family reasons"...
Global investment manager VanEck, which manages more than $75 billion in assets, has offered its predictions for the solana price in a recent research report. In its bull case, the report modeled a scenario where SOL hits $3,211 by 2030, an 80-fold increase from today’s price.
UPDATE: Yes, for those not following closely, EVERYTHING WAS APPROVED (all 11 new retail/consumer Exchange Traded Funds) creating a FIREHOSE of new demand from folks who can now buy this in their 401ks and normal investing accounts.. More in this post:
https://jimychanga.substack.com/p/perspective-btc-15-million
The Establishment Civil War Over Bitcoin Has Begun (things are getting EXCITING!!)
By Teeka Tiwari, editor, Palm Beach Daily (excerpted)
Last week, the crypto community saw an attempted setback in its march toward mass adoption.
I say “attempted” because when you pull back the lens, you’ll see the outcome is a forgone conclusion in favor of massive, global crypto adoption.
On June 30, the U.S. Securities and Exchange Commission (SEC) pushed back against a wave of spot bitcoin exchange-traded fund (ETF) applications.
According to reports, the SEC considers applications filed by Wall Street titans BlackRock and Fidelity to be “inadequate.”
This wasn’t the agency saying no to a bunch of second- and third-tier “crypto bro” friendly players. This was the SEC saying no to the entrenched Wall Street establishment.
The agency claims the ETFs don’t do a good enough job to prevent manipulation of bitcoin prices in the “spot” market.
The spot market is where actual BTC trades hands versus the futures market where people trade “paper” claims on bitcoin.
This has always been a nonsensical argument because the reference price for the bitcoin futures market is already set by the spot market.
Therefore, if the SEC wanted to remain consistent in its reasoning, it would never have approved a bitcoin futures ETF back in October 2021.
So why did the SEC approve a bitcoin futures ETF but thus far refused to approve a spot bitcoin ETF?
My best guess at this point is that with a spot bitcoin ETF, “actual” bitcoin will be purchased and put into storage versus an exchange issuing a futures contract.
The difference is important because a spot purchase removes bitcoin from the market, and a futures purchase doesn’t.
Here’s why that matters to you: According to crypto data firm Glassnode, 68% of all bitcoin hasn’t moved in a year.
And according to blockchain analysis company Chainalysis, up to 3.8 million bitcoin have been lost forever. That leaves just about 5 million BTC in the actual tradeable float.
Five million bitcoin has a current value of about $152 billion.
That sounds like a lot… But it’s only $35 billion more than what Apple made in the fourth quarter of 2022.
And it’s a spit in the ocean compared to an estimated $431 trillion in traditional and non-traditional assets around the globe.
The SEC knows once we have a bitcoin ETF the price of bitcoin will go parabolic, and there’s nothing and no one that will be able to stop it.
The whole world will finally have an easy, secure, and low-cost way to own history’s greatest investment asset.
If I made my living solely from the traditional financial market, I’d be scared too.
So I understand why the SEC has been dragging its feet for 10 years on approving a spot bitcoin ETF.
I’m here to tell you the SEC has finally met its match.
Get Ready for the Establishment Civil War
Nasdaq filed the bitcoin ETF application on behalf of BlackRock. And the CBOE Group filed the application on behalf of Fidelity.
Since this story broke on June 30, both companies have already refiled their bitcoin spot applications revealing more details on how the two exchanges will monitor the spot price of bitcoin on behalf of their respective ETF clients to prevent manipulation.
Friends, Nasdaq and CBOE are two of the biggest, oldest, and most reputable exchanges in the world. They’ve been monitoring markets for decades.
Match those two industry giants with BlackRock and Fidelity, and that’s an establishment syndicate that’s going to be very hard to say no to without destroying your post-SEC career.
In my estimation, the three most powerful men in traditional finance are Federal Reserve Chair Jay Powell… JPMorgan Chase CEO Jamie Dimon… and BlackRock CEO Larry Fink.
Powell heads the world’s largest and most important central bank. Dimon runs the world’s largest and most powerful bank. And Fink oversees the world’s largest and most powerful asset manager.
Powell – who can effectively swing the market with a few utterances – once said bitcoin had “no intrinsic value.”
Just last week, he told a congressional committee that “crypto appears to have staying power as an asset class.” He also said, “We see stablecoins as a form of money.”
We all know Dimon’s story. He once called bitcoin a “fraud” and even threatened to fire any employee trading it.
Today, JPMorgan Chase has its own digital currency called JPM Coin. And last month, it issued a report stating, “Retail demand for bitcoin (BTC) is likely to remain strong over the coming year ahead of the next halving.”
Like Dimon, Fink was an anti-bitcoin crusader. In 2017, he called it an “index of money laundering.”
Yet his firm has so completely embraced bitcoin that it’s fighting the SEC to launch its own bitcoin ETF.
Friends, this is no longer a fight between SEC head Gary Gensler and the young, immature crypto community.
He’s now going up against some of the most powerful and wealthiest players on Wall Street who oversee tens of trillions of dollars.
That’s what I mean when I say a new establishment civil war is under way.
And who do you think wins in a war where Gensler faces off against the combined might of Nasdaq, CBOE, BlackRock and Fidelity?
You do the math.
To me it’s a simple bet. I’m betting the political power and combined greed of Wall Street’s most established firms will overcome the protests of Gensler, who history will view as a low-level obstructionist functionary.
Let the Game Come to You!
To be crystal clear on making hay when the sun shines...
This year is following almost lockstep with Bitcoin's historic 4-year halving cycle. 2023 is a halving accumulation year, and now that we are six months in, right on cue, the market is heating up.
Do you feel it?
Remember – when prices rise due to the halving, they tend to blast off.
I believe it's for this reason that BlackRock, Goldman Sachs, Citadel, and Fidelity are all getting into crypto right now.
They are preparing for massive gains in the halving right now while conditions are ideal – and I suggest, if appropriate for your unique risk tolerance, goals and objectives, you might consider it too.
Caitlin Long on Bitcoin & Wall Street: An Exclusive Interview by Michael Gayed
https://open.substack.com/pub/leadlagreport/p/caitlin-long-on-bitcoin-and-wall?r=3vm3f&utm_campaign=post&utm_medium=web
Coming soon is "cyberCOVID" currently being planned, the internet will close. For your safety you will need your digital ID to log back on, oh and no bitcoin will be available on the new government approved internet. Just saying...
It's a club, and Blackrock is in it.
Luckily we can all play this one. Ain't aggregate demand fun!
More market manipulation incoming. Worst case scenario would be the 51% attack on the network. Anyway should make for an interesting bull market after the halving...
LOL. What did Changa TELL you a year ago?
BlackRock's spot bitcoin ETF reached 70 consecutive days of net inflows on Monday, ranking it among the top ETFs. BlackRock's spot bitcoin ETF joins exclusive club after 70 straight days of growth
"IBIT inflow streak currently at 69 days. One more day and it moves into top 10," Bloomberg ETF analyst Eric Balchunas posted earlier in the day.
BlackRock's IBIT ETF was later confirmed to have added $19.7 million in net inflows yesterday, cementing its position in the top 10 ETFs with the longest daily inflow streak.
Total net flows for BlackRock's spot bitcoin ETF since it began trading on Jan. 11 now stand at $15.4 billion.
Accounting for the fluctuation in the price of bitcoin, IBIT's total 273,892 bitcoin under management are currently valued at around $18 billion.
With 160 straight days, the JPMorgan Equity Premium Income ETF, or JEPI, tops the list with the longest streak of daily inflows, according to Balchunas. https://www.theblock.co/post/290265/blackrocks-spot-bitcoin-etf-joins-exclusive-club-after-70-straight-days-of-growth?
Crypto Prices
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BlackRock’s Bitcoin ETF Inflows Climb to Fifth-Highest Among All ETFs in 2024
Fidelity's spot ETF also garnered a ranking in the top 10 of fund inflows so far this year.
By Helene Braun
Feb 6, 2024 at 4:01 p.m. EST
Updated Feb 6, 2024 at 4:03 p.m. EST
BlackRock's IBIT is 5th in ETF inflows this year (Jim.henderson/Wikimedia Commons)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, Texas
The biggest and most established global hub for everything crypto, blockchain and Web3.
Register Now
Only 17 days after its launch, the BlackRock iShares Bitcoin Trust (IBIT) has become one of the top five exchange-traded funds (ETFs) of 2024 based on inflows, according to data from Bloomberg Intelligence.
The only funds that have topped IBIT's $3.2 billion of year-to-date inflows are mammoth longstanding index ETFs from iShares and Vanguard that offer exposure to the S&P 500 or the total stock market. In the number one spot with $13 billion in inflows thus far this year is the iShares Core S&P 500 ETF (IVV), which has a whopping $428 billion in assets-under-management (AUM). Number two with $11.1 billion in inflows is the Vanguard 500 Index Fund ETF (VOO), which has nearly $398 billion in AUM.
What did Changa tell ya? :)
BlackRock and Fidelity are dominating the ‘two-horse race’ for Bitcoin ETF billions
https://www.dlnews.com/articles/snapshot/blackrock-and-fidelity-lead-spot-bitcoin-etf-race/
Jan 10 Breaking: LOWER: BlackRock has just cut the fee on its spot Bitcoin ETF to 0.25% (and 0.12% for the first $5b). They really going for the jugular here, looking to crush the others bf they even born, just brutal. ARK has also cut to 0.21%. Bitwise curr low at 0.20%. Terrordome life.
What did we tell ya? :)
Today: Mad Money’s Jim Cramer flips script on Bitcoin, calls it a ‘technological marvel’
Cramer has completely changed his stance on Bitcoin and is now recommending investors to gain exposure to the flagship digital asset.
https://cryptoslate.com/mad-moneys-jim-cramer-flips-script-on-bitcoin-calls-it-a-technological-marvel/
Blackrock Reveals Plan to Seed Spot Bitcoin ETF With $100 Million on January 3
https://news.bitcoin.com/blackrock-reveals-plan-to-seed-spot-bitcoin-etf-with-10-million-on-january-3/
Like a Basketball through a Python....
Blackrock now wants Ethereum for Lunch too! Better get in before they take it "full retail"... (how? read our stack!! We're up over 250% with our ideas this year already, and the party may just be starting) *Not Financial advice. Do your own due dillegence, always)
https://cryptoslate.com/what-did-we-learn-from-blackrocks-ethereum-sec-s-1-filing-today/
LOL!!!
JUST IN: 🇺🇸 SEC is having trouble hiring #Bitcoin and crypto experts, because of a rule that they must sell their assets.
(Just let them do what Goldman CEO's who take treasury or Fed positions do... they get to sell ALL their appreciated holdings at ZERO taxes because they are mandated. This is why even the most pathetic shlub will jump at a finance job in the Admin, even if they resign in 6 mos "for family reasons"...
THAT WOULD BE AN 80X INCREASE....
Global investment manager VanEck, which manages more than $75 billion in assets, has offered its predictions for the solana price in a recent research report. In its bull case, the report modeled a scenario where SOL hits $3,211 by 2030, an 80-fold increase from today’s price.
https://www.thestreet.com/crypto/markets/financial-giant-predicts-this-crypto-price-could-rise-8000-by-2030-heres-why