Monday’s market open has seen a flurry of BTC news, from the Fed delaying rate cuts after strong job growth figures to Goldman Sachs becoming one of the biggest APs for IBIT and BlackRock buying Bitcoin again.
With nearly $18 billion in assets under management months after its inception, BlackRock’s IBIT spot Bitcoin ETF continues to make waves across the market.
Despite their skepticism towards cryptocurrency, Goldman Sachs became the next heavyweight AP (Authorized Participant) in the Spot Bitcoin ETF, underscoring BlackRock’s influence in the financial markets.
Yet, BlackRock is not here to “dabble” in cryptocurrency or to limit itself to an ETF. They’re gunning for the throne in a new asset class.
(IBITUSD)
Despite this BTC news, the Goldman Sachs CIO Marco Argenti recently dismissed cryptocurrency’s value, making their adoption of the ETF more paradoxical.
This move echoes the trajectory of JPMorgan, which, despite CEO Jamie Dimon’s critical stance on cryptocurrencies, became one of the initial APs for IBIT.
BlackRock Buys Bitcoin – The Next Move After the IBIT ETF
Larry Fink is explicit about pushing further into the world of tokenization.
In the latest move, teaming up with Coinbase, BlackRock made it clear that they think real-world assets tokenized on the blockchain will be the next big narrative in Web3. To date, BlackRock holds 1% of all Bitcoin in circulation.
The BlackRock and Fidelity Bitcoin ETFs have seen inflows for 59 consecutive days, ranking them among the top 20 ETFs of all time!
The record is 160 days.#Bitcoin 🚀🚀🚀
h/t @EricBalchunas & @thetrinianalyst pic.twitter.com/6Jp0X3u2Up
— Swan (@Swan) April 8, 2024
While many in the crypto community aren’t sure how to feel about this—noting several controversies surrounding the asset manager—the consensus is that it is preferred to unregulated and Ponzie crypto exchanges like FTX, BlockFi, and Celsius that went bankrupt.
Genesis’s Strategic Pivot: GBTC Liquidation Completely Shifted To BTC
Meanwhile, in other institutional crypto news, Bankrupt crypto lending firm Genesis has liquidated its Grayscale Bitcoin Trust (GBTC) holdings to purchase 32,041 bitcoins, valued at approximately $2.2 billion.
🚨Crypto lender Genesis buys 32,000 #Bitcoins after selling its Greyscale shares.
👉The company is looking to use the tokens to repay its creditors. pic.twitter.com/oy0kktzh4t
— CILLIONAIRE.COM (@cillionaire_com) April 7, 2024
The firm was given permission to sell by a New York bankruptcy court, and this decision marks a significant reallocation of assets towards direct cryptocurrency investment by the Winklevoss Twins.
Fed Rate Cuts and US Job Growth: Fuel Market Caution
Inflation and job growth have delayed expected US Federal Reserve rate cuts to September, contrary to previous predictions for 2024 – tempering investor appetite this week.
This is absolutely wild:
All of the headlines focused on how the "US added 303,000 jobs in March."
However, if you dig further into the data, ALL of the job gains came from part-time jobs, according to ZeroHedge.
Last month, the US added a whopping 691,000 part-time jobs while… pic.twitter.com/p5tPuKHX34
— The Kobeissi Letter (@KobeissiLetter) April 6, 2024
Despite Bitcoin’s fluctuating prices, there’s an uptick in crypto liquidity, hinting at increased investment capacity that could propel the cryptocurrency market back to all-time highs in the short term.
Indeed, just 12 days out from Bitcoin’s Halving, the air’s electric with what appears to be a perfect storm in the market: Fed games amid an uptick in US economic data, a growing return to institutional lust, and the cold, hard mechanics of Bitcoin’s supply and demand set to kick in. Buckle up.
EXPLORE: $5 Billion Worth Of Bitcoin Shorts Will Be Liquidated If BTC Rockets Above $75,000
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
