BlackRock’s IBIT spot bitcoin ETF crosses 800,000 BTC milestone
Crypto markets crashed on Friday as President Trump announced on Truth Social (in response to Chinese controls on rare earth minerals) that, starting from November 1st, the US would impose new tariffs of 100% on Chinese imports, over and above any tariff that they are currently paying.
Over $19 billion of perpetual futures crypto positions were liquidated across centralised exchanges and decentralised market places, the largest ever one-day liquidation in crypto history, writes Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro. .
Bitcoin had been trading around the $120,000 mark before Friday’s announcement, but then dropped over 9% to a low of $110,000. Altcoins saw even greater declines, in excess of 50% in some cases.
Institutional investors seem to have held on however. Spot bitcoin ETFs only recorded $4.5 million in net outflows on Friday, whereas in past crashes we have typically seen hundreds of millions of dollars of outflows.
BlackRock’s IBIT actually recorded an inflow of $74.2 million on Friday. IBIT also, last week, became the first of the spot bitcoin ETFs to cross the 800,000 bitcoin AUM milestone. More on this below.
Yesterday, Trump again took to Truth Social to say ‘Don’t worry about China, it will all be fine’. Crypto markets had already slightly rebounded before Trump’s post. Bitcoin for example was back up to $113,000. Now with this glimmer of light that Trump may not follow through with the tariff increases on China, crypto markets are on their way to recovering Friday’s losses.
No doubt all eyes this week will be on Trump’s Truth Social account for any further positive updates or developments to encourage more investors to return to the market.
BIGGEST MOVERS
Despite the crash in the wider crypto markets, $DASH and $ZEC are up 63% and 67% respectively since last week amidst a re-emerging interest and growing sentiment toward privacy cryptoassets.
$SNX, the native token for the Synthetix protocol is up 95%, surging to a ten-month high, as anticipation builds for the launch of its (and the first-ever on the Ethereum mainnet) perpetual decentralized exchange.
Discover more here: https://www.etoro.com/discover/markets/cryptocurrencies/market-movers
EYE-CATCHING STORIES
BlackRock’s IBIT spot bitcoin ETF crosses 800,000 BTC milestone
After seeing over $4 billion worth of inflows since the start of October, BlackRock’s IBIT spot bitcoin ETF has become the first to cross 800,000 bitcoin in assets under management, and is also closing in on the $100 billion AUM milestone – potentially the fastest ETF in history to do so.
With 804,944 bitcoin being held in IBIT, this now represents 3.8% of the total amount of bitcoin that will ever be in existence and puts IBIT as the largest entity holding bitcoin. Strategy is in second place with a holding of 640,031 bitcoin or 3.048% of the 21 million supply.
The amount of bitcoin held in treasuries, by public companies, in spot ETFs and by governments has increased 5.35% in the last 30 days, with the number of unique entities holding bitcoin increasing from 322 to 346 in the same time period.
