BlackRock's iShares Bitcoin Trust and Fidelity Investments' Wise Origin Bitcoin Fund have emerged as the leaders of the spot Bitcoin ETF race so far. These two funds have captured 79% of total inflows while the rest have struggled to keep up, responding by reducing fees. Experts expect further concentration among the top ETFs and continuing fee wars as time goes on.

Bitcoin is approaching its all-time high, eclipsing $68,000. With this surge in price, Bitcoin is closing in on silver's $1.4 trillion market cap. Meanwhile, Ethereum also hit a significant milestone, surpassing $3,700 for the first time since January 2022. This comes on the back of record inflows into BlackRock and other funds’ spot Bitcoin ETFs.

Asset manager BlackRock has filed an application with the SEC to acquire shares of Bitcoin ETFs for its own funds. The firm plans to do this through its Strategic Income Opportunities Fund. The fund’s ETF has gained the lead in market share amongst the new spot Bitcoin ETFs and has done record-breaking levels of trading volume. This move would allow BlackRock to make investments directly into these ETFs, giving clients of this fund direct exposure to Bitcoin.

The SEC has delayed its decision on BlackRock's proposed Ethereum ETF for the second time, indicating that other similar applications from companies like Fidelity, Invesco, and Galaxy Digital could also face delays. The success of the spot Bitcoin ETFs is increasing interest in Ethereum ETFs. The delay was mostly expected. Experts are confident that a decision, likely an approval, will be reached in May.

The SEC will delay its decision to approve or disapprove options trading for BlackRock's bitcoin ETF until April 24, allowing for more time to consider the proposal. It has also delayed decisions on allowing Cboe and Miax Pearl to list and trade options on spot bitcoin ETFs, with their deadlines set for the same date.

Traditional indicators for cryptocurrency market tops might not be relevant in the current cycle. The increasing influence of institutions like BlackRock on Bitcoin sentiment and the mainstream adoption of crypto could change what traditional market tops look like. Look for broader signals, such as sovereign wealth funds investing in Bitcoin, corporate treasuries diversifying into crypto, crypto company IPOs, and potential crises from over-leveraging or restaking in the sector.

BlackRock's Global Allocation Fund may soon include investments in Bitcoin exchange-traded products, according to a revised prospectus lodged with the SEC. This is the second fund that BlackRock has filed to include Bitcoin ETFs in. BlackRock says that these ETFs help the funds gain access to bitcoin exposure, helping them create a more diversified investment strategy.

Data indicates that BlackRock's IBIT, the largest spot bitcoin ETF, with an average trade size of $13,000, has so far primarily attracted retail investors.

BlackRock, the world's largest asset manager, has filed a form with the SEC for its first tokenized asset fund: the BlackRock USD Institutional Digital Liquidity Fund. The fund will have a minimum investment of $100,000, be tokenized on the Ethereum blockchain, and be offered by U.S. digital assets securities firm, Securitize.

Ondo is launching instant investment and redemption for its OUSG product, bypassing traditional securities settlement times. An additional form of OUSG, described as rOUSG, will maintain a steady mint/redeem price of $1.00, with yields distributed daily. A conversion tool will also facilitate immediate OUSG and rOUSG conversion. Meanwhile, a significant portion of OUSG's assets will be placed into the BlackRock USD Institutional Digital Liquidity Fund.

BlackRock's first tokenized investment fund, the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), has attracted $160 million in inflows within the first week of its launch, boosted by contributions from tokenized real-world asset platform, Ondo Finance. The fund, which invests in U.S. Treasury bills, repurchase agreements, and cash, provides dividends to qualified investors in the form of tokens representing U.S. dollar yield.

Trading volume for Bitcoin ETFs exploded in March, almost tripling February’s $42.2 billion total. BlackRock and Fidelity’s products remain the most popular, with $18 billion and $10 billion in assets under management respectively. Grayscale’s trust-turned-ETF has seen $15 billion in total outflows, declining from about 619,000 BTC to 333,619 BTC.

This flowchart explains the different entities involved in BlackRock's Ethereum-based money market fund. Securitize is used as the transfer agent to tokenize the fund, which invests in overnight repos and Treasury Bills and issues dividends. Stablecoin issuer Circle plans to implement USDC-based investments and redemptions, which are currently taking place in USD.

BlackRock's Ethereum-based money market fund has reached an AUM of approximately $400 million.

The State of Wisconsin Investment Board, a state agency responsible for public retirement and trust funds, filed reports showing that it holds $163 million in Bitcoin ETFs. $99 million is held in BlackRock's iShares ETF, with $63 million in the Grayscale Bitcoin Trust. The Board also holds shares of Coinbase, Marathon Digital, Riot Platforms, MicroStrategy, and other crypto-related companies. Analysts expressed surprise at the rapid adoption of Bitcoin by a state pension fund.

The SEC has approved eight spot Ethereum ETFs from issuers, including BlackRock, Fidelity, and Grayscale, months after approving spot Bitcoin ETFs. While the approval of the 19b-4 forms marks a significant step, trading will only start after the S-1 statements have been registered, which may take weeks.

After eight issuers had their 19B-4 filings approved for a spot Ethereum ETF, BlackRock has updated its S-1 application to begin trading its iShares Ethereum Trust. Bloomberg ETF analyst Eric Balchunas believes there could be one more round of comments from the SEC, then a launch around the end of June or early July.

Larry Fink stated in an interview with CNBC that while he was originally a skeptic on Bitcoin, he now believes it is a legitimate financial instrument. Fink sees it serving a purpose for investors afraid of currency debasement and as a hedge against government financial control. Equating it to “digital gold,” he believes it is a hedge against hope with strong industrial use.

BlackRock and Nasdaq have submitted a proposal to the SEC to list and trade options for the iShares Eth Trust (BlackRock's spot Eth etf), aiming to provide investors with cost-effective tools for exposure and hedging related to eth.

The SEC has approved the listing and trading of options for BlackRock's spot bitcoin ETF, iShares Bitcoin Trust, on the Nasdaq. This move demonstrates further mainstream acceptance of crypto, providing institutional investors and traders with more tools to manage and increase their exposure to bitcoin.

BlackRock's spot Ethereum exchange-traded fund (ETF) has achieved a significant milestone, surpassing $1 billion in total asset value just two months after its launch. This achievement comes after a favorable trading week for US-based spot Ethereum ETFs, marking a notable turnaround in investor sentiment. The recent week saw positive net inflows for the first time in several weeks, indicating renewed enthusiasm for Ethereum. The data reveals that US-based spot Ethereum ETFs experienced their highest weekly inflows since early August, reversing a trend of six consecutive weeks of negative outflows. On a particular Friday, these funds recorded inflows totaling $58.7 million, contributing to a net positive inflow of approximately $84.5 million for the week. Notably, Fidelity's FETH fund led the way with $42.5 million in inflows, while BlackRock's ETHA fund added $11.5 million. This surge in investment has positioned BlackRock's fund among the top 20% of over 3,700 ETFs available in the US market. In addition to BlackRock and Fidelity, other funds also saw inflows, including Bitwise's ETHW, Invesco's QETH, and Grayscale's ETH. The overall net asset value of these funds has reached $7.4 billion, the highest level since late August. The recent performance of Ethereum has been bolstered by a rate cut from the Federal Reserve, which has led to a resurgence in optimism among futures traders regarding Ethereum's potential. Transaction fees for Ethereum have also increased, reflecting a rise in blockchain activity. This combination of factors has contributed to a more favorable outlook for Ethereum, particularly as it has outperformed Bitcoin in recent trading sessions. The article emphasizes the independent nature of The Block as a media outlet, providing objective and timely information about the cryptocurrency industry. Zack Abrams, the author of the article, has a background in Web3 media and has previously reported on significant stories in the crypto space. The article concludes with a disclaimer regarding the nature of the information provided, clarifying that it is not intended as financial or investment advice.

The recent growth in the market capitalization of stablecoins is playing a significant role in providing liquidity that may support an increase in the price of Bitcoin and other major cryptocurrencies. According to CryptoQuant, this trend is crucial for the overall health of the crypto market. Julio Moreno, the Head of Research at CryptoQuant, emphasized that the inflow of stablecoins onto centralized exchanges has been notable, with USDT reserves reaching a record high of $22.5 billion in 2024. This influx of stablecoins is seen as a positive indicator for potential price growth in Bitcoin. The stablecoin market capitalization has hit a record high of $169 billion this year, and there is a strong correlation between the total market cap of stablecoins and rising Bitcoin prices. CryptoQuant's analysis indicates that the net inflow of stablecoins onto exchanges can serve as a predictive tool for Bitcoin's future price movements. Notably, there was a significant correlation observed in September between Bitcoin's price and the net inflows of stablecoins, particularly influencing the price increase towards the end of that month. In addition to the stablecoin dynamics, K33 Research has identified several bullish factors for Bitcoin as the market approaches the fourth quarter. These include a shift in the Federal Reserve's policy, efforts by China to enhance liquidity, and the recent approval of options trading on spot Bitcoin exchange-traded funds (ETFs). The report highlights that these developments are likely to generate momentum and drive further activity in the global markets. The approval of institutional options trading on BlackRock's spot Bitcoin ETF is particularly noted as a catalyst for optimism, with expectations of increased ETF inflows to meet the demand for options exposure. Overall, the combination of stablecoin market growth and favorable macroeconomic factors is creating a potentially bullish environment for Bitcoin and the broader cryptocurrency market as it heads into the final quarter of the year.