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Home > News
Published: 28/03/2024
-
Author: Leexim
BlackRock CEO Very Bullish as Bitcoin ETF Hits $17B
BlackRock CEO Larry Fink pleasantly surprised by strong retail demand for firm's Bitcoin ETF.
Azcnews (4)
BlackRock CEO Larry Fink expressed his delight at the impressive performance of his firmâs recently launched Bitcoin exchange-traded fund (ETF) and reiterated his optimistic outlook on Bitcoinâs long-term prospects.
In an interview with Fox Business on March 27, Fink remarked on the unprecedented growth of the iShares Bitcoin Trust (IBIT), describing it as the fastest-growing ETF in history in terms of asset accumulation. He admitted to being pleasantly surprised by IBITâs performance over its initial 11 trading weeks, highlighting its remarkable achievement of attracting $13.5 billion in flows during this period, with a notable daily peak of $849 million on March 12.
Fink emphasized the evolution of a market characterized by enhanced liquidity and transparency, attributes he hadnât anticipated to such a degree prior to the ETFâs launch. Reflecting on IBITâs success, he acknowledged that its performance had exceeded his expectations, indicating his strong bullish sentiment towards Bitcoinâs enduring viability.
Currently holding $17.1 billion in Bitcoin, IBIT swiftly reached the $10 billion milestone within just two months, a feat that took the first gold ETF two years to accomplish, according to BitMEX Research. Despite trailing behind the Grayscale Bitcoin Trust in terms of Bitcoin holdings, IBIT remains a significant player in the ETF landscape, alongside other leading funds such as the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB).
However, amidst the success stories, industry experts caution that not all ETF issuers may thrive in this competitive market. Hector McNeil, co-CEO and founder of ETF provider HANetf, predicts that many ETFs may struggle to break even due to high costs unless they amass billions in assets under management. Some issuers have already adjusted fees to remain competitive, but smaller players face a formidable challenge in competing against industry giants.
Related: Fifth Largest Bitcoin Whale Awakens After 5 Years
The approval of Hashdexâs spot Bitcoin ETF on March 27 adds to the growing competition in the US market, further intensifying the battle among ETF providers seeking to establish themselves in the burgeoning cryptocurrency investment landscape.
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Home > News
Published: 28/03/2024
-
Author: Leexim
ADA Launches into Bullish Territory While XRP Trails Behind
The decline in stagnant ADA tokens signifies a bullish outlook for the long haul, while XRP stayed within a range despite a drop in MDIA.
Azcnews
Table of Contents
Santimentâs tweet highlighted a crucial factor fueling a bull run, emphasizing its significance in market dynamics. Analyzing Cardano (ADA) and Ripple (XRP), both Santiment and another source utilized the Mean Dollar Invested Age (MDIA) metric to gauge the potential initiation of a bull run.
MDIA, distinct from mean coin age, incorporates the purchase price of dormant BTC or any asset, offering a nuanced perspective. An upward trend in MDIA is customary, indicating coins aging in walletsâa sign of strong holder confidence, generally favorable for the asset.
However, prolonged periods of high MDIA suggest network stagnation, potentially hindering price growth. A decline in MDIA signals awakening dormant coins, aligning with investor expectations of lower MDIA as prices ascend.
Cardano is off the marks
For Cardano, MDIA exhibited an upward trend since July 2021 until a notable plunge in early March, signaling positive developments for long-term investors. A decrease in stagnant ADA typically heralds the onset of a robust bull market, potentially enduring for several months.
ADA Santiment Metrics
Source: Santiment
Historically, Cardanoâs MDIA maintained a consistent downtrend in July 2020, coinciding with a remarkable price surge from $0.09 to $3.1, illustrating the correlation between MDIA trends and significant price movements.
At the time of writing, Bitcoin (BTC) was trading at $70.2k, slightly below its all-time high of $73.7k, with ETF inflows showing robust activity.
A recent Santiment post on X (formerly Twitter) highlighted a noteworthy observation: previously dormant wallets were becoming active, reintroducing older BTC into circulation.
During the upward trajectory of the price, the weekly Relative Strength Index (RSI) displayed a pattern of lower highs, technically indicative of a bearish divergence. However, given the current phase of price discovery, this divergence isnât necessarily a reliable trading signal. Interestingly, this pattern of lower highs wasnât evident on the weekly RSI at the moment.
Related: Rippleâs XRPL Blockchain Expands Cross-Chain DeFi Integration
Meanwhile, concerns loom among XRP investors. XRP experienced a decline in its Mean Dollar Invested Age (MDIA) metric from September 2020 to April 2021, coinciding with a downward trend in prices. This trend intensified as the bear market deepened, suggesting accumulation despite sliding prices.
While XRP investors fret
XRP Santiment Metrics
Source: Santiment
Similar to ADA, XRP also witnessed a significant drop in MDIA, occurring in early December 2023, followed by an upward trend thereafter. This abrupt decline, not accompanied by a subsequent uptrend, could be attributed to profit-taking or substantial selling pressure from large holders.
However, relying solely on MDIA isnât sufficient to ascertain XRPâs current position within the market cycle. Nonetheless, its upward trend since January strongly suggests an ongoing accumulation phase.
XRPâs price remained range-bound, unable to breach the crucial $0.7 resistance level. The increase in MDIA may foreshadow a potential bull run in the forthcoming months.
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