Search Immortality Topics:

Page 4«..3456..1020..»


Hashdex’s new spot Bitcoin ETF to begin US trading on Wednesday – Cointelegraph

Posted: March 27, 2024 at 2:45 am

Asset manager Hashdex is officially joining the spot Bitcoin (BTC) exchange-traded fund (ETF) market in the United States after completing the conversion of its futures ETF to hold spot Bitcoin.

In a March 26 announcement, Hashdex said it has renamed and converted its Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF with the ticker DEFI.

DEFIs renaming corresponds to DEFIs completion of the conversion of its investment strategy to allow the Fund to provide spot Bitcoin holdings and its tracking of a new benchmark index effective March 27, 2024, it said.

The newly converted fund will invest at least 95% of its assets into spot Bitcoin, while up to 5% of the remaining assets will go into CME-traded Bitcoin futures contracts and cash and cash equivalents, according to the firm.

Since our founding in 2018, Hashdex has strongly believed that Bitcoin is a generational opportunity," said Hashdex co-founder and CEO Marcelo Sampaio.

Were excited to invite all investors whether it be those who already have full conviction in Bitcoin, those who are considering an allocation for the first time, or anyone in between to join us in our long-term journey of making digital assets accessible, added Samir Kerbage, Hashdexs chief investment officer.

Related:SEC pushes Hashdex, ARK 21Shares Ether ETFs as approval hope dwindles

Founded in 2018, Hashdex first joined the U.S. race for an approved spot in Bitcoin ETF in August 2023. Unlike others that depend on a Coinbase surveillance sharing agreement, Hashdexs fund acquires spot Bitcoin from physical exchanges within the CME market.

Hashdex is already several months lateto a competitive spot Bitcoin ETF market. According to data from Farside Investors, spot Bitcoin ETF cumulative inflow excluding Grayscales ETF is now at nearly $25.5 billion, though 80% of that figure is made up by BlackRock and Fidelitys ETFs.

A prospectus filed by Hashdex indicates its ETF charges a 0.90% a year management fee, which would sit on the higher end of fees charged by ETF issuers which average around 0.30%, but still under the 1.5% a year fee charged by the Grayscale Bitcoin Trust (GBTC).

Magazine:5 dangers to beware when apeing into Solana memecoins

Go here to see the original:

Hashdex's new spot Bitcoin ETF to begin US trading on Wednesday - Cointelegraph

Recommendation and review posted by G. Smith

Spot Bitcoin ETFs back in the black with $418M net inflows – Cointelegraph

Posted: March 27, 2024 at 2:45 am

Fresh capital is flowing back into US spot Bitcoin (BTC) exchange-traded funds (ETFs) following a five-day span of consecutive net outflows.

Led by strong inflows into Blackrocks and Fidelitys funds, the ten recently approved spot Bitcoin ETFs saw a combined net inflow of $418 million on March 26, according to Farside Investors data.

Fidelity's fund generated its largest daily inflow since March 13, notching $279.1 million on March 26 as the investment giant snapped up an additional 4,000 BTC. This marked the second consecutive day the fund has seen inflows exceeding $260 million.

Additionally, BlackRocks fund attracted inflows of $162.2 million. However, its daily inflows remain low compared to inflows earlier this month which averaged over $300 million per day.

Ark 21Shares Bitcoin ETF fund had its best day since March 12, notching $73.6 million in inflows while Invesco Galaxy, Franklin Templeton, and Valkyrie all saw more than $26 million worth of inflows across their respective funds.

Meanwhile, Grayscales Bitcoin Trust (GBTC) continued to bleed notching a daily outflow of $212 million, however, it was not enough to outweigh the net inflows of its competitors.

Since converting from a trust to an ETF on Jan. 11, Grayscale has shed a whopping 277,393 BTC worth roughly $19.5 billion at current prices.

Related: Hashdexs new spot Bitcoin ETF to begin US trading on Wednesday

In a March 26 post to X, Bloomberg senior ETF analyst Eric Balchunas noted the presence of Bitcoin ETFs in a chart of the largest 30 asset funds in their first 50 days of trading.

Four Bitcoin ETFs made the list of global funds with BlackRocks IBIT and Fidelitys FBTC in a league of their own, he exclaimed.

Balchunas noted that even the Bitwise Bitcoin ETF (BITB) currently the 18th largest Bitcoin ETF by assets under management was larger than the worlds largest SPDR Gold Shares (GLD) fund, he noted.

Crypto asset management firm Hashdex claimed its place as the eleventh spot Bitcoin ETF issuer in the United States on March 26 afterannouncingthe conversion of its futures fund to a spot product which now trades under the ticker DEFI.

Magazine: Bitcoin ETFs make Coinbase a honeypot for hackers and governments: Trezor CEO

More here:

Spot Bitcoin ETFs back in the black with $418M net inflows - Cointelegraph

Recommendation and review posted by G. Smith

Bitcoin ETF snapshot: Net outflow run hits five days for the first time – Blockworks

Posted: March 27, 2024 at 2:45 am

The 10 US spot bitcoin ETFs collectively saw net outflows each day last week an unprecedented streak for the so far successful segment.

The funds saw $888 million of investor money leave over the five-day span, according to BitMEX Research data. The largest outflow chunks came on March 19 and March 20, at $326 million and $262 million, respectively.

Those net outflows slowed later in the week, with $94 million coming on Thursday and $52 million flowing out on Friday.

BlackRocks iShares Bitcoin Trust (IBIT) had its all-time low flow total for a single day on Friday, tallying just $19 million, the BitMEX Research data shows.

Still, IBIT along with the Fidelity Wise Origin Bitcoin ETF have brought in net inflows during each of their first 50 days trading. Such a feat has never been accomplished by new ETFs, analysts note.

Read more: Bitcoin ETF catalyzing broader merge of TradFi, crypto: BlackRock exec

It was the first time the sector saw five straight days of net outflows. The ETFs had notched outflows on four straight days from Jan. 22 to Jan. 25.

The latest outflow streak came after a record week for the funds, during which they saw $2.5 billion of net inflows.

But bitcoins price dropped from nearly $68,000 on March 18 to below $61,000 on a slip of more than 10%. It fluctuated up and down later in the week, but remained well off its all-time high of more than $73,000 set on March 14.

BTCs price stood at $67,000 at about 7 a.m. ET Monday.

We believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US, CoinShares head of research James Butterfill wrote in a Monday report.

The new ETF bitcoin fund issuers exclude Grayscale Investments, which converted its Bitcoin Trust (GBTC) to an ETF on Jan. 11. GBTCs nine competitors have often been able to more than offset the higher-priced Grayscale funds persistent outflows, but not last week.

GBTC outflows amounted to about $2 billion, while the other nine funds brought in about $1.1 billion.

Bloomberg Intelligence analyst James Seyffart said in a Monday X post that outflows may have been driven in part by bankrupt lender Genesis offloading its shares of GBTC.

Expecting that to slow over the next week, he added.

Dont miss the next big story join ourfree daily newsletter.

Read the original here:

Bitcoin ETF snapshot: Net outflow run hits five days for the first time - Blockworks

Recommendation and review posted by G. Smith

Why Coinbase Analyst David Duong Expects to See ‘Continued Upside’ in Bitcoin – CoinDesk

Posted: March 27, 2024 at 2:45 am

We see that the probability of an E ETF being approved is actually super low. Now, I mean, previously about a year ago, it was somewhere around 80%. Now, it's gone down to around 17%. Um Maybe like it's been playing with 17 to 20%. But I would say for the most part, I haven't changed my view. I still think that the odds are in its favor. Uh You know, like for me, the only way it can actually be rejected is if easy, if is, if the SEC actually firmly came out and called this a security. It's Monday, March 25th, 2024 and this is market staley a show where we get into the minds of some of the smartest and most experienced investors, traders and analysts. I'm Jen Sani. Before we get into our discussion today, let's take a look at today's prices according to coindesk indices at 8 a.m. Eastern time. Bitcoin was up just over 2% at $66,818. Ether was up about 1.5% at $3435. And the coin desk 20 index was up 3% at 2590 points for more on the market's action. Let's bring in head of institutional research at Coinbase David Dang David. Welcome to the show. Hey Jaren. Thanks for having me. Of course, it's always a pleasure having you here, especially as we start to see some green in the markets this morning last week was was kind of depressing. If you're a markets watcher, talk to us about what happened and what you expect to happen from here. Overall, I think these Pullbacks within uptrend cycles are to be expected. And that's like for any asset class, right? I don't think cryptos uh particularly uh exceptional in that regard except to say that I do think that in previous cycles, we've seen Bitcoin give back like 30 to 50% of its gains. Um But comparatively, these moves have actually been pretty shallow. Uh I think the cryptos uh market's attention is just fixated on the flows over the fundamentals. So, you know, we saw that spot, Bitcoin ETF G at the first week of like real net outflows. Uh you know, in the, at least in the first few months, but definitely probably like since inception. And I think probably a lot of that had to do with actually uh probably some force selling pressure that I think is associated with genesis. But it's kind of hard to say at this point, but it just seems that the timing is very suspicious in my mind. I want to talk about Genesis in just a second, but you just mentioned previous cycles, talk to me about looking at this cycle and comparing it to previous cycles. Is there enough data? Especially since this Bitcoin ETF s have been introduced this cycle when you're comparing them, are you seeing information that is useful? I think it's really hard to generalize just because there are so few moments to actually draw from. And so when people kind of talk about major events happening, like the having and they kind of overlay the performance charts with those kind of like those kind of marks in them. Uh I myself am kind of just skeptical just because the performance if you actually go back just like, you know, and I do a very, you know, just small test of like six days before six days after really, you can't draw a lot of patterns from it. Like the first event was kind of a throwaway anyway, just because it was the first one that happened and no one knew what to expect. But even when you did, you have all these other macro factors that kind of interfered in that. And I don't think those things were a distraction like the pandemic, for example, there was real amounts of liquidity that kind of flowed through the market and that effectively changed things. And I think the same thing is going on right now. With the ETF S because they are real uh that's a demand sync for this asset class that didn't previously exist. And I think that's also changed the structure of the supply and dynamic uh supply and demand dynamics. OK. Let's get back to Genesis now before we forget and go into the having uh talk to us about the selling pressure. Is it coming from the bankruptcy estate? I know there's 35.9 million G BT shares, G BT C shares. Sorry, that are a part of that. Um What are you seeing there? So it's kind of tough to say that this is where the G BT C selling pressure is actually coming from. Uh you know, you can kind of say like, hey, we've had about $2 billion worth of outflows of the last week, Genesis had to sell worth about $2 billion worth of shares. Like are those two things the same? I mean, they had permission from the US banks of support since mid February to actually offload these shares. Um but what has changed is that there is a proposal out there that's been agreed with creditors to actually uh have 70 at least 77% of this, I believe uh actually be changed exchanged in kind. Now, you know, that's separate from the around 30 31 million shares that are actually associated with Gemini and you know that was a separate settlement and those all were gonna be paid uh with like in, in kind and probably within the next few weeks. But, you know, I, I think that it does kind of for me seem like this was the actual sell period. And if that's gonna be the case, then the market effect should actually be neutral because that means that they need to buy back the Bitcoin at some point. Uh They just don't have the cash yet. I think now that those trades are settling on the G BT C side. That's why we're starting to see kind of some recovery in the markets here. Tell us a little bit more about that 77% in kind. What does this mean for folks who are watching markets? Sure. So this was actually reported by the Wall Street Journal, I think on the 18th and effectively, they're saying that there is an outstanding creditor back proposal uh that returned those customer holdings in Bitcoin instead of cash. And the court approval actually said it could be paid either or so in, in effect, they could have just taken out the cash and actually paid out to clients. But you could see how that could potentially be to the detriment of the uh the creditors themselves. So I think that right now like what is fully clear to me is, is that inclusive of the other 31 million G BT C shares that they're discussing with Gemini, for example, but I don't believe that they are either way, it does suggest that it is the majority holdings that Genesis holds are going to be paid out in Bitcoin. And if they are, that means that they are selling GB DC and buying Bitcoin, so that means performance itself should be net neutral. Now, we mentioned the having just a few minutes ago and I want to get a little bit deeper into it. I know that you had a report that looked at past HS and you brought in the ETF data similarly to how we did at the beginning of this conversation. What are you expecting to happen? Um After the having, do you think it's priced in? Are we gonna, are we gonna stay in this price range for a little bit longer than some people maybe expect? I think that's the big question everyone's asking and the challenge I have is that people are looking at the having in a very like linear way, which is to say that they're basically saying like, hey, look, this is the man coming from the ETF S and I think that was why the flows actually disturbed so many people last week because they're saying like, have, have, have the flows, has demand for the uh for the ETF S actually stalled here. Is that a big concern? Um But you know, they comparing that just to one side of supply, which is the miners, they're saying like, well the miners actual new issuance of Bitcoin is going to be reduced by half. So if demand is increased so sharply because of the ETF S going into that limited supply, this is a huge boon for crypto. You are a huge boon for Bitcoin in particular. But crypto in general, I'd say that that's only one part of the story like supply obviously comes from multiple sources. And we've seen that if you even just look at the short term supply, which is really the active supply that's moved within the last three months, that has increased over the last quarter to like uh to the last few months in the beginning of 2024. So just the of course, uh Bitcoin issuance alone doesn't really speak for the 1.3 million Bitcoin that has made its way onto the market from those active sources. Now, that said we have seen that that has been absorbed pretty well, not just by the ETF S but probably by the community as a whole because you're seeing that even though the amount of Bitcoin hitting exchanges has doubled, uh the actual amount that's actually still left over is still something closer to like 80,000 Bitcoins. So really, it does show that like all of that uh Bitcoin that's been making its way on exchanges have been bought. But I'm just saying that it's not just the supply come from miners alone. We have to think about what the price point is where people will be willing to actually sell their shares and keep in mind that almost everyone now is pretty much in the money with their Bitcoin. So we're in real price, discovery territory in terms of not really knowing what the behavior is gonna be. Do you have any opinions on that, that you're willing to share? I think that we're gonna see continued upside. Uh, you know, like my overall thesis for the year was we're gonna start seeing a lot of inflows in January and February that played out pretty much as I expected. And that's why we wrote Constructive uh in early February, for example. But uh before we got into March, I was already saying that I was worried about particular headwinds coming in from the macro side, from the fact that I think that a lot of capital employment has already taken place. And that's not to say that more couldn't happen. And I think a big part of that has to do with the fact that for the most part, a lot of people missed this rally. I'm really talking about retail here, but we know that uh you know, retail were, they, they were under position, not just in crypto but pretty much in a lot of risk assets. They weren't, they didn't buy into equities last year, for example. And now there is a real catch up that we're seeing happen. And if we're thinking that there's another $6 trillion worth of capital that's still stuck in money market funds. For example, I mean, like once that's unlocked, I think, which is gonna happen later in the year when the fed really starts cutting rates. For example, I think that this will represent the, the next upside for an asset like Bitcoin and David. Just before I let you go here, I have ask you about this. Helene Braun is our host on Markets Daily on Wednesday and Thursday. And her reporting recently revealed that Black Rock says they're not seeing as much client demand for an ether ETF or for Ethereum. Um that along with some other new stories suggest that we may not see an Ether ETF in May. What's your perspective there? Yeah, this is tough and, you know, just last week we got the news that there was an inquiry uh to the Ethereum Foundation from an unidentified state authority, uh that they were, they, you know, they wanted information, but of course, that was super vague. No one has any clue about. I think people are speculating about who that quote unquote state authority could be. But I think that, you know, there are sources out there that I'm sure our listeners are familiar with or just jumping to conclusions that this is the sec and that these are the grounds on which an E ETF is going to be rejected. Honestly, I think that all of that is just, you know, just too speculative, right? Now to actually draw any real conclusions from, you know, we've seen that the probability of an E ETF being approved is actually super low. Now, I mean, previously about a year ago it was somewhere around 80%. Now, it's gone down to around 17%. Um, maybe like it's been playing with 17 to 20%. But I would say for the most part, I haven't changed my view. I still think that the odds are in its favor. Uh You know, like for me, the only way it can actually be rejected is if easy, if is if the SEC actually firmly came out and called this a security and that would go against what the CFTC has already said that this is in fact a commodity. Um And I don't necessarily think that they want to have an interagency fight about this. So I think that it's still gonna go through now, the timing of that, I think it's gonna be more challenging around the May 23rd period, which is when Van Eck is going to have uh their final deadline. But I still think that, you know, we're talking about greater than 50% odds here beyond that. I think that we are also seeing that some of the headlines have been in East favor. Like the fact that Blackrock wants to have this new uh Tokenization Fund, uh Biddle, I believe it's called, I think that that's being built on Ethereum, for example, So I think that that's going to be very supportive for e there's other sources that are gonna be helpful as well. So I wouldn't necessarily rely on just this. But if we're seeing that this uh uh the approval of the ETF has been priced out, E is doing fairly well, all things considered David. It's always a pleasure having you on Markets Daily. Thanks so much for joining the show. Thanks a lot, Jen. That was head of institutional research at Coinbase. David Dang. That's it for today's show.

Original post:

Why Coinbase Analyst David Duong Expects to See 'Continued Upside' in Bitcoin - CoinDesk

Recommendation and review posted by G. Smith

What Is Bitcoin Halving? Forbes Advisor Australia – Forbes

Posted: March 27, 2024 at 2:45 am

The first bitcoin halving occurred in November 2012. The following halving was in July 2016, and the most recent halving was in May 2020.

The mining reward, or subsidy, started at 50 BTC per block when Bitcoin was createdin 2009. The amount drops in half each time a new halving takes place. For instance, after the first halving, the reward for Bitcoin mining dropped to 25 BTC per block.

The last halving will occur in 2140. At that point, there will be 21 million BTC in circulation and no more coins will be created. From there, miners will just earn transaction fees paid by users transacting on the blockchain.

Richard Baker, CEO of miner and blockchain services provider TAAL Distributed Information Technologies, points out that miners may shift transaction processing power away from BTC once the next halving occurs as they seek more transaction fees elsewhere to make up for lost Bitcoin revenue.

Fewer miners would mean a less secure network, experts say.

On the other hand, while the halving reduces the reward for miners, it equally lowers the supply of new coins without reducing the demand, notes Patricia Trompeter, CEO of cryptocurrency miner Sphere 3D Corp.

If the economic theory holds true, which historically for Bitcoin it has, Bitcoin prices should increase dramatically in response to the supply shock, she says. Although, there is still debate on whether the historical price movement around each halving was a direct product of the halving.

Higher prices would be an incentive for miners to keep processing Bitcoin transactions.

Activity is also spiking on the Bitcoin blockchain following the creation of new financial primitives on Bitcoins blockchain, increasing transaction fees collected by miners. If the chain experiences an increase in activity, the transaction fees alone could be enough to incentivise miners stick with Bitcoin even in the event that BTC prices do not increase after the next halving.

The rest is here:

What Is Bitcoin Halving? Forbes Advisor Australia - Forbes

Recommendation and review posted by G. Smith

Franklin Templeton debuts new crypto SMA amid bitcoin ETF hype – Blockworks

Posted: March 27, 2024 at 2:44 am

After debuting a bitcoin ETF and eyeing the launch of an ether-focused counterpart, Franklin Templeton also continues to build out another segment of crypto products.

The fund giant, with more than $1 trillion in assets under management, has launched the Franklin Templeton Digital Asset Dynamic BTC/ETH separately managed account (SMA), the company said Tuesday.

SMAs offer a nuanced approach to investing, allowing investors greater customization in terms of asset diversification and tax optimization strategies. In the crypto realm, SMAs offer investors exposure to a range of exposures that go beyond bitcoin currently the only crypto asset that US ETFs can hold directly.

Read more: ETF adoption set to keep driving bitcoin price: 10Ts Dan Tapiero

The actively managed product seeks to outperform a market cap-weighted portfolio of bitcoin and ether. It is to be available for registered investment advisers (RIAs) and other US wealth managers on Eaglebrook Advisors SMA platform. Anchorage Digital is set to custody the assets.

Franklin Templetons latest SMA comes after the firm introduced two such investment vehicles in 2022.

Its Digital Assets Core SMA invests in 10 to 15 of the largest digital assets. The Franklin Templeton Digital Assets Core Capped SMA deploys a similar strategy, but caps its allocations to BTC and ETH at 25% of the portfolio each.

Franklin Templeton launched its Bitcoin ETF (EZBC) alongside a slate of competitors on Jan. 11. The fund currently ranks ninth of the 10 US spot bitcoin funds in terms of assets under management with $312 million as of market close Monday.

The spot bitcoin ETFs have so far notched total net inflows of roughly $11.3 billion. Industry watchers expect more wealth managers to make such funds available to clients in the coming months, catalyzing further growth in the segment.

Aside from diversified exposure, SMAs allow for investors to engage in tax-loss harvesting purposefully incurring capital losses to offset capital gains taxes and allow clients to own the underlying assets directly in their name at a qualified custodian, executives have said.

Read more: Eaglebrook CEO: Bitcoin ETF would send crypto SMAs into hyperdrive

[Crypto ETFs] allow more people to dip their toes inin an easier way, which will in turn drive demand for our solutions from advisers because of the extra value prop via strategies and assets they cant access in the ETF wrapper, Eaglebrook CEO Christopher King told Blockworks last year.

While the Securities and Exchange Commission approved ether futures ETFs, investors in the US cannot access exposure to ether via an ETH that holds the asset directly, for example.

Read more: Ether ETFs coming in May? Heres why many are bearish

Franklin Templeton is one of several firms along with BlackRock, Grayscale Investments, Ark Invest and others with spot ether ETF proposals in front of the SEC.Potential future US ETFs holding crypto assets other than BTC and ETH are a little bit out of sight, Bitwise Chief Investment Officer Matt Hougan told Blockworks on a podcast in January.

It would be a big leap to get to a solana ETF, for example, Hougan added noting there is not yet a regulated futures market for SOL.

Dont miss the next big story join ourfree daily newsletter.

Read more:

Franklin Templeton debuts new crypto SMA amid bitcoin ETF hype - Blockworks

Recommendation and review posted by G. Smith


Page 4«..3456..1020..»