BlackRock bitcoin ETF | The wolf enters the henhouse?
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Institutional scale bitcoin investment in America, the dream of many early digital gold asset backers, is becoming a distinct possibility.
But for some, an institutional move into bitcoin is nothing more than a dystopian nightmare, where a noble battle against the corruption of the fiat monetary system ends with the rich, once again, getting richer.
The application for an ETF by the largest asset manager in the world, BlackRock, could not have happened at a stranger time in cryptocurrency’s regulatory history.
Just as the SEC is hunting down Coinbase for allegedly flouting securities laws, BlackRock is requesting the SEC’s approval for a spot bitcoin ETF — with Coinbase as its custodial partner.
It should be no surprise that BlackRock would choose to work with Coinbase for its ETF, as they have long been strategic partners. Still, the entry of old-world wealth into the bitcoin realm is raising red flags in the community. While the notion of large-scale, heavily regulated investment entering bitcoin appears on the surface to be highly bullish for the industry, not everyone is enthused. Concerns about some sort of hostile takeover are swirling in the community.
The founder of Morgan Creek Capital Management says Xapo, the institutional-scale crypto custody tool that Coinbase acquired in 2019, could come into regulatory play.
“What if,” he asks, BlackRock can “take over this storage unit?” BlackRock would then hold a significant portion of crypto assets in America, he says. “And if they have the bulk of it,” regulators could then shut down the Coinbase exchange as an SEC-alleged “unlicensed casino” and hand the Xapo unit over to BlackRock.
Host Ippolito adds that the response from the Bitcoin community has been “pretty roundly negative” regarding the ETF application.“In the filing, there’s a little paragraph about what BlackRock would do in the event of a hard fork,” Ippolito says. “BlackRock is going to have to make a decision.”
“In the event of a hard fork,” Ippolito explains, “there will be two different copies of Bitcoin.” As has happened in previous forks, one of the two will be selected as the canonical chain.
“And BlackRock’s gonna have to make a decision about that.”
Fears swirl around the possibilities of BlackRock closing off access to what some would perceive as the preferred fork, but Ippolito is concerned with “the Bitcoin community’s pushback.”
“It makes me think that they don’t really understand social consensus,” he says. “If you want Bitcoin to keep going up and be widely adopted you need larger and larger buyers.”
Yusko responds to the community’s backlash against undesirable money entering the scene, “You want any and all fiat of any kind in any variety to convert to bitcoin because the bigger the network, the bigger the safety, security, the more adoption.”
“That’s the only way the value of a network goes up.”
Investment management company Invesco (IVZ), which has $1.5 trillion assets under management, reapplied for a spot bitcoin exchange-traded fund in conjunction with Galaxy Digital.
The move comes after TradFi giant BlackRock filed for an spot ETF last week, which shook up the market. Another peer, WisdomTree, also refiled for an spot ETF on Tuesday, after getting rejected by the SEC in 2022.Invesco first filed for a bitcoin ETF in In 2021 - also with Galaxy. It also filed for a bitcoin futures ETF, but dropped the effort in October 2021 after a futures ETF by ProShares was approved and began trading first.
In its filing, Invesco argued that the lack of a spot bitcoin ETF pushes investors towards riskier alternatives, as seen in insolvencies like FTX, Celsius Network, BlockFi, and Voyager Digital Holdings.
Invesco also emphasized the need for investor protection, saying that approval for such a spot bitcoin ETF hinges on a surveillance sharing agreement with a significant, regulated market, not on the regulation of the spot bitcoin market itself.
Surveillance-sharing agreements facilitate the exchange of information concerning market trading activity, clearing processes, and customer identification, which would significantly reduce the potential for market manipulation – something the Securities and Exchange Commission is very concerned about.
BlackRock (BLK), in its filing, advocated for the same thing, argued that Nasdaq could be brought in to fill this role.
“The SEC is very concerned with market manipulation related to Bitcoin prices, and has cited this in almost, if not all, previous rejections,” Graeme Moore, Head of Tokenization, at the Polymesh Association, said earlier to CoinDesk. “This is because the SEC’s view is that Coinbase and others are not regulated as exchanges and therefore cannot be trusted to ‘prevent fraudulent and manipulative acts and practices’.”
So far, the SEC hasn’t given any indication as to when it plans to make an announcement regarding a bitcoin ETF.
long story short big boys watching BTC and the Game is ON
who is ready for 40K btc ?
But for some, an institutional move into bitcoin is nothing more than a dystopian nightmare, where a noble battle against the corruption of the fiat monetary system ends with the rich, once again, getting richer.
The application for an ETF by the largest asset manager in the world, BlackRock, could not have happened at a stranger time in cryptocurrency’s regulatory history.
Just as the SEC is hunting down Coinbase for allegedly flouting securities laws, BlackRock is requesting the SEC’s approval for a spot bitcoin ETF — with Coinbase as its custodial partner.
It should be no surprise that BlackRock would choose to work with Coinbase for its ETF, as they have long been strategic partners. Still, the entry of old-world wealth into the bitcoin realm is raising red flags in the community. While the notion of large-scale, heavily regulated investment entering bitcoin appears on the surface to be highly bullish for the industry, not everyone is enthused. Concerns about some sort of hostile takeover are swirling in the community.
The founder of Morgan Creek Capital Management says Xapo, the institutional-scale crypto custody tool that Coinbase acquired in 2019, could come into regulatory play.
“What if,” he asks, BlackRock can “take over this storage unit?” BlackRock would then hold a significant portion of crypto assets in America, he says. “And if they have the bulk of it,” regulators could then shut down the Coinbase exchange as an SEC-alleged “unlicensed casino” and hand the Xapo unit over to BlackRock.
Host Ippolito adds that the response from the Bitcoin community has been “pretty roundly negative” regarding the ETF application.“In the filing, there’s a little paragraph about what BlackRock would do in the event of a hard fork,” Ippolito says. “BlackRock is going to have to make a decision.”
“In the event of a hard fork,” Ippolito explains, “there will be two different copies of Bitcoin.” As has happened in previous forks, one of the two will be selected as the canonical chain.
“And BlackRock’s gonna have to make a decision about that.”
Fears swirl around the possibilities of BlackRock closing off access to what some would perceive as the preferred fork, but Ippolito is concerned with “the Bitcoin community’s pushback.”
“It makes me think that they don’t really understand social consensus,” he says. “If you want Bitcoin to keep going up and be widely adopted you need larger and larger buyers.”
Yusko responds to the community’s backlash against undesirable money entering the scene, “You want any and all fiat of any kind in any variety to convert to bitcoin because the bigger the network, the bigger the safety, security, the more adoption.”
“That’s the only way the value of a network goes up.”
Investment management company Invesco (IVZ), which has $1.5 trillion assets under management, reapplied for a spot bitcoin exchange-traded fund in conjunction with Galaxy Digital.
The move comes after TradFi giant BlackRock filed for an spot ETF last week, which shook up the market. Another peer, WisdomTree, also refiled for an spot ETF on Tuesday, after getting rejected by the SEC in 2022.Invesco first filed for a bitcoin ETF in In 2021 - also with Galaxy. It also filed for a bitcoin futures ETF, but dropped the effort in October 2021 after a futures ETF by ProShares was approved and began trading first.
In its filing, Invesco argued that the lack of a spot bitcoin ETF pushes investors towards riskier alternatives, as seen in insolvencies like FTX, Celsius Network, BlockFi, and Voyager Digital Holdings.
Invesco also emphasized the need for investor protection, saying that approval for such a spot bitcoin ETF hinges on a surveillance sharing agreement with a significant, regulated market, not on the regulation of the spot bitcoin market itself.
Surveillance-sharing agreements facilitate the exchange of information concerning market trading activity, clearing processes, and customer identification, which would significantly reduce the potential for market manipulation – something the Securities and Exchange Commission is very concerned about.
BlackRock (BLK), in its filing, advocated for the same thing, argued that Nasdaq could be brought in to fill this role.
“The SEC is very concerned with market manipulation related to Bitcoin prices, and has cited this in almost, if not all, previous rejections,” Graeme Moore, Head of Tokenization, at the Polymesh Association, said earlier to CoinDesk. “This is because the SEC’s view is that Coinbase and others are not regulated as exchanges and therefore cannot be trusted to ‘prevent fraudulent and manipulative acts and practices’.”
So far, the SEC hasn’t given any indication as to when it plans to make an announcement regarding a bitcoin ETF.
long story short big boys watching BTC and the Game is ON
who is ready for 40K btc ?
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1h tf
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Trade geschlossen: Ziel wurde erreicht
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1 hour till CPI data releaseTrade geschlossen: Ziel wurde erreicht
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4h tf
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SEC asked Coinbase to halt trading in everything except bitcoin!Kommentar
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Grayscale deposited 5,865 
BTC(234M) to CoinbasePrime again 10 mins agoTrade ist aktiv
BlackRock says Bitcoin "creates global internet value that allows assets to move at low cost and in near real-time across borders."Trade ist aktiv
Larry pumpin our bags
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call this FINK pattern
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The Alt szn will be epic
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its getting interesting
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BlackRock, the world's largest asset manager, announced this Thursday the launch of the BDR of the iShares Bitcoin Trust ETF in Brazil, in partnership with the country's stock exchange operator, B3. This is the same Bitcoin ETF launched in the United States in January and the first crypto ETF in BrazilTrade ist aktiv
be ready for new ATH
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correction time
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US President Biden told Israeli prime minister Benjamin Netanyahu during a call on Saturday that the U.S. will oppose any Israeli counterattack against Iran. U.S. will not participate in any offensive operations against Iran and will not support such operationsKommentar
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Wells Fargo, America's 3rd largest bank discloses spot Bitcoin ETF holdingsKommentar
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On May 17 another $1 billion USDt was minted
The last time this much Tether was printed, BTC reached $73,000
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its 69 time!
I mean it
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and here we are
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On July 3, the total net outflow of Bitcoin spot ETFs was $20.4495 million. Grayscale ETF GBTC had a single-day outflow of $26.9947 million. Fidelity ETF FBTC had a single-day inflow of $6.5451 million. Currently, the total net asset value of Bitcoin spot ETFs is $51.872 billion
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Highlights from Donald Trump's speech at Bitcoin 20241. On day one I will fire Gary Gensler and appoint a new SEC chairman.
2. Create a US Government strategic national Bitcoin stockpile if elected.
3. US Government will keep 100% of Bitcoin it owns
4. Bitcoin is going to the moon.
5. Never sell your Bitcoin
6. Bitcoin will one day probably surpass the market cap of Gold.
7. There will never be a CBDC while I am President of the United States.
8. Bitcoin and crypto will skyrocket like never before if elected president.
9. Bitcoin is not threatening the dollar, the current U.S. government is threatening the dollar.
10. The United States will be the crypto capital of the planet and the Bitcoin superpower of the world.
11. Bitcoin stands for freedom, sovereignty, and independence from government coercion and control.
12. I pledge to the Bitcoin community that the day I take oath of Office, Joe Biden and Kamala Harris' anti-crypto crusade will be over.
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59k coming
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funds are safu !
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Larry Fink, founder of BlackRock Group, said in an interview with CNBC: I believe Bitcoin is a legitimate financial instrument that allows you to have uncorrelated type of returns, I believe that it is an instrument that you invest in when you're more frightened of. I'm a major believer that there is a role for Bitcoin in portfoliosTrade ist aktiv
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Eric Balchunas shares BlackRock CEO Larry Fink's full quote during the Q3 earnings call: We believe Bitcoin is an asset class in itself. It is an alternative to other commodities like gold. We think the application of this form of investment will be expanded to the role of Ethereum as a blockchain can grow dramatically
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