In less than two months of existence, the ⚫️BlackRock iShares 💰Bitcoin ETF (IBIT) has accumulated more 💰bitcoin {{BTC}} than MicroStrategy (MSTR).
According to the fund's latest disclosure, IBIT held 195,985 bitcoin on Friday after another day of significant inflows. Meanwhile, the most recent public statements from MicroStrategy show the company as of Feb. 26 held 193,000 tokens.
It's possible that MicroStrategy has added to that total since, as the company earlier this week priced a 💲700 million capital raise with intentions to use the funds to purchase more bitcoin.
Since the launch of the spot ETFs on Jan. 11, ⚫️BlackRock's IBIT has often added hundreds of 💲millions of dollars worth of bitcoin on a daily basis, establishing itself as the largest of the new spot products (excepting the Grayscale Bitcoin Trust, which was converted from a closed end fund).
Next in line for IBIT would be Grayscale's GBTC, which has lost more than 200,000 bitcoin since the spot products opened for business, but still holds around 400,000 tokens.
Massive demand for the new spot ETFs is the key reason for bitcoin’s more than 60% price surge this year. The cryptocurrency topped 💲70,000 for the first time ever Friday morning, eventually reaching a fresh all-time high of 💲70,136, according to data from CoinDesk Indices. At press time, bitcoin was trading at just under the 💲70,000 mark.
In less than two months of existence, the ⚫️BlackRock iShares 💰Bitcoin ETF (IBIT) has accumulated more 💰bitcoin {{BTC}} than MicroStrategy (MSTR).
According to the fund's latest disclosure, IBIT held 195,985 bitcoin on Friday after another day of significant inflows. Meanwhile, the most recent public statements from MicroStrategy show the company as of Feb. 26 held 193,000 tokens.
It's possible that MicroStrategy has added to that total since, as the company earlier this week priced a 💲700 million capital raise with intentions to use the funds to purchase more bitcoin.
Since the launch of the spot ETFs on Jan. 11, ⚫️BlackRock's IBIT has often added hundreds of 💲millions of dollars worth of bitcoin on a daily basis, establishing itself as the largest of the new spot products (excepting the Grayscale Bitcoin Trust, which was converted from a closed end fund).
Next in line for IBIT would be Grayscale's GBTC, which has lost more than 200,000 bitcoin since the spot products opened for business, but still holds around 400,000 tokens.
Massive demand for the new spot ETFs is the key reason for bitcoin’s more than 60% price surge this year. The cryptocurrency topped 💲70,000 for the first time ever Friday morning, eventually reaching a fresh all-time high of 💲70,136, according to data from CoinDesk Indices. At press time, bitcoin was trading at just under the 💲70,000 mark.
Importantly, that investor viewpoint is not new. It cycles in when conditions are right (and vice versa). It also brings the ineffective warnings of an overpriced market with it.Looking toward a good 2022 stock market, there is no apparent reason to expect these issues to change.
The lead from Wall Street offers little clarity as the major averages opened lower on Friday and then bounced back and forth across the unchanged line, finally finishing mixed and little changed.The Dow added 33.18 points or 0.10 percent to finish at 34,798.00, while the NASDAQ eased 4.54 points or 0.03 percent to close at 15,047.70 and the S&P 500 rose 6.50 points or 0.15 percent to end at 4,455.48. For the week, the Dow rose 0.6 percent, the NASDAQ added 0.1 percent and the S&P gained 0.5 percent.The lackluster performance on Wall Street came on uncertainty about the outlook for the markets following recent volatility.
