KEYTAKEAWAYS
- BlackRock's iShares Bitcoin Trust becomes the largest with nearly $20 billion, outpacing Grayscale and Fidelity.
- Grayscale poll reveals 47% of U.S. voters plan to include crypto in portfolios, emphasizing its growing political significance.
- Ethereum might unexpectedly rise against Bitcoin's pattern, while Solana faces pressure near major resistance levels, hinting at potential declines.
CONTENT
In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.
BLACKROCK’S $20 BILLION ETF NOW LARGEST BITCOIN FUND
BlackRock’s iShares Bitcoin Trust has become the world’s largest Bitcoin fund, accumulating nearly $20 billion in total assets since its debut in the U.S. earlier this year. As of Tuesday, the exchange-traded fund (ETF) held $19.68 billion in Bitcoin, surpassing Grayscale’s Bitcoin Trust, which held $19.65 billion, and making it larger than the third-place Fidelity Investments fund, which holds $11 billion.
Since its launch, the iShares Bitcoin Trust has attracted the most capital inflow, totaling $16.5 billion, while investors have withdrawn $17.7 billion from the Grayscale fund during the same period. Higher fees and arbitrageurs exiting are considered likely drivers of the capital outflow from the latter.
GRAYSCALE POLL: HALF OF U.S. VOTERS EYE CRYPTO INVESTMENTS
According to Grayscale’s latest poll, approximately 47% of U.S. voters expect to include cryptocurrencies in their investment portfolios, highlighting the importance of cryptocurrencies in the upcoming November elections. About 32% of voters expressed a greater interest in understanding cryptocurrencies as an investment option.
CRYPTO TRADING INSIGHT
ETH: Ethereum’s potential for a direct price increase is slightly higher than Bitcoin’s, as the market generally anticipates Ethereum to mirror Bitcoin’s trends, including a direct 20% pullback upon official trading. However, market trends often defy the majority’s expectations, which could lead to an unexpected rise in Ethereum’s price.
These are merely predictions, and in the spirit of long-term investment, the focus is on buying rather than selling, allowing for acceptance of any short-term market declines. The ultimate goal is to capitalize substantially at the market’s peak.
SOL: Solana is showing signs of weakness, now trading within a volatile range. The recent uptrend has been on diminishing volume, with prices nearing key resistance levels at $210 and the previous bull market high of $260.
These resistance levels pose significant challenges, and the current market activity suggests that major players might be distributing their holdings, potentially leading to a prolonged period of price consolidation and correction. The recent hype around NFTs has boosted SOL’s price, which may decrease as the hype diminishes.
