BlackRock’s Bitcoin ETF Breaks Records, Ethena’s Airdrop, and Square Enix’s Web3 Gamble

Written by BTSE

March 28, 2024

BlackRock's Bitcoin ETF Breaks Records, Ethena's Airdrop, and Square Enix's Web3 Gamble

Cathie Wood’s Bitcoin ETF, Ark 21Shares (ARKB), and BlackRock’s IBIT have experienced unprecedented inflows, establishing IBIT as the fastest-growing ETF ever. This influx signals a strong bull market for Bitcoin, indicating we’re in the middle rather than the end. While historical trends often show a shift to altcoins after major gains, Bitcoin’s current dominance suggests sustained investment interest and market growth. Bitcoin’s value remains robust, trading above the $69K mark, highlighting its continued appeal in the financial landscape.


What to Watch Out for Today


1. BlackRock’s Bitcoin Optimism: BlackRock’s CEO is bullish on Bitcoin, with their Bitcoin ETF, IBIT, becoming the fastest-growing in history, amassing over $17 billion. It surpassed $10 billion quicker than the first gold ETF, highlighting strong retail demand and the creation of a more liquid and transparent market. Investors, this could mark a significant turn in cryptocurrency investment landscapes. Long BTC?


2. Ethena’s Token Airdrop: Decentralized finance protocol Ethena, valued at $1.3 billion, announced an airdrop of its governance token, ENA, to USDe holders. With USDe’s value skyrocketing this year, and ENA tokens set to trade on April 2, this event signals a pivotal moment for both yield seekers and governance enthusiasts in the DeFi space.


3. Square Enix’s Web3 Gaming Move: Gaming giant Square Enix invests $14 million in Elixir Games, a web3 gaming firm. This seed funding is aimed at developing Elixir’s gaming ecosystem and introducing the $ELIX token. For gaming and investment enthusiasts, this highlights Square Enix’s deep dive into the web3 gaming sector, signaling new opportunities in the intersection of gaming and blockchain technology.


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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