BlackRock’s IBIT Reaches $2 Billion in AUM; Chris Burniske’s Bearish Bitcoin Prediction; Crypto Stocks Surge

Written by BTSE

January 29, 2024

As the new week kicks off in Asia, the crypto market is demonstrating stability with Bitcoin (BTC) hovering around the $42K mark. This level represents a near 5% increase from its price a week ago. Ethereum (ETH), meanwhile, is holding steady at $2.2K, despite a 5% decrease from its previous week’s value. Are these movements indicative of a market in flux, following mixed reactions to the approval of Bitcoin ETFs in the U.S.?

BlackRock’s IBIT Reaches $2 Billion in AUM, A Milestone for BTC ETFs: BlackRock’s iShares Bitcoin ETF (IBIT) marks a significant achievement in the cryptocurrency investment space by hitting $2 billion in assets under management. This milestone is particularly noteworthy given the recent conversion of Grayscale’s GBTC from a closed-end fund to a spot ETF. The fund’s aggressive accumulation of Bitcoin, now totalling nearly 50,000 BTC, signals a robust confidence in the digital currency. With IBIT now standing as one of the top asset gatherers among newly launched ETFs, could BlackRock be seeing a bullish future ahead for Bitcoin?

Chris Burniske Predicts a Rocky Road for Bitcoin’s Price: Chris Burniske, former crypto lead at Ark Invest and now a partner at Placeholder, suggests that Bitcoin’s price hasn’t found its local bottom yet. Predicting a potential drop to the $30,000-$36,000 range, and possibly even the mid-high $20,000 area, Burniske advises patience and caution. With Bitcoin’s recent rally to above $41,000, amidst volatile market conditions, the question arises: are investors prepared for the potential downturns in Bitcoin’s path to new highs?

Crypto-Linked Stocks Surge Alongside Bitcoin: The recent uptick in Bitcoin’s price has positively impacted crypto-linked stocks, particularly Bitcoin mining companies. Stocks like Cipher Mining, Mawson, and Core Scientific have seen notable gains, while Coinbase and MicroStrategy also experienced an uplift. This rally comes after a tumultuous week of trading influenced by various factors, including analyst upgrades and downgrades, and the U.S. election anticipation. With the market showing resilience despite recent challenges, could these movements in traditional markets lend some gains to crypto markets, too?

 


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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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