BlackRock IBIT Bitcoin Spot ETF Surpasses 800,000 BTC
The cryptocurrency market crashed on Friday after President Trump announced on Truth Social (in response to China's rare earth regulations) that the United States would impose new tariffs of 100% on imports from China starting November 1st, in addition to all tariffs currently in place..
Over nineteen billion dollars of positions in perpetual futures contracts kryptowaluty were liquidated on centralized and decentralized exchanges, which is the largest single-day liquidation in the history of the cryptocurrency market.
Bitcoin traded around $120,000 before Friday's announcement before falling more than 9% to a low of $110,000. Altcoins saw even steeper declines, in some cases exceeding 50%.
"Don't worry about China, everything will be fine"
Institutional investors, however, appear to be holding their ground. Bitcoin spot ETFs saw only $4,5 million in net outflows on Friday, compared to what we typically saw in previous crashes, which saw hundreds of millions of dollars in outflows.
ETF BlackRock IBIT saw inflows of $74,2 million on Friday. IBIT also last week became the first bitcoin spot ETF to surpass the milestone of 800,000 bitcoins in assets under management.
Yesterday, Trump spoke again on Truth Social, saying, "Don't worry about China, everything will be fine." The cryptocurrency market had already rebounded somewhat before his tweet. Bitcoin, for example, rose to $113,000. Now, with this glimmer of hope that Trump may not impose tariff hikes on China, the cryptocurrency market is looking to recoup Friday's losses.
No doubt all eyes will be on Trump's Truth Social account this week for any further positive news that could entice investors back into the market.
Dash and Zec with the biggest increases
Despite the crash in the broader cryptocurrency market, $DASH and $ZEC are up 63% and 67%, respectively, since last week on resurgent interest and growing sentiment towards privacy cryptocurrencies.
$SNX, the native token of the Synthetix protocol, is surging 95% to a ten-month high, ahead of the launch of its (and the first-ever Ethereum mainnet) perpetual decentralized exchange.
BlackRock IBIT exceeds 800,000 BTC
After recording inflows of over $800 billion since the beginning of October, the BlackRock IBIT bitcoin spot ETF has become the first to surpass 000 bitcoins in assets under management and is also approaching the $100 billion AUM milestone – potentially the fastest in ETF history. With 804,944 bitcoins held in IBIT, this now represents 3,8% of the total number of bitcoins that will ever exist, making IBIT the largest entity holding bitcoinsStrategy comes in second, holding 640,031 bitcoins, or 3,048% of the 21 million supply. The amount of bitcoin held in public company vaults, spot ETFs, and by governments has increased by 5,35% over the past 30 days, with the number of unique entities holding bitcoin increasing from 322 to 346 during the same period.