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Crypto liquidity provider BlockFills has paused client deposits and withdrawals following a sharp fall in bitcoin prices, highlighting fresh stress in digital asset markets. The Chicago-based firm said it halted withdrawals last week and is working to restore liquidity across its platform.
The move comes after renewed volatility in the crypto market triggered by a steep decline in bitcoin and other digital assets. BlockFills said the suspension is temporary and that it remains in active discussions with its institutional clients.
BlockFills confirmed in a statement on Wednesday that it stopped withdrawals last week as it seeks to stabilise liquidity. The company said clients can still open and close positions in spot and derivatives trading despite the halt on fund movements.
“In light of recent market and financial conditions, and to further the protection of clients and the firm, BlockFills took the action last week of temporarily suspending client deposits and withdrawals. Clients have been able to continue trading with BlockFills for the purpose of opening and closing positions in spot and derivatives* trading and select other circumstances,” the company said.
According to Reuters, a spokesperson said the firm is “working tirelessly” to resolve the issue and will provide updates as developments warrant. The company did not specify when withdrawals would resume.
The company serves more than 2,000 institutional clients, including crypto hedge funds and asset managers. According to its website, the company facilitated more than $61.1 billion in trading volume in 2025.
The firm raised $6 million in 2021 and a further $37 million in 2022. Investors include CME Ventures and Susquehanna Capital, according to PitchBook data.
The funding rounds helped BlockFills expand its liquidity services and trading infrastructure during a period of rapid growth in digital asset markets.
The withdrawal pause follows a sharp downturn in bitcoin and broader crypto markets. On 30 January, precious metals and cryptocurrencies sold off heavily after US President Donald Trump named Kevin Warsh as the next chair of the Federal Reserve.
Market participants expect Warsh could shrink the Fed’s balance sheet, a move that may reduce liquidity in financial markets and potentially lower demand for risk assets such as bitcoin.
Digital asset prices have since remained volatile. Bitcoin fell 20 percent last Thursday and was last down more than 3 percent at $66,534. The cryptocurrency had previously reached an all-time high above $125,000 in October.
BlockFills’ decision to halt withdrawals reflects the knock-on effects that rapid price declines can have on crypto lenders and liquidity providers. Such firms often rely on steady trading flows and access to capital to manage client positions and funding requirements.
Despite the pause on deposits and withdrawals, the company said trading activity continues on its platform. Clients are still able to manage their spot and derivatives positions.
The company has not disclosed whether the liquidity strain is linked to counterparty exposure, client redemptions or broader market conditions. It has stated only that it is taking steps to restore liquidity and bring the matter to a conclusion.
The latest developments underline the sensitivity of crypto service providers to sudden market shifts, especially during periods of high volatility in bitcoin and other digital assets.
A major error at a South Korean cryptocurrency exchange briefly made hundreds of users multi-millionaires after bitcoin was sent by mistake instead of a small cash reward. Regulators are now reviewing the incident.
A South Korean cryptocurrency exchange, Bithumb, accidentally gave away more than $40billion worth of bitcoin to customers due to an internal system error. The company said it intended to give users a small reward of 2,000 won, about $1.37, but instead transferred 2,000 bitcoins to each affected account.
The mistake happened on Friday and affected 695 customers. The error was detected within minutes and the company moved quickly to limit the damage.
According to BBC, Bithumb said it restricted trading and withdrawals for the affected accounts within 35 minutes of discovering the issue. This action helped the exchange recover almost all of the bitcoin that had been sent by mistake.
According to the company, a total of 620,000 bitcoins were transferred in error. Bithumb said it recovered 99.7 percent of those tokens shortly after the incident.
In a statement released on Friday, the exchange apologised to customers and stressed that the problem did not involve any external attack.
“We want to make it clear that this matter has nothing to do with external hacking or security breaches, and there is no problem with system security or customer asset management,” the company said.
The incident drew the attention of South Korea’s financial watchdog. In an emergency meeting held on Saturday, the Financial Supervisory Service said it would review the case.
The regulator said it would launch a formal investigation if it found any signs of illegal activity. For now, officials are focused on understanding how the error occurred and whether existing safeguards were followed.
Bithumb said it would fully co operate with regulators during the review process.
Bithumb chief executive Lee Jae won said the company would treat the incident as a serious lesson.
“We will take this accident as a lesson and prioritise customer trust and peace of mind rather than external growth,” he said.
To address customer concerns, Bithumb said it would pay compensation of 20,000 won, about $13.66, to all users who were active on the platform at the time of the error. The exchange will also waive trading fees and introduce additional customer support measures.
The company said it plans to improve its internal verification systems to prevent similar incidents. It also said it would introduce artificial intelligence tools to detect abnormal transactions more quickly.
The scale of the mistake has raised questions about risk controls in digital finance platforms. While Bithumb moved quickly to recover the funds, the incident highlights how automated systems can cause major disruptions when errors occur.
Similar mistakes have happened in traditional finance. In April 2024, Citigroup mistakenly credited $81 trillion to a customer account instead of $280. Two employees failed to notice the error before processing the transaction. A third employee later spotted the issue and the bank reversed the transfer within hours, according to a report by the Financial Times.
As regulators review the Bithumb case, the incident is expected to add momentum to discussions around tighter controls and oversight across both crypto platforms and mainstream financial institutions.
China has accused the United States government of masterminding the theft of 127,272 Bitcoin, worth roughly $13 billion, from the now-defunct LuBian Bitcoin mining pool, in what Beijing describes as one of the largest crypto heists in history.
The Chinese National Computer Virus Emergency Response Centre (CVERC) reported last week that the 2020 theft was most likely the result of a “state-level hacker operation” headed by the US. According to the FBI, the extraordinarily slow and silent transfer of the allegedly stolen Bitcoin suggested that a government actor rather than regular hackers was involved.
The report ties the stolen Bitcoin to digital assets later seized by the US Department of Justice (DOJ) and linked to Chen Zhi, the chairman of Cambodia’s Prince Group. Chen was indicted in October 2024 in New York for alleged wire-fraud conspiracy and money laundering, accused of using illicit proceeds to fund “large-scale crypto mining operations,” including LuBian.
In its 8 October indictment, the US government claimed LuBian’s wallets received large sums of cryptocurrency “from sources unrelated to new mining.” However, federal prosecutors have declined to disclose how or when they gained control of the Bitcoin. The DOJ’s civil forfeiture complaint confirmed the seizure of 127,271 Bitcoin, marking the largest crypto forfeiture action in US history.
China’s cybersecurity agency contends that the US government may have “used hacking techniques as early as 2020 to steal the 127,000 Bitcoins held by Chen Zhi,” describing it as a “classic ‘black eats black’ operation orchestrated by a state-level hacking organisation.”
Chen’s legal team has rejected the US allegations. In a letter filed with a US court this week, his attorney Matthew L. Schwartz, chairman of Boies Schiller Flexner, requested additional time to trace the Bitcoin allegedly stolen from LuBian.
“We are working closely with cryptocurrency experts to trace the Bitcoin that the government seized over a year ago, and which was stolen back in 2020,” Schwartz said in a statement to Bloomberg, adding that the DOJ’s case was “seriously misguided.”
Chen, who remains outside US custody, has not yet been extradited, according to federal prosecutors.
The accusation marks the latest in a series of cyber espionage claims by Beijing against Washington. Earlier this year, China alleged that the US exploited a Microsoft Exchange vulnerability to conduct cyberattacks on Chinese companies. More recently, the Chinese government said it had “irrefutable evidence” of a US-led cyberattack targeting its National Time Service Center.
While China’s statements rarely include detailed forensic evidence, analysts note that these claims form part of a broader campaign to counter US accusations of Chinese hacking—a recurring point of tension between the two nations’ cybersecurity narratives.
If substantiated, China’s allegation would implicate the US in one of the largest state-level crypto seizures in history. Conversely, if the US case against Chen holds, it could highlight how global crypto mining operations can be intertwined with complex networks of fraud and laundering.
As both sides trade accusations, the $13 billion Bitcoin mystery continues to blur the line between digital finance and international espionage.
Last month, amid heightened tensions due to the US-China trade conflict, Bitcoin fell 8.4 percent to $104,782 in mid-Oct. The decline followed the announcement by US President Donald Trump of additional export limitations on important software and a 100 percent tariff on Chinese tech exports. The statement caused a severe reaction in the world’s financial markets, which resulted in large declines in the value of cryptocurrencies.
Meanwhile, in the US, the Senate Agriculture Committee released a draft bill that would give the Commodity Futures Trading Commission (CFTC) clear authority over spot trading of digital commodities. This is a key step in defining where the CFTC’s role ends and the SEC’s begins.
The draft still has unresolved sections and comes at a time when Congress is focused on ending a government shutdown. It’s not law yet, but it signals real progress and gives exchanges, developers, and investors new issues to consider.
Bitcoin hit a new all-time high of $125,296.58 during Asian trading on Sunday, trading around $124,801 as of 08:25 GMT. The surge follows a dip below $110,000 in late September and a recovery that saw it close at $120,350 last Friday, the highest in seven weeks. October has historically been a strong month for Bitcoin, contributing to renewed investor interest.
Bitcoin’s recent gains are largely driven by institutional interest through US spot Bitcoin ETFs. These funds offer exposure to Bitcoin without direct ownership, attracting consistent capital inflows and improving market liquidity.
Investor concerns over the US fiscal deficit, rising national debt, and a weakening dollar have increased demand for decentralised assets like Bitcoin. Historically, Bitcoin has delivered positive returns in October in 8 of the past 10 years. This pattern has contributed to increased market activity and buying momentum.
With US debt exceeding $35 trillion and persistent inflation, investors are turning to assets that resist value erosion. Bitcoin’s limited supply of 21 million coins makes it a scarce alternative to traditional currencies. As central banks expand money supply to support economies, Bitcoin is increasingly viewed as a hedge against currency debasement. Investors across regions are adopting decentralised assets to manage geopolitical and economic risks. Bitcoin’s accessibility supports its role in diversified portfolios.
Justin d’Anethan, Head of Partnerships at Arctic Digital, a crypto private markets firm, speaks exclusively with AIBC about the forces behind Bitcoin’s recent rally and what could lie ahead for crypto markets. According to him, while prices have already seen a retracement, indicating quick flows triggering liquidations both upwards and downwards, the medium-term outlook appears stronger than many sceptics would expect. However, the path likely won’t be linear.
d’Anethan explained, “ETF inflows lit the spark, but what’s keeping it alive is a slow-burning supply shock. Exchange reserves are at six-year lows, and this shows large players and sophisticated allocators taking coins off trading venues and into some custody setup. And that means there’s not much BTC available to sell. Pair that with steady bid pressure from ETFs and positive rate expectations going into year-end, and you drive prices higher (it’s supply and demand, like in Econ 101).”
d’Anethan points out that in crypto, prices often become their own narrative, a breakout sparks conversation, interest, and capital inflows. d’Anethan noted, “What’s noteworthy is that it’s seemingly not fuelled by retail (yet!) and seems to be a deliberate accumulation by more institutional investors. Where some see froth, I see the middle of the market, no euphoria, just a trend that pushes us upward.”
Looking ahead to the rest of the year, d’Anethan notes that macroeconomic sentiment is playing a leading role. Strong equity markets and resilient gold prices are setting a favourable backdrop. If the US Federal Reserve begins cutting rates and fiscal concerns stay in the spotlight, Bitcoin’s status as “digital gold” could be further cemented, not just among hedge funds, but potentially even with sovereign entities and corporate treasuries seeking neutral, hard assets.
He further stated, “ETH and blue-chip tokens should keep benefiting from all this, as investors rotate capital further along the risk curve, especially if there are real revenues and a clear business (infrastructure, real-world assets, stablecoins, gaming, things that compete with existing frameworks in finance, payments, and entertainment).”
Still, despite the optimistic tone, d’Anethan admits he’s currently taking a cautious stance with his own portfolio. He added, “Prices are high, and so I’m in a holding pattern, although that’s not financial advice.” Nonetheless, he remains bullish on what Q4 could bring for the crypto space.
Historically, October has delivered consistent gains for Bitcoin, with traders often building positions in September. Data shows that the month has frequently marked the start of upward price movements. Current technical indicators, including strong RSI levels, increased trading volume, and support forming near $120,000, suggest the rally may continue.
The 2025 rally differs from previous cycles by being driven primarily by institutional investment, rather than retail speculation. This shift has introduced more structured strategies and larger capital flows.
Potential catalysts include Federal Reserve policy decisions, the 2026 Bitcoin halving, and corporate adoption announcements. Each may influence future price movements. Bitcoin’s market dominance has risen above 54 percent, indicating capital concentration before potential rotation into altcoins. Ethereum, Solana, and other layer-1 networks are also gaining, though at a slower pace.
Bitcoin’s rise above $125,000 reflects its growing role as a mainstream financial asset. Institutional investment, macroeconomic factors, and seasonal trends continue to support its position in global markets.
Bitcoin has extended its rebound on Wednesday, briefly reaching the $100,000 mark on the back of encouraging inflation report fueling investor’s risk appetite.
The cryptocurrency experienced a 7 percent gain over two days, according to Coin Metrics. Bitcoin was last higher by more than 3 percent at $99,493.26, reflecting broader market optimism, driven largely by recent inflation reports.
On Wednesday, the December consumer price index (CPI) report showed that core inflation had unexpectedly slowed. Monthly inflation was 0.4 percent with an annual rate of 2.9 percent, which matched the expectations of the market. Core inflation was 3.2 percent, better-than-expected.
The positive producer price index (PPI) also boosted confidence, indicating that wholesale prices increased at a slower rate than expected.
Fyqieh Fachrur, a trader at Tokocrypto, commented, “Anticipated interest rate cuts have provided a breath of fresh air for crypto assets. With inflation under control, investors see Bitcoin as a promising hedge amidst global economic uncertainties (translated from Indonesian).”
In late 2024, when the post-election crypto rally fizzled following warnings from Federal Reserve Chair Jerome Powell about persistent inflation, which had spooked many investors. Additionally, as bond yields surged, growth-oriented risk assets like Bitcoin were hit hard, causing a brief dip below $90,000 earlier this week.
However, in the recent weeks, Bitcoin’s price movements have been taking its cue from the broader equities market, particularly due to the rise of Bitcoin ETFs, which has led to the institutionalisation of the crypto.
Apart from this, Bitcoin’s correlation with the S&P 500 has been on the rise. This contrasts to Bitcoin’s correlation with gold dropping sharply since the end of December.
According to analyst projections, Bitcoin could continue its upward trajectory and soon reach $103,000 in the near term. Fyqieh expects the cryptocurrency to hit $101,000 to $102,000 in the coming weeks on the back of strong economic data and president-elect Donald Trump’s inauguration on 20 January.
Pro-crypto policies from the Trump administration and the US Securities and Exchange Commission’s plan to revamp crypto policies is a push that Bitcoin is riding on. This could be the stage for a more crypto-friendly regulatory framework in the US.
“Bitcoin appears poised to continue its positive trend in early 2025. If this momentum persists, the next target of $103,000 is within reach. However, investors should remain mindful of market risks to optimise opportunities amid high volatility,” Fyqieh noted.
Not only the flagship cryptocurrency, but Ether and Solana also showed a strong performance, rising past $3,400 and exceeding the $200 mark, respectively. This reflected renewed momentum across the crypto market.
However, analysts have warned investors to remain cautious about global market dynamics and Bitcoin’s volatile nature, which often require well-planned strategies.
Bitcoin, the world’s largest and most prominent cryptocurrency, hit an all-time high on 16th December, crossing the $107,000 mark. This unprecedented surge set a new milestone in the crypto world and came after U.S. President-elect Donald Trump shared his plan to create a U.S. Bitcoin strategic reserve, similar to its strategic oil reserve.
Trump’s transformation from a crypto skeptic to a vocal supporter has been significant. By appointing pro-crypto leaders like David Sacks and Paul Atkins, Trump has clearly signalled his administration’s intent to back the crypto ecosystem.
“We’re gonna do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head,” Trump told CNBC. When asked if he plans to build a crypto reserve like oil reserves, Trump said: “Yeah, I think so.” He advocated the same thing earlier this year.
Bitcoin has seen an astonishing 150 percent increase in 2024 alone. This session’s high was $107,148, and it was most recently at $106,877, up 5.43 percent from late Friday. Ether, the world’s second-largest digital currency, was up 1.85 percent at $3,975.70.
Investor enthusiasm has never been higher. Retail traders are eager to join the frenzy, while institutions now consider Bitcoin a crucial component of diversified portfolios. Tony Sycamore, an analyst at IG, said, “We’re in blue sky territory here. The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn’t happen, because now we’ve got this news.”
Countries such as China, Bhutan, and El Salvador have already invested in Bitcoin reserves. If the U.S. were to join them, it would further cement cryptocurrency’s role in global finance. Russian President Vladimir Putin has also emphasised Bitcoin’s strategic importance, criticised the dominance of the U.S. dollar, and advocated for alternative assets.
“For example, Bitcoin, who can prohibit it? No one,” Putin said.
Federal Reserve Chair Jerome Powell likened Bitcoin to gold, emphasising its volatility and limited practical use.
Chris Weston, head of research at Pepperstone, said, “I think we still need to be cautious on a BTC strategic reserve, and at least consider that this is not likely to happen anytime soon. Of course, any comment from Trump that offers an increased degree of hope that plans for a strategic reserve are evolving are an obvious tailwind, but this would come with consequences which would need to be carefully considered and well telegraphed to market players.”
On Friday, exchange operator Nasdaq said MicroStrategy, led by chief executive Michael Saylor, will be added to the Nasdaq-100 Index, with the change coming into effect before the market opens on 23rd December.
MicroStrategy, the largest corporate holder of cryptocurrency, has seen its share price increase more than six-fold this year, bringing its market value to almost $94 billion. Nasdaq chief executive Michael Saylor stated that it will be added to the Nasdaq-100 Index, with the change coming into effect before the market opens on 23rd December.
Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital, said, “The inclusion seems a bit unexpected, but that hasn’t stopped the excitement of what many believe to be the start of a looping cycle of capital that could potentially drive up the spot Bitcoin price.”
The identity of Bitcoin’s creator has been one of the most compelling mysteries in the world of cryptocurrency. Over a decade has passed since Bitcoin’s rise, and the question of who Satoshi Nakamoto truly is has never been conclusively answered. Now, a new HBO documentary has reignited speculation, suggesting that Peter Todd, a Canadian developer, may in fact be the elusive Satoshi Nakamoto.
Satoshi Nakamoto is the pseudonym used by the person, or group of people, who created Bitcoin in 2008. After releasing Bitcoin’s whitepaper and helping to develop its initial code, Nakamoto mysteriously disappeared from online forums around 2010. Since then, the hunt for Nakamoto’s identity has spurred endless theories.
HBO’s new documentary presents compelling evidence suggesting Peter Todd as the real Satoshi Nakamoto. The documentary builds its case by piecing together clues from Todd’s history in the crypto world, his technical expertise, and his close connection to early Bitcoin developments.
What makes Todd stand out is his direct communication with Satoshi during the early stages of Bitcoin’s creation. This close involvement has led many to wonder if Todd may have been more than just a developer; perhaps he was Satoshi all along.
Todd has a history of making light-hearted remarks about being Satoshi, often using it as a defence of the creator’s desire for privacy. He has never officially claimed to be the creator of Bitcoin and has always downplayed such accusations.
Despite the documentary’s bold claim, most cryptocurrency insiders remain unconvinced. Prominent figures such as Jameson Lopp, co-founder of Bitcoin company Casa, and Nic Carter, a founding partner at Castle Island Ventures, have publicly expressed their doubts.
Carter stated, “The fact that Satoshi successfully pulled this off, it really is magical. I personally hope we never find out who Satoshi is.”
After the documentary aired, Todd quickly refuted the claim. Speaking with CNN, he dismissed the documentary’s conclusions, saying that director Cullen Hoback was grasping for straws and that coincidences were being stretched into far-fetched theories.
Todd said, “For the record, I’m not Satoshi. Cullen is grasping for straws here. He is playing up a few coincidences into something much more. That’s a hallmark of conspiracy thinking.”
The documentary’s director, Cullen Hoback, claimed that while much of the investigation involved digital forensics, the most compelling clues came from offline sources. Hoback pointed to Todd’s mastery of game theory and his proximity to Bitcoin’s early developments as key reasons why he believed Todd could be Satoshi.
As of now, the question of who Satoshi Nakamoto truly remains unanswered. The latest revelations from the HBO documentary add another layer of intrigue, but they also raise more questions than they answer.
This month, traders who bet that former US President Donald Trump will spark a bitcoin price boom have seen the cryptocurrency explode back to life.
Due in large part to the “crazy” prediction made by Shark Tank billionaire Mark Cuban, the price of bitcoin has increased by nearly 20% since its low points in early July.
Wild rumors are now circulating that, following his disclosure of a JPMorgan bitcoin bombshell, Trump may declare he would establish a U.S. bitcoin strategic reserve during his highly anticipated speech at the Bitcoin 2024 conference in Nashville next week.
This announcement could set off a bitcoin price “instant moon.”
In an email note to clients, Markus Thielen, CEO of institutional-focused analysis firm 10x Research, noted that there is “speculation that Trump might announce the launch of a U.S. bitcoin strategic reserve during the Bitcoin 2024 conference in Nashville.”
The note also highlighted how the price of bitcoin surged by nearly 1,900% during Trump’s first term.
Thielen suggested that the U.S. could strategically incorporate bitcoin into its reserves to diversify its portfolio and reduce reliance on traditional assets like gold and foreign currencies. He noted that the U.S. government currently holds around 212,000 bitcoin, worth approximately $15 billion, in contrast to its $600 billion worth of gold reserves.
Lark Davis, a bitcoin analyst and author of the Wealth Mastery newsletter, mentioned to his subscribers that Donald Trump may already be considering adding bitcoin to the U.S. balance sheet.
Earlier, Dennis Porter, the chief executive of the Satoshi Action Fund regulatory lobby group, posted on X that Trump will announce a USA bitcoin strategic reserve in Nashville, citing unnamed, anonymous sources.
Porter added that while people don’t believe the USA could implement a bitcoin strategic reserve, it is inevitable at this point.
A strategic reserve, such as the U.S.’s strategic petroleum reserve, is a store of assets kept on hand and designed to either be deployed in emergencies or to guarantee debt.
Simon Dixon, founder of the BnkToTheFuture investment platform, also posted on X, stating that he is getting more and more confirmations that these rumors may be true.
Ari Paul, chief investment officer at BlockTower Capital, estimated there is a 10-to-1 chance that the U.S. will establish a Bitcoin strategic reserve within the next four years. He suggested that it is plausible Trump might propose the idea, which would be very bullish for bitcoin in the medium term.
Paul elaborated that such a proposal from Trump could generate significant enthusiasm and support within the cryptocurrency community, potentially influencing market sentiment positively.
He also added that if Wall Street seriously believed in the possibility of a bitcoin strategic reserve, it could trigger a rapid increase in the bitcoin price, commonly referred to in the bitcoin community as “instant moon.” This reflects the expectation of a swift and substantial price surge, driven by heightened investor confidence and speculative momentum.
Furthermore, Bloomberg reported that Trump invited Bitcoin 2024 conference goers to a private fundraiser this week, with a seat at a round table event reportedly costing nearly $845,000.
The Washington Post reported that conference organizer David Bailey will host the fundraiser. Bailey, who has had multiple meetings with Trump, expressed that Trump’s speech at the event will be the most significant political event in Bitcoin’s history and a pivotal cultural moment for society.
El Salvador’s president, Nayib Bukele, used Bailey’s conference to declare that the nation would accept bitcoin as legal tender in 2021.
Regardless of the specifics, one thing is certain – the potential announcement from Trump has already caused a significant impact on the crypto market, with traders eagerly anticipating the outcome of his appearance at the Bitcoin 2024 conference.
The historic launch of spot Bitcoin exchange-traded funds (ETFs) in the United States has led to a sell-off in the cryptocurrency market. Despite this, the ETFs have been successful in their first week of trading, a sentiment echoed by industry analysts.
From the first day of spot Bitcoin ETF trading on 11 January, Bitcoin’s value has fallen 6.6 percent from nearly $49,000 to $42,876. This sharp decline occurred mostly in the first two days of trading, with the intra-week low reaching $41,753.
Debut of spot Bitcoin EFT
While the spot Bitcoin ETFs did not cause a spike in Bitcoin’s price in their first week of trading as some prominent investors had expected, the funds themselves have had a successful start. The debut of spot Bitcoin ETFs in the U.S. was one of the most successful ETF launches in terms of trading volumes, with ten funds reaching a combined volume of $10 billion in the first three days.
Bloomberg ETF analyst Eric Balchunas noted that spot Bitcoin ETFs have seen unprecedented activity and volumes since their launch. He pointed out that all 500 ETFs launched in 2023 had reached a combined volume of $450 million so far, which is 2,100 percent less than what the spot ETFs achieved in just three days.
Most of the trading volumes came from the Grayscale Bitcoin Trust ETF (GBTC), which accounted for about 50 percent of the combined $10 billion volume in the first three days. GBTC has traded more than $6.3 billion so far, handling around $2 billion per day in the first two days of trading.
However, GBTC has seen massive selling following the ETF launch, with the fund seeing $1.2 billion in net outflows in the first three days of trading. While GBTC has been offloading large amounts of Bitcoin in the first days of trading, other spot Bitcoin ETFs have been increasing their Bitcoin holdings.
In the first four days after launch, GBTC sold a total of 27,122 Bitcoin, or 4.4 percent of its total initial holdings of 619,200 Bitcoin. On the other hand, other ETF issuers, including BlackRock, Fidelity, and ARK Invest, bought at least 40,000 Bitcoin combined.
BlackRock’s iShares Bitcoin Trust (IBIT), the second-largest spot Bitcoin ETF by holdings, increased its assets from 2,621 Bitcoin on January 11 to as much as 25,067 Bitcoin on January 17. According to the latest available data from ETF issuers, the spot ETFs hold 651,819 Bitcoin combined, or 3.32 percent of all 19.6 million bitcoins that have ever been issued.
The launch of spot Bitcoin ETFs in the U.S. has been seen by many as a “sell-the-news” moment, with some analysts suggesting that more pressure could come from the futures market. They believe that we’re likely seeing a short-term positioning adjustment and not a long-term trend reversal. However, unwinding an increase of more than 13,000 futures contracts is likely to create some churn in the price action.
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Blackrock, the world’s largest asset management company, may potentially spearhead a Wall Street bull run.
In recent months, the cryptocurrency market has been on a feverish surge, with Bitcoin leading the charge, buoyed by sky-high expectations. While some attribute this newfound optimism to an unexpected shift from the Federal Reserve, it has led to Bitcoin’s price surging beyond US $35,000 per coin, a level not seen since early 2022. This price rally has had a ripple effect on other major cryptocurrencies like Ethereum and XRP, propelling them to higher valuations, thereby instigating growing fears of a possible “rug pull” in the Bitcoin market.
Arthur Hayes, a renowned figure in the world of Bitcoin and cryptocurrencies, has sounded an alarm, suggesting that the entire crypto space could be unwittingly edging towards a “massive calamity.” Hayes specifically points fingers at two formidable forces: BlackRock and the U.S. government, warning that their involvement may potentially spell doom for Bitcoin.
The crux of this concern revolves around the expanding influence of BlackRock and the ongoing development of a Bitcoin spot exchange-traded fund (ETF). Hayes, a co-founder of BitMex, a pioneering crypto derivatives platform, articulates the risk, stating that if BlackRock’s Bitcoin spot ETF grows too substantial, it could threaten the very essence of Bitcoin itself. The ETF accumulates a significant amount of Bitcoin, which remains immobilized, essentially taking a substantial portion of Bitcoin out of circulation.
The situation has evolved rapidly. In June, BlackRock ignited a competitive race on Wall Street to introduce a much-anticipated U.S. Bitcoin spot ETF, a feat that had faced years of rejections from the Securities and Exchange Commission (SEC). As the summer progressed, expectations mounted that a Bitcoin spot ETF in the U.S. could become a reality. This sentiment was further bolstered when Grayscale, a crypto asset management giant and part of the Digital Currency Group, achieved a significant legal victory in its quest to transform its flagship Bitcoin trust into a fully-fledged Bitcoin spot ETF.
Grayscale stands out as the largest publicly known holder of Bitcoin, boasting a stash of nearly 650,000 Bitcoin, which is four times the holdings of MicroStrategy, a software company that has been accumulating significant quantities of Bitcoin since 2020. As the SEC continues to deliberate on multiple Bitcoin spot ETF applications, the market appears to be banking on the possibility of such an ETF becoming accessible to traders and the broader Wall Street community in the coming months.
Hayes further underscores the concern by emphasizing the potential for Bitcoin spot ETFs, requiring institutions to acquire substantial volumes of Bitcoin, to place them in a commanding position over Bitcoin’s consensus mechanisms. Notably, BlackRock’s considerable holdings in some of the largest Bitcoin mining operations raise the spectre of these Wall Street giants not only creating Bitcoin spot ETFs but potentially venturing into Bitcoin mining ETFs as well.
A lingering question has arisen though: Could the current market exuberance ultimately lead to a catastrophic turn of events in the future? The prospect remains uncertain, and anxieties are compounded by the notion that Wall Street asset managers, including BlackRock, are often perceived as “agents of the state.” Hayes argues that they tend to act in accordance with what the state dictates, fuelling fears that the U.S. might be waging a covert war against Bitcoin and cryptocurrencies—a concept that has come to be known as Operation Choke Point 2.0.
In the current climate, the traditional financial sector has distanced itself from the cryptocurrency industry and market. A series of bank failures earlier this year have been linked, by some, to their involvement in cryptocurrency services. There are concerns that these banking crises may have been partly orchestrated by the U.S. government and regulators.
Operation Choke Point originally emerged in 2013 as a U.S. Department of Justice initiative aimed at discouraging banks from collaborating with firearm dealers, payday lenders, and other businesses deemed high-risk for fraud and money laundering. In September, Changpeng “CZ” Zhao, the CEO of Binance, issued a frank warning regarding “Operation Chokepoint 2.0.”
These developments underscore the complex and evolving landscape surrounding Bitcoin and the broader cryptocurrency market. As the regulatory and institutional environment continues to shift, the crypto industry faces a myriad of challenges and uncertainties that may well shape its future trajectory.
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In the last 24 hours, the total volume of the global crypto market was $45.40 billion, a decline of 5.94 per cent. The global crypto market cap, however, saw a bullish increase of 2.98 per cent over the previous day, reaching $1.20 trillion at 10 am IST on Wednesday. Coinmarketcap reported that DeFi was trading at $4.87 billion, accounting for 10.72 per cent of the total crypto market 24-hour volume.
Bitcoin (BTC) has recently seen a rise in price after previously hitting a low of $27,213, with its value approaching the $29,000 mark. BTC’s price had been fluctuating between $26,500 and $28,500, with neither the bulls nor the bears able to break out of this range. Despite multiple attempts by buyers to overcome the $29,000 resistance, they have been unsuccessful.
Bitcoin remains the top cryptocurrency on Coinmarketcap with unchanged market cap.
On April 3, BTC’s price dropped to $27,213, but buyers were quick to make purchases, resulting in a price increase. Since March 18, the cryptocurrency has been hovering between the $28,000 resistance and $29,000 price levels. Despite this volatility, BTC remains in the bullish trend zone, with buyers currently leading over sellers. The cryptocurrency is currently trading above the 21-day SMA, indicating that bulls are in control of the market. Buyers are working to keep BTC’s price above the $29,000 overhead resistance.
If buyers are successful, the price of Bitcoin is expected to reach the psychological marker of $30,000, with further bullish momentum taking it up to the high of $31,000. However, if the bears manage to halt this bullish scenario, the bearish momentum may persist and cause the price to drop below the 21-day SMA. This could result in increased selling pressure and a potential low of $25,200. If the price falls below the $25,000 support level, the downtrend is likely to continue. Currently, Bitcoin’s price is at level 60 of the 14-period Relative Strength Index, indicating that it still has room to increase further.
Bloomberg Senior Commodity Strategist Mike McGlone has stated that Bitcoin is more decentralised than other cryptocurrencies, such as Ether, making it “untouchable” despite ongoing regulatory pressures on the crypto industry. In a recent conversation with crypto podcaster Scott Melker on April 3, McGlone argued that those who do not have some exposure to the cryptocurrency market are “seriously silly.” Unlike other currencies, regulators cannot banish Bitcoin due to its decentralisation.
Despite the positive outlook for Bitcoin, its price has approached the $29,000 mark, with buyers aiming to revisit the overhead resistance at this level. However, the price is getting closer to the market’s overbought zone, which could impact its upward trend. Nevertheless, in a strongly trending market, the overbought condition may not last.
Bitcoin continues to maintain its position as the number one cryptocurrency on Coinmarketcap based on its market cap, which remains unchanged from yesterday. Its dominance at 10 am IST was 45.86 per cent, a decrease of 0.22 per cent over the previous day.
Ethereum (ETH) witnessed a 5.76 per cent increase in price to $1,913.00, with a 24-hour trading volume of $11.67 billion. A sustained momentum in Ethereum’s price against Bitcoin may benefit the overall altcoin market, as it tends to thrive from ETH’s display of strength against BTC.
Ethereum: The second largest cryptocurrency by market cap.
If buying pressure increases from current levels, Ethereum’s price may rise by 6% to challenge the next resistance level at $1,982. In a highly bullish scenario, the altcoin could surpass the $2,000 mark and reach the $2,093 resistance level, marking a 12% increase from the current price.
On-chain data analysis by IntoTheBlock indicates that the next significant resistance area lies between $2,046 and $2,902, where over 8.5 million addresses had previously purchased more than 26.69 million ETH at an average price of $2,537.
However, if profit-takers decide to take early profits, Ethereum’s price could correct downwards and break the $1,753 support level. This would expose ETH to further downside risks, leading to a free fall towards the 50-, 100-, and 200-day EMAs at $1,687, $1,603, or $1,589 levels, respectively.
Three days after US attorney John Deaton suggested a prolonged wait for Judge Analisa Torres’s summary judgment, Ripple’s price (XRP) broke below what was once a crucial support level of $0.507. This news reduced XRP’s bullish momentum, leading to a downtrend at the start of the month. However, community members remain optimistic and anticipate a favourable ruling, which provides investors on the side-lines with an opportunity to buy the altcoin at discounted rates.
Altcoins refer to all cryptocurrencies other than Bitcoin.
If this group of buyers takes advantage of the situation, Ripple’s price could climb back above the $0.507 resistance level, turning it back into support before facing the $0.531 area. If XRP surpasses this barrier, it could aim to reach the late March highs at $0.558, potentially opening the path for further gains.
Conversely, if selling pressure increases, Ripple’s price could continue its downward trend, breaking below the $0.477 support level. In extreme cases, XRP could drop further to hit the $0.443 level, which would represent a 12% decline from the current price.
Dogecoin (DOGE) was the most trending cryptocurrency for the second consecutive day, with a 1.46 per cent increase in price to $0.09776.
ICON (ICX) emerged as the top gainer, with a 16.52 per cent increase in price to $0.4412 and a 24-hour trading volume of $682.96 million. UNUS SED LEO was the top loser, experiencing a decline of 1.23 per cent in price to $3.38, with a 24-hour trading volume of $1.25 million.
Tether (USDT) maintained a stable price, experiencing no change in the last 24 hours and trading at $1, with a 24-hour trading volume of $33.88 billion. It ranked third on CoinMarketCap. Solana (SOL) experienced a 3.84 per cent increase in price to $21.22 in the last 24 hours.
Avalanche was trading at $18.13, up by 5.95 per cent, while its 24-hour trading volume was $187.48 million. Cardano (ADA) witnessed a 1.30 per cent increase in price and is ranked seventh, with a 24-hour trading volume of $375.43 million. Shiba Inu saw a 0.93 per cent increase in price to $0.00001141.
Yearn.finance experienced a 5.02 per cent increase in price to $8,787.63 in the last 24 hours, while its 24-hour market cap was $288.17 billion. The volume of DeFi was $4.87 billion, accounting for 10.72 per cent of the total crypto market 24-hour volume.
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https://youtu.be/p5GHF7Scubc
This news was shared at the AIBC Europe Summit in Malta during a fireside chat between Michael Saylor, Founder, Chairman and CEO of MicroStrategy and Mike Costache, a blockchain investor and entrepreneur since 2016. The founding member of the BMC, and renowned bitcoin investor, Michael Saylor, commented on the matter: “Bitcoin mining is rapidly becoming more efficient. In 2021, mining efficiency, the actual petahash per megawatt, has been growing quarter over quarter. In Q3, it increased 23%. This is hyper growth, and this is not well-appreciated by the mainstream and most market players. At BMC, we are all coming together in order to educate the public and gather some insight about what’s happening in the bitcoin mining business and how we are using energy.”
Watch the fireside chat below:
https://www.youtube.com/watch?v=cnlPdn5NNxk
The Bitcoin Mining Council was created in May by nine leading North American mining companies to promote sustainable energy use and industry transparency. Elon Musk’s tweets about crypto mining’s “insane” energy use have caused the Bitcoin rate to plummet last May. After this, Michael Saylor, a renowned Bitcoin evangelist whose personal crypto holdings currently amount to 17,732 BTC (worth $1 billion) plus another 114,042 BTC (worth $6.8 billion) held by his publicly-traded company MicroStrategy, initiated the conversation between market leaders. Elon Musk attended the first meeting and called it “potentially promising.” This reaction was followed by his public promise to resume accepting Bitcoin for Tesla purchases when there’s confirmation of reasonable (~50%) clean energy usage by crypto miners.
Mining bitcoin or any other form of cryptocurrency is an energy-intensive process. Just as the energy industry is forced to adapt and embrace various types of renewable energy, so does cryptocurrency mining. According to the recent findings from BMC published in October, “the global mining industry’s sustainable electricity mix had grown to approximately 57.7%, during Q3 2021, up 3% from Q2 2021, making it one of the most sustainable industries globally.” One of the most important figures published by BMC relates to the fact that only 0.11% of the world’s electricity consumption is used for bitcoin mining.
GMT is now the 30th member to join the BMC in its campaign for industry transparency, sharing best practices, and educating the public on the benefits of Bitcoin and mining. The company has already shared its data for the latest BMC’s survey of the sustainable power mix, and is now actively working on a strategy to further prioritize the use of renewable energy in its operations. In the future, GMT intends to operate on 100% sustainable power.
About GMT:
On April 26, 2021, GMT launched its token backed by real computing power. The project’s goal is to simplify the mining process for everyone by handling the logistics, providing around-the-clock uninterrupted service, and securing the energy-efficient consumption costs. There are currently over 17,000 GMT token holders receiving daily bitcoin mining rewards without the hurdles of physical maintenance of the equipment.
During the first six months of the project’s existence, GMT increased the hash rate of the device park from 100,000 Th/s to almost 400,000 Th/s. The company’s strategy for the next two years is to take over 4% of the world’s BTC production, and 20% in the long term.