BlackRock's Bitcoin ETF Eyes the Top Spot!

The latest projections suggest that BlackRock's Bitcoin ETF is expected to surpass Grayscale's Bitcoin holdings by Apr. 11.

Author

Danielle du Toit
March 25, 2024

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Here's what we've got for you today:

  • BlackRock Set to Eclipse Grayscale in Bitcoin Holdings

  • Base TVL Doubles in a Month as Memecoins Boost Adoption

  • Terra Founder Do Kwon Released in Montenegro

  • Goldman Sachs Sees Spike in Crypto Options Engagement Among Hedge Funds

BlackRock's spot Bitcoin ETF is on track to overtake Grayscale's Bitcoin Trust in terms of total Bitcoin held.

  • As of Mar. 22, BlackRock's Bitcoin ETF holds about 238,500 BTC valued at $15.5 billion, with daily inflows averaging $274 million or about 4,120 BTC.

  • In comparison, Grayscale's Bitcoin Trust has 350,252 BTC worth $23 billion but is facing daily outflows of $277 million or 4,140 BTC.

  • Projections indicate that, given the current rates of inflows and outflows, BlackRock's Bitcoin ETF is expected to surpass Grayscale's Bitcoin holdings by Apr. 11.

Ethereum layer-2 network, Base, doubled its total value locked (TVL) to $2.13 billion in a month.

  • This rapid growth comes after Base reached $1 billion in TVL 226 days after its launch in August, with the $2 billion milestone achieved just 25 days later.

  • The increased adoption and growth of Base could be partly attributed to memecoins, with tokens like Degen (DEGEN) and Base God (TYBG) thriving on the platform, suggesting Base could become a big player in the memecoin space.

  • Coinbase, the creator of Base, is also fueling interest in the network by developing a native smart contract wallet.

Do Kwon has been freed from jail in Montenegro while the Supreme Court considers extradition appeals from both the United States and South Korea.

  • Do Kwon was released on Mar. 23, as the Montenegrin Supreme Court paused his extradition to South Korea, challenging a lower court's decision due to procedural errors.

  • The Terraform Labs co-founder is accused of fraud in both South Korea and the U.S. after Terra’s collapse, which erased about $60 billion in market value in 2022.

  • The decision on Kwon's extradition to either South Korea or the U.S. is still pending further judicial review in Montenegro, with no clear timeline being released just yet.

🤑 Goldman Sachs Sees Spike in Crypto Options Engagement Among Hedge Funds

Goldman Sachs' hedge fund clients are reportedly showing a growing interest in cryptocurrency derivatives, motivated by the crypto market's revival.

  • According to Max Minton, the recent ETF approvals have boosted client interest and participation in the crypto market, with many either already involved or planning to get involved.

  • Goldman currently provides trading in cash-settled options for Bitcoin and Ether, as well as futures for these cryptos listed on the CME, but does not trade the cryptocurrencies themselves.

  • While Goldman's clients currently show a strong preference for Bitcoin-related products, there is potential for increased interest in Ether-related offerings, which relies on the approval of Ether ETFs in the U.S.

👀 QUICK NEWS

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