BlackRock’s Bitcoin ETF Hits a FOMO Frenzy!

The total inflows into the 11 spot Bitcoin ETFs in the U.S. reached $827 million on Oct. 29.

Author

Danielle du Toit
October 30, 2024

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

  • ‘FOMO Confirmed’ - BlackRock Bitcoin ETF Clocks Biggest Trading Day in 6 Months

  • Kalshi Adds USDC Deposits as Election Prediction Markets Heat Up

  • RWA Sector Could Reach $600B in Next Five Years: BCG

  • Coinbase CEO Slams SEC, Calls for Apology From Next Chair

The daily trading volume for BlackRock's Bitcoin ETF surged to $3.35 billion during the trading day of Oct. 29.

  • Analysts believe the spike in Bitcoin trading volume is attributed to panic buying as Bitcoin trades just about 2% below its all-time high.

  • CoinGlass data indicates that the total inflows into the 11 spot Bitcoin ETFs in the U.S. reached $827 million on Oct. 29.

  • Alex Thorn from Galaxy Digital also pointed out that Oct. 29 was the third highest Bitcoin ETF trade volume day since April 1 of 2024.

Prediction market platform Kalshi introduced USD Coin (USDC) deposits in preparation for the upcoming U.S. elections.

  • Kalshi recently launched U.S. election betting contracts after a pivotal court win in September, which granted it the first U.S. license to operate an election prediction market.

  • Close to $2.6 billion in wagers for the November election has been placed on Polymarket, while Kalshi recorded $87 million since Oct. 7.

  • With the introduction of USDC deposits, Kalshi is trying to get a competitive edge over other platforms like Polymarket and Robinhood who have their own election betting options.

Several new research papers from major financial institutions suggest that RWA tokenization is set for explosive growth over the next five years.

  • Boston Consulting Group (BCG) dubbed RWA tokenization “the third revolution in asset management” in a recent paper that was co-authored with Aptos Labs and Invesco.

  • The paper projects that tokenized fund assets could constitute 1% of global mutual and ETF assets under management (AUM), which means it could surpass $600 billion by 2030.

  • A separate report from State Street Global Advisors suggests that bonds will lead RWA tokenization due to their suitability for blockchain issuance.

Brian Armstrong called for the next SEC chair to apologize for the agency's inconsistent regulatory approach.

  • Coinbase CEO Brian Armstrong criticized the SEC, and asked for a change in leadership that will put an end to “frivolous” cases. He also demanded a public apology for the harm that the regulator caused to the U.S. crypto sector.

  • Armstrong firmly believes that the SEC’s inconsistent approach to digital asset regulation created compliance uncertainty, which is slowing down U.S. crypto innovation.

  • He thinks that the next SEC chair should focus on establishing clear regulations to rebuild trust, especially with the upcoming 2024 elections that could affect future SEC leadership and crypto policy.

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