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⚡$526M Flows into BlackRock's Bitcoin ETF🎴

Croxroad

23 Jul 2024 — 4 min read

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The menu for today:

🦛 Bitcoin ETF Surge

BlackRock's iShares Bitcoin Trust (IBIT), a Nasdaq-listed exchange-traded fund (ETF) closely tracking the cryptocurrency's spot price, drew in $526.7 million in investor funds on Monday, according to preliminary data published by Farside Investors. This is the highest single-day tally since March, as per data source Coinglass. Since its inception on January 11, BlackRock's IBIT has attracted nearly $19.5 billion in investor funds. On the same day, the remaining 10 U.S.-listed ETFs saw significantly lower interest, with a net inflow of just $6.9 million.

Bitcoin (BTC) briefly topped the $68,000 mark on Monday, reaching its highest level in over a month. This bullish movement occurred amid rumours that pro-crypto Republican U.S. presidential candidate Donald Trump would announce a larger role for BTC in the financial system at the upcoming Nashville Bitcoin conference. Despite the surge, buyers could not break through the trendline connecting the March and April highs, leading to a renewed pullback. A similar failure to establish a foothold above the resistance line in late May resulted in a decline to below $55,000.

As of this writing, Bitcoin is trading at $66,440, marking a 1.8% drop over the past 24 hours. This recent activity highlights the volatility of the cryptocurrency market, where significant gains can be quickly followed by sharp declines. Investors continue to watch closely as market dynamics shift in response to political rumours and other influential factors.

🥇 Bitcoin vs. Gold

On the X platform, entrepreneur Michael Saylor compared Bitcoin's performance to that of various assets, asserting, "Bitcoin is the only way to progress." This statement aligns with Saylor's usual stance, viewing Bitcoin as a remedy for current economic challenges. The timing of this statement is significant, as it comes while Bitcoin’s price rebounds and approaches $68,000 again, after withstanding selling pressure from massive sales by the German government.

To support his claims, Saylor shared a chart comparing the performances of different asset classes since August 2020, when MicroStrategy initiated its massive Bitcoin accumulation strategy. The figures are compelling: with an annualised return of 55%, Bitcoin far outperforms the S&P 500 and Nasdaq (13% each), gold (5%), silver (2%), and bonds (-5%). This data reinforces Saylor’s conviction about Bitcoin’s superiority as a store of value, countering frequent criticisms of its volatility by highlighting sustained long-term growth.

Saylor’s philosophy can be summed up as: “If it’s not Bitcoin, your money melts.” This conviction is concretely reflected in MicroStrategy’s strategy, with the company currently holding 226,331 BTC, valued at $7.538 billion, making it one of the largest institutional holders of crypto. Despite recent market fluctuations, Saylor remains resolutely optimistic about BTC’s future, reaffirming his confidence in the digital asset’s bullish potential in a recent article titled “Bitcoin to the Moon.” The current Bitcoin rebound, aiming to regain the advantage over silver after a period of correction, seems to prove Michael Saylor right.

🌱 Seed Phrases

Seed phrases, also known as recovery phrases or mnemonic phrases, are a series of randomly generated words that serve as a master password for your cryptocurrency wallet. They allow you to recover your keys if you ever lose your storage devices or access. The keys are encrypted, and the seed phrase, derived from that encryption, grants access to your wallet. These words are easier to memorize or write down and store compared to the 64-digit hexadecimal keys. For added security, you can use a titanium stamping kit to preserve and secure your seed phrase in a safe place.

🤣 Crox Road Memes

“Your seed phrase is the lifeline to your Bitcoin assets. Memorise it, store it securely, and never share it with anyone.”

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