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Analyst: BlackRock’s Bitcoin ETF Will Soon Flip Its Gold ETF

Albert Brown
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Analyst: BlackRock’s Bitcoin ETF Will Soon Flip Its Gold ETF

Data confirms BlackRock’s Bitcoin ETF is rapidly closing in on its Gold ETF in assets under management (AUM) despite launching just nine months ago.

Amid gradual recovery of the primary crypto, Bitcoin, BlackRock’s iShares Bitcoin Trust is quickly closing the gap with its long-established iShares Gold Trust in assets under management.

Steno Research’s senior crypto analyst Mads Eberhardt described this emerging trend as “the real flippening.” The rapid rise of the Bitcoin ETF is impressive, especially when compared to the relatively stable performance of BlackRock’s Gold ETF.

For context, BlackRock introduced its iShares Gold Trust (IAU) in January 2005. Over nearly two decades, this product has grown steadily, reaching an AUM of $32.5 billion by 2024, data from BlackRock’s official website confirms. 

While the gold ETF continues to be a popular choice for investors, its growth has plateaued throughout the year. By contrast, BlackRock’s Bitcoin ETF, launched on January 11, 2024, has attracted $25.8 billion in AUM in just nine months. Eberhardt’s analysis suggests that at this current pace, BlackRock’s Bitcoin ETF will soon overtake the Gold ETF.

Bitcoin ETF Growth on Momentum

The rising interest in Bitcoin ETFs has been evident throughout 2024. A chart shared by Eberhardt illustrates how the AUM of the iShares Gold Trust has remained relatively stable during the year.

However, the iShares Bitcoin Trust has seen rapid growth, particularly around February and in October. This has led analysts to speculate on the potential bullish impact on Bitcoin’s market price. As more institutional funds are allocated to Bitcoin through ETFs, the heightened demand is likely to drive the price higher.

Maartunn, an analyst at CryptoQuant, has noted the correlation between BlackRock’s Bitcoin accumulation and the price performance of BTC. His analysis points to BlackRock’s significant buying activity, which has aligned with periods of strong price appreciation for Bitcoin. According to him, BlackRock’s inflows could play an important role in driving Bitcoin’s price to its all-time high.

Institutional Interest Drives the Net Flows

As of Thursday, Bitcoin ETFs have collectively amassed $20.7 billion in net flows, with BlackRock’s iShares Bitcoin Trust leading the charge. Fidelity Investments’ Bitcoin ETF is also seeing strong inflows, closely trailing BlackRock’s offering.

According to Eric Balchunas, a senior ETF analyst at Bloomberg, the rapid growth of Bitcoin ETFs contrasts sharply with the time it took for gold ETFs to reach similar levels. Notably, Gold ETFs took nearly five years to amass $20 billion in net flows.

Michael Saylor Urges Investors to Buy Bitcoin, Says “You’d Wish You Had Bought More”

Albert Brown
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Michael Saylor Urges Investors to Buy Bitcoin, Says “You’d Wish You Had Bought More”

MicroStrategy chairman Michael Saylor recently reiterated his bullish stance on Bitcoin despite ongoing criticism from long-term skeptics.

In a recent statement to his 3.5 million followers on X, Saylor emphasized that Bitcoin’s future potential remains substantial, stating, “You are going to wish you had bought more Bitcoin.”

The statement suggests that in the future when prices are much higher than now, and Bitcoin becomes more scarce, investors will regret not buying more than they hold. Saylor expressed this perspective amid Bitcoin’s recent 11% surge, placing it within its July highs.

MicroStrategy’s Bitcoin Purchases

MicroStrategy, led by Saylor, known for adopting a Bitcoin-centric strategy in 2020, has steadily increased its holdings. Since its first major purchase of 21,454 Bitcoins in 2020, the company has shown no signs of slowing down. Its most recent acquisitions pushed the company’s total to 252,220 Bitcoins.

The company’s latest purchases occurred in mid-September when MicroStrategy purchased 18,300 BTC tokens for $1.11 billion. A week later, an additional $458.2 million purchase of 7,420 Bitcoins brought the total to 252,220.

Peter Schiff Continues to Criticize MicroStrategy

The company’s strategy has drawn attention from supporters and critics alike. For instance, amid Saylor’s call urging investors to buy more of the crypto, long-time critic Peter Schiff stepped in to challenge the enthusiasm.

In a direct response to Saylor, Schiff remarked, “You are going to wish you had sold more of yours.” Schiff underscores his belief that Bitcoin will continue to remain a worthless asset class.

Schiff’s critical stance is not new. In August, he questioned whether MicroStrategy’s Bitcoin-focused strategy would lead to significant losses in the future, challenging Saylor’s notion that Bitcoin has empowered the company. Schiff argues that while MicroStrategy may have benefited in the short term, the long-term risks remain high.

Saylor’s Response to Critics 

In a recent interview with Madison Reidy, Michael Saylor addressed skeptics head-on. He encouraged those who doubt Bitcoin’s future potential to short the company’s stock if they feel strongly against it. 

Saylor emphasized that the company remains “leveraged long on Bitcoin” and assured market participants that MicroStrategy will not sell its holdings.

EigenLayer X Account Compromised, Used to Promote Scam Token

Elendu Benedict
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EigenLayer X Account Compromised, Used to Promote Scam Token

EigenLayer has suffered a compromise on their X (formerly Twitter) account, with the malicious actors leveraging it to promote a scam token.

Multiple sources, including blockchain security firm PeckShield, confirmed the compromise affecting the Ethereum restaking protocol and warned users to refrain from interacting with content on the platform’s official X account. 

Hacker Promotes Airdrop Allocation with Phishing Links

Typically, recent hacks have either promoted scam tokens or appealed to users to click on phishing links, and this was no different. Per an October 18 post, the attacker used the EigenLayer account to shill a fake season two airdrop allocation for eligible users.

The X update persuaded EigenLayer’s over 310,000 followers to click on an attached link to check for airdrop eligibility. The post noted that the airdrop was allocated as the protocol transitioned into “a programmatic incentive,” hence the swift distribution season.

EigenLayer X Hack
EigenLayer X Hack

Notably, the account posted the phishing link multiple times after the first notification, with headings like “Final Call” and “Reminder.” Furthermore, the update noted that eligible users had till 23:59 (PST) on October 19 to claim allocation.

It bears mentioning that this malicious airdrop came a few weeks after EigenLayer announced it would airdrop its EIGEN token to participants in a season two stakedrop. According to the Sep. 4 X update, the protocol would reward stakers and operators, ecosystem partners, and the community.

Another EigenLayer Attack

Meanwhile, today’s X compromise follows a suspected $5.7 million attack on the EigenLayer protocol. On Oct. 4, the Ethereum restaking platform noted it was investigating an unapproved sale involving a wallet that sold 1.6 million EIGEN for $5.7 million.

A day later, EigenLayer tied the transaction to a hack in a community update and noted that it was still investigating the attack. However, the protocol assured users that its system was secure, and the exploit didn’t affect any of its on-chain activities.

Other Socal Media Compromises

EigenLayer’s October 18 X hack was one of the recent social media attacks used to promote tokens or phishing links. In February, hackers breached MicroStrategy’s X account and promoted an Ethereum-based scam token, MSTR. Notably, investors lost $440,000 to the pump-and-dump shitcoin.

Also, fast-food chain McDonalds lost control of its Instagram account in August. The hacker promoted a Solana-based token, GRIMACE, and reportedly rug-pulled investors for $700,000.

In a separate event, the X account of famous football star Kylian Mbappe suffered a hack, promoting Solana-based sham MBAPPE. The token surged following the post, but inflicted maximum loss on traders after it crashed.

Pundit Says XRP May Never Be This Low Ever Again

Abdulkarim Abdulwahab
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Pundit Says XRP May Never Be This Low Ever Again

Notable community commentator “CryptoTank” has warned that XRP may not trade below $1 again, arguing that “big things” are on the horizon.

CryptoTank conveyed this sentiment in a post on X today, encouraging market participants to continue accumulating more XRP tokens. He based his bullish outlook on key upcoming events around the payment firm Ripple.

First, he pointed out that Ripple’s chairman, Chris Larsen, and CEO, Brad Garlinghouse, will be speaking at a Federal Reserve meeting on Tuesday, October 22.

As Crypto Eri, a respected figure in the community, previously disclosed, the Ripple executives will feature at the 8th Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia.

This two-day event brings together financial experts from various backgrounds to deliberate on emerging issues in fintech.

The conference is co-hosted by the School of International and Public Affairs at Columbia University, the University of Cambridge, the Wharton School of the University of Pennsylvania, and the Brookings Institution.

Call to Buy XRP While It’s Still Under $1

In light of this, CryptoTank speculated that significant developments for XRP are on the horizon. He encouraged enthusiasts to buy XRP while still under $1, suggesting that such a low price may not be available much longer.

At press time, XRP is trading at $0.5476. The altcoin has been trading below $1 for approximately three years, since December 2021.

Many commentators agree with CryptoTank’s optimistic perspective that XRP’s days under $1 are numbered, given the current state of adoption.

Commenter Roger Metzger remarked that with XRP’s non-security status established, institutions have the clarity to engage with the altcoin, suggesting it is set for an uptrend.

Another commenter stated that low XRP prices are a godsend. He noted that they have allowed him to gradually increase his holdings from business profits without needing loans.

Other crucial developments influencing the bullish perspective for XRP include Ripple’s RLUSD stablecoin, which is expected to bring more liquidity to the XRP ecosystem. Another factor is the forthcoming launch of exchange-traded funds (ETFs) investing in XRP.

Skeptics React

While proponents expect the alignment of these developments to trigger increased demand for XRP and potentially initiate a bull run, some market participants remain skeptical.

One commenter even suggested that XRP will remain under $1 next year. This is largely because past crucial events have not significantly driven higher valuations for the asset.

IBX Exchange’s ARTIC Token Reportedly Rug Pulls After Raising $24M from Investors

Sam Wisdom Raphael
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IBX Exchange’s ARTIC Token Reportedly Rug Pulls After Raising $24M from Investors

IBX, a decentralized exchange (DEX) backed by Orderly Network, has reportedly orchestrated a rug pull involving its newly launched token, ARTIC. 

This incident follows a token presale that raised over $24 million from unsuspecting investors. According to industry commentators, the situation has raised concerns about the integrity of the platform and the security of investor funds.

The ARTIC Presale

IBX launched its v.1 platform in April. DeFi analyst Anon Vee stressed that just three days ago, the platform initiated a presale for its ARTIC token, setting a target of $3.2 million. However, due to high demand, the presale ended up raising more than 160,000 Solana ($24 million).

Investors were initially led to believe that the funds exceeding the original cap would be refunded. Specifically, around $21.8 million was expected to be returned to participants who weren’t allocated tokens. 

But in a questionable move, the IBX team created a poll on its website—completely under their control—asking whether to raise the cap or maintain the original limit. As expected, the result favored increasing the cap, and the team claimed they would refund 65,000 SOL (about $9.7 million).

Despite their claims of processing refunds, no participants have come forward to confirm receiving their money back. According to sources, the team likely sent funds to multiple addresses they themselves created, raising suspicions of foul play. 

The situation worsened when IBX officially created the ARTIC token at a market capitalization of $50 million at 6:16 UTC. 

An Alleged Rug Pull

However, the platform delayed activating the claim page for presale participants, preventing them from redeeming their tokens. By the time the claim page went live at 7:02 UTC, the token had already dumped, crashing its market cap from $50 million to a mere $6 million.

This left investors trapped, unable to sell their ARTIC tokens before their value plummeted. Only a small number of participants were able to claim their tokens in time, leaving many investors disappointed.

Multiple prominent exchanges like MEXC and LBank listed ARTIC, but the damage was already done, with the value of the token severely devalued. Some analysts speculate that this listing was part of a broader strategy by IBX to offload the tokens quickly, but this remains unconfirmed.

While Anon Vee has called out IBX and Orderly Network for the alleged scam, the platform has yet to provide answers to the community at press time. With millions of dollars now seemingly lost, investors are demanding accountability and an investigation into the exchange’s actions.

Singapore Largest Bank Introduces Blockchain-Powered Banking Services For Its Institutional Clients

Lele Jima
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Singapore Largest Bank Introduces Blockchain-Powered Banking Services For Its Institutional Clients

Singapore’s largest bank by assets under management (AUM) DBS Bank introduces a suite of services to facilitate blockchain-based banking for its institutional customers. 

Dubbed DBS Token Services, the products will incorporate new features, like smart contracts and tokenization, into the bank’s existing services. 

This move, particularly the smart contract capabilities, would enable institutional clients to govern the use of funds under predefined conditions, with an emphasis on boosting security and transparency.  

Additionally, the token services would help facilitate real-time settlements by connecting DBS’ EVM-compatible permissioned blockchain with several payment infrastructures. 

DBS Exec Highlights Features of the Services 

In a statement today, DBS’ Head of Global Transaction Services Lim Soon Chong said the DBS Token Services streamline operational workflows and optimize liquidity management for the public sectors and companies. 

Additionally, he mentioned that the services strengthen business resilience, creating new opportunities for end users. The executive highlighted the significance of the latest feat, noting that it showcases how traditional financial institutions can leverage blockchain to provide their customers with new services. 

The development comes less than two months after DBS partnered with Ant Financial to introduce Treasury Tokens. According to an announcement in August, Ant Financial will leverage the system for instant, multi-currency treasury management. 

DBS Fosters Institutional Adoption of Crypto Services  

Meanwhile, institutional adoption of crypto and blockchain-related services has soared tremendously since the beginning of this year. Several entities, like DBS Bank, have continued to roll out new initiatives to enhance institutional interests in blockchain and cryptos. 

Notably, DBS, which ranks as the largest Singapore bank with an AUM of SGD 743 billion ($566.81 billion), has introduced several blockchain-related projects for institutional clients. 

Last month, Singapore’s largest bank said it would launch an over-the-counter (OTC) crypto option trading for institutional investors. The products, expected to launch in the fourth quarter of the year, will focus on Bitcoin (BTC) and Ethereum (ETH). Upon launch, the products will give institutional clients exposure to two of the world’s most valuable cryptos by market cap. 

Two months after revealing this development, DBS Bank has launched blockchain-based banking services for its institutional clients. 

Here’s Why Bitcoin May Not See Lower Prices

Elendu Benedict
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Here’s Why Bitcoin May Not See Lower Prices

Bitcoin has been on a daring adventure northwards recently. The leading crypto asset has grown over 11% in the past seven days and over 13% from its $59,000 monthly lows.

Interestingly, Bitcoin defied bearish sentiments that ensued following its drop below $59,000 a few days ago. Multiple analysts called for lower prices, with mid-$50,000 among the targeted levels.

However, BTC broke above the $60,000 price mark over the weekend and surged to $68,000 on Thursday. Meanwhile, market analyst Michael van de Poppe is among those stunned by Bitcoin and its bullish sentiments.

Analyst Says Bitcoin May Not Correct Further

Following the upsurge to the $68,000 region, van de Poppe asserted that Bitcoin would correct considerably before the next uptrend. Per his analysis, he speculated a downtrend towards the $65,000 region.

The chart accompanying Poppe’s analysis shows that Bitcoin could further pull back to $64,130 if the $65,000 level does not hold. He noted that the leading crypto asset would take liquidity from the $64,130 before its next bullish outbreak.

Van de Poppe Bitcoin Prediction
Van de Poppe Bitcoin Prediction

However, the market expert stated today that Bitcoin may not retest the levels he had speculated earlier. Poppe noted that favorable economic data, like the rate cut from the European Central Bank and the US non-farm payroll data, might push Bitcoin’s price higher.

Bitcoin Benefiting From Favorable Macro Data

Poppe points to the recent interest rate cut by the ECB as a catalyst for higher prices. For context, the European Governing Council slashed rates by 25 basis on Thursday amidst cooling inflation data in the region.

Also, an earlier report showed that the US job data for September came in hotter than expected, fueling speculations that the Federal Reserve may cut interest rates in November. Notably, the US central bank diced rates by 50 basis in September, spurring a broader market bullish upsurge.

With the latest economically dovish data, Poppe expects a further upside in Bitcoin price, annulling his earlier speculations of an impending 5.7% correction. The analyst speculated that Bitcoin will reach its all-time high in November and close the year at $90,000.

Meanwhile, there are higher calls for Bitcoin’s yearly close. For instance, analysts at Standard Chartered predicted that the premier crypto asset would surge to $150,000 by the end of the year.

At the time of writing, Bitcoin was trading at $67,838, up less than 2% in the past 24 hours.

Shiba Inu Market Cap Surges 43%, Reclaiming $11 Billion After September Drop

Elendu Benedict
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Shiba Inu Market Cap Surges 43%, Reclaiming $11 Billion After September Drop

The Shiba Inu market cap has surged over 43% in a month to reclaim $11 billion after a scare pushed it as low as $7.5 billion in September.

Shiba Inu is one meme coin that has transcended its origin, moving from a joke token to a key asset in the crypto space. Shiba Inu has matured into an asset with real-world utility, outlasting most meme coins from the same origin.

At the time of writing, SHIB’s market cap has surged to $11 billion, outpacing projects like Chainlink, Polkadot, and Uniswap. The token sits at the 13th spot, outperforming the Bitcoin Cash, the 14th token, by nearly $4 billion.

Shiba Inu Market Cap History

Meanwhile, the latest surge to $11 billion is not the farthest Shiba Inu’s market cap has reached in history. In fact, its market cap is down over 70% from its historical peak.

For context, SHIB’s market cap surged to $37.81 billion during the 2021 bull run, as its price hit the all-time high of $0.00008845. The uptick pushed Shiba Inu into the top ten crypto ranking, sitting above Dogecoin at the ninth position.

Notably, Shiba Inu started the year ranked 17th, with a market cap of $6 billion. However, SHIB surged almost 200% in a few weeks to reenter the top 10 crypto ranking in March, capped at $19.3 billion.

Since then, SHIB’s market cap has declined with its price, hitting as low as $7.5 billion in September. Meanwhile, it has appreciated over 43% from this low, currently trading at eleven figures.

Future Price Outlook

As the increase in the market cap is a function of a price uptrend, analysts have speculated new highs for both metrics. Notably, these market spectators have tipped both fundamental and technical analyses to propel SHIB to greater heights.

Fundamentally, the Shiba Inu ecosystem has impressed recently. The launch of Shibarium, a layer 2 scaling solution, promises to bolster adoption.

The upcoming upgrade for ShibaSwap and increased burn rate have spread positive sentiments around the ecosystem. Consequently, the community has foreseen a significant price uptrend in the bull run.

Technically, analyst AJTrader speculates an over 124% SHIB uptrend to $0.00004. The speculator noted that a sustained trend above $0.00002 would push the asset to the price level.

Also, Crypto Sheriff asserted that Shiba Inu will hit three price targets this cycle. The analyst predicted that the dog-themed meme coin would trade at $0.00002, break above its all-time high to trade at $0.0002, before a push to $0.001.

Meanwhile, the SHIB price has surged considerably in the past week, gaining over 11%. At the time of writing, the token trades at $0.00001883.

Here is The Top Exchange XRP Big Investors Prefer

Elendu Benedict
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Here is The Top Exchange XRP Big Investors Prefer

Binance, the leading crypto exchange by trading volume, is the preferred destination for XRP whales, as it holds the highest amount of the XRPL native token.

The exchange’s recent brawl with US regulators has XRP whales unperturbed as they still continue to move their coins to Binance. For context, the US Securities and Exchange Commission filed 13 counts of charges against Binance and founder Changpeng Zhao last year, accusing them of illegal operations and selling unregistered securities.

Notably, the lawsuit sparked a withdrawal spree and diminished Binance’s spot market shares by over 19%. Despite this regulatory clampdown, XRP whales appear to prefer Binance over other crypto exchanges.

Binance Holds 1.5% of XRP Supply

Data from CryptoQuant shows that whales’ XRP accumulation on Binance resumed as early as 2021, when the amount of XRP moved to Binance surged to 1.2 billion. This large-scale purchase and transfer of XRP have remained on the exchange, as the whales have not shifted their assets elsewhere.

At some point this year, the XRP accumulation among whales on Binance surged to over 2.4 billion as the XRP influx into the exchange reached a new high. Notably, this ensured that Binance remains one of the largest holders of the XRPL native token.

XRP Whale Transfer to Binance
XRP Whale Transfer to Binance

Following Ripple Labs, Binance is the second largest holder of XRP, behind South Korean-based exchange Upbit. Notably, the UPbit wallet with the largest XRP stash holds 1.62 billion XRP ($885 million), while 10 other UPbit wallets store 500 million XRP each.

Binance stores XRP in multiple wallets. However, two wallets have the largest holdings: Binance (4) and Binance (5). The former holds 1.48 billion XRP ($808 million), while the latter stores 723 million ($395 million).

Notably, a factor that could influence XRP whale’s susceptibility to Binance is its staking services. The leading exchange allows users to stake their XRP, offering an APR of 0.77% on simple earn and between 3.69% and 49.79% on dual investment. The platform’s renown and reputation for security could also be a contributing factor.

XRP Whales Accumulate Despite Price Redundancy

Meanwhile, XRP whales have continued to buy in on the asset despite the underperformance. An earlier report shows that wallet addresses holding between 1 million and 10 million XRP acquired 40 million XRP in two days, valued at $22 million.

The accumulation follows one of the largest buy orders seen on Bitrue. For context, the market saw limit buy order for 26.3 million XRP at the price of $0.5415.

Despite these events, XRP has struggled compared to other top crypto assets. For instance, coins in the top eight crypto ranking by market cap have appreciated at least 6% in the past seven days, while XRP has increased by a mere 2.36% within the same timeframe.

However, analyst Charting Guy earlier speculated that XRP will continue to range between $0.43 and $0.67 until Bitcoin finds its footing. With the latest upsurge in Bitcoin’s price, a massive XRP rally seems to be in the books.

VanEck Revises Ethereum Price Forecast from $22,281 to $7,334

Albert Brown
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VanEck Revises Ethereum Price Forecast from $22,281 to $7,334

VanEck, a prominent asset manager, has updated its Ethereum price forecast based on changing market conditions. 

Matthew Sigel, Head of Digital Assets Research at VanEck, confirmed that the firm’s $22,000 price target for Ethereum by 2030 remains, but shifting fundamentals suggest the need for a model update. 

Originally set in June, the predictions included base, bull, and bear case price scenarios, which estimated Ethereum at $22,000, $154,000, and $360,00, respectively. The model was built on key assumptions on transaction revenue between Ethereum and L2s. However, recent data shows that changes in Layer 2 (L2) network activity may significantly alter Ethereum’s projected value.

Impact of Layer 2 Networks

Notably, VanEck’s initial prediction was grounded on a 50:50 split between Ethereum and Layer 2 solutions regarding Total Value Locked (TVL) and Miner Extractable Value (MEV). These metrics reflect Ethereum’s control over the value stored on its network and the earnings from participating in its operations. 

However, the model’s forecast for Ethereum’s transaction revenue from L2 solutions initially pegged at a 90:10 split in Ethereum’s favor, has shifted dramatically. According to Sigel, recent data over the past four months indicates that the current revenue share is actually 10:90 in favor of Layer 2 networks. This divergence underscores the growing dominance of L2 solutions and their increasing role in taking value from Ethereum.

Given this change, Sigel noted that if this trend were to persist, Ethereum’s price target would drop by approximately two-thirds. The revised price target for Ethereum would then be approximately $7,333 by 2030.

Market Valuation Metrics

In the comment section, Sigel emphasized the importance of valuation metrics in the model. He explained that VanEck expects the market to value Ethereum at 33 times its free cash flow. 

Further, VanEck’s June prediction suggested that Ethereum retains its unique qualities as a “Digital Oil,” a “Programmable Money,” and an “Internet Reserve Currency.” According to VanEck’s framework, these attributes continue to make Ethereum an essential asset within the broader crypto ecosystem.

Prediction Ignited by BTC’s Stance

VanEck’s Ethereum projection follows its bullish stance on Bitcoin, particularly in light of the upcoming U.S. presidential elections. Matthew Sigel had reiterated a 2023 prediction that voters would reject the anti-growth agenda of the Green Lobby, propelling Donald Trump to victory with over 290 electoral votes.

He suggested that, following this outcome, Bitcoin would reach a new all-time high on November 9, noting that this scenario is looking increasingly likely as the election approaches.

Additionally, the firm previously set a 2030 target of $350,000 for Bitcoin, based on the assumption that Bitcoin will capture half of the global gold market. 

Further, VanEck anticipates that by 2050, central banks may allocate 2.5% of their reserves to Bitcoin, while the crypto could play a role in 5-10% of global trade.

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