As of September 25, 2024, U.S. Bitcoin ETFs reported a net inflow of 1,570 BTC, bringing the total Bitcoin holdings to 911,470 BTC. BlackRock’s IBIT ETF led the inflows with a significant addition of 1,548 BTC, increasing its total holdings to 359,280 BTC. Fidelity’s FBTC ETF also saw growth, adding 262 BTC to reach 177,722 BTC.

Grayscale’s GBTC ETF experienced the largest outflow, losing 646 BTC, reducing its total holdings to 220,967 BTC. In contrast, Bitwise’s BITB ETF gained 273 BTC, now holding 38,586 BTC, and Grayscale’s BTC ETF saw an inflow of 133 BTC, bringing its total to 33,665 BTC.

Other ETFs, including ARK Invest’s ARKB, VanEck’s HODL, and Valkyrie’s BRRR, reported no changes for the day. Overall, the day’s net inflow of 1,570 BTC, valued at $99.5 million, reflects strong institutional interest in Bitcoin, with prominent funds continuing to increase their positions in the cryptocurrency.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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VanEck, a $100 billion asset manager, predicts that Solana could reach 50% of Ethereum’s market cap, with a potential price target of $330, as the network continues to close the gap on Ethereum. Known for its fast transaction speeds and low fees, Solana has long been seen as a top competitor to Ethereum, and recent developments suggest it’s finally gaining the momentum needed to challenge the second-largest cryptocurrency.

The surge of interest in Solana is fueled by its impressive integrations with major firms like Franklin Templeton, Citigroup, PayPal, and Coinbase. VanEck’s report highlights that Solana processes 3,000% more transactions than Ethereum, has 1,300% more daily active users, and boasts transaction fees that are nearly 5 million percent cheaper than Ethereum’s.

As institutional investors begin to take notice, VanEck believes Solana is set to play a crucial role in the future of the crypto market, solidifying its position as a formidable Ethereum rival.

Report

A few days ago, a new initiative promoted by Prime Minister Netanyahu was announced – removing 200 shekel bills from circulation, as a first step to abolish cash altogether within a few years.

The official excuse? fighting financial crimes and black money in the Arab society.

As expected, this move – identical to India’s move in 2016 – will cause further destabilisation of Israel’s economy and of its citizens’ physical and mental states. A derivative of this economical shake up will ripple into Gaza who is relying on the Israeli shekel as its currency, and clearly, its population is heavily reliant on cash.

So let’s break it down.

… Read more on BitcoinMagazine

Over the past seven years, Bitcoin has experienced several market tops, each coinciding with significant spikes in realized profits by investors, as highlighted by recent data from Glassnode and analyzed by Ali_charts on Twitter. The chart reveals an intriguing pattern where every peak in Bitcoin’s price is matched by an impressive increase in profits taken by investors. For instance, in March, realized profits for Bitcoin soared to $9.50 billion, and by May, they reached a new high of $10.16 billion.

These profit surges are seen as a clear indicator of the cryptocurrency’s growing appeal and its resilience in the face of economic fluctuations. The consistent growth in realized profits at each market top suggests a maturing market where investors are becoming more adept at navigating the volatility and capitalizing on the opportunities presented by Bitcoin. This trend underlines the cryptocurrency’s significant role in modern finance, offering lucrative returns for those who understand its cycles.

Brink, a non-profit focused on funding open source Bitcoin development published its annual report detailing over $1 million in donations to Bitcoin developers in 2023. It was founded in 2020 by renowned Bitcoin developers John Newbery and Mike Schmidt, aims to provide financial support and mentorship to promising developers working on open-source Bitcoin development.

In the report published on its 4th anniversary, Brink disclosed it received approximately $2.4 million in donations last year from over 500 contributors, with Jack Dorsey’s StartSmall initiative as a major donor.

Brink’s expenses totalled around $1.6 million in 2023. Over $1.2 million went directly to developer salaries and…

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Bitcoin has been unfairly labeled as a “risk-on” asset, says BlackRock’s head of digital assets, Robbie Mitchnick. Speaking in a Sept. 24 interview with Bloomberg, Mitchnick argued that Bitcoin’s long-term drivers differ from traditional equities and other risk assets, calling it a “scarce, decentralized, non-sovereign asset.”

BlackRock’s recently released Bitcoin white paper labels BTC as a “unique diversifier,” positioning it as a hedge against monetary and geopolitical risks. Mitchnick emphasized that Bitcoin’s properties make it more aligned with risk-off assets like gold, contradicting the common belief that it should behave like equities.

Despite a minor operational update involving BlackRock’s Bitcoin ETF custodian, Mitchnick reassured investors that nothing significant has changed. With BlackRock’s iShares Bitcoin Trust (IBIT) offering regulated access to Bitcoin, Mitchnick believes Bitcoin’s true value lies in its global potential as an emerging alternative currency.