Ethereum

Bitcoin ETF

BlackRock

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<p>The highly anticipated Bitcoin spot ETF from BlackRock experienced a halting of inflows after an unprecedented 71-day streak of daily inflows since its launch on January 11th. This shattered records for a new ETF and marked one of the best performing ETF launches in Wall Street history. However, the stalling of inflows on April 24th signals that even products tied to crypto are not immune from periods of consolidation amidst sideways chop in the broader market.</p>
<p>The macro economic picture remains cloudy, with Q1 2024 GDP growth slowing to 1.6% annually versus expectations of 2.2%. This has raised concerns about the sustainability of the economic expansion given high interest rates and global uncertainties. Top analysts have consistently misjudged inflation projections, leaving the trajectory of future Fed rate moves up in the air.</p>
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<p>Despite the gloomy macro outlook, some positive developments continue to unfold for crypto and blockchain integration into traditional finance. Franklin Templeton has enabled peer-to-peer share transfers for a tokenized money market fund, while payment giant Stripe is reintroducing crypto payments using USDC. This comes as the pending U.S. stablecoin bill could provide regulatory clarity.</p>
<p>The SEC remains an overhang, denying a spot Ethereum ETF while reviewing new rules around Bitcoin options trading oversight. However, ConsenSys has sued the SEC over its attempts to designate Ethereum as a security. With Ethereum's strong Asian presence, the upcoming Hong Kong ETFs for Bitcoin and Ethereum will be closely watched.</p>
<p>Altcoin prices have begun showing weakness, with tokens like Solana and Avalanche down over 25% from recent highs. As macro forces persist, a sustained crypto price recovery may hinge on positive regulatory developments and continued institutional blockchain adoption.</p>
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BlackRock Bitcoin ETF Inflows Halt | More Pain Coming?

Paul Barron Network

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