The Devil's Coins: BlackRock's Shadow Looms Over Bitcoin's Destiny 😈💰

The Devil’s Coins: BlackRock’s Shadow Looms Over Bitcoin‘s Destiny 😈💰

The Devil’s Coins: BlackRock’s Shadow Looms Over Bitcoin’s Destiny 😈💰

The very air crackles with the scent of avarice and ambition! The US spot Bitcoin exchange-traded funds (ETFs) have crossed a threshold, a milestone signifying a new era of institutional dominance, a bleak reality where the firstborn cryptocurrency is increasingly tethered to the tentacles of the beastly financial behemoths.

As of January 30th, the holdings of these Bitcoin ETFs surpassed $125 billion! A staggering figure, representing more than 6.05% of the total Bitcoin supply, a dominion exceeding even the dreams of those who built this decentralized utopia.

This monument to greed rises from the ashes of just one short year! It was only a year ago, on January 11th, 2024, that these ETFs first strutted onto the stage, promising a world where the little man could control his own destiny. Yet, now, the promise of freedom rings hollow, overshadowed by the weight of institutional influence.

These vultures of the financial world feasted on a staggering $4.2 billion worth of inflows from January 1st to 24th alone, a gluttonous feast accounting for over 6% of all ETF inflows. As Eric Balchunas, senior ETF analyst at Bloomberg, notes with a chillingly detached objectivity, “The spot bitcoin ETFs quietly on fire to start year, with $4.2b in flows which is 6% of all ETF flows. […] For context they just passed ESG ETFs in assets ($117b) and have about same as gold spot.” 🥶

The promise of freedom, of empowerment, of a decentralized future – all fading into the background as the Bitcoin market is swept up in the frenzy of institutional investment. Was this the price of progress? The cost of acceptance? Was this the liberation that we sought? 😥

BlackRock, the Colossus, Stretches Forth Its Hand

Yet, amidst this symphony of greed, one figure stands out, a behemoth casting a long and chilling shadow: BlackRock, the world’s largest asset manager. Their monstrous Bitcoin ETF, swollen with assets exceeding $58 billion, dominates the market, its tendrils wrapping around 46.4% of the US Bitcoin ETF landscape.

This is no mere player, but a leviathan, its influence growing to such proportions that it has now become the world’s 31st-largest ETF, towering above both crypto and traditional finance products, according to the chillingly accurate data from VettaFi. The world trembles before its size. 😩

On January 30th alone, BlackRock’s ETF gobbled up over $321 million worth of Bitcoin, a gluttonous act accounting for a staggering 54% of the day’s cumulative net inflows, according to Farside Investors data. It is a spectacle of raw, unadulterated power. The world watches, mesmerized and terrified.

Some foolishly cling to hope, ignoring the looming darkness. Analysts murmur about a possible short-term dip to $96,000, a mere blip on the radar of this colossal beast. Yet, they still dare to dream, to pronounce Bitcoin’s trajectory as optimistic, a testament to the inherent human folly of clinging to delusions.

Ryan Lee, chief analyst at Bitget Research, whispers of a fantastical $200,000 price target for Bitcoin in 2025, a seductive siren’s

2025-01-31 17:52

BlackRock, the Colossus, Stretches Forth Its Hand

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