It was a day so normal it hurt: people traded, profits evaporated, and BlackRock somehow ended up holding more coins than Smaug lounging on his pile of gold. Yes, BlackRock, the unsuspecting colossus of financial gravitas (read: dragon of spreadsheets), now commands the Bitcoin ETF market with a casual 50.4% share. 🐉
Apparently, this sneaky milestone—let’s call it “The Great Hoarding of ’25″—comes just over a year after the US spot Bitcoin ETFs first strutted their stuff on Jan. 11, 2024. And if you’re wondering, that’s $56.8 billion of Bitcoin safely tucked under BlackRock’s pillow, while the rest of the ETFs collectively manage to scrounge together a mere $112 billion across the board. Someone call the financial knight in shining armor… oh wait, he’s also BlackRock. 🤷
But it’s not all sunshine and digital riches around here. The Bitcoin ETF world had a minor existential crisis this week, with a three-day sell-off shedding over $364 million faster than a wizard could misplace his staff. Of that, $112 million floated away like gossamer dreams from BlackRock’s iShares Bitcoin Trust ETF (IBIT). Farside Investors, ever-helpful purveyor of doom stats, confirmed it. No word on whether anyone’s cried softly into their coffee mugs yet. ☕
Still, ETFs remain the unsung heroes of Bitcoin’s 2024 rally. They contributed a hearty 75% of new investment, helping Bitcoin catapult back over $50,000 on Feb. 15. You know, just in time for Valentine’s Day—because nothing says “I love you” like purchasing a volatile digital asset instead of flowers. 🌹
Bitcoin Holds Its Ground Like Only Bitcoin Can
Ever the drama queen, Bitcoin dipped slightly but remembered that it’s still the life of the financial party by recovering above $99,300 on Feb. 21. Of course, the monthly chart sulks with a 3% drop, but what’s a 3% dip between friends and market manipulators? 🤔
Wise sages in the lands of crypto—like Marcin Kazmierczak of RedStone—are now proposing that Bitcoin’s resilience to ETF outflows is evidence that darker, more mysterious forces are afoot. Macro trends, institutional hoarding, or, dare I say, the mysterious butterfly living in the Federal Reserve’s garden. 🦋
“This indicates that other forces — such as broader market liquidity, institutional accumulation, or macroeconomic trends — are also at play.”
Of course, not everyone’s buying the “Bitcoin is longer than life” theory. Some industry veterans, like Samson Mow, think the price action looks about as natural as a wizard with a spray tan—manufactured and suspiciously too consistent. 🧙
Samson Mow, speaking at Consensus Hong Kong 2025 in a rare moment of public wizardry, waxed poetic about something he calls “price suppression.” It’s a fancy term for “Hmm, this feels fishy, but I can’t quite prove it yet.” If Conan Doyle were here, he’d call it “The Case of The Suspiciously Predictable Bitcoin.”
“It seems like it’s some sort of price suppression. If you look at the price movement, we peak, and then we stay steady and chop sideways. And it’s good, you can say it’s consolidation, but it just looks very manufactured.”
And with that revelation, the crypto world continues to turn, spinning out mysteries as convoluted as a troll’s tax return. 🎭
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2025-02-21 18:12