According to reports, BlackRock’s Bitcoin ETF ‘IBIT’ is the “greatest launch in ETF history” because of its rapid and enormous climb in 2024.
IBIT is a winner in numerous crucial areas, generating billions of dollars quicker than any other ETF. It has outperformed products that have been on the market for decades, cementing BlackRock’s position as the biggest Bitcoin holder.
BlackRock smashes ETF records
After the SEC approved the Bitcoin (BTC) ETF in early 2024, BlackRock has led this vast industry. With IBIT, its BTC-based service, the company has continually led this emerging and dynamic industry.
However, IBIT’s most striking feature has been its incredible speed, as Bloomberg ETF analyst Eric Balchunas highlighted in mid-December.
With IBIT, BlackRock not only grew faster than rival Bitcoin products, but also faster than any other ETF on the worldwide market.
In December, it exceeded all regional ETFs in the European Union, some of which were over 20 years old. Nate Geraci declared IBIT to be the best ETF launch of all time as a result of its outstanding performance.
“IBIT’s growth is unprecedented. It’s the fastest ETF to reach most milestones, faster than any other ETF in any asset class. At the current asset level and an expense ratio of 0.25%, IBIT can expect to earn about $112 million a year,” claimed James Seyffart, another leading ETF analyst.
In some key categories, BlackRock is unquestionably the ETF leader. The OCC permitted Bitcoin ETF options trading in November, and IBIT options sales reached $425 million on the first day.
Furthermore, BlackRock has been purchasing large quantities of Bitcoin, much beyond the other ETF issuers. As a result, the company is one of the world’s largest holders of Bitcoin.
At the present, Bitcoin’s price is experiencing significant corrections, and BlackRock will have to cope with this market reality.
However, the business has been positive on Bitcoin for the most of the previous decade, and some of its executives believe the market will rise to billions. The company’s investment in the cryptocurrency area has paid off, and BlackRock is in a strong position to continue forward.
Justin Sun Ethereum exchange deposits continue, ETH price drop to $2,800 soon?
Tron inventor Justin Sun recently moved 29,153 ETH and unstaked 96,580 ETH, as the ETH price is expected to fall further to $2,800.
Tron creator Justin Sun continues to make Ethereum (ETH) exchange deposits, transferring an additional 29,153 ETH to cryptocurrency exchange HTX earlier this month. This is one of several deposits undertaken by Sun this year that have raised cell-off worries. ETH continues to experience selling pressure, falling another 2% and heading closer to $3,300, with experts anticipating $2,800.
Justin Sun deposits $96.7M in Ethereum to HTX
Tron founder Justin Sun has made significant deposits to cryptocurrency exchange HTX, transferring another 29,153 ETH worth $96.7 million in the last 11 hours, according to Spot On Chain statistics. On-chain data reveal that since November 10, the Tron founder has deposited a total of 227,000 ETH, worth about $807 million, to HTX at an average price of $3,556 per ETH. Sun purchased the majority of these shares in 2024 for about $3,036 per ETH.
In addition, Justin Sun has started unstaking 96,580 ETH (worth $322.7 million) from services including Lido Finance and EtherFi. Analysts believe these assets are meant for additional deposits into HTX, demonstrating that the crypto mogul is still active and managing his liquidity.
The recent Ethereum movement by Tron’s creator has raised fears of a large sell-off; however, Sun has disputed these speculations, describing it as a typical aspect of Ethereum wallet transfers. Interestingly, Sun’s ETH movement corresponds with the ETH price decline.
Where is ETH price heading next?
As we say goodbye to 2024, Ethereum and the larger cryptocurrency market have seen some selling pressure. ETH bulls have failed to push the price over the critical resistance of $3,500, paving the way for an ETH price drop below $3,000 and all the way to the next support of $2,800. As indicated in the chart below, Ethereum may be developing an inverse head-and-shoulders pattern, with a support level around $2,800 before reversing direction.
Following the current move from Justin Sun’s exchange, famous analyst Charting Guy anticipates the ETH price to rise to $7,080 by April 2025. Thus, a significant surge in Ethereum might begin in the first quarter of 2025. Crypto Rover, a popular cryptocurrency analyst, forecasts the Ethereum rise to begin on January 1, 2025, citing the pinnacle of Bitcoin dominance based on past trends.
As of press time, Ethereum (ETH) is trading 1.38% down at $3,340, with a market capitalization of $402 billion. According to Coinglass statistics, 24-hour liquidations have increased to $38.3 million, with $27.52 million in extended liquidations.
Bitget’s strategic token burn removes 40% of BGB from circulation
Crypto exchange Bitget has completed the initial burn of BGB, its native token. This cut BGB’s overall supply by 40% in an attempt to boost its long-term worth.
BGB is an ERC-20 token that uses the Ethereum network.
All about Bitget’s token burn
On December 30, Bitget revealed that it has destroyed 800 million BGB tokens, lowering the overall supply from 2 billion to 1.2 billion tokens. The charred tokens were valued at approximately $5 billion.
“The completion of Bitget’s first-ever BGB burn, destroying 800 million tokens—40% of the total supply stands as a defining moment in our journey to build a sustainable and impactful token economy for BGB. This step aligns with Bitget’s goal of building long-term value for users by maintaining transparency and providing high utility for BGB,” Bitget CEO Gracy Chen said.
Token burning is the practice of permanently removing a set number of cryptocurrencies from circulation by transferring them to wallets where they cannot be spent or retrieved.
The move aims to manage the price of tokens. Many crypto teams burn tokens to maintain demand, and the token price rises over time.
For example, the price of memecoin BONK increased by 25% in July after a plan to burn 84 billion tokens from the Bonk DAO treasury.
Bitget has also announced a quarterly BGB burn mechanism, which will begin in 2025. Bitget plans to repurchase and burn BGB tokens with 20% of its quarterly income from exchange and wallet operations.
Following each buyback, the acquired BGB tokens will be destroyed by sending them to the burn address.
Separately, earlier this week, Bitget announced the merger of its two tokens, Bitget Token (BGB) and Bitget Wallet Token (BWB). The announcement sent BGB to an all-time high of $8.49.
BGB was a top-performing coin in December, with its price increasing by more than 260% in 30 days. On December 1, BGB traded at approximately $1.6. TradingView said that the cryptocurrency was trading at $5.75 at press time.
The Bitget token has a market capitalization of $8.56 billion, making it the 25th biggest cryptocurrency.
