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BlackRock has launched its first Canadian Bitcoin ETF, trading under the IBIT ticker in both Canadian and U.S. dollars, aimed at simplifying crypto exposure for investors. The fund, which invests primarily in the iShares Bitcoin Trust ETF in the U.S., allows for tax-advantaged holdings through traditional brokerage platforms, addressing custody concerns. Despite record-high outflows of $333 million attributed to profit-taking, the ETF has seen significant growth, reflecting a strong institutional appetite for regulated crypto investments.
Dogecoin has surged nearly 11% to $0.375, marking its highest price since December 18, driven by market momentum and support from notable figures. Meanwhile, Fartcoin has reached an all-time high of $1.53, fueled by AI-related hype, as the crypto market sees a renewed interest in meme coins and AI agent tokens. Bitcoin ETF outflows hit a record $333 million, attributed to profit-taking as investors reassess their portfolios at the start of 2025.
BlackRock's iShares Bitcoin Trust (IBIT) experienced record outflows of $333 million on January 2, attributed to profit-taking and end-of-year tax-loss harvesting by investors. Despite this, IBIT has surpassed $50 billion in assets under management in just 228 days, significantly outpacing previous ETFs. Analysts remain optimistic about the ETF's role in enhancing Bitcoin's legitimacy and mainstream acceptance.
Bitcoin spot ETFs experienced record outflows of $671.9 million, with Grayscale Bitcoin Trust losing the most at $208.6 million, amid a price drop to under $93,000. This decline coincided with market volatility and profit-taking ahead of anticipated Federal Reserve rate cuts, which may impact future investor sentiment. Grayscale's holdings have plummeted by 55% in 2024, as investors shift to lower-fee alternatives, raising concerns about potential selloffs due to regulatory scrutiny.
Ethereum ETFs experienced a significant inflow of $151 million, continuing a 16-day positive streak, while Bitcoin ETFs added $494 million. Analysts speculate that a potential Trump administration could boost demand for staking in Ethereum ETFs, contributing to institutional interest. Despite recent inflows, both Ethereum and Bitcoin saw a 3% price drop, with ETH trading at $3,835.
XRP's price surged 21% over the past week and 13% in the last 24 hours, reaching $2.69, coinciding with the launch of Ripple's RLUSD stablecoin. Analysts predict further growth, with expectations of XRP hitting new highs as regulatory challenges fade and interest in XRP ETFs rises. Ripple's legal chief believes the SEC's appeal will ultimately benefit the crypto industry.
Alex Obchakevich
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
BlackRock launches Bitcoin ETF in Canada with dual-currency trading options
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