# NEW

Crypto Pre-drink: May 15, 2024

Crypto Pre-drink

KEYTAKEAWAYS

  1. BlackRock nears surpassing Grayscale as the leading Bitcoin fund with $16.7 billion in assets since launching its ETF four months ago.
  2. Grayscale's GBTC holdings fall below 290,000 BTC, marking a notable decline in its Bitcoin reserves as of May 13th.
  3. Upcoming U.S. CPI data crucial for Bitcoin market direction, amid current volatility and bearish technical indicators.

CONTENT

In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.

 


BLACKROCK CHALLENGES GRAYSCALE FOR BITCOIN FUND SUPREMACY

 

According to the Financial Times, BlackRock is close to overtaking Grayscale as the world’s largest Bitcoin fund. Since its inception four months ago, BlackRock’s spot Bitcoin exchange-traded fund (ETF) has garnered $16.7 billion in assets, nearly reaching Grayscale’s lead, which stands at $28 billion over a decade. Rob Goldstein, COO of BlackRock, described their approach to entering the Bitcoin market as a meticulously planned, multi-year journey to integrate institutional quality into the ecosystem. Current data shows Grayscale’s Bitcoin Trust at approximately 289,348.7762 BTC as of May 13th, while BlackRock held about 274,755.1419 BTC as of May 10th, a difference of 14,593.6343 BTC.

 

GRAYSCALE’S BITCOIN HOLDINGS EXPERIENCE A DECLINE

 

The latest updates from Grayscale reveal that as of May 13th, the holdings in its Bitcoin Trust (GBTC) decreased, falling below the 290,000 BTC threshold to 289,348.7762 BTC.

 

CRYPTO TRADING INSIGHT

 

Bitcoin: The Bitcoin market remains volatile, hovering around the 61,800 level. After a consistent downward trend, the price dipped to a low of 61,100. The current market movement indicates weak momentum, operating near the lower boundaries of the Bollinger Bands with a bearish KDJ indicator crossover. With significant market movements expected, all eyes are on the upcoming release of the U.S. CPI data at 8:30 a.m. EDT, which could sway market dynamics based on its outcome.

 

Ethereum: Ethereum faces a critical juncture as it approaches key support levels. With repeated resistance at higher trendlines and lack of significant market support, Ethereum’s position is increasingly precarious. A break below this level without substantial backing could signal further declines, emphasizing the volatility and risk inherent in the market.

 

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DISCLAIMER

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We strive for accuracy in our content, but occasional errors may occur. Importantly, our information should not be seen as licensed financial advice or a substitute for consultation with certified professionals. CoinRank does not endorse specific financial products or strategies.


WRITER’S INTRO

CoinRank

CoinRank Exclusive brings together primary sources from various fields to provide readers with the most timely and in-depth analysis and coverage. Whether it’s blockchain, cryptocurrency, finance, or technology industries, readers can access the most exclusive and comprehensive knowledge.


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