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- 🔥 BlackRock's & Fidelity's Rewrite Bitcoin ETF History with Record Inflows
🔥 BlackRock's & Fidelity's Rewrite Bitcoin ETF History with Record Inflows
Welcome back to the daily Coinsauce Newsletter, your go-to shop for the latest crypto updates and 🗞️. Let’s jump right into today's hot stories.
Trending over the past 24 hours 👇️
💧Top stories in the last 24 hours:
• BlackRock & Fidelity ETFs Set Record
• Tether's 2023: $6.2 Billion Net Income
• Harvest, China Southern Eye Bitcoin ETFs
• Zimbabwe's Gold-Backed Currency Fights Inflation
Lets dive in.
📈 Markets
As of 10:49am GMT
📅 Today
One for the record books 📑
BlackRock's iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Trust (FBTC) have broken more records, as they become two of the top 20 ETFs with the longest streak of continuous inflows of all time.
Since their launch 59 trading days ago, they have outperformed 99.9% of the ~9000 ETFs ever launched. As of today, IBIT’s net assets total nearly $18.8 billion, while FBTC stood at $10.6 billion.
If current momentum is sustained, IBIT and FBTC will enter the top 10 ranking if they continue to see inflows for another 11 days.
Remember when they said BTC was only a low-interest phenomenon? Ahh, those good old days!
Tether gives the banks a run for their money 🙏
In 2023, Tether, the issuer of $USDT, generated ~$6.2 billion in net income, which is almost 78% of Goldman Sachs' $7.9 billion and 72% of Morgan Stanley's $8.5 billion in revenues.
USDT @Tether_to produced an estimated $6.2 billion in net income in 2023.
That's 78% of the number Goldman Sachs did ($7.9bn) and 72% of Morgan Stanley's ($8.5b).
They have ~100 employees. GS has 49,000. MS has 82k.
Source @MaelstromFund
— Teddy Fusaro (@teddyfuse)
6:03 PM • Apr 7, 2024
Tether operates with just around 100 employees, unlike Goldman Sachs's 49,000 and Morgan Stanley’s 82,000 employee headcount.
Tether's primary revenue stream comes from the interest it generates on its reserves & by charging transaction fees for new fiat deposits & redemptions on its platform.
Less is more… Indeed!
China has entered the chat 😅
Chinese institutions are gearing up to launch Bitcoin ETFs in Hong Kong. Harvest Fund (with over $230 billion in AUM) and China Southern Fund (with a hefty $284 billion in assets) are leading the charge by submitting applications for Spot Bitcoin ETFs.
These are clear signs of the times for Bitcoin in China, showing how the landscape is evolving. By utilizing their Hong Kong subsidiaries, these major funds are entering the Bitcoin ETF market in a compliant manner.
Hong Kong's first Bitcoin ETFs launch is anticipated as early as Q2 this year, adding to investors' already booming bullish sentiment!
Bye-Bye Dollar 👋
In its latest effort to tackle currency challenges, Zimbabwe's central bank has introduced a new currency called the Zimbabwe Gold (ZiG). Unlike previous attempts, ZiG is backed by a mix of foreign exchange reserves and precious metals, primarily gold, held by the Reserve Bank of Zimbabwe (RBZ).
This move aims to replace the depreciated bond notes and electronic currencies like Real Time Gross Settlement (RTGS), enhancing financial stability, simplifying transactions, and offering certainty and predictability in the nation's financial landscape.
📊 Stats
Bitcoin Price Performance Every Year
🤣 Meme of the day
Stock vs Crypto vs Memecoin Investor When Their Portfolios Are Down
That concludes our update for today!
We appreciate you joining us for the latest news. We aim to provide insights and highlights that keep you well-informed and ready. Remember to follow us on Twitter and Instagram for regular updates, insights, and giveaways. Until next time, happy trading!
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