Event 1: BlackRock applies for Bitcoin ETF
BlackRock is called Blockrock in English. What kind of company is it that can move the price of Bitcoin and bring such good expectations? This is the introduction of the company's official website:
BlackRock is one of the world's largest asset management groups, risk management and advisory services companies, providing services to institutional and retail clients. We have approximately 16,500 employees in offices in 38 countries and regions, providing services to clients in more than 100 countries and regions. We are not only entrusted by governments and companies, but also serve pension funds, sovereign wealth funds, insurance, banks, non-profit organizations and other institutional investors as well as individual investors.
As of December 31, 2022, BlackRock's total assets under management worldwide were approximately US$8.59 trillion, covering equities, fixed income investments, cash management, alternative investments and advisory strategies.
Key points: 16,500 employees, 100 countries, $8.95 trillion.
BlackRock has issued IAU, one of the world's largest gold funds. A company of this size applying for an ETF (Exchange Traded Fund) is several dimensions higher than Grayscale. Grayscale's previous ETF application has been unsuccessful. Is it related to its size and influence? What about BlackRock this time? Will Bitcoin be comparable to gold? There is indeed a lot of room for development in the future.
Event 2: Asset management companies WisdomTree and Invesco resubmitted applications for spot Bitcoin ETFs
WisdomTree is a global exchange-traded fund (ETF) and exchange-traded product (ETP) sponsor and asset management company headquartered in New York. It launched its first batch of ETFs in April 2006 and has become one of the major ETF providers in the United States, managing $87 billion in assets.
Invesco is an independent American investment management company headquartered in Atlanta, Georgia, with US$1.4 trillion in funds under management and 8,611 employees.
American giants have also made a move, seemingly trying to grab the first ETF in the crypto field. The size and impact have very long-term positive expectations for the future market.
Event 3: Cryptocurrency trading platform EDX Markets announced its launch.
The specific report is as follows: EDX Markets, a new cryptocurrency trading platform backed by Wall Street forces such as Citadel Securities, Fidelity Investments and Charles Schwab, has begun executing transactions in recent weeks and is expected to be announced later on Tuesday local time. It has also received financing from Sequoia Capital, Paradigm and Virtu Financial, serving institutional investors, and will provide trading in four cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Currently, these assets have not been identified as securities by the US SEC.
The first question is, is this the reason for suppressing Binance and Coinbase? Wall Street finally took action!
Let's take a look at what this company does: Schwab/Fidelity is the largest retail securities broker in the United States. Citadel and Virtu are the top market makers on Wall Street. They are the new upstarts on Wall Street, not the Morgan Stanley and Goldman Sachs we are familiar with.
Unlike Binance and Coinbase, which handle trading, market making, and custody, EDX separates the three and only does trading, facilitating the matching of buy and sell orders, while the tokens are still in the hands of the customers. In short, the coins are in the hands of the customers, not the exchanges, and the assets will not be misappropriated to avoid data crashes on the exchanges.
In the early stage of the calm shock, these three events gave the crypto circle a shot in the arm. Wall Street capital entered the exchange to solve the centralization problem, and strong capital applied for ETF. Whether it is successful or not, it has shown that the pace of globalization is unstoppable. Success is only a matter of time. The big wave is coming. Are you ready to surf?