BlackRock’s Bitcoin ETF Hits $2 Billion as Hong Kong and Solana Make Crypto Headlines

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• BlackRock’s Bitcoin ETF surpasses $2 billion in AUM, signaling investor interest in cryptocurrency.
• Hong Kong’s SFC receives its first spot Bitcoin ETF application, hinting at expanding crypto ETF offerings in Asia.
• Solana-based DEX Jupiter leads in trading volumes, boosted by a new memecoin airdrop and stablecoin swaps.

This article covers the significant crypto developments of the day, including BlackRock’s Bitcoin ETF achievement, Hong Kong’s first spot Bitcoin ETF application, and Solana DEX Jupiter’s trading volume surge.

BlackRock’s Bitcoin ETF Crosses $2 Billion Milestone

BlackRock’s Bitcoin ETF, trading under ticker IBIT, has rapidly crossed $2 billion in assets under management (AUM), holding over 52,000 BTC. This milestone reflects the growing institutional interest in Bitcoin, with IBIT experiencing the highest total volume outside of the Grayscale Bitcoin Trust (GBTC). Despite GBTC’s heavy selling, Bloomberg analyst James Seyyfart notes that new spot ETFs are offsetting these outflows, indicating a shift in investor preference.

Impact of BlackRock’s Bitcoin Purchases

Investor Rajat Soni points out that BlackRock’s clients are buying more Bitcoin daily than the network produces, suggesting a potential supply squeeze that could drive prices higher. BlackRock’s substantial purchases highlight the significant influence of institutional investors on the Bitcoin market.

First Spot Bitcoin ETF Application in Hong Kong

Harvest Hong Kong, one of China’s largest fund managers, has submitted a spot Bitcoin ETF application to Hong Kong’s SFC. With an expedited approval process expected post-Chinese New Year, Hong Kong could soon see its first spot Bitcoin ETF, marking a significant step for crypto offerings in Asia. Other firms like Samsung Asset Management have also shown interest in launching spot Bitcoin ETFs.

Expanding Crypto ETF Landscape in Asia

The submission of a spot Bitcoin ETF application in Hong Kong signals a growing interest in expanding crypto ETF offerings in the region. This development aligns with global trends and could pave the way for more diverse crypto investment vehicles in Asia.

Solana DEX Jupiter Leads in Trading Volumes

Solana-based decentralized exchange Jupiter has topped trading volumes at $480 million in 24 hours, surpassing Ethereum-based Uniswap. This surge is attributed to the frenzy for the new memecoin “Wen” and increased stablecoin swaps. Jupiter’s success showcases the rising prominence of Solana’s ecosystem in the decentralized finance (DeFi) space.

Stablecoin Swaps and Memecoin Frenzy Drive Jupiter’s Volume

The bulk of Jupiter’s trading volume comes from stablecoin swaps and the recent “Wen” memecoin airdrop. The high volume of Solana (SOL) traded for USDC and USDT highlights the dynamic activity within the Solana ecosystem and the growing interest in alternative DeFi platforms.

Conclusion

Today’s crypto developments underscore the evolving landscape of cryptocurrency investment and trading. BlackRock’s Bitcoin ETF reaching $2 billion, Hong Kong’s potential spot Bitcoin ETF, and Jupiter’s trading volume surge reflect the ongoing expansion and diversification of the crypto market. As institutional and retail interest continues to grow, these trends offer valuable insights into the future direction of cryptocurrency adoption and innovation.