BTC’s ‘incoming’ $110K call, BlackRock’s $1.1B inflow day, and more: Hodler’s Digest Nov. 3

Top Stories of The Week

BTC investors pour $1.1B into BlackRock ETF as Bitcoin marks another high

The world’s largest asset manager, BlackRock, accumulated more than $1 billion of inflows to its Bitcoin exchange-traded fund (ETF) across a record trading day as Bitcoin continued to break all-time highs. 

On Nov. 7, BlackRock’s iShares Bitcoin Trust ETF (IBIT) clocked $1.1 billion in inflows, reclaiming inflow status after two consecutive days of outflows totaling $113.3 million, according to Farside data.

It came on a day when Bitcoin again hit all-time highs, reaching $76,943, according to CoinMarketCap data.

IBIT’s inflows represented almost 82% of inflows generated by the 11 United States-listed spot Bitcoin ETFs on the day, which amounted to $1.34 billion in total. 

The Fidelity Wise Origin Bitcoin Fund saw the second-highest inflows at $190.9 million, followed by the ARK 21Shares Bitcoin ETF (ARKB) with $17.6 million.

Michigan pension fund maintains Bitcoin ETF investment, adds Ether ETFs

The State of Michigan Retirement System has added exposure to Ether exchange-traded funds (ETFs), according to a United States Securities and Exchange Commission (SEC) filing. 

In a Nov. 4 SEC filing, Michigan’s state pension fund disclosed holding 460,000 shares of the Grayscale Ethereum Trust and 460,000 shares of the asset manager’s Ethereum Mini Trust. The investment, reporting for Sept. 30, added to the fund’s previously disclosed exposure to the ARK 21Shares Bitcoin ETF.

At the time of publication, the total value of the Bitcoin investments was roughly $18 million if Michigan maintained its holdings. The value of the 110,000 shares of the ARK 21Shares Bitcoin ETF held by the pension fund increased by roughly $1 million since being reported on June 30.

Pakistan moves to regulate cryptocurrency, CBDCs as legal tender

The State Bank of Pakistan (SBP) announced a package of policy proposals on Nov. 4 that, if accepted, would legalize digital assets such as cryptocurrencies as legal tender throughout the country. 

In a meeting chaired by SBP governor Jameel Ahmad, the bank’s Monetary Policy Committee reportedly submitted amendments to its standing policy that would allow state banks to issue digital currency. The proposed amendments would also impose penalties on digital currency issuers operating without approval.

While the proposals would still require approval at the next stage of government, if they were to pass, it could pave the way for a central bank digital currency — ostensibly a government-issued digital rupee. 

2024 US elections: Trump elected US president for a second time

The cryptocurrency community is celebrating the victory of former President Donald Trump in the 2024 United States presidential election.

Trump, the Republican candidate, declared victory on election night, Nov. 6, pledging to usher in a “golden age” for America.

“I’m excited to be your 47th and your 45th president,” Trump said during what appeared to be a victory speech.

Trump’s win is a promising sign for the cryptocurrency industry in the US, as Trump has repeatedly expressed support of crypto and branded himself as a pro-crypto candidate.

Trump has repeatedly promised to end the war on crypto if elected and promised to make the US the “crypto capital of the planet” if he wins the presidential election.

US lawmaker doubles down on crypto promises after Trump win

In one of her first post-election messages, Wyoming Senator Cynthia Lummis reiterated plans for United States lawmakers to “build a strategic Bitcoin reserve,” presumably when Republicans take a majority control of the Senate in 2025.

In a Nov. 6 post on X, Senator Lummis said she intended to move forward with her plans to establish a Bitcoin reserve. The Wyoming Republican introduced the Bitcoin Act in July for the US government to buy 1 million BTC — roughly 5% of the total supply — and hold it for at least 20 years.

With Republicans expected to have a majority in the US Senate after flipping three seats on Election Day, Lummis and her colleagues may have the votes needed to carry out the plan. Her proposed bill built upon an idea pitched by then-presidential candidate Donald Trump, who suggested the US government not sell any of its seized Bitcoin.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $75,944, Ether (ETH) at $2,933 and XRP at $0.55. The total market cap is at $2.51 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Neiro (First Neiro on Ethereum) at 59.03%, Cronos (CRO) at 51.83% and Goatseus Maximus (GOAT) at 41.13%.

The top three altcoin losers of the week are Kaia (KAIA) at 11.87%, MANTRA (OM) at 5.45% and Kaspa (KAS) at 4.74%. For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“50% probability of Bitcoin never trading below 60K again.”

Alex Krüger, economist and trader

“Being chair is a pretty hard, thankless, miserable job, tbh. Some commissioners might want it (Uyeda), but others might feel they’ve done their time and are ready to move on to greener pastures.”

Jake Chervinsky, crypto attorney and Chief Legal Officer at Variant

“Unlike financial companies, the ANJ has the power to block the platform even though Polymarket does not specifically target French users.”

William O’Rorke, partner at ORWL Avocats

“We believe AI will remain the key theme driving global tech stocks again in 2024 and the rest of the decade.”

UBS, asset management and financial services company

“As the regulatory environment will likely be pro-crypto, we may even see a staked ETH ETF approved early in this new administration, which will fully leverage the benefits of ETH as an asset.”

Edward Wilson, analyst at Nansen

“I think crypto adoption is definitely something that makes Telegram stand out among other social media, and that’s indeed one of the reasons we want to be closer to The Open Network ecosystem.”

Gracy Chen, CEO of Bitget

Top Prediction of The Week

Bitcoin price rally to $110K ‘incoming’ after positive Coinbase premium, Trump victory — Analyst

Bitcoin reached an all-time high of $75,358 after rallying 7.23% in a single four-hour candle. The bullish momentum accompanied the lead-up to Donald Trump’s United States presidential election victory on Nov. 5.

With the US elections concluding with a “pro-crypto” president on deck, one crypto analyst reiterated a Bitcoin price target above $100,000 in the coming weeks.

A few hours after the US election results, Titan of Crypto, a pseudonymous independent trader, highlighted a long-term cup-and-handle pattern for Bitcoin, which is currently undergoing a successful bullish breakout.

A cup-and-handle pattern has a high success rate of 95% during bullish market conditions, and it can yield an average profit of 54% from the breakout range.

In line with that, the trader mentioned that the “incoming” price target for BTC is $110,000, a 47% return on investment (ROI) of the current breakout price range of $75,000.

FUD of The Week

WonderFi CEO kidnapped and forced to pay $1M ransom: Report

The CEO of Toronto crypto firm WonderFi Technologies was reportedly kidnapped and forced to pay a $1 million ransom for this release, the Canadian Broadcasting Corporation reported on Nov. 7.

Dean Skurka was allegedly forced into a vehicle in downtown Toronto during rush hour on Nov. 6. He made a $1 million electronic transfer to secure his release, a source close to the investigation told CBC.

Skurka reportedly confirmed via email that he was involved in an incident on Nov. 6 but is safe and that company funds and data were not impacted.

Police say the investigation is ongoing and have not released any further details, CBC said.

California revokes BlockFi’s lending license 2 years after bankruptcy

The California Department of Financial Protection and Innovation (DFPI) permanently revoked the license of collapsed cryptocurrency lender BlockFi two years after its bankruptcy.

Announcing the news on Nov. 7, California’s DFPI said the license revocation came after an examination by the regulator following a suspension of BlockFi’s license in November 2022.

BlockFi entered into a settlement agreeing to the license revocation, and to desist and refrain from violations and cease unsafe practices, the DFPI said.

After suspending BlockFi’s license two years ago, the DFPI decided to completely revoke it after finding that the company had violated the California Financing Law (CFL).

BlockFi violated the CFL by failing to consider borrowers’ ability to repay their loans and charging borrowers interest before the loan proceeds were disbursed. The bankrupt crypto lending platform also failed to provide consumers with credit counseling and was unable to report payment performance to credit bureaus.

Ex-Alameda Research CEO to report to prison for 2-year sentence

Former Alameda Research CEO Caroline Ellison is expected to report to prison on Nov. 7 to serve her two-year sentence for her role in crimes at cryptocurrency exchange FTX.

At the time of publication, the Federal Bureau of Prisons website stated Ellison was not in custody but provided an inmate number and her age, race and sex. On Sept. 24, Judge Lewis Kaplan of the United States District Court for the Southern District of New York sentenced Ellison to two years in prison, where she is expected to surrender no earlier than Nov. 7.

According to Judge Kaplan, the BOP ordered Ellison to appear at a correctional facility before 2:00 pm ET on Nov. 7. The former Alameda CEO is expected to surrender at a minimum security facility near Boston, suggesting that she could serve her time at the Federal Correctional Institution in Danbury, Connecticut, which houses both male and female inmates.  

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Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.