According to regulatory documents released on Wednesday, the world’s largest asset management company, BlackRock, held CME Bitcoin futures contracts worth $614,7842.02 on the reporting date on January 31st (the value of these contracts is expected to increase by $360,457), accounting for a share of 0.03% of BlackRock’s huge global distribution fund, and the value-added part only accounts for 0.0014%. It is not clear whether BlackRock still holds any Bitcoin futures contracts. These futures contracts reported on January 31st have expired on March 26th.
Although BlackRock has not responded positively yet, the probability is very high. As early as January this year, BlackRock’s prospectus file with the US Securities and Exchange Commission (SEC) indicated that BlackRock is seeking to get involved in Bitcoin，especially the first-ever cryptocurrency was added to the company’s approved derivative product list-mainly two related funds-BlackRock Global Allocation Fund Inc. and BlackRock BlackRock funds invest in Bitcoin futures.
In February, during an interview with the CNBC program “Squawk Box”, Rick Rieder, Chief Investment Officer of BlackRock Financial Management, said that BlackRock, which manages more than $8.6 trillion in assets, has “started to get involved” in the field of cryptocurrency investment. The chief investment officer described the volatility of cryptocurrencies such as Bitcoin (BTC) as “extraordinary”, but he acknowledged that many investors are looking for a place to appreciate “under the assumption that inflation rises with increasing debt.”
All in all, based on the analysis of the current situation, BlackRock’s entry is already a high probability event. The entry of BlackRock also means a lot. Although it is not the most advanced asset management company, it is still large enough to set an example for other asset management companies in the future.
Another company that entered the market late was Goldman Sachs. After several years of doubts, Goldman Sachs finally accelerated its pace into the cryptocurrency market this year. It is reportedly close to offering its first investment offerings for Bitcoin and other cryptocurrencies to customers of its private wealth management group, according to CNBC. This approach is the same as Morgan Stanley’s previous actions, and the goal of these large institutions is very clear, that is, to provide services to high-net-worth and wealthy customers. At present, Morgan Stanley and Goldman Sachs’s Wall Street giants have begun to act for others. Traditional institutions have set a very positive example, and the army of traditional financial institutions into Bitcoin is already on the way.
Back to the market, the intraday market is still dominated by shocks. After a wave at UTC 00:00, it began to pull back, and then suddenly pulled up at 8 a.m.(UTC). The overall market is still around $59,000. At this position, it can be seen that both the long and the short are wrestling. Yesterday’s market was temporarily suppressed by the short and then rebounded immediately. From a technical point of view, the current long is dominant. First, it is in an upward trend after all. The second is yesterday after stepping back on the Boll mid-rail and confirming that it is valid, it began to rebound. Third, the MACD will become the golden cross near the 0 axis, and the green pillar will also appear.
We are now in a game process. According to the current market sentiment, it is difficult to grasp the upward trend. Once it breaks through $60,000, the market sentiment will be mobilized again. It is recommended that traders wait for the direction to be determined first. Will the U.S. stock market be stronger in the next hours that can drive BTC to choose its direction?
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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