BlackRock Reveals Major Bitcoin ETF Update As Huge $1.6 Trillion Crypto Price Pump Spurs Ethereum, BNB, XRP And Solana

Bitcoin
BTC
and major cryptocurrencies—including ethereum, BNB
BNB
, XRP
XRP
and solana—have rocketed higher amid expectations of a 2024 “Biden bailout.”

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The bitcoin price has added 40% over the last six months alone, pushed on by a flood of bitcoin spot exchange-traded fund (ETF) applications, and helping the combined bitcoin, ethereum, XRP, solana and crypto market more than double to $1.6 trillion over the last 12 months.

Now, as rumors swirl of a secret sovereign bitcoin bid, BlackRock
BLK
has revealed its proposed spot bitcoin ETF will trade with the ticker IBIT if approved and has moved to appease uncertain regulators.

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BlackRock’s latest bitcoin spot ETF filing has revised its proposal to use the cash creation and redemption mechanisms favored by the Securities and Exchange Commission (SEC), ditching the in-kind redemption model it had previously suggested.

The SEC generally prefers so-called cash redemptions for ETFs as it views them as safer for investors, while asset managers prefer so-called in-kind as it eases the flow of funds without them having to repeatedly buy and sell the underlying asset.

“BlackRock has gone cash only,” Bloomberg Intelligence analyst Eric Balchunas posted to X. “That’s basically a wrap. Debate over. In-kind will have to wait. It’s all about getting ducks in row [before the] holidays. Good sign.”

Others in the race between 13 companies to get a bitcoin spot ETF to market have also recently caved to the SEC’s preference for cash redemptions.

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Hype around the possible approval of a long-awaited bitcoin spot ETF has helped fuel a bitcoin price surge that some fear could lead to a major sell-off in the new year.

“The biggest event in crypto for next year continues to be the first bitcoin spot ETF approval in the U.S., which might get concluded right in the beginning,” Hatu Sheikh, founder of crypto development platform DAO Maker.”

“This will have tremendous and far-reaching results throughout the year and for years to come. The approval itself must, however, be treated as a sell-the-news event. Following a stellar recovery this year, it’s reasonable to expect the market to cool down. Yet, the persistence of crypto’s four-year cycle suggests potential price increases as the year progresses.”