With Over 160M Tokens Sold and Audit Complete, Analysts Say Ruvi AI (RUVI) Could Hit $1 Before Dogecoin (DOGE) MSN
Source link ]]>
Can Ruvi AI (RUVI) Take Dogecoin’s (DOGE) Spot? $1.9M Raised and 160M Tokens Sold Signal Big Moves Ahead MSN
Source link ]]>
Cardano News: Whales Accumulate 160M ADA Amid Dip As Prices Retest $1 The Coin Republic
Source link ]]>
Dogecoin Whales Buy $160M in DOGE in 24 Hours Along with Hidden AI Altcoin Expected to Rise 21,209% Blockchain Magazine
Source link ]]>
Dogecoin (DOGE) Price: Whale Activity Spikes with 160M Token Movement MoneyCheck
Source link ]]>
Crypto Whale Who Made $160M with Shiba Inu Last Cycle Shares Why He’s No Longer Bullish on SHIB, Lists the 2 High-ROI Coins He’s Accumulating Analytics Insight
Source link ]]>
The U.S. Spot Bitcoin ETF has been a hot topic in the crypto market, especially with recent inflows continuing for 13 consecutive days. Notably, the approval of the Bitcoin ETF has fueled optimism, pushing Bitcoin prices to new highs in mid-March.
Meanwhile, amid this, a recent report reveals that a University professor has influenced the State of Wisconsin Investment Board to invest $160 million into the Bitcoin ETF, sparking further market discussions.
Wisconsin Investment Board Bets On Bitcoin ETF
A recent report highlighted a significant investment by the State of Wisconsin Investment Board into Bitcoin ETFs, amounting to $160 million. Notably, this move was influenced by a University professor who sees the investment as a strategic entry point.
In an interview, the professor praised the U.S. Spot Bitcoin ETF launched in January, noting that its approval has opened up greater opportunities for investors and is attracting more institutional interest. Besides, the professor said that the U.S. Spot Bitcoin ETF trading launch has created significant investment opportunities.
In addition, he emphasized the growing institutional interest and how the ETF’s approval is drawing more attention to Bitcoin as a viable investment asset. This substantial investment by the Wisconsin Investment Board reflects a broader trend of institutional adoption of cryptocurrencies.
Meanwhile, senior Bloomberg ETF analyst Eric Balchunas commented on the report, calling it “riveting television,” indicating the significant attention and excitement this move has generated in the financial and crypto markets.
Also Read: Coinbase Follows Ripple & a16z With $25M Donation To Fairshake Crypto PAC
Sustained Inflows and Market Optimism
The Bitcoin ETF has seen continuous inflows for 13 consecutive days, a testament to the growing investor interest and confidence in Bitcoin’s potential. The optimism surrounding the Bitcoin ETF approval has been a major factor in driving Bitcoin prices to new highs in mid-March. Notably, this sustained interest suggests that more institutional investors are looking at BTC as a legitimate asset class, further solidifying its position in the financial markets.
Meanwhile, the recent investment by the Wisconsin Investment Board is a clear indicator of this trend. With $160 million allocated to Bitcoin ETFs, it showcases the increasing confidence in Bitcoin’s future performance and the belief that the asset has significant room for growth.
The professor’s comments underscore this sentiment, highlighting the strategic nature of the investment and its potential to yield substantial returns. Notably, as institutional investments continue to pour into Bitcoin ETFs, the market could see a significant price rally.
The influx of capital from institutional investors like the Wisconsin Investment Board can drive demand and push prices higher. The sustained inflows and growing institutional interest suggest that Bitcoin is gaining mainstream acceptance, which could lead to further price appreciation.
As of writing, the Bitcoin price was up 1.9% to $69,319.38, while its trading volume soared 91% to $24.71 billion. CoinGlass data showed that the Bitcoin Futures Open Interest rose 3.89% to 514.49K or $35.74 billion.
Also Read: Crypto Exchange OKX Launches in the Netherlands After Binance’s Exit
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- BlockFi filed for Chapter 11 bankruptcy in November 2022 citing exposure to the just collapsed FTX.
- The plan to sell off the loans backed by Bitcoin mining machines is part of the bankruptcy proceedings.
- Bidders have until before the end of January to submit offers.
About two months after BlockFi filed for Chapter 11 bankruptcy, the crypto lender now plans to sell off $160 million in loans backed by Bitcoin mining hardware as part of the bankruptcy legal proceedings. In total, the loans are backed by about 68,000 Bitcoin mining machines
Although BlockFi cited FTX’s exposure as the main reason for its bankruptcy, the crypto lender had announced cutting its workforce by 20% in June 2022 citing the crypto prices meltdown. The layoff announcement came days after reports emerged that the lender was in talks to raise funding at a $5 billion valuation.
Bidders have until January 24 to send offers
According to reports from Bloomberg, BlockFi started the process of selling off the Bitcoin mining hardware-backed loans last year. It is believed some of the said loans have already defaulted since then and are candidates for under-collateralization following the drastic decline in the prices of Bitcoin mining hardware.
In an interview with one popular media outlet, crypto lawyer Harrison Dell who is a director at Australian law firm Cadena Legal said that the loans are not worth their paper value to BlockFi if the Bitcoin mining equipment used as collateral is worth less than the value of the loans.
According to Harrison Dell, the people bidding for the loans are most likely debt collection businesses saying that selling the debts is all that BlockFi can do at the moment.
It is believed that BlockFi’s attempt to sell off its loans is likely a part of the lender’s efforts to pay off its creditors who are about 100,000 in total.
✓ Share: