BlackRock Accumulates 9,615 BTC in Three Days as ETF Flows Flash First Bullish Signal
Bitcoinis trading up roughly 3.4% Tuesday morning near $68,000 after whipsawing over the weekend when U.S.–Israeli airstrikes on Iran briefly sent prices near $63,000.Bloombergthe selloff "left almost no lasting trace of fear or safe-haven demand," attributing the muted reaction to already-lightened positioning after months of consolidation.Barron's, a 24/7 settlement layer for macro hedging while traditional markets were closed. Iran's security chiefaWall Street Journal reportclaiming Tehran was reaching out to resume nuclear talks, sending bitcoin briefly near $66,768 as investors rotated into gold, while President Trump confirmed airstrikes would continue for "four to five weeks."Reuters reportedthe dollar strengthened on safe-haven buying while the yen and euro weakened on energy-import vulnerability. The clearer signal came from on-chain gold proxies: tokenized gold market cap surged past $6B,per Blockhead, as physical gold hit $5,394/oz and whales rotated from stablecoins into PAXG and XAUT. Roughly 38% of altcoins are trading near all-time lows. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.BLACKROCK ACCUMULATES 9,615 BTC IN THREE DAYS AS ETF FLOWS FLASH FIRST BULLISH SIGNAL SINCE OCTOBER:showed BlackRock(BLK)received another 4,082 BTC from Coinbase Primeon Tuesday, its third consecutive day of accumulation, totaling 9,615 BTC in net inflows. The pattern of consistent ETF-related flow through Coinbase Prime signals sustained institutional demand even as bitcoin trades roughly 46% below its October all-time high. Separately,SoSoValue datashowed U.S. spot bitcoin ETFs pulled in $458M on Monday, one of the quarter's strongest inflow days, with BlackRock's iShares Bitcoin Trust accounting for roughly half of three-session inflows totaling $1.1B.RIOT PLATFORMS POSTS RECORD $647M REVENUE BUT NET LOSS BALLOONS TO $663M:Riot Platforms(RIOT)reported FY25. However, the company swung to a net loss of $663M from net income of $109M in 2024, driven by $346.8M in depreciation, a $158.1M contract settlement loss, and other non-cash items, while adjusted EBITDA collapsed to $13M from $463M. Q4 revenue of $152.83M missed consensus of $158.05M, and the Q4 EPS of ($2.03) badly missed the (22c) estimate. On the positive side, Riot's AMDdata center lease is now generating revenue, with expected annual net operating income of approximately $25M. The diverging paths of Core Scientific and Riot Platforms illustrates the broader miner identity crisis: CORZ is selling every last bitcoin for AI, while RIOT tries to straddle both worlds.CORE SCIENTIFIC TO LIQUIDATE ENTIRE BTC TREASURY TO FUND AI PIVOT:In the session's most consequential corporate development, Bitcoin miner Core Scientific(CORZ)disclosed during its Q4 earnings call that it sold over 1,900 BTC in January for approximately $175M at an average of $92,100 and plans to sell the remaining 600 BTC during Q1 26 to fund its AI data center colocation buildout,.. At year-end 2025, CORZ held 2,537 BTC at an average cost basis of $101,639, meaning the company is liquidating at a loss relative to its carry. Q4 revenue came in at $79.8M, with colocation revenue surging 268% year-over-year while self-mining revenue fell 57%, underscoring the speed of the pivot. CEO Adam Sullivan said the company is "building a differentiated data center platform" as it accelerates toward AI infrastructure with CoreWeaveas its primary customer. CORZ is now effectively a pure-play AI colocation stock shedding its last bitcoin exposure.ECB WARNS STABLECOINS THREATEN MONETARY POLICY AS SENATE PASSES CBDC BAN:A European Central Bank working paperwarned that widespread stablecoin adoption, particularly dollar-backed instruments, could trigger reallocation from euro-area bank deposits to digital assets, constraining lenders' intermediation capacity and weakening ECB monetary transmission. The paper adds fuel to a broader transatlantic tension: the U.S. is actively encouraging stablecoin growth while Europe fears deposit flight. On the legislative side, the U.S. Senate advanced the "21st Century ROAD to Housing Act" by a vote of 84-6, which includes a provision temporarily banning the Federal Reserve from issuing a central bank digital currency until December 31, 2030,. The bill carves out an exception for private, permissionless "dollar-denominated" currencies, language widely interpreted as favorable to stablecoins like USDCand USDT, and the White House issued a statement explicitly endorsing the CBDC ban provision. The divergence means Circle(CRCL)and Coinbase face a widening regulatory moat domestically even as European competition intensifies.JPMORGAN FILES 21 BITCOIN-LINKED STRUCTURED NOTES; SLAM CORP GETS CRYPTO-NATIVE LEADERSHIP:JPMorgan(JPM)filed, offering 1.5x upside leverage with barrier protection. The filings continue JPMorgan's aggressive push into bitcoin-structured products. Subversive Bitcoin Acquisition Corp.filed itsthird amendment to a $100M S-1for a first-of-its-kind SPAC that places 10% of IPO proceeds directly into a bitcoin account, with Jefferies, Canaccord Genuity, and Galaxy Digital as underwriters. Canton Strategic Holdings(CNTN), which has a $545M digital asset treasury strategy, announced its CEO was. Massimo Group(MAMO), the powersports manufacturer that adopted a bitcoin treasury strategy in December 2025, filed an8-K appointing a new CFOeffective March 2. Finally, Marex Group(MRX)with revenue up 27% to $2.02B, citing digital asset futures as part of its expanded clearing product offering.PRICE ACTION:As of time of writing, bitcoin was trading at$67,758.83, while etherwas trading at$1,971.13,according to price data from TipRanks.
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BlackRock Transfers Nearly $124.4M in Crypto Assets Amid Market Weakness
- Large Transfer: On Friday, BlackRock moved approximately $124.4 million worth of Bitcoin and Ethereum to wallets linked with Coinbase, including 1,200 BTC and 11,500 ETH, underscoring its significant role in the crypto market.
- Market Reaction: This transfer drew traders' attention as such wallet movements are often seen as potential selling pressure signals, particularly against the backdrop of ongoing crypto ETF outflows and heightened market risk sentiment.
- ETF Inflow Performance: Despite market weakness, BlackRock achieved $130 billion in total net inflows in Q1, with $132 billion coming from ETFs, highlighting its dominant position in crypto ETF liquidity.
- Stock Performance: BlackRock's shares rose 1.16% to $1,080 during this period, indicating that the company has maintained its earnings and revenue growth momentum despite facing market challenges.
Hedge Funds Stage Strong Rebound in April
- Historic Performance Recovery: Hedge funds rebounded dramatically in April, with the industry advancing approximately 3% on average, marking the largest monthly gain for investors in 25 years, indicating a significant recovery in market sentiment following March's losses.
- Equity Strategy Resurgence: Equity hedge funds achieved a standout 5.43% monthly return in April, sharply rebounding from a 4.33% decline in March, representing their best performance since February 2000, which reflects a renewed investor confidence in the market.
- Market Drivers: The strong performance in April was driven by several factors, including the Middle East ceasefire agreed on April 8, a powerful return of AI and technology trades, and growing optimism regarding a robust IPO calendar, all of which supported hedge fund performance.
- Emerging Markets Outperformance: Emerging market hedge fund strategies excelled in April, with the HFRX Emerging Markets index gaining 7.33%, marking the strongest performance since April 2020 at the onset of the Covid-19 pandemic, showcasing increased investor confidence in developing economies.
Bitcoin Surpasses Gold as a Store of Value
- Market Performance Comparison: Over the past 12 months, gold-backed stablecoins like PAX Gold and Tether Gold have surpassed a market cap of $5 billion, indicating their potential as digital gold and possibly impacting Bitcoin's market position.
- Crisis Performance: According to a report by BlackRock, Bitcoin typically outperforms gold over a 60-day period, even though gold may perform better in the first 10 days of a crisis, suggesting Bitcoin's appeal as a long-term investment.
- Geopolitical Impact: Since the outbreak of conflict in the Middle East on February 28, Bitcoin has surged nearly 20%, while gold has declined by 2%, reflecting increased investor confidence in Bitcoin as a more valuable asset during turmoil.
- Long-Term Return Comparison: While gold has risen 149% over the past five years and Bitcoin only 42%, Bitcoin's staggering return of 131,960,000% since its launch in 2009 highlights its unique advantages as an investment.
Bitcoin Surges Amid Geopolitical Turmoil, Outperforming Gold
- Bitcoin Outperformance: Bitcoin has surged nearly 20% since the outbreak of hostilities in the Middle East on February 28, contrasting with a 2% decline in gold, indicating an increasing ability of Bitcoin to serve as a store of value during crises.
- Market Trend Shift: A report from BlackRock reveals that Bitcoin typically outperforms gold over a 60-day period during crises, despite gold's initial advantage in the first 10 days, suggesting growing investor confidence in Bitcoin's resilience.
- Capital Inflows: Continuous inflows into Bitcoin spot ETFs indicate that investors are not deterred by Bitcoin's volatility; rather, they view it as a safer investment compared to gold, further driving up Bitcoin's price.
- Long-Term Investment Returns: While gold has risen 149% over the past five years, Bitcoin has skyrocketed by an astonishing 131,960,000% since its launch in 2009, highlighting Bitcoin's superior long-term investment appeal, especially amid increasing macroeconomic uncertainties.
BlackRock to Invest in Indian Dollar Bond Issuance
- Investment Scale: BlackRock plans to invest between $100 million and $200 million in a dollar bond issued by Goswami Infratech, a unit of India's Shapoorji Pallonji Group, through an Asia-focused fund, which is expected to bolster confidence among other investors and enhance market activity.
- Fundraising Target: Goswami Infratech aims to raise approximately $3 billion, with $750 million to $950 million coming from this dollar bond issuance, while the remainder will be financed through rupee-denominated debt, indicating the company's focus on diversifying its funding sources.
- Market Reaction: Despite delays in Goswami Infratech's fundraising plans due to surging rupee hedging costs, BlackRock's involvement could attract other large funds, further increasing the bond's market acceptance and potential investor interest.
- Credit Rating Change: CareEdge Ratings downgraded Goswami Infratech's bonds from BB- to B+, reflecting the risks associated with the group's fundraising delays, which may impact future financing costs and investor confidence.
Skyroot Aerospace Achieves $1 Billion Valuation with New Funding
- Successful Funding: Skyroot Aerospace secured $60 million in funding from Singapore's GIC and Silicon Valley's Sherpalo Ventures, raising its total capital to $160 million and becoming India's first space company to achieve a $1 billion valuation, reflecting strong investor confidence in the Indian space sector.
- Market Signal: Retired Lieutenant General AK Bhatt noted that this funding and valuation send a strong signal to global investors about the credibility of India's space sector, potentially attracting more international investment.
- Launch Preparations: Skyroot is preparing for the maiden launch of Vikram-1, India's first privately developed orbital rocket, which is expected to fill the gap left by the Indian Space Research Organisation (ISRO) following consecutive launch failures, thereby promoting the growth of the private space market.
- Expansion Plans: The company plans to use the new funding to increase the frequency of Vikram-1 launches, expand its manufacturing capacity, and advance the development of Vikram-2, further solidifying its leading position in the Indian space market.
BlackRock Transfers Nearly $124.4M in Crypto Assets Amid Market Weakness
- Large Transfer: On Friday, BlackRock moved approximately $124.4 million worth of Bitcoin and Ethereum to wallets linked with Coinbase, including 1,200 BTC and 11,500 ETH, underscoring its significant role in the crypto market.
- Market Reaction: This transfer drew traders' attention as such wallet movements are often seen as potential selling pressure signals, particularly against the backdrop of ongoing crypto ETF outflows and heightened market risk sentiment.
- ETF Inflow Performance: Despite market weakness, BlackRock achieved $130 billion in total net inflows in Q1, with $132 billion coming from ETFs, highlighting its dominant position in crypto ETF liquidity.
- Stock Performance: BlackRock's shares rose 1.16% to $1,080 during this period, indicating that the company has maintained its earnings and revenue growth momentum despite facing market challenges.
Hedge Funds Stage Strong Rebound in April
- Historic Performance Recovery: Hedge funds rebounded dramatically in April, with the industry advancing approximately 3% on average, marking the largest monthly gain for investors in 25 years, indicating a significant recovery in market sentiment following March's losses.
- Equity Strategy Resurgence: Equity hedge funds achieved a standout 5.43% monthly return in April, sharply rebounding from a 4.33% decline in March, representing their best performance since February 2000, which reflects a renewed investor confidence in the market.
- Market Drivers: The strong performance in April was driven by several factors, including the Middle East ceasefire agreed on April 8, a powerful return of AI and technology trades, and growing optimism regarding a robust IPO calendar, all of which supported hedge fund performance.
- Emerging Markets Outperformance: Emerging market hedge fund strategies excelled in April, with the HFRX Emerging Markets index gaining 7.33%, marking the strongest performance since April 2020 at the onset of the Covid-19 pandemic, showcasing increased investor confidence in developing economies.
Bitcoin Surpasses Gold as a Store of Value
- Market Performance Comparison: Over the past 12 months, gold-backed stablecoins like PAX Gold and Tether Gold have surpassed a market cap of $5 billion, indicating their potential as digital gold and possibly impacting Bitcoin's market position.
- Crisis Performance: According to a report by BlackRock, Bitcoin typically outperforms gold over a 60-day period, even though gold may perform better in the first 10 days of a crisis, suggesting Bitcoin's appeal as a long-term investment.
- Geopolitical Impact: Since the outbreak of conflict in the Middle East on February 28, Bitcoin has surged nearly 20%, while gold has declined by 2%, reflecting increased investor confidence in Bitcoin as a more valuable asset during turmoil.
- Long-Term Return Comparison: While gold has risen 149% over the past five years and Bitcoin only 42%, Bitcoin's staggering return of 131,960,000% since its launch in 2009 highlights its unique advantages as an investment.
Bitcoin Surges Amid Geopolitical Turmoil, Outperforming Gold
- Bitcoin Outperformance: Bitcoin has surged nearly 20% since the outbreak of hostilities in the Middle East on February 28, contrasting with a 2% decline in gold, indicating an increasing ability of Bitcoin to serve as a store of value during crises.
- Market Trend Shift: A report from BlackRock reveals that Bitcoin typically outperforms gold over a 60-day period during crises, despite gold's initial advantage in the first 10 days, suggesting growing investor confidence in Bitcoin's resilience.
- Capital Inflows: Continuous inflows into Bitcoin spot ETFs indicate that investors are not deterred by Bitcoin's volatility; rather, they view it as a safer investment compared to gold, further driving up Bitcoin's price.
- Long-Term Investment Returns: While gold has risen 149% over the past five years, Bitcoin has skyrocketed by an astonishing 131,960,000% since its launch in 2009, highlighting Bitcoin's superior long-term investment appeal, especially amid increasing macroeconomic uncertainties.
BlackRock to Invest in Indian Dollar Bond Issuance
- Investment Scale: BlackRock plans to invest between $100 million and $200 million in a dollar bond issued by Goswami Infratech, a unit of India's Shapoorji Pallonji Group, through an Asia-focused fund, which is expected to bolster confidence among other investors and enhance market activity.
- Fundraising Target: Goswami Infratech aims to raise approximately $3 billion, with $750 million to $950 million coming from this dollar bond issuance, while the remainder will be financed through rupee-denominated debt, indicating the company's focus on diversifying its funding sources.
- Market Reaction: Despite delays in Goswami Infratech's fundraising plans due to surging rupee hedging costs, BlackRock's involvement could attract other large funds, further increasing the bond's market acceptance and potential investor interest.
- Credit Rating Change: CareEdge Ratings downgraded Goswami Infratech's bonds from BB- to B+, reflecting the risks associated with the group's fundraising delays, which may impact future financing costs and investor confidence.
Skyroot Aerospace Achieves $1 Billion Valuation with New Funding
- Successful Funding: Skyroot Aerospace secured $60 million in funding from Singapore's GIC and Silicon Valley's Sherpalo Ventures, raising its total capital to $160 million and becoming India's first space company to achieve a $1 billion valuation, reflecting strong investor confidence in the Indian space sector.
- Market Signal: Retired Lieutenant General AK Bhatt noted that this funding and valuation send a strong signal to global investors about the credibility of India's space sector, potentially attracting more international investment.
- Launch Preparations: Skyroot is preparing for the maiden launch of Vikram-1, India's first privately developed orbital rocket, which is expected to fill the gap left by the Indian Space Research Organisation (ISRO) following consecutive launch failures, thereby promoting the growth of the private space market.
- Expansion Plans: The company plans to use the new funding to increase the frequency of Vikram-1 launches, expand its manufacturing capacity, and advance the development of Vikram-2, further solidifying its leading position in the Indian space market.
