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 Launches Staked Ethereum ETF for Income Generation
- New Product Launch: BlackRock's iShares Staked Ethereum Trust ETF (ETHB) allows investors to generate income by staking a portion of their ether (ETH) holdings, further enriching its digital asset investment offerings.
- Market Scale: The launch of ETHB signifies BlackRock's expansion in the digital asset space, following the iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA), which boast over $55 billion and $6.5 billion in assets under management, respectively.
- Fee Structure: The new ETF carries a 0.25% management fee, but offers a one-year waiver that reduces the fee to 0.12% on the first $2.5 billion in assets under management, which is likely to attract more investor interest and participation.
- Diversified Investment Options: By providing both direct exposure to ether (ETHA) and a staked option (ETHB), BlackRock offers investors a broader range of choices, aiming to cater to varying risk appetites among investors.
BlackRock CEO: Limited Economic Impact from Iran Conflict
- Oil Price Forecast: BlackRock CEO Larry Fink believes that despite rising oil prices, the ongoing Iran conflict will not have lasting economic consequences, predicting that oil prices could drop below $50 once the conflict ends, which could stabilize the global market.
- Market Volatility Response: Fink emphasized that the majority of the $14.5 trillion managed by BlackRock is long-term investments, thus short-term market fluctuations have minimal impact on their strategy, advising investors to remain patient and avoid hasty decisions in the current environment.
- Investment Opportunities: He encouraged investors to buy more in the current market, labeling it a good long-term opportunity, and despite recent volatility in oil prices, he anticipates a market rebound in the coming months, particularly into late March and April.
- Geopolitical Risks: As tensions in the Strait of Hormuz escalate, an Iranian military spokesperson warned that oil prices could exceed $200 per barrel, highlighting the instability in regional security that could significantly impact the global oil market.
BlackRock Launches Ethereum Trust ETF for Income Generation
- New Product Launch: BlackRock has introduced the iShares Staked Ethereum Trust ETF (ETHB), which combines exposure to spot Ethereum with income potential through staking a portion of its holdings, thereby enriching its digital asset product lineup.
- Market Expansion: The launch of ETHB increases BlackRock's digital asset management to approximately $130 billion, encompassing cryptoasset ETPs, tokenized liquidity funds, and stablecoin reserve management, underscoring its leadership in the digital asset space.
- Fee Structure Optimization: ETHB carries a 0.25% management fee, waived to 0.12% for the first 12 months, which not only lowers the investment threshold but may also attract more investors, potentially driving asset growth.
- Strategic Implications: As Ethereum solidifies its position as the world's second-largest digital asset, the introduction of ETHB not only meets investor demand for digital assets but also establishes a foundation for BlackRock's long-term growth in blockchain technology and decentralized applications.
Morgan Stanley Private Credit Fund Limits Withdrawals Amid Stock Market Decline.
Morgan Stanley's Action: Morgan Stanley's investment management division has capped withdrawals from a private credit fund due to a surge in redemption requests from investors.
Investor Communication: The firm communicated this decision to investors through a letter sent on Wednesday evening, indicating the challenges faced in managing the fund.
Market Context: This move aligns with a broader trend among asset managers responding to increased withdrawal demands amid market volatility.
Implications for Investors: Investors may face limitations on accessing their funds, reflecting the tightening liquidity conditions in the private credit market.
Private Credit Market Faces Critical Liquidity Test
- Liquidity Restrictions: Morgan Stanley has restricted redemptions from its North Haven Private Income Fund after investors sought to withdraw nearly 11% of shares, fulfilling only 45.8% of those requests, indicating tightening liquidity in the market.
- BlackRock Fund Redemption Limits: BlackRock has limited withdrawals from its $26 billion HLEND fund after redemption requests reached 9.3% of net asset value, raising concerns among investors, yet this measure is viewed as necessary to protect long-term value.
- Loan Value Adjustments: JPMorgan has reportedly reduced the value of certain loans to private credit funds amid market turmoil, reflecting the potential impact of AI on software earnings and exacerbating market uncertainty.
- Economic Outlook Analysis: Despite the surge in withdrawals, analysts view the U.S. economy as an “oasis” compared to global peers, with anticipated Federal Reserve rate cuts expected to alleviate pressure on variable-rate loans, making a worst-case 15% default scenario unlikely.
Concerns Rise Over Private Credit Market Risks
- Liquidity Concerns Intensify: Following JPMorgan's reduction of collateral values for some private credit clients, fears of a liquidity crisis have escalated, although industry experts suggest these concerns may be overstated, indicating a cautious market sentiment.
- Investor Redemption Wave: Retail investors have been pulling money from various private credit funds, particularly Blue Owl Capital and Blackstone, leading to increased redemption requests that reflect declining investor confidence and could impact the liquidity of these funds.
- Market Structure Risks: Goldman Sachs estimates that approximately 80% of the direct lending market is held in long-duration funds, separately managed accounts, and publicly traded business development companies, which typically do not allow for on-demand capital withdrawals, thereby limiting overall ecosystem risks.
- Concentration Issues: About $220 billion in assets are concentrated in retail-focused evergreen funds, which have rapidly grown among yield-seeking investors; however, concerns over loans to software companies have intensified, potentially leading to greater risk exposure.
BlackRock Launches Staked Ethereum ETF for Income Generation
- New Product Launch: BlackRock's iShares Staked Ethereum Trust ETF (ETHB) allows investors to generate income by staking a portion of their ether (ETH) holdings, further enriching its digital asset investment offerings.
- Market Scale: The launch of ETHB signifies BlackRock's expansion in the digital asset space, following the iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA), which boast over $55 billion and $6.5 billion in assets under management, respectively.
- Fee Structure: The new ETF carries a 0.25% management fee, but offers a one-year waiver that reduces the fee to 0.12% on the first $2.5 billion in assets under management, which is likely to attract more investor interest and participation.
- Diversified Investment Options: By providing both direct exposure to ether (ETHA) and a staked option (ETHB), BlackRock offers investors a broader range of choices, aiming to cater to varying risk appetites among investors.
BlackRock CEO: Limited Economic Impact from Iran Conflict
- Oil Price Forecast: BlackRock CEO Larry Fink believes that despite rising oil prices, the ongoing Iran conflict will not have lasting economic consequences, predicting that oil prices could drop below $50 once the conflict ends, which could stabilize the global market.
- Market Volatility Response: Fink emphasized that the majority of the $14.5 trillion managed by BlackRock is long-term investments, thus short-term market fluctuations have minimal impact on their strategy, advising investors to remain patient and avoid hasty decisions in the current environment.
- Investment Opportunities: He encouraged investors to buy more in the current market, labeling it a good long-term opportunity, and despite recent volatility in oil prices, he anticipates a market rebound in the coming months, particularly into late March and April.
- Geopolitical Risks: As tensions in the Strait of Hormuz escalate, an Iranian military spokesperson warned that oil prices could exceed $200 per barrel, highlighting the instability in regional security that could significantly impact the global oil market.
BlackRock Launches Ethereum Trust ETF for Income Generation
- New Product Launch: BlackRock has introduced the iShares Staked Ethereum Trust ETF (ETHB), which combines exposure to spot Ethereum with income potential through staking a portion of its holdings, thereby enriching its digital asset product lineup.
- Market Expansion: The launch of ETHB increases BlackRock's digital asset management to approximately $130 billion, encompassing cryptoasset ETPs, tokenized liquidity funds, and stablecoin reserve management, underscoring its leadership in the digital asset space.
- Fee Structure Optimization: ETHB carries a 0.25% management fee, waived to 0.12% for the first 12 months, which not only lowers the investment threshold but may also attract more investors, potentially driving asset growth.
- Strategic Implications: As Ethereum solidifies its position as the world's second-largest digital asset, the introduction of ETHB not only meets investor demand for digital assets but also establishes a foundation for BlackRock's long-term growth in blockchain technology and decentralized applications.
Morgan Stanley Private Credit Fund Limits Withdrawals Amid Stock Market Decline.
Morgan Stanley's Action: Morgan Stanley's investment management division has capped withdrawals from a private credit fund due to a surge in redemption requests from investors.
Investor Communication: The firm communicated this decision to investors through a letter sent on Wednesday evening, indicating the challenges faced in managing the fund.
Market Context: This move aligns with a broader trend among asset managers responding to increased withdrawal demands amid market volatility.
Implications for Investors: Investors may face limitations on accessing their funds, reflecting the tightening liquidity conditions in the private credit market.
Private Credit Market Faces Critical Liquidity Test
- Liquidity Restrictions: Morgan Stanley has restricted redemptions from its North Haven Private Income Fund after investors sought to withdraw nearly 11% of shares, fulfilling only 45.8% of those requests, indicating tightening liquidity in the market.
- BlackRock Fund Redemption Limits: BlackRock has limited withdrawals from its $26 billion HLEND fund after redemption requests reached 9.3% of net asset value, raising concerns among investors, yet this measure is viewed as necessary to protect long-term value.
- Loan Value Adjustments: JPMorgan has reportedly reduced the value of certain loans to private credit funds amid market turmoil, reflecting the potential impact of AI on software earnings and exacerbating market uncertainty.
- Economic Outlook Analysis: Despite the surge in withdrawals, analysts view the U.S. economy as an “oasis” compared to global peers, with anticipated Federal Reserve rate cuts expected to alleviate pressure on variable-rate loans, making a worst-case 15% default scenario unlikely.
Concerns Rise Over Private Credit Market Risks
- Liquidity Concerns Intensify: Following JPMorgan's reduction of collateral values for some private credit clients, fears of a liquidity crisis have escalated, although industry experts suggest these concerns may be overstated, indicating a cautious market sentiment.
- Investor Redemption Wave: Retail investors have been pulling money from various private credit funds, particularly Blue Owl Capital and Blackstone, leading to increased redemption requests that reflect declining investor confidence and could impact the liquidity of these funds.
- Market Structure Risks: Goldman Sachs estimates that approximately 80% of the direct lending market is held in long-duration funds, separately managed accounts, and publicly traded business development companies, which typically do not allow for on-demand capital withdrawals, thereby limiting overall ecosystem risks.
- Concentration Issues: About $220 billion in assets are concentrated in retail-focused evergreen funds, which have rapidly grown among yield-seeking investors; however, concerns over loans to software companies have intensified, potentially leading to greater risk exposure.
