Crypto News- Ark Invest and 21Shares Collaborate with Chainlink: With the race heating up among spot Bitcoin exchange-traded fund (ETF) providers, individual fund managers are stepping up their game to entice more investors. Ark Investment Management LLC and 21Shares have made a strategic move by partnering with the Chainlink (LINK) network to enhance transparency, leveraging reduced operational costs for a competitive edge.
The integration of Chainlink’s proof of reserve into the ARK 21Shares Bitcoin ETF (ARKB) allows for the verification of holdings data, accessible to anyone through Chainlink’s oracles. This commitment to transparency from ARKB is anticipated to set a precedent for other spot Bitcoin ETF issuers. Similarly, Bitwise Bitcoin ETF (BITB) has followed suit by revealing its Bitcoin address for holdings transparency.
Ark Invest and 21Shares Collaborate with Chainlink to Reveal ARKB Spot Bitcoin ETF Reserves
Ophelia Snyder, co-founder and president at 21Shares, emphasized, “This collaboration enables us to provide unparalleled insight and security for ARKB investors’ holdings.”
The announcement coincided with a significant influx of funds into ARKB, accumulating over 33,247 Bitcoins valued at approximately $2 billion in Assets Under Management. Consequently, ARKB joins the ranks of BlackRock Inc.’s iShares Bitcoin Trust (IBIT), Grayscale Investment’s Grayscale Bitcoin Trust (GBTC), and Fidelity Wise Bitcoin Origin Bitcoin Fund (FBTC).
Spot Bitcoin ETF Launches Ignite Premature Crypto Bull Run
The approval of spot Bitcoin ETFs in the United States marks a pivotal moment for cryptocurrency adoption, enhancing overall crypto liquidity as more investors enter the market. The combined efforts of spot Bitcoin ETF issuers have led to a daily accumulation of around 10,000 Bitcoins, overshadowing the approximately 900 coins produced daily by miners.
As the fourth halving approaches, reducing annual inflation to below 1 percent, the supply-demand dynamics are poised to significantly impact Bitcoin’s price rally, expected to extend over the coming quarters.
Recent market data reveals a more than 9 percent surge in Bitcoin’s price in the past 24 hours, reaching a new yearly high of around $64,000. This positions Bitcoin well to revisit its all-time high (ATH) of approximately $69,000 in the days ahead, with no significant resistance levels after breaking through the $57,000 to $60,000 range.
Meanwhile, the altcoin market has also seen notable gains, fueled by analyst expectations of imminent approval for spot Ethereum ETFs in the coming months. With anticipated interest rate cuts by the US Fed later this year amid the 2024 elections, the ongoing crypto bull rally is poised to sustain for the next two years.
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