While Bitcoin ETFs have been hailed as Wall Street’s embrace of cryptocurrency, new data reveals the market’s surprising fragility. BlackRock’s iShares Bitcoin Trust (IBIT) alone accounts for more than the entire net inflows of all US Bitcoin ETFs combined, single-handedly keeping the sector in positive territory and masking what would otherwise be a story of institutional retreat rather than adoption.
about BlackRock's IBIT Dominates Bitcoin ETF Market AloneGrayscale Bitcoin Trust (GBTC)
0 in Finance and 0 in Crypto last weekDCG Sues Genesis Over $105M Promissory Note Dispute
DCG is suing Genesis Global Capital to recover $105 million linked to a $1.1 billion promissory note issued after Three Arrows Capital’s (3AC) collapse. Genesis had lent $2.36 billion to 3AC, which defaulted, prompting DCG to issue the note in 2022 to stabilize Genesis. DCG now claims that recoveries from 3AC’s collateral, including Grayscale Bitcoin Trust shares, have nullified the debt, while Genesis disputes this, arguing DCG is reneging on contractual obligations. The lawsuit adds to existing legal tensions, as Genesis previously accused DCG of fraud in a separate $3.1 billion case.
about DCG Sues Genesis Over $105M Promissory Note DisputeWisconsin Divests $321M in BlackRock Bitcoin ETF
The State of Wisconsin Investment Board (SWIB) has exited its $321 million position in BlackRock’s iShares Bitcoin Trust (IBIT), marking a sharp reversal from its early adoption of spot Bitcoin ETFs in 2024. SWIB had initially invested $99.2 million in IBIT and $64 million in Grayscale’s GBTC following SEC approval, later increasing its IBIT holdings to 2.9 million shares. While SWIB retains stakes in Coinbase, Robinhood, and Marathon Digital, its Bitcoin ETF divestment contrasts with Goldman Sachs’ aggressive accumulation of IBIT—now holding $1.4 billion worth. IBIT remains the dominant spot Bitcoin ETF despite Wisconsin’s exit, recently ending a 20-day $5 billion inflow streak.
about Wisconsin Divests $321M in BlackRock Bitcoin ETF