BTC’s ‘Upcoming’ $110K Call, BlackRock’s $1.1B Earnings Day & More: Hodler’s Digest November 3

The main news of the week

BTC Investors Pour $1.1B into BlackRock ETF as Bitcoin Hits Another High

BlackRock, the world's largest asset manager, has raised more than $1 billion in proceeds from its bitcoin exchange-traded fund (ETF), as bitcoin continues to break all-time highs.

In the year BlackRock's iShares Bitcoin Trust ETF (IBIT) added $1.1 billion in inflows on Nov. 7, marking the second consecutive day that inflows recovered to a total of $113.3 million, according to Farside data.

Bitcoin hit another all-time high on the day, hitting $76,943, according to CoinMarketCap data.

IBIT revenues represented approximately 82% of the revenue flows of 11 US-listed Bitcoin ETFs on the day, which totaled $1.34 billion.

The Fidelity Wise Origin Bitcoin Fund saw the second highest return at $190.9 million, followed by the ARK 21Shares Bitcoin ETF ( ARKB ) at $17.6 million.

Michigan Pension Fund Maintains Bitcoin ETF Investment, Adds Ether ETFs

According to a filing with the United States Securities and Exchange Commission (SEC), the Michigan State Retirement System has increased its exposure to ether exchange-traded funds (ETFs).

In a Nov. 4 SEC filing, Michigan's state pension fund disclosed it owns 460,000 shares of Grayscale Ethereum Trust and 460,000 shares of asset manager Ethereum Mini Trust. The investment, reported for September 30, was added to the fund's previous exposure to the ARK 21Shares Bitcoin ETF.

At the time of publication, the total value of Bitcoin investments if Michigan retained its holdings was approximately $18 million. The 110,000 shares of ARK 21Shares Bitcoin ETF, held by the pension fund, rose by nearly $1 million after a report on June 30.

Pakistan moves to regulate cryptocurrency, CBCCs as legal tender

The State Bank of Pakistan (SBP) on November 4 announced a package of policy proposals that, if adopted, would legalize digital assets such as cryptocurrencies as legal tender across the country.

In a meeting chaired by SBP Governor Jamil Ahmed, the bank's monetary policy committee has reportedly proposed a permanent policy amendment that would allow state-owned banks to issue digital currency. The proposed amendments also impose penalties on digital currency issuers operating without a license.

While the proposals still need approval at the next level of government, if passed, it could pave the way for a central bank digital currency — akin to a government-issued digital rupee.

2024 US election: Trump elected US president for the second time

The cryptocurrency community is celebrating former President Donald Trump's victory in the 2024 United States presidential election.

Trump, the Republican candidate, announced his victory on election night, Nov. 6, promising to usher in a “golden age” for America.

“I'm very happy to be your 47th and 45th president,” Trump said in what sounded like a victory speech.

Trump's victory is a promising sign for the cryptocurrency industry in the US, as Trump has repeatedly expressed support for crypto and positioned himself as a pro-crypto candidate.

Trump has repeatedly promised to end the war on crypto if elected, and has vowed to make America the “crypto capital of the planet” if he wins the presidential election.

After Trump's win, US lawmakers doubled down on crypto hopes.

In her first post-election message, Wyoming Senator Cynthia Lammis reiterated her plan to “build a systematic bitcoin reserve” to US lawmakers.

In a Nov. 6 post, Senator Lummis said she intends to move forward with her plan to establish a Bitcoin reserve. The Wyoming Republican introduced the Bitcoin Act in July to give the US government 1 million BTC — about 5% of the total supply — and hold it for at least 20 years.

With Republicans expected to have a majority in the U.S. Senate after flipping three seats on Election Day, Lammis and her colleagues could get the votes they need to enact the plan. The bill she proposed suggested that the US government should not sell bitcoins held by then-presidential candidate Donald Trump.

Winners and losers

At the end of the week, Bitcoin (BTC) at $75,944, Ether (ETH) at $2,933 and XRP at $0.55. According to CoinMarketCap, the total market cap is $2.51 trillion.

Among the top 100 cryptocurrencies, the top three altcoin gainers for the week were Nero (the original Nero on Ethereum) at 59.03%, Cronos (CRO) at 51.83% and Goatseus Maximus (GOAT) at 41.13%.

The top three altcoin losers of the week were Kaia (KAIA) with 11.87%, MANTRA (OM) with 5.45% and Kaspa (KAS) with 4.74%. Be sure to read Cointelegraph's market analysis for more information on crypto prices.

The most memorable quotes

“50% Chance Bitcoin Won't Trade Below 60K.”

Alex Kruger, economist and businessman

“Being a chair is a tough, thankless, sad job, tbh. Some commissioners may want him (Uyeda), while others may feel they've done their time and are ready to move on to greener pastures.”

Jake Chervinsky, crypto attorney and chief legal officer at Exchange

Unlike financial companies, Polymarket does not target French users, but ANJ has the power to block the platform.

William O'Rourke, Partner at ORWL Advocates

We believe that AI will be a key theme re-moving global technology stocks in 2024 and the rest of the decade.

UBS, an asset management and financial services company

“Since the regulatory environment is likely to be pro-crypto, we could see an ETH ETF approved at the beginning of this new administration, which fully utilizes the benefits of ETH as an asset.”

Edward Wilson, analyst at Nanson

“I think crypto adoption is definitely something that makes Telegram stand out from other social media, and that's one of the reasons why we really want to move closer to an open network ecosystem.

Gracie Chen, CEO of Bitget

Top forecast of the week

Bitcoin Price Rally To $110K ‘Revenue' After Positive Coinbase Premium, Trump Victory – Analyst

Bitcoin hit an all-time high of $75,358 after rallying 7.23% on a four-hour candlestick. The bullishness was accompanied by Donald Trump's victory in the United States presidential election on November 5.

As the US elections wrap up with a “pro-crypto” president on board, a crypto analyst has reiterated his Bitcoin price target above $100,000 in the coming weeks.

Just hours after the US election results, Titan of Crypto, an anonymous independent trader, highlighted a long-term cup and handle pattern for Bitcoin, which is currently experiencing a successful bullish crash.

The cup and handle pattern has a high success rate of 95% in bullish market conditions and can generate 54% profit from the average of the paid range.

In addition, the trader has a BTC “coming” price target of $110,000, a 47% return on investment (ROI) from the current price of $75,000.

FUD of the week

WonderFi CEO Kidnapped, Forced to Pay $1M Ransom: Report

The CEO of Toronto crypto company WonderFi Technologies has been kidnapped and forced to pay a $1 million ransom, the Canadian Broadcasting Corporation reported on November 7.

Dean Skurka was forced into a car in downtown Toronto during rush hour on Nov. 6. He made a $1 million wire transfer to get out of jail, a source close to the investigation told CBC.

Skurka confirmed in an email that he was involved in the November 6 incident, but that it was safe and his company's funds and data were reportedly unaffected.

Police say the investigation is ongoing and have not released any further details, the CBC said.

California revokes blockchain loan license after 2 years of bankruptcy

The California Department of Financial Protection and Innovation (DFPI) has permanently revoked the license of collapsed cryptocurrency lender Block two years after its license.

Announcing the news on November 7, California's DFPI said the license revocation comes after the regulator investigated the suspension of Blockchain's license in November 2022.

BlockFi has agreed to revoke its license and has entered into an agreement to cease and desist from infringing and to cease dangerous practices, DFPI said.

After suspending BlockFi's license two years ago, DFPI decided to revoke it entirely after finding that the company had violated the California Financing Law (CFL).

BlockFi violated the CFL by failing to consider borrowers' ability to repay their loans and prepaying borrowers interest. The bankrupt crypto-lending platform was unable to provide credit advice to users and report payment performance to credit bureaus.

Former Alameda Research CEO to serve 2 years in prison

Former Alameda Research CEO Caroline Ellison is set to serve a two-year sentence for her role in the crimes at cryptocurrency exchange FTX. She is expected to report to prison on November 7.

At the time of publication, the federal prisons website said Ellison was not in custody, but provided an inmate number and her age, race and gender. On September 24, Judge Lewis Kaplan of the United States Southern District of New York sentenced Ellison to two years in prison, expected to be served before November 7.

According to Judge Kaplan, the BOP ordered Ellison to appear at the correctional facility on November 7th before 2:00 p.m. The former Alameda CEO is expected to surrender at a small conservation facility near Boston. A federal penitentiary in Danbury, Connecticut that houses both male and female inmates.

Magazine stories of the week

Real Life Agriculture: How Tokenization Is Changing Lives in Africa.

More than half of Africa's population depends on agriculture. Now, blockchain and crypto are opening new opportunities for them.

Asian Crypto Traders Profit From Trump Win, China's 2025 CBDC Deadline: Asia Express

How Asia's crypto industry reacts to Trump's election, China's digital yuan push resumes, Korean companies wait for crypto accounts and more.

AI agents give retail crypto traders an edge Giulio Xiloyannis, Flame X Hall

AI agents won't change the fact that “trading is a zero-sum game,” but they could give ordinary crypto traders an edge, Giulio Xiloyannis said.

Editorial staff

Cointelegraph magazine writers and reporters contributed to this article.