BLACKROCK SAYS BITCOIN IS GOING HIGHER & BIG RIPPLE XRP RLUSD NEWS!

**Tony Edward** (0:05)
Hey everyone, welcome into the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host, Tony Edward. On your way in, please hit that subscribe button, as well as the thumbs up button, and leave a comment below. If you're listening on a podcast platform, such as Spotify or Apple, please leave a five-star rating and review. All right, folks, so today BlackRock's Bitcoin income ETF went live, and this is significant. We know BlackRock has the largest Bitcoin ETF, and now they're adding a yield product, which I think is going to track a lot of inflows, as Wall Street is always looking for inflows, and BlackRock has the brand as the world's largest asset manager.
So opening for trade on Tuesday, BlackRock's newest Bitcoin Exchange traded fund, the Bitcoin Premium Income Fund, is less about market timing and more about meeting a growing range of investor needs as the asset class matures. According to Jay Jacobs, the firm's US head of equity, ETS. Here's a quote, This is something we had as an idea for a while. Jacobs told CoinDesk in an interview, Irrespective of market conditions, you've seen that there are investors across the spectrum looking to generate some amount of income off of still having a mostly large, mostly long position to Bitcoin.
So this is something we want to monitor and see what the inflows look like. Obviously, they're launching it in a bear market, but this may be a great time because if the asset is just sitting there, folks can earn income off of it, or a yield, I should say. So this is really, really great. And in fact, BlackRock's Chief Investment Officer Rick Rieder was on Bloomberg and he said Bitcoin is ultimately going considerably higher. Let me play the clip for you.

**SPEAKER_3** (1:50)
One of your mutual funds, I believe, still owns a little bit of iBit, Bitcoin. And you're one of the early people inside BlackRock to get into it. It's now sold off 50 percent.
Is it a buy now or are you going to wait more?

**Rick Rieder** (2:03)
Well, these are specific questions.
Listen, I think it's ultimately going considerably higher. I think the technicals, there's some technical condition around it that causes it to chop around. I think it's ultimately going higher. We're keeping it a pretty moderate exposure, quite frankly, because I think there's some other things that we already talked about in technology and some of the growth engines. By the way, there are places to get yield and things like some parts of the credit markets, EM, that I felt like it's just okay today and so we've reduced exposure. Ultimately, I think it's going higher.

**Tony Edward** (2:32)
So there you have it. We have to have the macro view. I think that's what BlackRock has and they're obviously allocating a lot of their clients funds to their Bitcoin and Ethereum ETF product and obviously now they have the Bitcoin premium income ETF. So the market cycles are playing out and again, we are still in a bear market. Obviously, yesterday I showed you guys on the chart that a bullish divergence is forming on the weekly chart, but we got to give it time. It has to play out, right? The market has to do its thing. So let's see if we continue to go higher, possibly up to about $76,000 or so before potentially rolling over to lower lows. I'm not saying that's guaranteed, but that's a scenario you cannot rule out or the bottom is in and we are going to slowly and steadily grind our way upwards.
I don't think this is going to be a move to new all-time highs, so just make sure you have those expectations. I'm personally accumulating, even if there's one more move downwards, that's okay. We've dropped more than 50 percent here. So I consider this the bottom zone where it's a really great accumulation opportunity. Now, a lot of the big money folks continue to buy to dip. So Bitcoin miner Mara bought 1,000 Bitcoin worth $66.7 million.
We've been seeing Michael Saylor and other Bitcoin treasury companies have been buying as well.
And here we got a report that Bitcoin buyers add over 250,000 Bitcoin between $59,000 and $67,000 as accumulation returns. So this is per Glassnode data, the on-chain metric. So a lot of whale buying, a lot of big money buying here. So they've been doing this since June 5th. So that's a very good sign. Again, doesn't mean we're going to pump to the moon tomorrow. But it's going to be the slow steady move here. And obviously, expect volatility. Tomorrow is an FOMC hearing with the new Fed Chair, Kevin Warsh. So let's see what news we get and what impact that has on the markets.