BlackRock launches Bitcoin spot ETF in Brazil

On Mar 1, 2024

The First Bitcoin spot ETF product by BlackRock has been launched in Brazil with the help of a traditional giant market player.

Bitcoin spot ETF products allow stock investors to invest in Bitcoin directly via stock assets trading platforms. In Jan of this year, a dozen of such products were approved by the United States Securities and Exchange Commission (SEC).

BlackRock, the world’s top fund manager company, provides Bitcoin investment service via its Bitcoin spot ETF product called iShares Bitcoin Trust ETF.

Under the partnership with Brazilian stock exchange operator B3, BlackRock launched BDR of the iShares Bitcoin Trust ETF in Brazil.

BlackRock, the world's largest asset manager, announced this Thursday the launch of the BDR of the iShares Bitcoin Trust ETF in Brazil, in partnership with the country's stock exchange operator, B3. This is the same Bitcoin ETF launched in the United States in January and the…
— Wu Blockchain (@WuBlockchain) February 29, 2024

This is a very great moment for the Bitcoin market because in the present time market is in the bull phase & such developments will help to inject more investment into it to give another additional push for the Bitcoin rally.

In the initial phase of the BDR launch, only particular numbers of investors are allowed to invest. After a few weeks, it will be available for all retail investors.

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On 1 March 2024, the total Bitcoin spot ETF trade volume surpassed $4.69 billion, which is itself a very big achievement for the Bitcoin market over other money markets.

JUST IN: Total spot #Bitcoin ETF trading volume surpasses $4.69 billion today:

• BlackRock: $1,881,560,590
• Grayscale: $1,360,694,512
• Fidelity: $1,006,042,968
• ARK Invest: $193,745,064
• Bitwise: $151,093,710
• Invesco: $46,948,701
• VanEck: $23,374,814
• WisdomTree:…
— Watcher.Guru (@WatcherGuru) February 29, 2024

Some crypto enthusiasts said that it is not very big Bitcoin-related development in Brazil because already Brazilian financial regulatory bodies approved Bitcoin spot ETF products in 2021.

Interesting, but it won't change much.

Brazil approved a spot #Bitcoin ETF in 2021, so Brazilian market has had access to Bitcoin via ETF for years.

Ticker is #QBTC11 https://t.co/M7JqeN1zh0 https://t.co/ukQkzuZ2PQ
— Patrick Flood, CFA (@LatamStocks) February 29, 2024

Because of the high amount of inflow of money in the Bitcoin market by stock market players via Bitcoin spot ETF products, the demand for Bitcoin is very high over the birth of new Bitcoin per day.

"With #Bitcoin right now … there is too much demand and not enough supply." – Matt Hougan, CIO Bitwise pic.twitter.com/1B0joUQ1Pp
— Michael Saylor⚡️ (@saylor) February 29, 2024

However this is a great moment for the Bitcoin market but some Veteran Bitcoin traders said that Bitcoin will show a very big correction in the trade price, once it starts to show a downfall because huge money outflows take place in a short time.