BlackRock deposits $616M in Bitcoin and $200M in Ethereum into Coinbase

The Abu Dhabi Investment Council significantly increased its investment in Bitcoin during the third quarter, tripling its stake in BlackRock’s iShares Bitcoin Trust to nearly 8 million shares. This move reflects the council's view of Bitcoin as a long-term digital asset akin to gold.

BlackRock's iShares Bitcoin Trust (IBIT) experienced a significant net outflow of $523 million on Tuesday, marking its largest single-day withdrawal since inception. This development reflects a growing caution among investors in the cryptocurrency market amid ongoing volatility.

Coinbase has launched decentralized exchange (DEX) trading in Brazil, expanding its vision of becoming an 'everything app.' This move aligns with the growing acceptance of cryptocurrency in the region and aims to enhance user engagement by offering a broader range of services.

CryptoQuant CEO Ki Young Ju has identified a realized price level of $56,000 for Bitcoin amid its current correction. He clarified that this figure should not be interpreted as a definitive bottom, emphasizing that market conditions and sentiment could lead to price fluctuations. Ju's analysis categorizes the market into futures, spot, and on-chain segments, noting a shift from futures whales to retail dominance in trading activity.

US Bitcoin ETFs are experiencing significant outflows nearing $3 billion in November, with BlackRock leading the trend with record outflows of $523 million. This decline is attributed to a fresh death cross in market indicators, diminishing expectations for Federal Reserve rate cuts, and a general negative sentiment among investors.

BlackRock's Bitcoin ETF, IBIT, has recorded a significant one-day outflow of $523.2 million, reflecting a negative sentiment in the cryptocurrency market. This outflow indicates a cautious approach from investors amid ongoing market volatility. The decline in investor confidence is evident as the ETF faces challenges in maintaining its value.

Leaked screenshots indicate that Coinbase is developing a prediction markets platform utilizing Kalshi's regulated infrastructure. The images, shared by tech researcher Jane Manchun Wong, suggest that Coinbase is creating a dedicated website for this new service, which could enhance its offerings in the cryptocurrency sector.

Kraken, a US-based cryptocurrency exchange, has secured a $200 million investment from Citadel Securities, leading to a valuation of $20 billion. This investment is part of Kraken's growth strategy, with Citadel expressing commitment to collaborate on risk management and market structure analysis. This funding follows a previous round in September where Kraken raised $600 million at a $15 billion valuation.