Bitcoin ETFs have become very popular ways for people to get some exposure to Bitcoin, which positioned BlackRock as a major player in the BTC ecosystem. Meanwhile, experts believe that Bitcoin's expanding ecosystem will drive the next bull run, and could potentially elevate BTC to six-figure valuations. Alternative networks like Cardano are also boosting Bitcoin’s ecosystem with innovations like Aiken and Grail Bridge, which could only add to the crypto king’s bullish momentum.  BlackRock Hits 400,000 Bitcoin Mark BlackRock's recent Bitcoin (BTC) acquisitions set a new record as the asset management firm now holds more than 400,000 BTC, which is valued at close to $26.98 billion. Over the last two weeks alone, BlackRock bought an additional 34,085 BTC, worth about $2.3 billion. The surge in Bitcoin holdings aligns with the growing trend of institutional investment through Bitcoin ETFs, and BlackRock's fund acts as an attractive option for BTC ownership among institutional players.

iShares Bitcoin Trust Holdings (Source: Lookonchain) Bitcoin ETFs are increasingly becoming the preferred method for traditional finance firms to get some exposure to Bitcoin. Now, BlackRock's rapid buildup in BTC holdings is raising some questions about the firm’s potential influence over the Bitcoin ecosystem.  Speculation is stirring about whether BlackRock could, in the future, try to fork the Bitcoin blockchain to establish a version that is more aligned with its interests. While many see this as improbable or even conspiratorial, the sheer size of BlackRock’s stake does provoke debate about the implications for Bitcoin’s decentralized ethos.

BTC pricevs iShares Bitcoin Trust holdings (Source: Lookonchain) At the same time, BlackRock's influence may face counterpoints from other major players in the Bitcoin landscape. Competitors like Michael Saylor’s MicroStrategy and larger mining firms, along with millions of individual BTC holders, constitute a decentralized force in the ecosystem. While BlackRock’s reach is undeniably vast, only time will tell whether other stakeholders in the Bitcoin community can collectively balance the asset manager’s influence. 

Learn / Explained

How to Buy Shiba Inu Coin: A Simple Guide for Investors and Traders 6min read October 26, 2024 Riley Asak

Bitcoin Will Drive the Next Bull Run As the crypto world speculates on what could drive the next bull run, one voice suggests the focus may be on Bitcoin itself. Mati Greenspan, the founder of Quantum Economics, believes the upcoming surge will center on Bitcoin and its emerging layer 2 technologies.  Greenspan explained that the “Bitcoin first” narrative gained a lot of momentum since the Taproot upgrade in late 2021, which enabled much more sophisticated decentralized finance (DeFi) and NFT applications on the Bitcoin network. He believes this development could push Bitcoin’s price to $100,000 in 2024, especially if a pro-crypto candidate wins the US presidential election. Bitcoin millionaire Erik Finman agrees with this sentiment, and stated that a Trump victory could propel Bitcoin to six-figure valuations during his term. However, Greenspan is less optimistic about Ethereum. He believes the presence of scalable and more cost-effective alternatives makes it more difficult to build a bullish case for the network. Bitcoin’s market cap also recently outpaced Ethereum’s by over $1 trillion, which he thinks suggests a shift in market interest.

Historically, bull markets often started with Bitcoin reaching new peaks, which subsequently redirects capital into altcoins as traders look for higher returns. This trend may repeat as Bitcoin’s dominance grows, but there is still some skepticism around speculative tokens like AI-driven meme coins.  Greenspan is especially cautious about Goatseus Maximus (GOAT), a recent meme coin that surged after an endorsement from AI bot Truth Terminal. It reached a $688 million valuation within days of its launch. While meme coins can perform well in the short term, Greenspan still warned investors to thoroughly assess the project’s fundamentals, team, and supply-demand dynamics before committing. He also encouraged traders to evaluate whether the coin’s purpose is actually unique and why existing networks like Bitcoin or Ethereum couldn’t achieve similar goals.

Learn / Explained

How to Earn Cryptocurrency Watching Videos: A Guide to Monetizing Your Screen Time 6min read October 26, 2024 Riley Asak

Bitcoin Meets Cardano Charles Hoskinson, the founder of Cardano, may also believe that the answer for the next bull run lies in Bitcoin as he recently unveiled a bold initiative to improve Bitcoin’s ecosystem by reviving the Bitcoin Education Project in 2025 to provide advanced resources for Bitcoin developers. The project was originally launched in 2013, and offered free, peer-reviewed content about Bitcoin and digital assets. Now, Hoskinson is relaunching it with the new edition of his educational course. He also promised to update past content and add tools for developers who are interested in building applications on the Bitcoin network.

A key part of this initiative includes integrating Aiken, which is a modern programming language that was developed for Cardano, to support Bitcoin developers. Aiken will be hosted on Maestro and hyperledger GitHub, offering an extended toolkit that allows developers to create smart contracts on Bitcoin.  Hoskinson also pointed out that with the introduction of “babel fees,” developers can use Aiken to create hybrid applications bridging Bitcoin and Cardano, even paying transaction fees in Bitcoin. He believes this new phase of development could bring DeFi to Bitcoin, which could allow it to potentially surpass the impact seen on Ethereum and Solana. Cardano is also integrating with the BitcoinOS Grail Bridge to introduce decentralized programmability and scalability to Bitcoin. Through a partnership with EMURGO, which is Cardano’s founding entity, and BOS, the Grail Bridge enables trustless bridging of BTC and other assets. 

By using zero-knowledge cryptography, Grail Bridge offers Bitcoin users a secure way to move their assets while tapping into Cardano’s advanced liquidity options. This integration makes Cardano the first major layer 1 blockchain to connect with BOS, which allows it to extend its range of crypto features to Bitcoin’s vast capital. 12 Years Since Last Sub-$10 Price Bitcoin recently reached a very nostalgic milestone, as it has now been 12 years since the last time it traded below $10. This fact was shared by Bitcoin historian Pete Rizzo, who created a wave of reflection among crypto enthusiasts on social media after sharing the exponential growth Bitcoin has seen since its early days. Those who invested in Bitcoin back then witnessed life-changing returns as its value soared from under $10 to almost $74,000 at its peak.

A great example of Bitcoin’s growth surfaced on Oct. 25, when a dormant address that holds 400 BTC, which was initially valued at around $2,149 in 2012, was activated. Today, those 400 BTC are worth over $27 million.  At press time, Bitcoin’s price was trading at around $67,680 after its price managed a 0.78% climb over the past 24 hours of trading, according to CoinMarketCap. BTC’s price did this despite the broader crypto market showing some volatility after news that US authorities are investigating stablecoin issuer Tether for potential sanctions and anti-money laundering violations.

BTC’s price over the years (Source: CoinMarketCap) Amid this, market sentiment remains optimistic about Bitcoin’s near-term performance. Many analysts are watching the potential golden cross setup, with the 50-day simple moving average (SMA) on the verge of crossing above the 200-day SMA. Historically, golden crosses preceded bullish periods for Bitcoin.