On September 24, 2024, BlackRock's Robbie Mitchnick stated that Bitcoin is misclassified as a 'risk-on' asset, emphasizing its unique role as a global alternative currency. BlackRock's Bitcoin ETF, iShares Bitcoin Trust, currently allows for direct investment in Bitcoin, despite minor operational adjustments with Coinbase.
In a separate analysis, crypto analyst PlanB predicts Bitcoin could soar to $1 million by the end of 2025, contingent on political developments and market conditions.
Meanwhile, Hong Kong's attempt to establish a spot ETF market for Bitcoin and Ethereum has encountered challenges. Launched on April 30, the six virtual asset ETFs initially raised $248 million but have since seen a decline in trading volumes and net outflows, with total assets under management reaching only approximately $264 million.
In contrast, U.S. spot Bitcoin ETFs have amassed around $51.4 billion in assets within nine months. As of now, Bitcoin is trading at $63,100, reflecting a 0.3% decrease over the last 24 hours.