BlackRock’s aggressive accumulation of Bitcoin ($BTC) and Ethereum ($ETH) could soon position it as the top custodian of the world’s largest cryptocurrencies. The company is nipping at the heels of Binance, which currently holds the number one spot.
Prices of these coins could continue to rise as more ETFs and institutional investors stockpile them. This could see Bitcoin Hyper ($HYPER) get a boost from investors looking to take advantage of the speed and low transaction costs of its planned Bitcoin Layer 2.
BlackRock Accelerates $BTC, $ETH Accumulation
Over the past several months, BlackRock’s $BTC and $ETH ETFs have massively increased their coins in custody.
Based on Arkham data, its iShares Ethereum Trust ETF’s holdings grew from only 1.1M $ETH in January to 3.6M $ETH today.
Meanwhile, it expanded its iShares Bitcoin Trust ETF’s $BTC holdings from 228K at the start of the year to its present 745.5K.
This rapid accumulation of the top two coins has brought BlackRock’s ETFs much closer to the current leaders Binance (626.2K $BTC, 4.3M $ETH) and Coinbase (977.2K $BTC, 5.1M $ETH).
In addition, continued whale buys of these cryptocurrencies continue to reduce their liquid supply, which helps push their prices higher.
Higher prices, naturally, increase the attractiveness of the coins, so more traders buy or hold them.
This also shines a light on projects that build upon their respective chains, especially if they make transactions cheaper or expand a coin’s utility.
Bitcoin Hyper: Building the Next Phase of the Bitcoin Ecosystem
As the world’s top cryptocurrency, Bitcoin continues to attract investors of all sizes. However, it’s bogged down by fundamental issues such as slow transactions, which contribute to high fees. Also, $BTC has limited applications since it can’t be used for staking or interacting with dApps.
Fixing this isn’t a simple matter of rewriting Bitcoin’s underlying code, as that would weaken its security. This is where Bitcoin Hyper ($HYPER) comes in.
This project aims to create a Bitcoin Layer 2, which should bring Solana-level speeds, low transaction costs, and expanded utility to the Bitcoin ecosystem.
Think of it as a fast lane to Bitcoin’s heavily congested Layer 1.
When launched, you’ll be able to send your $BTC to the L2 via a Canonical Bridge. This creates a wrapped $BTC of the same value on the L2. You can then use this for things $BTC couldn’t do before, like trading and staking.
This high-speed environment is powered by a Solana Virtual Machine, which makes transactions significantly faster and cheaper than on the L1.
To ensure that the actual amount and value of your $BTC is up to date, the L2 regularly synchronizes with the L1. Then, if you want to bring your coin back to the base layer, simply withdraw it, and it will be sent to your Bitcoin wallet address.
To learn more about the project, check out our ‘What is Bitcoin Hyper’ page.
Bitcoin Hyper has the potential to change the Bitcoin ecosystem for the better, which has seen it raise nearly $12.5M to date and become one of this year’s best presales to invest in.
To get your $HYPER tokens, go to the official presale website or buy them via the Best Wallet app. Each one only costs $0.012815, making it a cheap and potentially profitable way to invest in the future of Bitcoin.
For more information, you can read our detailed guide on how to buy Bitcoin Hyper.
Staking is another option if you want to earn passive income from your $HYPER tokens. When you do, you’ll enjoy rewards at 89% p.a.
If you’re more of a long-term investor, Bitcoin Hyper’s promise as a Layer 2 could potentially result in healthy gains. Based on our Bitcoin Hyper price prediction, it could be worth as much as $1.50 by 2030 when the project fully matures.
Join the Bitcoin Hyper presale today.
Will ETFs and Institutional Investors Send Bitcoin and Ethereum to Hyperspace?
Growing interest from institutions like BlackRock is a boon for top cryptocurrencies like $BTC and $ETH. In effect, they reduce the number of coins circulating in the market, making them scarcer and therefore more expensive.
The rapid accumulation of these coins also attracts attention to projects that build upon the base blockchains. A good example is Bitcoin Hyper ($HYPER), which has raised nearly $12.5M to date for its planned Bitcoin Layer 2.
Disclaimer: Do your own research. This is not investment advice.
