Another multi-trillionaire asset manager looks set to join the Bitcoin spot ETF hunt in competition with BlackRock, if you believe some circulating crypto Twitterings.

Fidelity, the world’s third-biggest real-life Monopoly winner, owns/manages about US$4.25 trillion in assets under management and has been dabbling in institutional crypto investment for a good couple of years.

According to rumours floating about this morning, the investment bigwig might be considering filing for a spot Bitcoin ETF, a la rival BlackRock… or a buyout of one of the largest holders of Bitcoin in the space – Grayscale.

Either way, according to Andrew Parish, a founder of trading group Arch Public, the move could be “seismic” for the crypto industry. “BlackRock and Fidelity will own the crypto space in the US,” he tweeted.

 

Grayscale, which manages 17 crypto trusts, including its GBTC Bitcoin trust, worth US$16.5 billion, enables “accredited investors” exposure to various underlying cryptocurrencies, and is heavily regulated by the SEC. At present, it’s the closest thing the crypto market has to a spot Bitcoin ETF, without actually being one.

In fact, Grayscale has been pushing for its own BTC ETF for some time, and its rejection thus far pushed the firm to sue the regulator about 12 months ago for unfair treatment, accusing the SEC of “arbitrary, capricious and discriminatory” decision-making.

Just another legal case for Gary Gensler and co over at the SEC, and that one, like the Ripple drama, is ongoing.

 

Top 10 overview

With the overall crypto market cap at US$1.12 trillion, up about 1% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

Bitcoin (BTC) actually made a run for US$27k a few hours ago and was swiftly rejected there. It’s currently receiving a frank and inspiring pep talk by a wet-towel-wielding trainer and is gearing up to step back in the ring for that particular fight as we speak.

The biggest daily mover in the crypto majors this morning is Solana (SOL), which sneaks back into the top 10 ahead of Justin Sun’s Ethereum copycat Tron (TRX).

A quick scour of some crypto twittering analysis, and Roman Trading has the goods today. We think, here, he’s referring to the recent assaults on the US crypto industry from the SEC, when he mentions the “bearish news” that hasn’t had quite the major impact on the market that some have been anticipating. Not yet, anyway.

He’s also spotting a “bear flag” for the US Dollar, and if that plays out to its natural conclusion, then, well, that’d be a boon for risk assets.

Rekt Capital, meanwhile, sees potential for additional downside on the crypto market as a whole, however, notes a successful retest of a level of support he’s charted. He still appears to belive the market is operating within a bullish technical framework.

 

Uppers and downers

Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

PUMPERS (11-100 market cap position)

• Sui (SUI), (market cap: US$415 million) +10%

• Stacks (STX), (market cap: US$837 million) +8%

• Kaspa (KAS), (market cap: US$409 million) +7%

• Maker (MKR), (market cap: US$641 million) +6%

• Injective (INJ), (market cap: US$495 million) +4%

 

SLUMPERS

• KuCoin (KCS), (market cap: US$618 million) -7%

• BitTorrent (BTT), (mc: US$450 million) -2%

• XDC Network (XDC), (mc: US$439 million) -2%

• Toncoin (TON), (mc: US$2.02 billion) -2%

• Rocket Pool (RPL), (mc: US$789 million) -1%

 

Around the blocks: Mastercard stays the crypto path

Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.

According to prominent US patents lawyer Mike Kondoudis, payments giant Mastercard is continuing its move into crypto, filing for a trademark application regarding the development of a series of crypto and blockchain-based software tools.

Both Mastercard and rival Visa have been making strong moves into the crypto space since early 2021.

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