BlackRock is exploring how to bring exchange-traded funds (ETFs) onto public blockchains, people familiar with the matter told Bloomberg. The sources said the asset manager is weighing tokenizing funds tied to real-world assets such as stocks, though any rollout would depend on regulatory approval.

The discussions follow BlackRock’s first experiment with tokenization last year. The firm introduced the BlackRock USD Institutional Digital Liquidity Fund, also known as BUIDL. The fund, which is backed by short-term U.S. Treasuries, repurchase agreements and cash, has quickly grown into the world’s largest tokenized Treasury product, managing nearly $2.2 billion.

Tokenizing ETFs would represent a deeper step into blockchain-based financial products. In practice, it would mean that shares of the funds — traditionally traded on stock exchanges during market hours — could be issued and transacted as tokens on chain.

Proponents argue this shift could bring clear benefits. A tokenized ETF could be traded around the clock, rather than only during exchange hours. Settlement, which often takes two business days in traditional finance, could be completed within minutes. Investors in markets where ETFs are not easily accessible might gain exposure through blockchain rails.

The products are pending a green light from regulators, the people said. BlackRock’s exploration underscores a wider trend across finance, as banks, fintechs and asset managers test blockchain rails for bonds, private credit and now mainstream equity funds.

The past 24 hours have witnessed bitcoin (BTC) record all-time highs (ATHs) again and again, with the latest being at almost $119,000. While it is evident that institutional demand and whale movements are driving this rally, analysts have identified another cohort of investors who have contributed to the surge.

According to a tweet by the market insights firm, Glassnode, demand from leveraged traders is playing a bigger role in this rally than spot investors.

Leveraged Demand Drives BTC Rally

Glassnode revealed that Bitcoin’s spot Cumulative Volume Delta (CVD) has been on a decline for weeks. CVD analyzes investor sentiment by telling whether aggressive buyers or sellers are dominating the market. The metric measures trading activity by comparing buying and selling volume over a period.

Over the past weeks, bitcoin’s spot CVD has recorded rare buy-side spikes, with the latest being on July 9. Conversely, futures CVD has been more reactive. The futures market has recorded frequent buy-side spikes, indicating that traders have been buying BTC aggressively.

Since BTC touched $112,000, spot traders have been selling, while futures investors have been buying. Funding for the spot market has remained low and even became negative at some point.

As a result, this bitcoin rally has been fueled more by leverage than spot demand. Futures traders have been buying more; however, the market has witnessed little confirmation from spot investors. Notably, Glassnode said low funding is a sign that positioning is not yet crowded. Unfortunately, this shows a structurally fragile setup, which can only get better if spot interest returns.

No Signs of Overheating Yet

Glassnode’s analysis suggests there is no strong structural backing to support this rally. However, the Bitcoin market is yet to see any signs of overheating, meaning that there is still room for additional growth.

The market appears steady, alongside metrics like the Unspent Transaction Output (UTXO) and Short-term holder Spent Output Profit Ratio (SOPR). Others, like the Market Value to Realized Value (MVRV) and Miner Position Index (MPI), also signal that sell-side activity is muted. These indicators suggest that investors are cautiously optimistic and not eager to offload their assets.

While the market awaits bitcoin’s next move, there is a surge in open interest, with long positions dominating. This comes after shorts have been wiped out, with liquidations running close to $1 billion.

Social media platform Reddit is reportedly considering using the iris-scanning orbs developed by World — a project by Tools for Humanity, co-founded by OpenAI CEO Sam Altman — for its user verification system.

According to a Friday Semafor report citing two people familiar with the matter, the platform is weighing the World ID system as a way for Redditors to verify that they are unique individuals. The report suggested that the verification system could still allow users to remain anonymous if they chose to do so.

In response to the report, many users said they would delete their accounts or consider moving to another platform if Reddit were to adopt the verification system, citing concerns with privacy and anonymity. 

“Tell me – should I be happy that Reddit may enter the crypto space or sad that they want to verify us users by a method we already declined when [World] was launched?” said Reddit user Savi321. “Odd world out there.”

World’s biometric data collection through its “orbs” has faced pushback from many industry advocates and policymakers, some of whom have directed efforts to ban the project from collecting data from residents. As of May, the project reported that more than 12 million people scanned their irises using the orbs.

Related: ‘Humans can tell when it’s a human’ — Community mocks Worldcoin’s Orb Mini

World announced in April plans to debut in six US cities: Atlanta, Austin, Los Angeles, Miami, Nashville and San Francisco.

The Match Group, the dating giant behind Tinder and Hinge, has also said it will launch a pilot program using World ID for its apps. Visa announced in April that it would launch a credit card for World users who had completed iris scans.

Is Reddit a bastion of user anonymity and privacy?

In a May 5 Reddit post, CEO Steve Huffman said the platform was going to need “a little more information” about users in response to regulatory requirements regarding users’ age and addressing artificial intelligence, i.e., “to keep Reddit human.” The post did not suggest any involvement in World’s orbs at the time.

“Specifically, we will need to know whether you are a human, and in some locations, if you are an adult,” said Huffman. ”But we never want to know your name or who you are. The way we will do this is by working with various third-party services that can provide us with the essential information and nothing else.”

Magazine: Coinbase hack shows the law probably won’t protect you: Here’s why

Bitcoin’s recent price movement has sparked debate among analysts over whether the original cryptocurrency has entered a bear market.

Renowned analyst Ali Martinez recently shared an in-depth analysis assessing Bitcoin’s (BTC) trend using multiple technical indicators and on-chain data. In his study, Martinez suggested that while BTC might be shifting into a bearish phase, certain factors could still support a recovery.

Key Indicators Signal Bearish Momentum

First, Martinez highlighted the Inter-Exchange Flow Pulse, a metric tracking Bitcoin movement between spot and derivative exchanges. According to the analyst, BTC is currently in a “corrective phase,” often marked by declining prices or stabilization after a strong rally.

Bitcoin has corrected 23% from its peak of over $109,000 in late January during President Donald Trump’s inauguration.

He also pointed to the MVRV (Market Value to Realized Value) Ratio, which has turned negative—a historical signal of weakening momentum. Additionally, his Market Cycle Indicator suggests that Bitcoin could be in the early stages of a bear market, aligning with past downturns.

Further evidence comes from large investor activity, particularly among miners and whales. On-chain data shared by Martinez showed that miners recently sold over $27 million in bitcoin profits, which often signals a shift toward caution in the market. Meanwhile, whale activity shows that major BTC holders have liquidated more than $260 million, adding to overall selling pressure.

Compounding these concerns is a sharp decline in capital inflows—new investments entering Bitcoin. Monthly inflows have dropped significantly from $135 billion in December 2024 to just $4 billion on March 18, 2025, indicating weaker demand and a potential lack of fresh buying power.

Can Bitcoin Hold Key Support Levels?

Despite these bearish signals, Martinez identified key support levels that could stabilize Bitcoin’s price. According to the analyst, the $66,000–$69,000 range has emerged as a crucial zone where buyers might step in. To back this, Martinez shared a chart from IntoTheBlock that shows that 750,000 investors purchased 313,000 BTC around the $69,000 price range.

He also shared Glassnode’s UTXO Realized Price Distribution, which suggests strong support near $69,354—further reinforcing the idea that Bitcoin could find a floor in this range. Moreover, he pointed out that the Mayer Multiple and Bitcoin’s position relative to its 200-day Simple Moving Average (SMA) suggests $66,000 as another critical level to watch.

However, Martinez mentioned a potential bullish scenario tied to global liquidity. According to his analysis, rising liquidity levels have historically helped BTC recover, pointing to April as a possible turning point.

If the leading crypto asset manages to reclaim $93,700 as support, it could signal a renewed uptrend, with a potential move toward $111,000, Martinez said.

Despite these bearish concerns, BTC surged 4% to enter a 10-day high of $85,900 following the Federal Reserve’s decision to hold interest rates steady.

The crypto market is stuck in “no man’s land,” with stagnation and speculation shaping its uncertain future.

This is according to crypto analyst Aylo, who says the sector is struggling to find direction, with prices dropping significantly and triggers for bull runs becoming rare.

Stagnation and Weak Demand Weigh on Crypto

In a lengthy post on X, Aylo said that outside of Bitcoin (BTC) and Ethereum (ETH), the market has barely seen any growth in the last four years. Trading volumes have also stalled, and the overall market cap has failed to register any meaningful growth.

He also decried the lack of strong narratives and projects with real utility, saying the situation has hindered momentum and raised concerns about long-term investor confidence.

“We are lacking narratives and projects that people actually believe in (tokens that people actually want to buy and hold),” the expert wrote.

Adding to the uncertainty, CryptoQuant CEO Ki Young Ju recently warned that Bitcoin’s bull cycle may have already ended. He said the next 6 to 12 months could experience a sideways or bearish trend.

The number one cryptocurrency’s price has fallen more than 23% from its January high of $109,000, with liquidity inflows also slowing. Furthermore, the selling pressure from investors who recently accumulated BTC but are now offloading at lower prices has worsened the downturn.

In Aylo’s opinion, Bitcoin’s fate is intertwined with macroeconomic factors. He observed that the asset has often struggled to rally independently of stock market movements, a view that fellow analyst CrediBULL previously downplayed.

While gold has historically performed well in uncertain conditions, BTC is still treated as a short-term risk asset. However, the market watcher contended that if the precious metal sustains the multi-month uptrend that saw it break beyond $3,000 to register a new all-time high, the cryptocurrency could eventually follow suit.

Meanwhile, data from CryptoQuant indicates resilience is building among Bitcoin owners. The number of those holding the asset for 3 to 6 months has increased, suggesting long-term investors remain confident even with prices fluctuating.

Institutional Adoption and Regulation Offer Hope

Despite the sluggishness in the market, some observers believe upcoming regulatory changes could offer a much-needed boost.

Reacting to Aylo’s post, Ignas, a decentralized finance (DeFi) expert, pointed out that institutional players are changing strategies. He mentioned Coinbase’s new KYC pools for tokenized assets and increased stablecoin involvement from major firms like Revolut and PayPal as signs of a shifting crypto landscape.

At the same time, the U.S. government’s mellowing stance on digital assets could shape market direction. A user noted that improved regulations might benefit quality projects, even though broader market activity will likely remain muted until traditional financial markets stabilize.

Bitcoin, the number one cryptocurrency by market capitalization, is facing market turbulence, but prominent trader CrediBULL Crypto remains unfazed.

He argues that BTC’s correlation with traditional stocks is overstated, and maintains that the asset’s long-term trajectory remains intact.

Bitcoin’s Correlation With Stocks: Overblown Fears?

The recent dip in the price of Bitcoin, where it dropped below $80,000, has sparked debate over its ties to traditional financial markets. Some analysts fear the weaknesses witnessed in equities could spill over into crypto. However, CrediBULL Crypto is of the opinion that the S&P 500’s correction is a normal market movement rather than a sign of deeper trouble.

“The correction we have seen thus far on it, for all intents and purposes, is considered healthy/normal based on my system,” the trader wrote on X.

He highlighted that historically, BTC has moved independently, even during times of macroeconomic uncertainty. While mainstream finance experts see risk, CrediBULL views the current dip as an opportunity for patient investors. “Charts that look ‘cooked’ present the most lucrative opportunities,” he asserted, dismissing concerns about looming economic slowdowns.

The investor, with more than 465,000 followers on X, advised traders to focus on Bitcoin’s technical levels rather than stock market trends. According to him, the original cryptocurrency is forming a base between key resistance and support zones, leading him to believe that holding current levels would be a bullish indicator.

However, market analysts such as Peter Brandt and BitMEX co-founder Arthur Hayes, have pointed to a potential drop below $80,000 for BTC. Brandt has noted a double-top pattern, warning that the cryptocurrency needs to reclaim $90,000 to reverse bearish sentiment. On his part, Hayes sees a potential retest of $78,000, with $75,000 as the next downside target if the asset’s weakness persists.

Market Sentiment

While the coin is still up 18.6% across 12 months, its current price is 25% lower than its all-time high level of $108,786 recorded earlier in the year.

Despite the pullback, long-term sentiment has improved. Even though the Fear and Greed Index shifted from 92 a year ago, signaling “extreme greed,” to a recent low of 10, indicating “extreme fear,” the price of Bitcoin is still nearly 20% higher than it was then.

For now, investors are urged to stay patient and have a strategy for both bearish and bullish turns. “Key is to have a plan for either outcome so you literally can’t lose,” is CrediBULL’s advice.