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Kashan Gatewood

@gorrilladiesel

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Understanding the iShares Bitcoin Trust and Hard Forks A recent highlight from Wolf_Financial on X sheds light on an intriguing aspect of the #SEC filing prospectus for BlackRock's iShares Bitcoin Trust: its approach to #Bitcoin hard forks. šŸ” Key points: 1ļøāƒ£ If a hard fork occurs, the version of Bitcoin supported by the trust is determined by the sponsor (BlackRock). 2ļøāƒ£ The prospectus acknowledges BlackRockā€™s fiduciary duty to maximize profits for its clients. This raises an important question: Why would BlackRock support a less valuable fork? Choosing the dominant, more profitable chain aligns with their profit-driven mandate. šŸ’­ Takeaway for $IBIT investors: This clause could simply be a precautionary disclosure, but itā€™s a reminder of how centralized decision-making can impact ETFs. While BlackRockā€™s decisions may prioritize profitability, it underscores the potential for divergence between retail Bitcoin holders and institutional vehicles. #Crypto #BitcoinETF
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Bank Reserves Hit Lowest Levels Since 2020 Amid Fedā€™s QT Bank reserves plummeted by $326 billion in the week ending January 1st, dropping to $2.9 trillionā€”the lowest level since October 2020. This marks the largest weekly decline since April 2022. Reserves have now declined by $1.3 trillion since their September 2021 peak. The Fed estimates that the "ample reserves" needed for smooth financial markets range between $2.8 and $3.4 trillion, with Wall Street strategists suggesting a more comfortable range of $3.0-$3.3 trillion. Meanwhile, the Fedā€™s ongoing quantitative tightening (QT) policy, shrinking its balance sheet by $60 billion monthly, continues to push reserves lower. As reserves approach the lower end of "ample" levels, questions arise about potential market impacts. Could the tightening liquidity challenge financial stability in the months ahead? #BankReserves #FederalReserve #QuantitativeTightening #Finance
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