Crypto: Blackrock Enters Defi As Institutional Crypto Push Accelerates:...

Bitcoin and Ether rebounded modestly as ETF outflows mounted, while BlackRock entered DeFi and Binance completed its $1 billion Bitcoin reserve shift.

BlackRock made its first formal move into decentralized finance this week, listing its tokenized Treasury fund on Uniswap, with Bitcoin and Ether staging only modest rebounds amid heavy ETF outflows.

Bitcoin (BTC) and Ether (ETH) each rose about 2.5% during the past week but were unable to cross key psychological levels due to mixed exchange-traded fund (ETF) flows and crypto investor sentiment sinking to record lows.

Bitcoin ETFs started the week with two consecutive days of inflows, but they quickly reversed with $276 million in outflows on Wednesday and $410 million on Thursday.

Ether ETFs saw similar flows, with two modest days of inflows, followed by $129 million in outflows on Wednesday and $113 million on Thursday, according to Farside Investors data.

In a silver lining to the correction, Bitcoin’s sharp drawdown to $59,930 may have marked a critical “halfway point” in the current bear market, as markets are now sitting at a critical inflection point that will determine the relevance of the four-year cycle theory, according to Kaiko Research.

Despite sliding crypto valuations, large institutions continue exploring cryptocurrency adoption, including the world’s largest asset manager, BlackRock, which announced its first foray into decentralized finance (DeFi) on Wednesday.

Asset management giant BlackRock is making its first formal move into decentralized finance by bringing its tokenized US Treasury fund to Uniswap, marking a milestone moment for institutional adoption of DeFi.

According to a Wednesday announcement, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) will be listed on the Uniswap decentralized exchange, allowing institutional investors to buy and sell the tokenized security.

As part of the arrangement, BlackRock is also purchasing an undisclosed amount of Uniswap’s native governance token, UNI, the announcement said.

Source: CoinTelegraph