BlackRock’s First Bitcoin Yield ETF Launches Today as XRP Whales Control 74.1% of Supply

Key Takeaways

• BlackRock’s BITA, the first-ever Bitcoin yield ETF, launched today, targeting a 15-25% annual yield at a 0.65% fee, beating Goldman Sachs to market by about two weeks
• XRP surged 13% to $1.28 on Iran de-escalation news, a move Santiment says was primed by whales quietly adding 1.53B XRP over six months
• Wallets holding 1M+ XRP now control 74.1% of the total supply, draining the floating supply right before the rally that caught the broader market by surprise

BlackRock’s long-awaited Bitcoin yield ETF launch arrived on Nasdaq this week. It is opening a new corner of the crypto ETF market just as XRP staged its biggest rally in weeks. The timing is hard to ignore. While BlackRock is betting investors want income along with Bitcoin exposure, on-chain data shows some of XRP’s largest holders spent months accumulating before a sudden 13% breakout. Together, these developments shed light on where institutional capital is positioning across digital assets.

Also Read: Morgan Stanley Slashed Its Oil Forecast as Nvidia Led a $40B Debt Rush on the Iran Deal

Why XRP Whales Added 1.53B Coins Before the Rally That Just Sent It Up 13%

The new BlackRock BITA ETF is designed a little differently from a traditional spot Bitcoin fund. Rather than simply tracking Bitcoin, it generates income by selling covered-call options against holdings tied to BlackRock’s iShares Bitcoin Trust (IBIT).

According to the fund’s prospectus, BITA is targeting annual yields between 15% and 25% while aiming to capture roughly 70% of Bitcoin’s upside. Its 0.65% management fee also comes in below rival products such as YBTC and BTCI. They charge closer to 1%.

The launch gives BlackRock another foothold in crypto after the success of IBIT. This has grown into one of the largest spot Bitcoin ETFs since debuting in January 2024. It also puts the asset manager ahead of Goldman Sachs, whose competing income-focused Bitcoin product is expected later this month.

Also Read: Bain Capital Turned an $18B Kioxia Deal Into a $15B Profit as the Stock Surged 5,000%

XRP’s Rally Was Months in the Making

While all attention was on BITA’s debut, XRP delivered a surprise move of its own. The token jumped 13% to $1.28. This is its highest level in roughly two weeks. Easing geopolitical tensions boosted risk appetite across financial markets. Despite this, data from blockchain analytics firm Santiment suggests the rally had been building long before the headlines arrived.

Wallets holding at least one million XRP now control 74.1% of the token’s supply. Over the past six months, those addresses added another 1.53 billion coins. They have been steadily increasing their exposure during one of XRP’s weakest sentiment periods of the year.

This pattern of XRP’s whale accumulation reduced available supply in the market and left the asset positioned to react sharply when buying returned. Santiment noted that the latest XRP price surge was supported by months of accumulation rather than a single macro catalyst.

At press time, the altcoin was trading at $1.25 following a notable 7.78% rise over the past seven days. But XRP seemed to be going through a slight correction as it dropped to a low of $1.22 from a high of $1.29.

Also Read: SpaceX Stock Price Passes Amazon as Musk’s $1.3T Beats the Next 5 Richest Combined