Day: 18 June 2024

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Financial advisors are reportedly cautious about Bitcoin ETFs and are adopting them slowly, according to BlackRock

Bitcoin ETF

Bitcoin exchange-traded funds (ETFs) debuted in January 2024, yet their adoption by financial advisors has reportedly been sluggish.

Advisors’ hesitations stem from Bitcoin’s price volatility and its relatively brief history. Bitcoin ETFs serve as a conduit between cryptocurrency and conventional finance. According to a BlackRock spokesperson – financial advisors are cautiously, but progressively, embracing the long-anticipated Bitcoin ETFs since their launch.

Currently, it is estimated that approximately 80% of Bitcoin ETF purchases are being made by self-directed investors who decide their own allocation, frequently via an online brokerage account.

Bitcoin one year chart snapshot 18th June 2024 (am)

Bitcoin one year chart snapshot 18th June 2024 (am)
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“Vote Now! Pay Later. Our Deal. Labour”

UK Election – The Labour Party slogan is ‘CHANGE’ – but ‘CHANGE‘ to what?

I do not support any party. I have no idea what the Labour party stands for anymore. And as for the Conservatives – not a clue either – too many deceits and for far too long!

We have choice – but no choice!

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Nvidia to get 20%+ weighting as ETF fund reportedly plans to acquire $10 billion of shares

EFT fund

Nvidia’s swift ascent is poised to prompt a major technology exchange-traded fund to acquire more than $10 billion in shares of the semiconductor maker, consequently reducing its shareholding in Apple.

The Technology Select Sector SPDR Fund (XLK), which will rebalance soon, is guided by an index that will adjust based on the market cap value at Friday’s close. According SPDR Americas Research, the recalibration will reportedly position Microsoft as the leading stock, followed by Nvidia, and then Apple.

Without caps, each of the three stocks would exceed a 20% weight in the index. However, the index’s diversification rules restrict the total weight that stocks constituting at least a 5% share of the fund can hold.

Consequently, it is anticipated that Microsoft and Nvidia will each approach a 21% weight, while Apple’s share is projected to drop to approximately 4.5%.

This news moved markets on 17th June 2024 and pushed the S&P 500 to a new all-time high. The Nasdaq100 index also relished the news reaching: 19902.75

The Nasdaq100 index also relished the news reaching: 19902.75

Nvidia share price 17th June 2024 – one year chart

Nvidia share price 17th June 2024
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New all-time highs for S&P 500 & Nasdaq

Record high

The S&P 500 climbed on Monday 17th June 2024, closing at a new record high aided by the substantial weighted rebalancing of an ETF.

The index concluded at 5473, while the Nasdaq Composite soared to 17857. The Dow Jones Industrial Average gained 188.94 points, finishing at 38778.

These gains occurred after XLK announced it was rebalancing its fund in favour of Nvidia. The major technology exchange-traded fund will get 20% weighting and billions in investor demand it was announced.

S&P 500 500 reaches another all-time high of 5473 on 17th June 2024