🚨 HUGE: Blackrock's $IBIT ETF was the fastest ETF to reach a value of $100B AUM. https://t.co/PGsEb36JU7 ...

Market Trends & Institutional Adoption - Bitcoin markets have experienced volatility, but are currently undergoing consolidation and increased institutional adoption [1][2] - The shift from primarily retail investors and layer 1 blockchain CEOs to more institutional investors is significant [1][2] - BlackRock's IBIT ETF demonstrates substantial institutional investment [2] Supply & Demand Dynamics - Demand for Bitcoin significantly outweighs the issued supply [3] - Only 450 Bitcoins are produced by the network per day, further constraining supply [4] Price Target & Market Outlook - The firm maintains a Bitcoin price target between $180,000 and $200,000 by year-end, considered a cautious estimate [3] - Some market participants have even higher price expectations [3][4] Ownership Consolidation - Some large Bitcoin holders ("whales") have been selling, leading to a change of ownership [2] - Michael Novogratz sold 80,000 Bitcoins last month [2]

Market Overview - Tech stocks experienced a pullback as investors took profits following a months-long rally, with the Nasdaq 100 down 1.4%, marking its worst session in over two weeks [2][3] - The S&P 500 decreased by 0.5%, while the Russell 2000 fell by 0.9%, and the Dow Jones Industrial Average remained stable near 44,900 [2][6] Sector Performance - Losses were primarily concentrated in the technology sector, while real estate and consumer staples sectors posted gains [3] - The Invesco QQQ Trust Series, which is tech-heavy, plunged 1.4% [8] Notable Stock Movements - Palantir Technologies Inc. saw a significant decline of over 8% after doubling in value year-to-date [2] - Intel Corp. rallied by 7% following a $2 billion investment from Japan's SoftBank Group, extending its monthly gains to 27% [8] - Palo Alto Networks Inc. jumped 3.7% after exceeding earnings expectations [8] - Viking Therapeutics Inc. plunged 41% due to a high dropout rate in a mid-stage trial of its weight-loss pill [8] Cryptocurrency Market - The cryptocurrency market faced a significant downturn, with Bitcoin dropping 2.6% to $113,000, breaking below its 50-day moving average [5] - The total market capitalization of cryptocurrencies decreased by approximately $110 billion [4] Economic Indicators - The U.S. dollar increased by 0.1%, with the dollar index near 98, while Treasury yields decreased, with the 10-year yield slipping three basis points to 4.30% [4]

Meanwhile, crypto investors and policy makers gathering in Jackson Hole this week for the second annual Wyoming Blockchain Symposium. It's hosted by Salt and Kraken. And joining us right now first on CNBC, Anthony Scaramucci, founder and managing partner of Skybridge Capital.Uh smart to do this almost as a shoulder event uh to uh to Fed Chair Jay Powell. That was the plan. That was the plan, Andrew.And uh interestingly enough, under the Biden administration, no Fed officials accepted the invitation last yea ...