Track market-moving stories before they get noisy

BlackRock TCP Capital remains a sell as structural issues and sector headwinds persist despite a deep discount to NAV. TCPC's portfolio restructuring, including a major asset sale at a discount, alleviated leverage but signals ongoing vulnerability and potential for further sales. Dividend yield stands at 16.5% and appears sustainable into 2027, but net investment income may decline before any recovery materializes.

Ripple Prime just joined DTCC's push to tokenize Wall Street securities alongside BlackRock and JPMorgan, yet XRP keeps sliding deeper into October losses. The question is whether Ripple's growing institutional footprint will ever translate into real demand for the token.

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Ripple Prime, Ripple’s prime brokerage division, is part of the DTCC tokenization working group led by the Depository Trust & Clearing Corporation (DTCC). The group also includes major players like BlackRock (NYSE: BLK | BLK Price Prediction) and JPMorgan Chase (NYSE: JPM), along with about 50 firms working to create a service that transforms certain U.S. securities into blockchain tokens.

Ripple Prime’s involvement isn’t new, as DTCC recognized it as a member on May 4, 2026. Despite the recent buzz, XRP (CRYPTO: XRP) has shown little reaction, trading at $1.31—down 12.1% this October and below its 20-day average of $1.37 and 50-day average of $1.41, indicating that sellers are currently in control.

Ripple Prime Has a Say in How DTCC Tokenizes Wall Street Securities

A prime brokerage provides comprehensive services that let hedge funds and trading firms trade, borrow, and settle across markets through a single entity. Ripple claims that its Prime division clears and finances digital assets, currencies, listed derivatives, swaps, and bonds, and grants clients access to regulated U.S. futures through CME and Nodal Clear. Ripple established this division after acquiring Hidden Road, which finalized on October 24, 2025.

As part of this working group, Ripple Prime helps shape how tokenized stocks, ETFs, and Treasuries integrate with existing Wall Street settlement systems. In December 2025, the SEC issued a no-action letter to DTCC’s Depository Trust Company, promising not to recommend enforcement action against a three-year tokenization service covering Russell 1000 stocks, major index ETFs, and U.S. Treasuries.

DTCC plans to launch this service in October 2026, and prime brokers can earn financing spreads and clearing fees. If hedge funds begin holding tokenized Treasuries, brokers that already handle those tokens could earn the same fees.

Additionally, Ripple Prime is preparing to introduce other tokenized products. Securitize indicated that Ripple Prime plans to support the launch of Securitize Stocks, a tokenized U.S. stock offering, which may enhance Ripple Prime’s institutional business.

DTCC’s First Tokenized Trades Ran on Canton and Besu, Not the XRP Ledger

As of now, DTCC has not confirmed any involvement of XRP or the XRP Ledger in its tokenization efforts, according to CryptoRank. The first production trades took place on July 15, 2026, as a dry run for the upcoming launch, using Besu, DTCC’s private network, and Canton, a public network created by Digital Asset.

The initial trades included industry giants such as BlackRock, Circle (NYSE: CRCL), Goldman Sachs (NYSE: GS), JPMorgan, Chainlink, and Nasdaq, but Ripple Prime was notably absent.

Furthermore, the reports did not specify a settlement asset—the currency or token exchanged when securities change hands. This means settlements could potentially involve bank deposits, Circle’s USDC, Ripple’s RLUSD stablecoin, or other alternatives. Circle participated in the July trades, and its USDC directly competes with RLUSD.

Frank La Salla, DTCC’s president and CEO at the time of the July announcement, remarked that the service “will institutionalize tokenized markets on day one.” However, his statement offers little insight into which token will be used for settlements.

XRP’s Connection to Ripple Prime Is Through Collateral

XRP has a direct connection to Ripple’s brokerage through collateral, the asset a borrower offers to back a loan. Ripple states that Prime clients can use RLUSD, XRP, tokenized real-world assets, or traditional collateral. This suggests XRP is an option for Ripple’s clients, but reports indicate its relevance is tied more to Ripple’s business than to DTCC’s services.

Additionally, Ripple urged the SEC in a letter dated October 20 to expedite its proposed Regulation Crypto Assets framework and clarify when a token ceases to be classified as a security. Clearer regulations could reduce legal uncertainty for brokers dealing with tokens, although the framework was still only a proposal when Ripple sent its letter.

Beyond its Prime services, Ripple issues RLUSD and has received conditional approval from the Office of the Comptroller of the Currency in late 2025 to establish Ripple National Trust Bank. Since Ripple is a private entity, it does not disclose revenue details by business line, making it difficult for outsiders to assess Prime’s contribution.

Can DTCC’s Tokenization Drive Help Pull XRP Out of Its October Slide? Based on available information, it seems unlikely. While Ripple gains credibility, a voice in shaping Wall Street’s tokenization policies, and potentially new clients, XRP has yet to benefit in any measurable way. Reports surrounding DTCC stop short of confirming any commitments to buy, hold, or settle XRP transactions. The token has dropped 28.8% in 2026, compared to a 7.2% decrease for Bitcoin (CRYPTO: BTC), even as Ripple continues to build relationships with institutional partners.

For XRP holders, the wait continues.

Contact [email protected] for any questions or corrections.

Is Ethereum (CRYPTO: ETH) a buy below $2,400? According to Grok, the AI model developed by xAI, the answer is currently no. Grok expresses 65% confidence in this view and identifies $2,000 as a clear entry point, with $1,850 marked…

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Is Ethereum (CRYPTO: ETH) a buy below $2,400? According to Grok, the AI model developed by xAI, the answer is currently no. Grok expresses 65% confidence in this view and identifies $2,000 as a clear entry point, with $1,850 marked as a strong buy zone.

ETH trades at $2,408, down 11% this month. It’s also trading below its 20-day average of $2,491 and its 50-day average of $2,548, suggesting many recent buyers are losing value.

However, ETH’s October lows of $2,313 and $2,357 are significantly higher than the yearly low of $1,505 recorded on June 6. So, is $2,400 a reasonable entry, or does Grok’s lower target seem more achievable?

What ETH Would Be Worth at Grok’s Price Targets

Currently, ETH has a market cap of $294.3 billion, based on its price and the circulating supply of about 122.2 million ETH tokens. Grok has set a base target of $4,500 for the end of 2027, which would translate to a market cap of about $549.7 billion at the current supply. In a bullish scenario, Grok’s target rises to $8,000, suggesting a market cap of about $977.2 billion.

Notably, this bullish figure would still be below Bitcoin’s (CRYPTO: BTC) current market value of $1.65 trillion.

Remember that Ethereum has no fixed maximum supply, so any new issuance can affect the market cap needed to reach $4,500. ETH’s highest price was $4,946 on August 24, 2025, and it’s currently trading 51.3% below that peak.

Grok scenario
December 31, 2026
End of 2027

Bear
$1,700
$2,200

Base
$2,550
$4,500

Bull
$3,200
$8,000

Grok suggests that investing $2,400 at $2,388 would buy about 1.005 ETH. On the downside, Grok estimates a 25% to 30% chance that ETH could drop to $1,800 or below by the end of the year. If ETH falls to $2,000, its market cap would shrink to about $244.3 billion.

Ether ETF Outflows Are Holding ETH Back

Recently, spot Ether ETFs, which allow investors to gain exposure to ETH through the stock market, saw $225 million in net outflows between October 19 and 22. Grok explains that this weak momentum, combined with the ETF flow data, doesn’t create a strong case for taking a bullish stance on ETH right now.

Moreover, BlackRock (NYSE: BLK | BLK Price Prediction) ETF wallets moved 38,882 ETH—worth $93.2 million—to Coinbase Prime, alongside 3,215 BTC. Transfers to Coinbase Prime typically indicate preparation for redemptions.

Historically, ETF demand has influenced ETH’s price. For example, ETH jumped from $2,486 in July 2025 to an all-time high in August 2025, showing how consistent buying can drive price increases.

Glamsterdam’s Delay and Options Pricing Point to Bigger ETH Swings

The upcoming Ethereum upgrade, Glamsterdam, has experienced delays. The Ethereum Foundation announced on October 22 that the planned test date for “Glamsterdam on Hoodi” has been postponed. Developers need more time to understand how a proposed gas-fee change (EIP-8037) will affect active smart contracts.

The new date for the Hoodi test has not yet been confirmed. As a result, Grok has reduced its short-term upside probability by 5 percentage points, while assuring that the scaling plan remains on track.

Additionally, options traders are anticipating greater price fluctuations. Current implied volatility for ETH’s one-month options stands at 49%, compared to a realized volatility of 37% over the past 30 days. This gap, which ranks in the 90th percentile over the last two years, indicates traders are willing to pay for protection against significant price swings in either direction.

Is Ethereum a Buy Under $2,400?
Grok’s cautious stance aligns with recent market trends. With ETF money flowing out, upgrade delays, and ETH trading below key averages, optimism may be limited. For Grok’s $4,500 target to be more plausible, ETF flows would need to turn back to net inflows, and ETH would need to reclaim its 20-day average of $2,491 and surpass its 50-day average of $2,548.

For ETH to reach its $3,200 year-end bull target, it likely needs to clear $2,548 first, with a pullback to around $2,000 appearing more probable in the near term. A break above $2,548, backed by a week of ETF inflows, could challenge this cautious outlook. Conversely, a dip below the $2,313 low could point ETH toward the $1,800 level, with the June low of $1,505 as a floor sellers could target.

Contact [email protected] for any questions or corrections.

-

BlackRock survey of more than 200 single-family offices, conducted with Preqin, finds more than half adjusting portfolios as market risks shift.

Private markets remain a priority, but newer and established family offices are taking different approaches to where and how they invest.

Governance now ranks ahead of investment returns as a top challenge, while family offices grapple with succession, globalization and the growing role of AI.

NEW YORK--(BUSINESS WIRE)--As an estimated $124 trillion passes to heirs and charities between 2024 and 20481, new BlackRock research finds a generational divide emerging among family offices, changing how some of the world's wealthiest families invest, manage risk and plan for succession.

BlackRock surveyed more than 200 single-family offices across the Americas, representing nearly $500 billion in investable assets, and found clear differences between newer and established offices in how they approach investing, liquidity, risk and governance.

Nearly four in ten family offices say the next generation is more willing to take investment risk, while only one fifth say younger family members are more conservative. Established family offices are more focused on market downturns, leverage and manager selection, while newer offices place greater emphasis on fees, transparency and illiquidity.

Governance and decision-making are now the most frequently cited challenge, with nearly 30% of family offices ranking them a top concern, ahead of investment returns. The finding points to a wealth transfer that is changing both portfolios and how families make investment decisions.

“As new family offices emerge and wealth changes hands, we're seeing a shift not only in appetite for risk, but in how families evaluate it,” said Armando Senra, Head of the Americas Institutional Business at BlackRock. “Newer offices are approaching private markets and liquidity differently than their more established peers, reinforcing the importance of balancing investment opportunities with each family's unique cash-flow needs, constraints and long-term objectives.”

Family Offices Are Divided on Liquidity, United on Private Markets

Private markets remain a priority for family offices, but newer and more established offices differ in where and how they invest.

Infrastructure stands out as an area of growing interest, with nearly three in ten family offices planning to increase allocations over the next 12 months and just over 5% planning to reduce exposure. Interest is strongest among newer family offices, nearly 40% of which plan to increase allocations, compared with just over 15% of established offices.

Private equity also remains a significant allocation, with more than half of family offices allocating over 15% of their alternative holdings to the asset class and over 30% planning to increase exposure over the next year. How they invest differs as 45% of newer offices favor secondaries, compared with just under 30% of established offices, while established offices show a stronger preference for co-investments (75% versus 60%).

At the same time, more than three-quarters of respondents cite the exit environment as a concern for returns.

Family offices also differ in how they view private credit. Established offices are more likely to see it as a source of income (nearly 35%) or diversification (just over 30%), while newer offices place greater emphasis on absolute risk-adjusted returns.

Approaches to liquidity vary widely – more than 25% of respondents target less than 30% of their portfolios in liquid assets, while nearly 25% target more than 60%. The range reflects the different ways families balance long-term opportunities, concentrated holdings and liquidity needs.

More than half of respondents are adjusting their portfolios as markets shift, most commonly by increasing diversification (35%). Just 10% are targeting higher returns, while fewer than 10% are reducing exposure to risk assets.

Governance and Succession Are Growing Priorities

More than four in ten family offices say the growing geographic dispersion of family members is creating new challenges. Among them, more than 70% cite tax and regulatory considerations and nearly 40% point to cross-border estate and succession planning.

More than half of respondents say AI is either increasingly important or core to their operations, particularly for research and productivity. Yet fewer than 10% say it is extensively integrated into investment decision making.

“Governance has overtaken investment returns as the top challenge facing family offices, yet nearly two-thirds report limited or no next-generation involvement in investment decisions,” said Jessica Bulen, Head of U.S. Family Capital, Endowments, Foundations and Healthcare at BlackRock. “As wealth moves across generations, bridging that gap will be critical to ensuring governance, succession planning and investment decision-making evolve alongside increasingly complex portfolios over time.”

About the Survey

BlackRock's 2026 Family Office Survey, conducted with Preqin, examines the investment priorities, portfolio construction approaches and operating challenges of more than 200 single-family offices across the Americas, representing nearly $500 billion in investable assets.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | X: @BlackRock | LinkedIn: www.linkedin.com/company/blackrock

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NOBL has been the go-to choice for dividend-growth investors, but a closer look at the numbers against a rival ETF reveals a performance gap so wide it forces a hard question about whether loyalty to a strategy is costing you…

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You probably chose the ProShares S&P 500 Dividend Aristocrats ETF (CBOE:NOBL) for a good reason. It holds companies with long records of raising their dividends, and for many investors, that track record matters more than the size of today’s payout. NOBL has become the default pick for dividend-growth investors. Over the past five years, though, NOBL returned 37.22% with distributions reinvested. The iShares Core High Dividend ETF (NYSEARCA:HDV) returned 82.92% over the same period.

That works out to a gap of 45.7 percentage points. Both five-year windows start on October 20, 2021, and both figures assume distributions were reinvested. A $100,000 position in the ProShares fund grew to $137,220. The same amount in HDV grew to $182,920. On those numbers alone, the case for switching looks obvious. The longer record makes it less clear-cut.

Ten Years Later, Both Funds Finish in Nearly the Same Spot
Over a full decade, the gap almost goes away. Measured from October 21, 2016, HDV returned 172.65%, and NOBL returned 171.96%. HDV’s edge was just 0.69 percentage points.

After ten years, the two funds ended up in almost the same place. So the five-year result depends heavily on which window you measure. For NOBL investors, read the 45.7-point gap as a picture of one period of time. It does not show that one fund is simply better.

HDV Leads Every Recent Window We Measured
Over shorter periods, the picture favors HDV every time.

Period
HDV
NOBL
HDV Lead

One month
4.56%
3.67%
0.89 points

Year to date
26.24%
12.04%
14.2 points

One year
26.99%
14.59%
12.4 points

Five years
82.92%
37.22%
45.7 points

Ten years
172.65%
171.96%
0.69 points

Across these periods, the Aristocrats fund trailed in every recent window. HDV’s lead of more than 12 points over both the past year and year-to-date is a wide margin for two funds built from dividend-paying U.S. stocks. Tuesday afternoon’s delayed quotes showed HDV trading at $30.05 and NOBL at $57.41. The share price itself tells you nothing about which fund is the better value.

Two Different Ways to Pick Dividend Stocks
The funds each hold dividend-paying U.S. stocks, but they choose them in different ways. According to its summary prospectus dated September 28, 2026, the ProShares fund tracks large U.S. companies that have consistently increased dividends each year over a long period. It chooses companies based on their history of raising payouts.

iShares says HDV tracks an index made up of relatively high dividend-paying U.S. equities. It chooses companies based on how much they pay out now. If you move from NOBL to HDV, you give up the dividend-raising screen in exchange for a screen built around current payouts. That changes what you own, so consider it a real change in risk profile.

Switching Means Choosing a Dividend Style
A move from NOBL to HDV is a choice between a dividend-growth style and a high-current-dividend style. The ten-year tie shows that neither style beat the other over a full decade. The recent record shows which style has led lately, and future leadership remains uncertain.

How you switch matters as much as whether you switch. In an IRA or 401(k), selling NOBL and buying HDV triggers no tax. In a taxable account, selling NOBL shares that have gained in value creates capital gains, and that tax bill can wipe out much of any expected benefit. There are easier options.

You can send new contributions to HDV and leave existing NOBL shares in place. You can sell only the tax lots with the lowest gains. Or you can hold both funds and own both styles side by side.

What Switching Costs and Gains NOBL Holders
For NOBL holders in tax-advantaged accounts, HDV’s style has led in every window from one month to five years, and a switch there carries no tax cost. For holders who value the dividend-raising record, or who face a large taxable gain on a sale, the trade-offs of changing are larger. Ten years of nearly identical returns show that the dividend-growth strategy has not cost investors who stayed invested any real return.

Contact [email protected] for any questions or corrections.

(Kitco News) – Gold will continue to appreciate as the systemic problems of ballooning debt, runaway deficits, and currency depreciation worsen, and the mining equities are once again providing multiples of leverage to the gold price, according to Evy Hambro, global head of thematic and sector investing at BlackRock.

Hambro was asked in a recent interview with MoneyWeek whether he expects the mild stagflation, weak dollar, and geopolitical turmoil that characterizes the current market environment to continue.

“I think so,” he said. “If we look out and try to see what's going on in the market, it's very, very clear to me, and I think to some people, that the bond markets, government bonds are talking. They're telling you things aren't healthy. The rates are going up, and the levels of debt are very, very large. The annual deficits that governments are having to fund are growing. and that's putting a lot of pressure on the financial system.”

“People are saying, ‘a pound or a dollar or a euro a decade ago or more bought me a lot more than it does today, and I don't want this risk.’ That's one element,” he said. “The second element is that some of the things that governments are spending the money on don't look that wise. There's a lot of waste in the system, so people are reluctant to keep lending to governments that are spending badly and don't have a pathway to dealing with the debt that they've taken on. It's a little bit like a business. Would you lend money to a company that loses money every year? You probably wouldn't want to do that. And if the company kept asking you for money, you might lend it to them, but at a much, much higher rate, to capture the risk that you might not get paid back.”

“These governments have got big deficits, they’ve got huge amounts of debt, and there isn't a plan to fix the situation, and the situation only looks like it's going to get worse,” he added. “If they want my money, they're going to have to pay me a lot more interest than they've been used to paying.”

Hambro said real assets are one way to protect against ongoing currency devaluation, debt, and deficits.

“Real assets can be infrastructure, it can be commodities, it can be gold,” he said. “Those are the kinds of things that through time have protected purchasing power. I started this job 30-odd years ago, and the price of copper was 60 cents a pound; it's six bucks. And gold was $400 an ounce, and it's $4,000 an ounce. The gold bugs love to joke that an ounce of gold has bought a men's suit for 2,000 years. So, it's very much a long-term store of value. There have been periods of time where it's outperformed and then underperformed, and it's bought you more than it should have done and bought you less than it should have done, but generally through time it's been that fantastic asset. I think that people are relearning that lesson.”

Hambro said that in the 1990s, wealth managers would have had an allocation to gold in clients’ accounts. “That disappeared in the early 2000s,” he said. “It's back, at a very, very small weighting, much smaller than people probably should have. They always say about 10% as gold, because it's insurance essentially. If you don't have insurance, then when something goes wrong it's very, very painful. And if you buy insurance every year and nothing goes wrong for a decade, you might think you've wasted the money. But the day when it does go wrong, you get it all back.”

“Having gold in your portfolio, there'll be periods of time where it underperforms,” he added. “If it underperforms, then you take a bit of profit out of the thing that's done really, really well – which is often nine or 10 times bigger than the amount you've got in gold – you take some of that profit and you put it back into gold, so you're always keeping that insurance level constant in your portfolio.”

Hambro said the bond market is telling investors to diversify. “Absolutely diversify,” he said. “Don't have all your eggs in one basket, because in the end, how does the debt go? The most painless way for it to go is to be inflated away. That does suggest that maybe governments and central banks won’t be quite as religious about reaching the inflation target, which they miss constantly anyway, as they should be.”

“To me it's very, very obvious,” he said. “I think the price of gold will reflect the pain elsewhere. If the situation gets worse, then gold will reflect that; if things get better, then gold will reflect that. And it's hard to see things getting better particularly quickly.”

Hambro was also asked about whether the miners still offer the same leveraged play on the gold price that they did in past cycles.

“Historically, commodity companies and gold in particular have had a relationship of about 3:1, so for 1% change in the price of the commodity you get a 3% change in in the value of the equity, and that was consistently the case for many, many years,” he said, “They acted like an option. The key with preserving that option value is to keep your costs flat. So when costs started to go up by more than the gold price, then you lost that upside participation in the equity value because you know your margin wasn't expanding. And in one of the years, the gold price was up and shares were down, so that that whole relationship went through a difficult period.”

“I'm really happy to say that over the last few years that relationship is completely intact,” Hambro said. “Not just this year, but for the last few years, we've had fantastic performance in the commodity, and we've had fantastic multiples of return in terms of the equities. And we've seen the same in copper and many of these other commodities as well. And that's because the rate of cost inflation from running these mines hasn't been going up as fast as the price has been going up, so we've been having this margin expansion.”

Hambro acknowledged that ETFs have also taken some market share away from the mining equities, but the miners offer a leveraged play that the metal itself does not.

“People always say, ‘How should I get my exposure?’ It depends what risk level you've got,” he said. “If you just want the gold price exposure, then you should have the gold ETF, a physically backed one. If you want a bit more excitement, then you have some gold equities. And if you want some turbochargers, you just have gold equities.”

“I've always been a fan of gold equities because gold bars don't pay a dividend,” he added. “They don't grow, M&A activity, you get all of that. And if you can manage that risk well through a diversified portfolio, then you should outperform the underlying commodity price.”

Speaking at the FT Mining Summit last week, Hambro said that the recently announced share buyback programmes from mining majors amount to “reckless capital allocation,” and that gold companies were approving these repurchases “without any real process.”

“One of the things we’ve been really dismayed about in the last 18 months or so has been the reckless capital allocation towards share buybacks in gold companies, where we’ve seen enormous amounts of money deployed on buybacks without any real process,” he said. 

Hambro contrasted these buyback programmes with the real work of allocating capital to developing new mines to increase future supply. “If you look at what companies do when they’re making $1bn investment decisions on building new mines, they do far more work on that than they do on $1bn decisions to buy back their own shares,” he said.

Hambro was speaking as an industry and sector expert, but he’s also speaking on behalf of BlackRock as a major stakeholder. Four gold mining giants have announced share buyback programmes worth approximately $12 billion – Barrick Mining, Newmont, AngloGold Ashanti and Gold Fields. BlackRock owns 12% of Newmont, 10% of AngloGold Ashanti, and 6% of Gold Fields.

Hambro criticized the lack of transparency surrounding the programmes, which he said would be necessary to build investor trust.

“We’re very dismayed when companies announce big share buyback plans when share prices are at their peak, and then when the gold price falls back to $4,000 an ounce, they stop buying back shares – and the shares are 40% cheaper,” he said. “Where was the maths in making those decisions in the first place?” 

Hambro said rather than locking themselves into expensive defined programmes, the companies should instead leave themselves the flexibility to take advantage of the opportunities in the market when they occur.

BlackRock remains bullish on the trajectory of gold prices, however, due the massive debts and deficits being carried by global governments. 

“When you look around the world today, you see the incredible amount of debt governments are carrying and the large ongoing deficits many countries are running,” Hambro said. “You see no plan from governments to fix the problems, beyond doing more and more of the same. To me, that means you’re going to see an ongoing depreciation in the purchasing power of paper currencies.”

“The outcome is that real assets rise in price,” he said, “and gold is probably one of the biggest beneficiaries of that.”

Hambro said BlackRock sees the long-term trend for gold remaining higher, even as they expect further gold price volatility in the near term resulting from shifting monetary policy expectations and interest rates.

“That’s creating shorter-term volatility,” he said. “But the trend is very much your friend.”

See live precious metals prices for gold, silver, platinum and palladium — in USD, CAD and 12 more currencies. 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Fight the datacenters at your economic peril, says BlackRock's CEO Larry Fink.

The S&P 500 (^GSPC +0.28%) can be a gauge of how well the overall economy is doing. And right now, things are still going reasonably well. While there are challenges in the economy with high inflation, gross domestic product continues to grow, and the S&P 500 has hit new records this year.

There is, however, also cause for concern. A continued rise in interest rates could slow the economy and potentially weigh down the markets as well. BlackRock CEO Larry Fink also sees possible trouble ahead, due to the upcoming midterm elections and what may happen afterward. Artificial intelligence (AI) data centers have faced significant opposition in communities, and are a key election issue, and Fink believes that "If we have a moratorium of some sort in this country, we will be in a recession."

Image source: Getty Images.

The expansion of AI data centers has fueled growth and opportunitiesWhile many people see AI as a bad thing and which can lead to job losses, it's also created many jobs and opportunities. As companies have been creating AI data centers, there has been a need for greater investments in infrastructure and construction.

Many stocks are also thriving due to the expectation that there will be more growth ahead as a result of investments in AI. Fink says, "So much of our economy is based on the buildout of this capex." Many big tech companies involved in AI, such as Nvidia, have benefited from the AI-related growth in a massive way. Nvidia's stock has surged more than 400% in the past three years. Another chipmaker, Broadcom, has generated returns of around 290%.

^SPX data by YCharts

Tech stocks have been doing well in recent years and are a big reason why the S&P 500 has done as it has. A potential halt in AI data center construction would be problematic for their growth prospects, potentially send the economy into a recession, and stocks would likely fall, possibly triggering a crash.

Investors should consider diversifying outside of techThere is a growing risk in the tech sector these days due to inflated valuations of many stocks and heavy reliance on the expectation of more AI-driven demand.

Pressure on either of those issues could adversely impact the overall market, which is why now may be a good time for investors to seek out some diversification outside of tech and into defensive stocks, which can offer a bit more safety.

David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends BlackRock, Broadcom, and Nvidia. The Motley Fool has a disclosure policy.

Bitcoin has rebounded towards US$83,000 as renewed institutional buying and improving risk appetite provide support after several weeks of volatile trading.

The world’s largest cryptocurrency was trading at about US$82,967 at the latest check, up around 1.3% on the session after moving between US$81,186 and US$83,245.

Bitcoin has recovered from recent tests of the US$80,000-US$81,000 region but remains below the US$85,000-plus levels reached earlier this month.

The latest move coincides with a sharp improvement in US spot Bitcoin exchange-traded fund flows, although elevated oil prices and Treasury yields remain significant obstacles to a stronger breakout.

Bitcoin ETF buying returns
US spot Bitcoin ETFs attracted US$526.7 million in the latest fully reported session, their biggest net inflow in around a month.

BlackRock’s iShares Bitcoin Trust accounted for US$665.2 million of buying, its largest daily inflow in more than a year.

That was partially offset by withdrawals from Fidelity and Grayscale products, meaning institutional demand was heavily concentrated in BlackRock’s fund.

The reversal is significant after Bitcoin ETFs endured several periods of heavy withdrawals during October.

Continued buying would provide an important source of support around the US$80,000-US$83,000 region, which has increasingly emerged as the market’s main short-term battleground.

Oil and yields remain headwinds
The macroeconomic backdrop remains less supportive.

The US 10-year Treasury yield is around 5.1%, leaving government bonds offering historically high returns relative to non-yielding assets such as Bitcoin.

Brent crude has also traded around US$110 a barrel amid continuing Middle East tensions, raising concerns that higher energy costs could keep global inflation elevated.

That could make it more difficult for the Federal Reserve to shift towards lower interest rates.

Markets currently see a relatively low probability of a rate increase at the Fed’s October meeting, but uncertainty around future policy remains high.

Bitcoin has become increasingly sensitive to those expectations, typically strengthening when bond yields fall and liquidity conditions improve.

Ethereum lags Bitcoin
Ethereum was trading around US$2,448 at the latest check, up roughly 1%-2% over 24 hours but still lower over the past week and month.

Institutional flows remain a notable weakness for Ether.

US spot Ethereum ETFs recorded about US$103 million of withdrawals in their latest completed session, extending a run of outflows that has removed more than US$300 million from the funds since mid-October.

The contrast with Bitcoin highlights the more selective nature of the latest institutional buying.

XRP and Solana recover
XRP was trading around US$1.34, up about 2.5% in recent trading after recovering from levels below US$1.30.

Solana was around US$105.70, up roughly 1.5%- 2% over 24 hours but still well below the US$120 levels it reached earlier in October.

Both remain more volatile than Bitcoin as investors continue to favour the largest cryptocurrency during periods of uncertain market conditions.

US$80,000 remains critical
Bitcoin’s ability to remain above US$80,000 is increasingly important for the broader crypto market.

A sustained move through US$83,000-US$84,000 would improve short-term momentum and potentially bring US$85,000 back into focus.

Another retreat below US$81,000 would instead increase the likelihood of a renewed test of US$80,000.

For now, the return of substantial ETF buying has strengthened Bitcoin’s position, but oil near US$110 and Treasury yields above 5% mean the broader macro environment remains difficult for cryptocurrencies.

Archax just tapped Chainlink to power its FCA-regulated tokenized Treasury product, but the deal left LINK traders in the red. Before you rebalance your crypto portfolio, there are some critical details buried in this partnership that could change how you…

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Archax, the UK’s first digital asset platform regulated by the Financial Conduct Authority (FCA), has partnered with Chainlink Data Streams to price GOVY, its continuously available tokenized U.S. Treasury product. This development raises the question: is LINK a better investment than XRP? Archax announced the deal on October 19, 2026, and each GOVY token is backed one-to-one by short-dated Treasury bills held by Northern Trust (NASDAQ: NTRS | NTRS Price Prediction).

Chainlink serves as an oracle, bringing external data—like the price of bonds—onto the blockchain, allowing smart contracts to function effectively. Chainlink’s Data Streams is a fast-updating version designed for trading and lending applications. Archax claims this feature enables banks, asset managers, and DeFi users to use GOVY as collateral, which a loan contract can automatically value and adjust.

However, the news didn’t positively impact Chainlink (CRYPTO: LINK). As of October 20, LINK traded around $12, down 6.5% over the past week and 77.4% from its all-time high. Meanwhile, XRP (CRYPTO: XRP), whose ledger already hosts earlier Archax work with Ripple, traded at $1.29—down 4.2%. So, in the Chainlink vs. XRP debate, does this partnership give either cryptocurrency a reason to rise?

How Archax’s GOVY Deal Makes Tokenized Treasuries Usable as Collateral

GOVY simplifies the process for institutions since Archax automatically reinvests into a new short-dated bill at each maturity. This way, holders maintain exposure to Treasury bills without having to reinvest manually. Additionally, GOVY is designed to align with High-Quality Liquid Assets standards, which dictate the assets banks must hold to meet regulatory requirements.

Moreover, Archax indicates the integration will extend GOVY across platforms including Ethereum (CRYPTO: ETH), Hedera, and Stellar, with aims to support secured lending, automated collateral management, and margin trading. Margin refers to the collateral that a trader provides to borrow against their positions.

Archax operates under the necessary regulatory frameworks, as the first company approved by the FCA as a digital securities exchange, custodian, and brokerage. It also operates a venue regulated by Spain’s securities authority. However, Archax is a private firm and does not disclose its revenue, the size of GOVY, or Chainlink’s compensation, making it difficult for outsiders to gauge the product’s earnings.

Chainlink Benefits Only Through Its Reserve

Chainlink generates demand for LINK through a process called payment abstraction. Clients can pay in stablecoins, and Chainlink converts that income into LINK on decentralized exchanges and places it in the Chainlink Reserve, which Chainlink plans to leave untouched for several years. This conversion is the only way to connect an Archax contract to LINK.

However, the announcement did not specify how LINK will be used, the associated fees, or how much of that revenue goes to the Reserve. This lack of detail leaves LINK holders uncertain about the buying pressure this deal creates. The data contract for a single tokenized product may also be minimal compared to LINK’s daily trading volume.

Furthermore, Archax did not mention any banks, lenders, or DeFi protocols that have accepted GOVY as collateral, only stating what GOVY “can support.” Collateral can generate fees only after a lending platform lists it and borrowers use it. Additionally, the two executives quoted in the announcement, Johann Eid from Chainlink Labs and Nick Donovan from Archax, earn income from the products they endorsed.

XRP Isn’t on GOVY’s List of Supported Chains

Both companies face stiff competition. GOVY competes with tokenized Treasury funds from major players like BlackRock (NYSE: BLK), while Chainlink competes with other oracle providers. However, its newly launched cross-chain repo and collateral platform now has a regulated asset for pricing. A repo is a short-term loan secured by securities.

XRP’s connection to Archax is through its previous work with Ripple. In November 2024, Ripple, Archax, and abrdn launched the first tokenized money market fund on the XRP Ledger. Yet, the chains specifically mentioned for GOVY are Ethereum, Hedera, and Stellar, and Hedera and Stellar both target the same tokenization market.

Moreover, these two cryptocurrencies serve different functions. LINK pays for Chainlink’s data and cross-chain services, while XRP is used primarily for transaction fees on the XRP Ledger (which are then burned) and serves as a bridge asset between currencies. Therefore, even if GOVY were launched on the XRP Ledger, it might not create significant demand for XRP.

Is LINK a Better Investment Than XRP After the Archax Deal? In light of this news, LINK appears to have an edge, as it can benefit from Reserve purchases, while XRP doesn’t gain directly from a product not on its ledger. Additionally, LINK is down just 1.8% year-to-date, compared to XRP’s 29.6% decline. LINK has also risen 38.7% in the last 90 days, while XRP has risen only 13.5%. However, volatility remains: LINK’s market cap is about $9.1 billion, roughly one-ninth of XRP’s $81.7 billion, and LINK has recently posted a larger weekly drop.

For LINK to show significant growth, a lending institution will need to accept GOVY as collateral, which would increase Reserve purchases. Meanwhile, if it closes below its recent low of $11.5, it could signal further challenges ahead.

Contact [email protected] for any questions or corrections.

Key Takeaways BlackRock's Q3 2026 AUM rose 15% to $15.49 trillion, driven by robust client inflows and favorable markets.BLK attracted $205 billion in Q3 net inflows, including $135 billion from ETFs.BLK's revenues grew 19% to $7.75 billion, fueled by higher average AUM, organic growth and performance fees. BlackRock (BLK - Free Report) reported assets under management (AUM) of $15.49 trillion as of Sept. 30, 2026, up 15% year over year. This was driven by robust client inflows and favorable market movements over the past year, strengthening the company's fee-generating asset base.

In the third quarter, BlackRock recorded $205 billion in total net inflows, including $175 billion in long-term inflows and $31 billion in cash management inflows. Over the trailing 12 months, net inflows totaled $869 billion, reflecting sustained client demand across investment strategies. Quarterly annualized organic base fee growth reached 11%.

Net Flows (in Billions)
 

Image Source: BlackRock, Inc.

Exchange-traded funds (ETFs) remained the primary growth driver, attracting $135 billion in net inflows, including $66 billion into fixed-income ETFs and $51 billion into equity ETFs. Active strategies generated $66 billion in inflows, while institutional index products witnessed $27 billion in outflows. Retail clients contributed $23 billion.

Private markets attracted $15.3 billion in net inflows, taking segment AUM to $336 billion. This business offers additional revenue diversification, with private markets representing 11% of base fees despite accounting for only 2% of total AUM.

The expanding asset base is translating into stronger revenues. Investment advisory, administration and securities lending revenues increased 20% year over year to $6.04 billion. Total revenues climbed 19% to $7.75 billion, supported by higher average AUM, organic growth and performance fees.

Sustained inflows and greater exposure to higher-fee alternatives could support BlackRock's revenue growth in the future. However, market volatility, institutional outflows and competitive fee pressures remain important considerations. The company's diversified platform provides growth opportunities, although its contribution will depend on asset retention, market conditions and fee realization.

Earnings Dates & Expectations of BlackRock’s PeersBlackstone Inc. (BX - Free Report) is slated to report third-quarter 2026 results on Oct. 22.

Over the past week, the Zacks Consensus Estimate for BX’s quarterly earnings has been revised lower to $1.31. The figure implies a fall of 13.8% from the prior-year quarter.

Invesco (IVZ - Free Report) is scheduled to announce third-quarter 2026 numbers on Oct. 27.

Over the past seven days, the Zacks Consensus Estimate for IVZ’s quarterly earnings has been unchanged at 75 cents. The figure implies a jump of 23% from the prior-year quarter.

In an intriguing new move, BlackRock (NYSE:BLK | BLK Price Prediction) is looking to offer Bitcoin investors a kind of financial protection similar to a seatbelt.

TORONTO, Oct. 20, 2026 (GLOBE NEWSWIRE) -- BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the October 2026 cash distributions for the iShares ETFs listed on the TSX or Cboe Canada which pay on a monthly basis. Unitholders of record of the applicable iShares ETF on October 27, 2026 will receive cash distributions payable in respect of that iShares ETF on October 30, 2026.

Details regarding the “per unit” distribution amounts are as follows:

Fund NameFund TickerCash Distribution Per UnitiShares 1-10 Year Laddered Corporate Bond Index ETFCBH$0.052iShares 1-5 Year Laddered Corporate Bond Index ETFCBO$0.056iShares S&P/TSX Canadian Dividend Aristocrats Index ETFCDZ$0.105iShares Equal Weight Banc & Lifeco ETFCEW$0.067iShares 1-5 Year Laddered Government Bond Index ETFCLF$0.036iShares 1-10 Year Laddered Government Bond Index ETFCLG$0.040iShares S&P/TSX Canadian Preferred Share Index ETFCPD$0.057iShares US Dividend Growers Index ETF (CAD-Hedged)CUD$0.092iShares Convertible Bond Index ETFCVD$0.075iShares Global Monthly Dividend Index ETF (CAD-Hedged)CYH$0.078iShares Canadian Financial Monthly Income ETFFIE$0.040iShares U.S. Aggregate Bond Index ETFXAGG$0.119iShares U.S. Aggregate Bond Index ETF(1)XAGG.U$0.083iShares U.S. Aggregate Bond Index ETF (CAD-Hedged)XAGH$0.107iShares Core Canadian Universe Bond Index ETFXBB$0.082iShares Core Canadian Corporate Bond Index ETFXCB$0.071iShares ESG Advanced Canadian Corporate Bond Index ETFXCBG$0.127iShares U.S. IG Corporate Bond Index ETFXCBU$0.147iShares U.S. IG Corporate Bond Index ETF(1)XCBU.U$0.103iShares Core MSCI Global Quality Dividend Index ETFXDG$0.077iShares Core MSCI Global Quality Dividend Index ETF(1)XDG.U$0.054iShares Core MSCI Global Quality Dividend Index ETF (CAD-Hedged)XDGH$0.088iShares Core MSCI Canadian Quality Dividend Index ETFXDIV$0.119iShares Core MSCI US Quality Dividend Index ETFXDU$0.064iShares Core MSCI US Quality Dividend Index ETF(1)XDU.U$0.045iShares Core MSCI US Quality Dividend Index ETF (CAD-Hedged)XDUH$0.052iShares Canadian Select Dividend Index ETFXDV$0.111iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)XEB$0.062iShares S&P/TSX Composite High Dividend Index ETFXEI$0.110iShares Core Canadian 15+ Year Federal Bond Index ETFXFLB$0.117iShares Flexible Monthly Income ETFXFLI$0.200iShares Flexible Monthly Income ETF(1)XFLI.U$0.140iShares Flexible Monthly Income ETF (CAD-Hedged)XFLX$0.184iShares S&P/TSX Capped Financials Index ETFXFN$0.152iShares Floating Rate Index ETFXFR$0.044iShares Core Canadian Government Bond Index ETFXGB$0.051iShares Global Government Bond Index ETF (CAD-Hedged)XGGB$0.044iShares Canadian HYBrid Corporate Bond Index ETFXHB$0.077iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)XHD$0.086iShares U.S. High Dividend Equity Index ETFXHU$0.096iShares U.S. High Yield Bond Index ETF (CAD-Hedged)XHY$0.083iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged)XIG$0.070iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged)XIGS$0.131iShares Core Canadian Long Term Bond Index ETFXLB$0.062iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)XPF$0.066iShares High Quality Canadian Bond Index ETFXQB$0.055iShares S&P/TSX Capped REIT Index ETFXRE$0.058iShares ESG Aware Canadian Aggregate Bond Index ETFXSAB$0.051iShares Core Canadian Short Term Bond Index ETFXSB$0.069iShares Conservative Short Term Strategic Fixed Income ETFXSC$0.054iShares Conservative Strategic Fixed Income ETFXSE$0.053iShares Core Canadian Short Term Corporate Bond Index ETFXSH$0.063iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETFXSHG$0.124iShares 1-5 Year U.S. IG Corporate Bond Index ETFXSHU$0.166iShares 1-5 Year U.S. IG Corporate Bond Index ETF(1)XSHU.U$0.116iShares Short Term Strategic Fixed Income ETFXSI$0.058iShares Core Canadian 1-10 Year Bond Index ETFXSMB$0.105iShares ESG Aware Canadian Short Term Bond Index ETFXSTB$0.047iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged)XSTH$0.000iShares 0-5 Year TIPS Bond Index ETFXSTP$0.000iShares 0-5 Year TIPS Bond Index ETF(1)XSTP.U$0.000iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)XTLH$0.114iShares 20+ Year U.S. Treasury Bond Index ETFXTLT$0.117iShares 20+ Year U.S. Treasury Bond Index ETF(1)XTLT.U$0.082iShares Diversified Monthly Income ETFXTR$0.040iShares S&P/TSX Capped Utilities Index ETFXUT$0.107 (1) Distribution per unit amounts are in U.S. dollars for XAGG.U, XCBU.U, XDG.U, XDU.U, XFLI.U, XSHU.U, XSTP.U, and XTLT.U.

Estimated October Cash Distributions for the iShares Premium Money Market ETF

The October cash distributions per unit for the iShares Premium Money Market ETF are estimated to be as follows:

Fund NameFund TickerEstimated Cash Distribution Per UnitiShares Premium Money Market ETFCMR$0.107
BlackRock Canada expects to issue a press release on or about October 26, 2026, which will provide the final amounts for the iShares Premium Money Market ETF.

Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate

About iShares ETFs
iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty-five years of experience, a global line-up of more than 1,800 exchange traded funds (ETFs) and $6.4 trillion in assets under management as of September 30, 2026, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

iShares® ETFs are managed by BlackRock Canada.

Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”). Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). TSX is a registered trademark of TSX Inc. (“TSX”). All of the foregoing trademarks have been licensed to S&P Dow Jones Indices LLC and sublicensed for certain purposes to BlackRock Fund Advisors (“BFA”), which in turn has sub-licensed these marks to its affiliate, BlackRock Asset Management Canada Limited (“BlackRock Canada”), on behalf of the applicable fund(s). The index is a product of S&P Dow Jones Indices LLC, and has been licensed for use by BFA and by extension, BlackRock Canada and the applicable fund(s). The funds are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, any of their respective affiliates (collectively known as “S&P Dow Jones Indices”) or TSX, or any of their respective affiliates. Neither S&P Dow Jones Indices nor TSX make any representations regarding the advisability of investing in such funds. MSCI is a trademark of MSCI, Inc. (“MSCI”). The ETF is permitted to use the MSCI mark pursuant to a license agreement between MSCI and BlackRock Institutional Trust Company, N.A., relating to, among other things, the license granted to BlackRock Institutional Trust Company, N.A. to use the Index. BlackRock Institutional Trust Company, N.A. has sublicensed the use of this trademark to BlackRock. The ETF is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no representation, condition or warranty regarding the advisability of investing in the ETF.

Contact for Media:
Sydney Punchard
Email: [email protected]

PFF's headline yield draws retirees chasing income, but the fund sponsor's own performance table tells a different story about what investors actually kept after five years of payouts.

VYM has the longer record, the bigger name, and the loyal following, but a newer actively managed rival has quietly outpaced it across every recent time window. Before you dismiss the newer fund, the tax math and track record question…

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Vanguard High Dividend Yield ETF (NYSEARCA:VYM) is one of the most widely held income ETFs in the country, and it earned that spot. VYM gives investors a passive basket of large U.S. dividend payers, a big-name sponsor, and a long record. Holders of VYM saw a solid 17.7% total return over the past year. A much younger BlackRock (NYSE:BLK | BLK Price Prediction) fund, the iShares U.S. Large Cap Premium Income Active ETF (CBOE:BALI), returned 19.9% over the same period. Both one-year windows run from October 16, 2025, to the October 16, 2026 close, so the comparison lines up exactly. BALI’s lead of 2.2 points is meaningful, though modest.

Both Returns Assume Every Distribution Was Reinvested
These figures count every distribution as reinvested in the fund. An investor who took the income as cash to pay bills did not get exactly these results. The cash they withdrew stopped compounding inside the fund.

The numbers still measure how effective each strategy was overall, but they describe a reinvestor’s experience. Keep that in mind if you live off the payouts. We laid out a method for turning a lump sum into a monthly paycheck in a free guide here.

BALI Has Led VYM in Every Recent Window
The one-year lead holds up over shorter periods too. Year-to-date through the October 16 close, BALI returned 15.23% against VYM’s 13.64%, a gap of 1.59 points. That margin roughly matches the one-year spread, which suggests the lead built up steadily over the year.

Over the past month, BALI gained 1.49% while VYM added 0.85%. Leading over one month, year-to-date, and a full year adds up to a consistent recent pattern, so this goes beyond one lucky month. Keep the scale in view, though. Every gap is a few percentage points at most, and a single rough quarter could close any of them.

BALI’s Short Track Record Is the Strongest Case for Staying Put
BALI’s price history begins on September 28, 2023. That means no five-year or ten-year comparison with VYM exists. VYM has a long record that has run through bull markets, bear markets, rate shocks, and sharp sector rotations. BALI has yet to prove itself across a full market cycle.

A few points of outperformance over about one year from a fund this young is promising, but unproven. Investors pick a core income holding to own for decades. For a VYM holder who values a strategy tested through many kinds of markets, that gap in evidence is the best reason to stay put.

Learn 7 Ways To Generate Income With A $1,000,000+ PortfolioIf you’ve saved over $1,000,000, this guide is for you. The last thing you want in retirement is to run out of money, you want your money to generate lasting income while you enjoy your life.

Now you can learn the strategies wealthy retirees use to fund their retirement with The Definitive Guide to Retirement Income from Fisher Investments. Download the guide today! (sponsor)

Two Different Routes to Large-Cap Income
Both funds serve income-focused investors who want exposure to large U.S. companies. That said, they take different approaches. Vanguard describes VYM as tracking common stocks of U.S. companies that have paid above-average dividends for the previous 12 months, excluding REITs. What you own comes from a published, rules-based screen, with no manager making discretionary picks.

BALI is an actively managed ETF. According to iShares, it seeks consistent income with lower volatility than the broader U.S. equity market. That puts BlackRock’s portfolio managers in charge of the results. Active management can add value, as it has over the past year, but it also adds manager risk: the decisions behind one strong year may not repeat. With VYM, past behavior tells you more about future behavior because the rules stay the same.

How to Switch Without Triggering a Tax Surprise
In an IRA or 401(k), swapping VYM for BALI triggers no immediate tax, which makes a tax-advantaged account the best place to start. In a taxable brokerage account, selling VYM locks in any capital gain built up since you bought it. A long-time holder could owe enough tax to wipe out a lead of 2.2 points for years to come.

There are practical middle ways. You can send new contributions to BALI while keeping your existing VYM shares, or you can move a portion of the position inside a retirement account and leave taxable holdings alone. Either way, you get to watch how BALI holds up in a downturn before putting more money into it.

Which Investors Fit BALI and Which Fit VYM
For long-horizon investors who want a strategy tested across full market cycles, BALI’s lead over the past year does not yet outweigh VYM’s much longer record.

Some investors may find BALI worth exploring further. They can live with a short track record, hold the position in a tax-advantaged account, and want to act on a consistent recent lead. If BALI keeps its edge through its first serious market decline, the argument for switching fully becomes much stronger.

Learn 7 Ways To Generate Income With A $1,000,000+ PortfolioIf you’ve saved over $1,000,000, this guide is for you. The last thing you want in retirement is to run out of money, you want your money to generate lasting income while you enjoy your life.

Now you can learn the strategies wealthy retirees use to fund their retirement with The Definitive Guide to Retirement Income from Fisher Investments. Download the guide today! (sponsor)

Contact [email protected] for any questions or corrections.

BlackRock's Mike Pyle says that in the upcoming years China can be a real opportunity for investors to be looking more broadly across that full application stack. He also says that it is important for U.S.-China relations to underwrite strategic stability as the two largest economies in the world.

After 13 straight weeks of investor confidence, something spooked XRP ETF holders into pulling money out for the first time since July, and the timing points to more than just a routine market dip.

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SoSoValue data shows that XRP ETFs saw a combined outflow of $1.84 million for the week ending October 16, 2026, breaking a 13-week streak of positive inflows. Spot XRP ETFs directly hold XRP (CRYPTO:XRP), allowing investors to buy the cryptocurrency through standard brokerage accounts.

The XRP ETF outflows coincided with a decline in XRP’s value, which was trading around $1.30 on October 18. Over the past week, it fell 6.9% and is down 29.1% for 2026, though it is up 30.3% over the past 60 days.

XRP ETFs Ended a 13-Week Streak With a $1.84 Million Outflow

Net flow is the difference between money invested in a fund and money withdrawn. A negative flow means redemptions exceeded new investments. In this case, U.S. spot XRP ETFs had only one positive day this week, after posting inflows every week since July.

Despite the outflow, it was relatively small compared with total assets. The ETFs held $1.47 billion in net assets as of October 16, meaning the $1.84 million outflow accounts for approximately 0.1% of the total pool. This drop in flows occurred during a difficult week for the cryptocurrency market.

XRP ETFs Took In Money on Only One Day

Throughout the week, funds experienced little net movement. On October 12 and 13, the funds recorded no net flow. On October 14, buyers stepped in with a modest inflow of about $740,000, all from the Bitwise XRP ETF (NYSE:XRP). However, the situation shifted again on October 15, when the funds recorded a slight net outflow of around $105,000.

Notably, Bitwise alone lost about $3.75 million that day, while other funds attracted about $3.6 million in new investments, offsetting most of Bitwise’s losses.

On October 16, outflows rose sharply to about $2.47 million. Bitwise recorded zero net flow that day, meaning funds from Canary, Grayscale, Franklin Templeton (NYSE:BEN | BEN Price Prediction), and 21Shares were redeemed, though specific numbers for these four funds remain unclear.

XRP’s Slide and a Market-Wide Sell-Off Broke the Streak

XRP’s drop was notably steeper than other cryptocurrencies. It fell 8.7% in the week leading up to October 17, while Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) fell 1.7% and 3.4%, respectively. As ETF investors typically react to price movements, XRP’s sharper decline might have prompted holders to sell off some assets.

Looking longer term, XRP is down 43.1% from $2.29 in October 2025, leaving anyone who bought then facing losses.

This trend of selling wasn’t isolated to XRP; the total market capitalization of cryptocurrencies fell by 3.5% within 24 hours leading up to October 17, as trading volume increased by 11.9%. This volume uptick during a price drop usually signals active selling. On October 15, BlackRock CEO (NYSE:BLK) expressed concerns about a potential Bitcoin crash, adding to market unease.

Are XRP ETF Buyers in Trouble?

Since the launch of the XRP ETFs, cumulative net inflows reached $1.80 billion as of October 16. Despite this, the current market value of XRP held by the funds totaled only $1.47 billion. This puts ETF investors collectively at a loss of about $330 million.

Consequently, some investors may sell during a price rebound just to break even, potentially hindering XRP’s recovery.

Is the XRP ETF Inflow Trend Over?
We believe that one negative week does not signify a long-term trend. The $1.84 million outflow appears to be a minor setback compared to the $1.47 billion in assets. The October 15 flow breakdown underscores this point. While Bitwise lost $3.75 million, other funds gained, suggesting some money may have shifted between ETFs rather than leaving the market entirely.

If there’s a net inflow from October 19 to 23 and XRP rises back above $1.40—its price on October 10 and roughly 8% above the current level—we could see this situation as a temporary dip. However, if XRP ETF outflows exceed $1.84 million again the following week while XRP remains below $1.40, it might signal that the 13-week inflow trend has peaked for now.

Contact [email protected] for any questions or corrections.

Ondo's tokenized Treasury product just dethroned BlackRock's BUIDL in size, yet the ONDO token keeps sliding deeper into the red. The relationship between Ondo's growing business and its token's value may not be what investors assume.

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Ondo Finance’s tokenized Treasury product, the Ondo US Dollar Yield token (USDY), has surpassed BUIDL from BlackRock (NYSE:BLK | BLK Price Prediction) in size. Despite this achievement, the Ondo (CRYPTO:ONDO) token fell 9% during the week ending October 17, 2026. USDY currently holds about $2.33 billion, slightly more than the $2.2 billion held by BlackRock’s tokenized fund.

ONDO is trading at around 44 cents, down 3% in one day. Its weekly drop is considerably steeper than the 1.7% decline in Bitcoin (CRYPTO:BTC) and the 3.4% dip in Ethereum (CRYPTO:ETH). ONDO is now 79.5% below its all-time high of $2.14, reached on December 15, 2024. While the USDY product continues to grow, the ONDO token’s value keeps falling. Does this increase in USDY suggest that ONDO is undervalued?

USDY Pays Yield to Its Holders, While ONDO Offers Only Governance

USDY is a yield-bearing token backed by short-term US Treasuries and bank deposits, as Ondo states on its product page. Legally, USDY represents debt from a separate entity, which should protect its reserves from Ondo’s creditors if Ondo Finance faces financial difficulties. Notably, USDY is sold under Regulation S, which means only non-US buyers can purchase it.

In contrast, ONDO serves as a governance token. Holders of ONDO tokens have the right to vote on proposals for the Ondo DAO, the community organization overseeing parts of the platform. While buyers can create and redeem USDY using dollars or stablecoins, ONDO has no role in that process. The $2.33 billion in USDY belongs to its holders.

Ondo generates revenue from the difference between two yields: one yield paid to USDY holders and another earned by the portfolio backing USDY. However, Ondo Finance is a private company that does not disclose how much of this yield gap contributes to its revenue.

The only connection between Ondo’s business and the ONDO token is its governance function. In June, a community member proposed a temperature check on the Flux Finance governance forum about using part of Ondo’s revenue to buy back and eliminate ONDO tokens. The post clarified that this was only a temperature check, not a binding on-chain proposal.

Ondo’s US Expansion Relies on USD and Stablecoins, Not ONDO

Ondo also operates OUSG, a tokenized Treasury fund designed for qualified investors, along with Ondo Global Markets. The BVI unit of Ondo issues tokenized notes that track US stocks and ETFs for non-US investors, with broker Alpaca holding the underlying shares. In a letter sent to the SEC on April 13, Ondo sought no-action relief, indicating that it aims to record these positions on Ethereum’s main network, with BitGo safeguarding the tokens.

A significant regulatory advancement for Ondo was acquiring Oasis Pro, which gave it an SEC-registered broker-dealer, an alternative trading system for matching buyers and sellers, and a transfer agent to track ownership of each security. On July 23, Oasis Pro Markets received FINRA approval to offer tokenized stocks and funds to US investors.

However, Ondo’s announcement of this approval said trades could settle in fiat currencies or “supported stablecoins” and did not mention ONDO. Thus, Ondo’s regulated operations in the US could continue to grow without creating demand for ONDO.

BlackRock Continues to Earn Fees While USDY Leads BUIDL

Claiming that Ondo is a direct rival to BlackRock may be overstating the competition. In March 2024, Ondo transferred its OUSG reserves into BlackRock’s BUIDL fund, making it a BUIDL client. Additionally, USDY’s portfolio includes an Ondo-tokenized version of the iShares 0-1 Year Treasury Bond ETF (NASDAQ:SHV), which is managed by BlackRock. So, even as USDY grows past BUIDL, BlackRock still earns fees as Ondo grows.

Moreover, the two products serve different buyers. BlackRock developed BUIDL in partnership with Securitize for large institutions, while USDY appeals to non-US individuals and organizations, as well as to crypto lending and trading applications that accept it as collateral. Currently, USDY’s lead over BUIDL is quite narrow, at roughly $130 million to $160 million depending on the count, meaning a single large deposit into BUIDL could change their rankings.

ONDO’s Market Cap Excludes 5 Billion Tokens Yet to Be Released

Currently, ONDO’s market cap is about $2.13 billion, less than USDY’s. Its fully diluted valuation, which factors in all 10 billion tokens that will ever exist, is about $4.38 billion. This makes ONDO appear more affordable than USDY. However, this comparison mistakenly treats customer deposits as if they belong to token holders.

The supply also affects the price. Of the 10 billion ONDO token maximum, about 4.87 billion are currently in circulation, meaning only 49% of the total supply is available. Ondo still has 5.13 billion tokens to release, which could further affect market dynamics.

Is ONDO Undervalued Now That Ondo’s Tokenized Treasury Leads BUIDL?
No. USDY’s growth doesn’t make ONDO undervalued because ONDO holders have no claim on USDY’s reserves, no ownership stake in Ondo Finance, and no claim on the company’s fees. Holding ONDO for the tokenization theme buys a vote on Ondo’s direction, but no share of its cash flow, and 5.13 billion tokens still have to unlock.

We’d change our view once a binding fee-switch proposal passes an on-chain vote and Ondo starts using its revenue to buy back ONDO. Until then, USDY could keep growing past BUIDL while ONDO lags Bitcoin, as it did the week ending October 17.

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Contact [email protected] for any questions or corrections.

Millions of investors hold IBIT shares believing they have exposure to Bitcoin, but the actual ownership chain running through a Delaware trust, a crypto custodian, and a handful of authorized traders tells a more complicated story.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Many investors in BlackRock’s Bitcoin ETF might think the fund manager owns the Bitcoin. However, the iShares Bitcoin Trust ETF (NASDAQ: IBIT) has a different structure. While BlackRock (NYSE: BLK | BLK Price Prediction) manages the fund, a separate legal trust holds the actual Bitcoin (CRYPTO: BTC), and Coinbase (NASDAQ: COIN) acts as custodian and holds the keys.

IBIT operates as a Delaware statutory trust. Shareholders have beneficial interests in the trust, meaning they benefit from the economic value of the trust’s Bitcoin, but they don’t own the coins outright or can’t withdraw them.

Bitcoin is trading around $81,497 as of October 17, 2026, about 35% below its record high of $126,080. On October 16, shares of IBIT closed at about $46. So, who owns what, and how does this structure impact Bitcoin’s price?

A Delaware Trust Holds Every Coin in BlackRock’s Bitcoin ETF

A Delaware statutory trust is a legal entity that holds assets on behalf of others. In the case of IBIT, this means that the trust holds the legal title to every Bitcoin. So, even though BlackRock manages the ETF, the trust owns the coins.

Shareholders have what are known as beneficial interests—essentially a claim on the trust’s Bitcoin’s economic benefits. As a result, the value of each IBIT share rises and falls with the price of Bitcoin. However, shareholders do not have legal ownership of any specific Bitcoin and cannot withdraw coins directly from the trust.

This structure means that when an investor wants to exit, they must sell their shares on the stock exchange for cash. Long-term shareholders will face limitations if they want to send, spend, or store Bitcoin personally. This setup also keeps Bitcoin separate from BlackRock’s finances, meaning the company cannot list it as part of its corporate treasury or spend it.

BlackRock Manages IBIT, Coinbase Holds the Keys, and Big Traders Handle the Coins

BlackRock’s role is to sponsor the ETF. It establishes the trust, hires service providers, manages daily operations, and earns fees for running the ETF. According to an iShares prospectus, BlackRock Fund Advisors and its affiliates managed approximately $13.9 trillion in assets as of March 31, 2026, making IBIT just one of many products under this massive asset manager.

Coinbase Custody serves as the custodian, safeguarding the trust’s assets. This means Coinbase holds the private keys—the essential codes that allow access to Bitcoin on the blockchain—in separate accounts to avoid mixing them with other customers’ assets. Additionally, Anchorage Digital Bank became a second custodian in April 2025, although BlackRock said at the time it had no plans to transfer any coins there.

Authorized participants, large trading firms with contracts to create or redeem shares directly with the trust, are crucial to IBIT’s functioning. Since 2025, these participants can exchange Bitcoin for new shares or return shares to receive Bitcoin in return—ordinary shareholders, however, cannot do this.

IBIT’s Structure Doesn’t Move Bitcoin’s Price, but Its Share Flows Can

The structure of ownership doesn’t directly affect Bitcoin’s price because it doesn’t create new demand for the asset. Instead, the price is influenced by the volume of share creations and redemptions in the ETF.

When demand for IBIT shares exceeds supply, authorized participants can deliver Bitcoin to the trust in exchange for new shares, effectively taking coins off the market. Conversely, heavy selling of IBIT shares can lead to coins being redeemed and returned to traders.

That’s why IBIT closely tracks Bitcoin’s price. Over the past year, IBIT has declined 24.9%, closely mirroring Bitcoin’s 23.4% drop, with the slight difference likely due to fees and different measurement periods.

So, Who Owns the Bitcoin Inside BlackRock’s Bitcoin ETF?
In summary, the trust owns the Bitcoin, Coinbase Custody secures it, and BlackRock manages everything, while shareholders have a claim on the value of the coins. You can think of an IBIT share as a receipt for Bitcoin stored in someone else’s vault. This arrangement entails some loss of control, as holders depend on all three parties and cannot move the coins themselves.

IBIT is ideal for investors who want to capture Bitcoin’s price movements in a brokerage or retirement account without managing private keys. In contrast, a personal wallet offers direct ownership, but if you lose the seed phrase—the backup words needed to restore access to a wallet—you risk permanently losing your coins. If the trust’s Bitcoin holdings keep growing through November, authorized participants may continue pulling Bitcoin from the market, which could affect overall supply dynamics.

Contact [email protected] for any questions or corrections.

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Many New York retirees holding a popular national muni bond ETF assume their distributions arrive fully tax-free, but a quiet provision in state law can trigger a tax bill they never saw coming.

(Kitco News) – BlackRock, the world’s largest asset manager, sees the recent spate of share buybacks by gold miners as reckless and undisciplined, and believes that with gold prices likely to rise higher, the miners and their shareholders would be far better served by investing in new production.

Evy Hambro, global head of thematic and sector investing at BlackRock, said at the FT Mining Summit this week that the share buyback programmes amount to “reckless capital allocation,” and that gold companies were approving these repurchases “without any real process.”

“One of the things we’ve been really dismayed about in the last 18 months or so has been the reckless capital allocation towards share buybacks in gold companies, where we’ve seen enormous amounts of money deployed on buybacks without any real process,” he said. 

Hambro contrasted these buyback programmes with the real work of allocating capital to developing new mines to increase future supply. “If you look at what companies do when they’re making $1bn investment decisions on building new mines, they do far more work on that than they do on $1bn decisions to buy back their own shares,” he said.

Hambro is speaking as an industry and sector expert, but he’s also speaking on behalf of BlackRock as a major stakeholder. Four gold mining giants have announced share buyback programmes worth approximately $12 billion – Barrick Mining, Newmont, AngloGold Ashanti and Gold Fields. BlackRock owns 12% of Newmont, 10% of AngloGold Ashanti, and 6% of Gold Fields.

Hambro criticized the lack of transparency surrounding the programmes, which he said would be necessary to build investor trust.

“We’re very dismayed when companies announce big share buyback plans when share prices are at their peak, and then when the gold price falls back to $4,000 an ounce they stop buying back shares – and the shares are 40% cheaper,” he said. “Where was the maths in making those decisions in the first place?” 

Hambro said rather than locking themselves into expensive defined programmes, the companies should instead leave themselves the flexibility to take advantage of the opportunities in the market when they occur.

BlackRock remains bullish on the trajectory of gold prices, however, due the massive debts and deficits being carried by global governments. 

“When you look around the world today, you see the incredible amount of debt governments are carrying and the large ongoing deficits many countries are running,” Hambro said. “You see no plan from governments to fix the problems, beyond doing more and more of the same. To me, that means you’re going to see an ongoing depreciation in the purchasing power of paper currencies.

“The outcome is that real assets rise in price,” he said, “and gold is probably one of the biggest beneficiaries of that.”

Hambro said BlackRock sees the long-term trend for gold remaining higher, even as they expect further gold price volatility in the near term resulting from shifting monetary policy expectations and interest rates.

“That’s creating shorter-term volatility,” he said. “But the trend is very much your friend.”

Back in March, as gold prices were beginning their months-long slide following the start of the Iran war, Kristy Akullian, BlackRock’ head of iShares investment strategy for the Americas, said the company believed the bull market was far from over.

Akullian pointed to three main catalysts that had driven the outsized gains for gold and silver.

First, mounting government debt has made the precious metals attractive as stores of value.

“Government debt levels have risen to concerning levels globally,” she wrote. “In the U.S., federal debt now exceeds 120% of GDP, while annual fiscal deficits continue to run near 6–7% of GDP. And it’s not alone: global debt has surpassed 100% of GDP for major developed economies like Japan, the U.K., France and Canada as well.”

Akullian pointed out that gold has historically benefited in these environments. “Silver has often behaved as a higher-beta extension of this theme, though its pricing reflects a combination of investment flows and industrial demand, she added. “Over the past 20 years, silver’s annualized volatility has been up to twice that of gold, underscoring its more cyclical nature.”

The second major driver of the metals’ price action is safe-haven demand spurred by geopolitical uncertainty – both domestic and international.

“Periods of policy transition and global re-alignment often increase demand for perceived safe haven assets,” Akullian wrote. “But rather than view precious metals purely as a haven, we believe they are best understood as portfolio stabilizers that have historically shown low or negative correlation to equities during periods of market stress.”

She pointed out that diversification matters most when equity valuations are falling. “Since 2020, during months when the S&P 500 declined more than 5%, gold has delivered an average return of 2%, while the U.S. Aggregate Bond Index has been closer to flat,” she said. “This asymmetry makes gold particularly valuable in drawdown scenarios.”

The third major catalyst – this one specific to silver – is a surge in industrial demand coupled with relatively low liquidity.

“Silver demand has reflected a more balanced mix of investment and industrial usage,” Akullian said. “About 60% of annual silver consumption is tied to electronics, solar panels and semiconductors. Electronics alone account for roughly 445 million ounces of silver demand per year, making it the largest industrial use of the metal.”

“The ongoing buildout of data centers, rising power demand from AI workloads, and broader electrification trends add a potentially cyclical and growth-sensitive component to silver.”

Given today’s economic and geopolitical realities, Akullian said she believes that gold and silver are more than just defensive assets. “Together in a portfolio, they can offer differentiated exposure: gold as a strategic diversifier and store of value, and silver as a higher-volatility metal with meaningful industrial demand,” she wrote. “[T]his means precious metals can serve both as portfolio differentiator and as a way to diversify within secular growth trends.”

Akullian outlined how gold and silver can play complementary roles in investor portfolios.

“Gold has historically functioned as a strategic ballast, particularly during equity market drawdowns, exhibiting low or even negative correlation to equities when diversification matters most,” she wrote. “We believe this has made gold one of the most consistent diversifiers during periods of market stress, and a critical portfolio tool in a time where stock-bond correlations have proven unreliable.”

Silver, by contrast, has been more volatile and cyclical. “While it has not consistently provided the same benefits as gold, silver can help enhance diversification over full market cycles by offering greater upside potential during periods of economic expansion, reflation, and industrial growth,” Akullian said. “Given its higher volatility, the sizing of a silver position within a portfolio has often been smaller than that for gold.”

“Gold and silver can help investors seek to balance resilience with opportunity by pairing diversification with exposure to long-term structural demand.”

See live precious metals prices for gold, silver, platinum and palladium — in USD, CAD and 12 more currencies. 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

The Nasdaq-VettaFi Asset Allocation Summit this week included insights from leaders at key asset managers discussing the major decisions that advisors are facing. With costs rising and many investors at or near retirement, fixed income and income ETFs, specifically, took up a big part of the conversation.

The third quarter of 2026 emphasized an increasingly divided macro regime for financial advisors and institutional allocators alike.

BlackRock, Inc. (BLK) Q3 2026 Earnings Call October 14, 2026 7:30 AM EDT

Company Participants

Christopher Meade - General Counsel & Chief Legal Officer
Martin Small - Senior MD, CFO & Global Head of Corporate Strategy
Laurence Fink - Founder, CEO & Chairman
Robert Kapito - President & Member of Board of Directors

Conference Call Participants

Y. Cho - JPMorgan Chase & Co, Research Division
Michael Cyprys - Morgan Stanley, Research Division
Craig Siegenthaler - BofA Securities, Research Division
Michael Brown - UBS Investment Bank, Research Division
Alexander Blostein - Goldman Sachs Group, Inc., Research Division
Daniel Fannon - Jefferies LLC, Research Division

Presentation

Operator

Good morning. My name is Jen, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock Inc. Third Quarter 2026 Earnings Teleconference. Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Martin S. Small; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. [Operator Instructions]

Mr. Meade, you may begin your conference.

Christopher Meade
General Counsel & Chief Legal Officer

Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock. Before we begin, I'd like to remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements. As you know, BlackRock has filed reports with the SEC, which lists some of the factors that may cause the results of BlackRock to differ materially from what we say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements.

So with that, I'll turn it over to Martin.

Martin Small
Senior MD, CFO & Global Head of Corporate Strategy

Thanks, Chris, and good morning, everyone. It's my pleasure to