According to Ethena, approximately $500 million in USDC held in the Jupiter Perps LP (JLP) will be converted to JupUSD. This move is intended to unify dollar liquidity across the ecosystem and ensure stability during transition periods. Jupiter’s official X account also announced that JupUSD has arrived for on-chain finance, highlighting its integration across Jupiter products.

JupUSD’s Functional Role

JupUSD will play a critical role across Jupiter’s platform:

• Supporting Jupiter’s limit orders

• Powering dollar-cost averaging (DCA) tools

• Providing a single-balance user experience in the mobile app

• Acting as collateral for perpetual (perps) trading

• Serving as a settlement and payment method in prediction markets

JupUSD deposits on Jupiter Lend will mint a reward-accruing token called jlJupUSD.

Reserve and Liquidity Structure

JupUSD reserves are 90% backed by USDtb, with the remainder held in a USDC buffer to facilitate transitions and liquidity. Ethena manages daily reserve operations, and USDtb itself is supported by BlackRock’s tokenized USD Institutional Digital Liquidity Fund (BUIDL).

This USDC conversion will occur in phases and is planned to unify dollar liquidity across the entire platform. Alternative DEX aggregator Meteora will provide a secondary liquidity pool to support the transition.

Institutions and market makers can mint JupUSD 7/24 in a single on-chain transaction against USDC, with published limits and clear capacity, allowing teams to plan flows. Redemptions are available whenever the on-chain USDC buffer is sufficient, with continuous availability targeted.

This structure strengthens the platform’s liquidity and security perception.

Market Data and Institutional Collaboration

As of January 5, 2026, Jupiter (JUP) is priced at $0.22, with a market cap of $686,392 and a 24-hour trading volume of $30.40 million. Despite a 0.88% drop in the past day, weekly performance rose 11.37%.

BlackRock’s backing enhances JupUSD’s appeal to institutional investors and signals stronger potential for corporate collaborations in the DeFi market. However, risks remain for investors until official reserve details are fully disclosed.

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Harvard’s Bitcoin ETF Position in Its Investment Portfolio 

Harvard Management Co Inc. manages the university’s investment portfolio. By the end of Q2 2025, the value of Harvard’s shares in BlackRock’s spot Bitcoin ETF reached $117 million. This amount is roughly $3 million more than its holdings in Alphabet shares. Harvard’s largest investment remains Microsoft shares, valued at $310 million. The Bitcoin ETF investment, however, stands out with its rapid growth. 

Growing Institutional Interest in Bitcoin ETFs 

BlackRock’s spot Bitcoin ETF continues to gain popularity among institutional investors. An Abu Dhabi-based asset fund held over $500 million worth of shares in this ETF by the end of Q1 2025. BlackRock currently manages $84 billion in assets. Other institutional investors, such as the Michigan State Retirement System, are also turning to Bitcoin ETFs. By the end of Q2, Michigan State Retirement System reported holding about $11 million worth of ARK 21Shares Bitcoin ETF shares. 

Harvard’s investment in BlackRock’s Bitcoin ETF competes with major tech company holdings in its portfolio. This highlights the growing importance of crypto assets within institutional portfolios. Additionally, BlackRock’s Bitcoin ETF stands out with its market value and investor interest, fueling rising corporate demand for digital assets every day. 

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Bitcoin has been losing value since hitting a peak of $114,278 on July 14. Over the weekend, BTC dropped by 8.5%, falling to $112,300 before recovering to around $115,000 late Monday. However, this rebound wasn’t enough to prevent ETF outflows. 

The $292 million outflow from IBIT represents just 9% of the $5.2 billion in net inflows recorded in July. While relatively small in the broader context, the outflow is still notable. 

Decreasing Interest in Spot Bitcoin ETFs: What Are Institutional Investors Doing? 

U.S.-listed spot Bitcoin ETFs saw outflows for a third consecutive trading day. Fidelity’s FBTC lost around $40 million, and Grayscale’s GBTC recorded a $10 million outflow. Other U.S.-based ETFs saw no significant inflows, except Bitwise’s BITB fund, which attracted $18.7 million. 

These developments came as Bitcoin bounced off the $112,000 support level. Notably, Monday’s total ETF outflow was smaller than Friday’s $812 million, indicating a potential slowdown in redemptions. 

Still, digital asset investments remain significant in institutional portfolios. Bloomberg ETF analyst Eric Balchunas noted that while growth in private investment vehicles is slowing, hedge funds and digital assets are gaining market share. JPMorgan analyst Nikolaos Panigirtzoglou echoed this sentiment, pointing to substantial capital inflows into digital assets. 

As of July 22, investment in digital assets reached $60 billion, down from $85 billion last year. This underscores the growing prominence of digital assets among alternative investment options. 

Spot Bitcoin and Ethereum ETFs listed in the U.S. recorded a combined $787 million in net outflows as of August 4, 2025. Spot Bitcoin ETFs lost $322 million, while Ethereum ETFs saw a $465 million capital exodus. 

BlackRock’s ETHA fund alone saw a massive $374.97 million outflow. On the same day, Fidelity’s FETH fund lost $55.11 million, and Grayscale’s ETHE recorded a $6.98 million outflow. Bitwise’s ETHW was the only Ethereum ETF to register inflows, pulling in $415.98 million. 

Despite this, Ethereum ETFs’ total net asset value has reached $20.47 billion, equivalent to 4.70% of Ethereum’s market cap. 

Volatility Drops, Bitcoin Attracts New Investors 

According to Balchunas, Bitcoin has not experienced major volatility since the launch of spot ETFs. The 90-day volatility, which hovered above 60 in January 2024, has fallen below 40 for the first time in IBIT. This decline makes Bitcoin appear more stable. 

As a result, BTC has become a more attractive asset for institutional investors. Lower volatility has facilitated its adoption both as an investment vehicle and an alternative currency. 

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BlackRock had requested an “in-kind” mechanism for its Ethereum ETF. This mechanism offers tax advantages to investors and reduces transaction costs. 

SEC Approves BlackRock’s Ethereum ETF

In-kind transactions allow investors to exchange ETF shares directly for Ethereum tokens. Typically, ETF shares are bought or sold for cash. However, the in-kind method enables direct asset swaps, significantly reducing capital gains taxes from sales. Additionally, transaction costs are minimized with this method. Unlike cash transactions, which involve various commissions and bank fees, in-kind transactions lower these costs, allowing investors to invest with lower fees. 

John Doe, BlackRock’s ETF Strategy Director, stated, “BlackRock is committed to expanding the features of its Ethereum ETF and is working toward approval for staking capabilities.” 

Moreover, in-kind transactions reduce the gap between the ETF’s market price and Ethereum’s actual market price. This ensures the ETF’s price aligns with the underlying asset’s value, providing investors with fairer and more transparent pricing. 

Market Reaction and Investor Interest 

Following the SEC’s approval, Ethereum prices moved positively. ETH rose by 2%, reaching $2,509. Additionally, the ETF saw an inflow of $45 million in investments in a short period, clearly demonstrating investors’ confidence in BlackRock’s Ethereum ETF. Cryptocurrency analysts and investors consider the SEC’s decision a significant turning point. With the approval of BlackRock’s ETF, investing in Ethereum will become more accessible and advantageous for both individual and institutional investors. 

Furthermore, BlackRock’s decision to hold the ETF’s Ethereum assets in trusted platforms like Coinbase and Anchorage Digital enhances the security of the funds. 

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On Friday, Fidelity applied for an ether (ETH) exchange-traded fund (ETF). With this application, the company joined competitor BlackRock’ in taking a significant step in crypto adoption. The Fidelity Ethereum Fund will be listed on an exchange owned by Cboe Global Markets. However, the U.S. Securities and Exchange Commission (SEC) must make a decision on other ethereal ETF applications made by other companies.

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Fidelity and BlackRock have also applied to offer exchange-traded funds for bitcoin (BTC), a cryptocurrency larger than ether, to investors. However, no response has yet been received from the SEC. BTC and ETH ETFs could positively influence the crypto market as buying them is easier with traditional banking accounts. Especially with the contributions of big names like Fidelity and BlackRock, a new capital flow to digital assets could be triggered.

Why are Fidelity and BlackRock’s Applications Important?

Fidelity and BlackRock are two of the world’s largest asset management companies. Their entrance into the cryptocurrency market is seen as an indication that cryptocurrencies are beginning to be accepted by traditional financial institutions. This move can help the growth of the crypto market and increase the participation of institutional investors. It can also contribute to clarifying the legal status of cryptocurrencies.

A decision from the SEC on the applications submitted by Fidelity and BlackRock is awaited. A positive decision from the SEC will be a significant turning point for the crypto market. A negative decision may have a negative impact on the cryptocurrency market. However, considering the SEC’s increasingly positive attitude towards cryptocurrencies recently, the possibility of a positive decision appears to be higher.

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