21Shares has launched the first U.S. spot Polkadot ETF, known as TDOT, today, March 6, according to a press release from the firm.

The crypto exchange-traded product issuer noted that its spot ETF for Polkadot’s native asset, DOT, is registered under the Securities Act of 1933, not the Investment Company Act of 1940 — like most U.S. crypto ETPs.

Bloomberg’s senior ETF analysts, Eric Balchunas, posted about the launch on X today, noting its 0.30% fee and that “it looks like it was seeded with $11m.”

DOT Slumps on the News

Polkadot is known as a Layer 0 chain, as it consists of an ecosystem of networks with a shared base layer. With a market cap of approximately $2.4 billion, Polkadot is currently the 38th largest network, according to CoinGecko.

DOT is down about 2% over the past 24 hours, despite the ETF news, as the broader market sees a downturn on increased economic and geopolitical uncertainty.

The token saw a sharp rally last month on expectations around its upcoming halving event, as The Defiant reported.

TDOT marks the latest altcoin ETF to launch in the U.S. — a trend that accelerated notably last year. Just last week, 21Shares also issued one of the first spot ETFs for Sui (SUI), as The Defiant reported.

The first spot crypto ETF to launch in the U.S. was, fittingly, for Bitcoin. After years of attempts, 11 issuers were approved at once in a landmark decision in January 2024.

This article was generated with the assistance of AI workflows.

In this video, we’ll explore the key economic events and market trends, shaping the financial landscape. Get ready for insights into financial markets to help you navigate the week ahead. Let’s dive in!

In this episode of Market Insights, Gary Thomson breaks down what moved the markets this week and unpacks the strategic implications of the most critical events driving global markets.

👉 Key topics covered in this episode:

✔️ The most important events of recent days
Global markets have reacted sharply to escalating US–Iran tensions, with oil prices surging, stock indices falling, and the US dollar strengthening. Investors are closely monitoring the situation as uncertainty drives high market volatility.

✔️US Inflation Rate
Traders are eyeing the US inflation report on 11 March, as recent data shows slowing inflation and hints at potential Fed rate cuts. While the long-term trend may remain unchanged, the report could create short-term volatility in the US dollar and equity markets. Will the upcoming inflation data reinforce expectations for rate cuts, and how might it affect the US dollar and stock indices in the near term?

✔️Canada’s Unemployment Rate
Canada’s unemployment report on 13 March will provide insight into the labour market, which last month showed a low unemployment rate but declining employment, especially in manufacturing. While the Bank of Canada is expected to keep rates steady, the data could create short-term volatility in CAD currency pairs. Will the upcoming employment figures boost the Canadian dollar or reveal persistent weaknesses in the labour market?

✔️Multiple US Economic Releases
On 13 March, multiple key US economic indicators — including the PCE Price Index, Personal Income and Spending, Durable Goods Orders, and the second GDP estimate — will be released simultaneously. These reports could trigger short-term volatility in USD currency pairs as traders assess inflation, consumer activity, and business investment trends. How might this combined set of indicators impact the US dollar and overall market sentiment?

Gain insights to strengthen your trading knowledge.

💬 Don’t forget to like, comment, and subscribe for more market insights every week.

Watch it now and stay updated with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Bitcoin Rally Sparks Debate Over Market Strength

March 05, 2026 @ 01:43 AM (UTC)
Current Price of #Bitcoin$BTC / $USD: 💵 $72,695.95$BTC / $EUR: 💶 €62,593.26$BTC / $GBP: 💷 £54,452.83$BTC / $XAU: 🥇 14.044 oz$BTC / $XAG: 🥈 858.007 oz pic.twitter.com/69AMYA5oRD

— Bitcoin (@Bitcoin) March 5, 2026

Bitcoin regained upward momentum after weeks of pressure and volatile price swings across the broader cryptocurrency market. The digital asset trades near $72,588, reflecting a strong rebound and renewed activity. However, several analysts argue that the current rise may not represent a lasting trend.

The recovery followed a period when Bitcoin lost ground due to macroeconomic pressure and market risk aversion. Global geopolitical tensions and shifting liquidity conditions also influenced trading activity. As a result, the latest surge sparked debate about whether the market entered a fresh bullish phase.

Some analysts argue that the recent gains resemble a temporary rebound after a broader decline. Meanwhile, others highlight improving sentiment across digital assets and traditional markets. The mixed outlook keeps the near-term trajectory of the asset uncertain.

Key highlights

• Bitcoin climbs above $72K after volatile weeks, yet analysts question rally strength
• Arthur Hayes links recent BTC sell-off to BlackRock’s IBIT ETF hedging activity
• Market recovery lifts Bitcoin and gold simultaneously amid global tensions
• Analysts suggest BTC may form a macro bottom near the $50K level
• Short-term Bitcoin direction remains uncertain despite strong weekly gains

Bitcoin Price Momentum And Market Structure

Bitcoin currently trades around $72,588 after gaining more than six percent within the past day. Weekly performance shows solid recovery, although the asset still records a monthly decline near seven percent. The rebound followed days of rapid swings that shaped short-term sentiment across the market.

The renewed momentum encouraged discussions about a potential continuation of the broader crypto market recovery. Many market participants interpret the rebound as a signal of renewed strength. However, several analysts emphasize that technical patterns still require confirmation.

Arthur Hayes offered a contrasting interpretation of the current price movement. He described the rally as a potential “dead cat bounce,” a term used for temporary recoveries. According to Hayes, such rebounds often appear during longer downward market phases.

Hayes argued that short bursts of upward momentum can occur even when underlying pressure remains unresolved. He explained that these moves sometimes follow sharp corrections. Therefore, he suggested that traders should treat the rally with measured expectations.

The concept reflects traditional financial market behavior where prices briefly recover before another decline. Historical examples across equities and commodities demonstrate similar patterns during volatile cycles. Consequently, the term remains widely used during uncertain market phases.

ETF Activity And Tech Market Link

$BTC
One of the reasons the rally potential was highlighted over the past weeks is that it fits well with the structural model we follow. After a three-wave decline, markets often produce a corrective rally before the broader correction continues.

Under this framework, the… pic.twitter.com/ECjTe3sydn

— More Crypto Online (@Morecryptoonl) March 5, 2026

Hayes also connected the recent Bitcoin price decline to activity surrounding a major exchange-traded fund. He pointed to trading dynamics linked to BlackRock and its Bitcoin product. The product, known as the iShares Bitcoin Trust (IBIT), continues to influence market flows.

He explained that dealer hedging connected to structured products may have intensified selling pressure. Such hedging strategies often require counterparties to adjust exposure during rapid price moves. These adjustments can create short-term volatility within the underlying asset.

Market participants have already observed how large ETF flows affect liquidity and price discovery. Institutional activity expanded the market but also introduced new trading dynamics. Consequently, analysts often examine ETF behavior when assessing Bitcoin’s direction.

Hayes also stated that Bitcoin remains linked to the broader performance of technology companies. High-growth software firms often move alongside risk-oriented assets. This relationship suggests that Bitcoin still reflects wider market sentiment.

Technology stocks historically respond strongly to interest rate expectations and macroeconomic conditions. When risk appetite increases, both tech equities and digital assets often rise together. Conversely, tightening financial conditions usually reduce demand for speculative assets.

Gold Rally Adds Another Layer To Market Narrative

Another analyst, CrediBULL Crypto, shared a broader perspective on the current market structure. He suggested that Bitcoin may form a higher-timeframe bottom above the $50,000 level. However, he noted that short-term movement remains uncertain.

His analysis indicates that the asset could either begin a stronger advance or continue moving within a defined range. Price consolidation often occurs after sharp recoveries. These phases allow the market to stabilize before the next major move.

The current rally also coincides with notable gains in the gold market. The precious metal recorded strong price increases during the same trading session. This parallel movement suggests that global developments influenced multiple asset classes.

Reports also linked the gold surge to a new agreement involving the United States and Venezuela. The administration of Donald Trump announced a large gold-related transaction between the two countries. The announcement contributed to renewed activity across commodities.

When gold and Bitcoin rise simultaneously, analysts often debate the underlying drivers of demand. Some interpret the pattern as a response to geopolitical tension or financial uncertainty. Others attribute the movement to liquidity conditions and shifting global capital flows.

Bitcoin therefore stands at a critical point within the broader financial landscape. The asset regained significant ground, yet debate continues about the durability of this momentum. Market dynamics involving ETFs, technology stocks, and commodities may shape the next phase.

This week saw a big investment in OKX, Kraken received a Fed Master Account, while Justin Sun reached a $10 million settlement with the SEC.

This time last Friday, the tension was building in the Middle Eastern region, but only a handful of people could have predicted how the world would change just hours later. On Saturday morning, Israel and the USA joined forces to launch a military operation against Iran, which began with air strikes.

Iran retaliated and continues to do so as the week progressed, even though its Supreme Leader was killed during the first day of the attacks. Since then, the developments on the matter have quickly escalated, with almost a dozen countries already being directly involved, while essentially every nation has felt the consequences in one form or another, especially after the Strait of Hormuz was closed and energy prices skyrocketed.

Amid all of this massive geopolitical tension, which began on an off-day for every other financial market aside from crypto, bitcoin’s price has remained stable overall. Well, that’s after the initial Saturday shock when it tumbled by $4,000 to $63,000. It quickly rebounded, recovered all losses, and even headed to new local peaks during the business week.

Although there’s no evidence that this war could end soon, BTC surged by $11,000 from its Saturday low to $74,000 on Wednesday. However, it faced an immediate rejection there and now trades around $70,000. This is still roughly 5.5% higher than its price level last week, which is rather surprising given the surging uncertainty.

Only a few larger-cap alts have performed better during this timeframe, including HYPE, NEAR, SKY, and MNT. In contrast, ADA, CC, BCH, SHIB, WLFI, and DOT are deep in the red.

Market Data

Market Cap: $2.46T | 24H Vol: $108B | BTC Dominance: 56.9%

BTC: $70,000 (+5.6%) | ETH: $2,050(+4.4%) | XRP: $1.38 (+1.4%)

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This Week’s Crypto Headlines You Can’t Miss

Kraken Just Became the First Crypto Company With a Fed Master Account — Why It Matters. The veteran US exchange has secured access to a limited-purpose master account from the US Federal Reserve Bank of Kansas. Kraken Financial can now directly connect to the Fed’s core payment systems and bypass some of the intermediaries that exist when users are trying to deposit/withdraw.

Kazakhstan May Sell Gold to Fund $350M Crypto Purchase: Report. The governor of the country’s central bank said they plan to invest up to $350 million in cryptocurrencies or high-tech firms related to the industry. They want to use some of their current investments, such as gold and foreign exchange reserves, to do so.

NYSE Parent Company Invests in OKX at $25 Billion Valuation. Intercontinental Exchange, the behemoth behind the New York Stock Exchange, acquired a minority stake in the popular cryptocurrency trading platform, OKX. This puts the latter’s valuation at an impressive $25 billion after the latest investment round.

Ray Dalio Dismisses Bitcoin’s Safe-Haven Narrative, Rejects Comparisons to Gold. Despite BTC’s better performance since the tension in the Middle East skyrocketed, billionaire Ray Dalio dismissed its potential to serve as a safe-haven narrative and praised gold once again.

$1 Billion Floods Back Into Crypto Funds, Snapping Five-Week $4B Bleed. The previous business week snapped a five-week red streak in which investors pulled out around $4 billion from crypto-related funds. Instead, they poured around $1 billion in the span of five business days.

Justin Sun ‘Very Pleased’ With $10 Million SEC Settlement. Nearly three years after he and some of his companies were sued by the US SEC, Justin Sun announced that the claims were dismissed after he reached a $20 million settlement with the regulator.

Crypto analyst EGRAG Crypto urged XRP traders to ignore geopolitical headlines and focus on long-term price structure instead.

Crypto analyst EGRAG Crypto has said that XRP traders should stop focusing on geopolitical headlines and instead pay attention to the token’s long-term price structure.

Their latest chart outlines a defined roadmap with a potential macro bottom, a nearby breakout level, and long-range targets that extend several years into the future.

Key XRP Price Levels for the Next Market Cycle

In a post on X, EGRAG shared a minimalist monthly XRP chart that focuses almost entirely on price structure. The chart spans from 2014 through a projected timeline toward 2028 and highlights three critical phases: the previous cycle bottom, the current consolidation zone, and a potential breakout stage.

The analyst argued that the most important signals are already visible in the long-term structure. According to their chart, XRP appears to be stabilizing near a major support trendline that has been rising since the 2018–2019 bear market bottom.

That trendline intersects with the most recent consolidation zone, which EGRAG highlighted as the area where the next macro bottom could be forming. The chart suggests that the final shakeout may have occurred around the $0.50 region in late 2025 before the market returned to the $1 range.

The next step in their framework centers on confirmation. EGRAG pointed to a horizontal resistance band around the $1.00 to $1.40 region that must be cleared to confirm a broader bullish expansion.

Once that level flips into support, their chart shows XRP entering a multi-year upward channel. The long-term projection lines on the chart stretch toward the 2028 timeframe and point to potential price targets above $27 during the next cycle’s expansion phase.

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EGRAG framed the chart as a simple visual argument that long-term structure matters more than short-term news events.

The self-proclaimed XRP perma-bull had already discussed near-term technical thresholds earlier in the week, saying a weekly close above $1.55 would weaken the downward trend that has kept XRP inside a descending channel for months. Furthermore, a break above $2.20 would invalidate the bearish structure entirely.

Other market participants shared similar technical observations, with analyst Arthur writing that his custom indicator had crossed a trigger line that historically precedes fast price moves, pointing to a previous rally of about 27% within four days after a similar signal.

His counterpart, CW, noted that XRP’s decline has once again touched the lower line of its long-term ascending channel, a level that historically marks the starting point of uptrends.

XRP Price Stalls Near Key Technical Levels

Despite those signals, XRP is still stuck inside a broader corrective structure.

At the time of writing, the token was trading around the $1.40 level, down about 0.8% over the past 24 hours. Weekly performance shows an even smaller decline of 0.3%, while the monthly chart reflects a larger pullback of about 12%. On a yearly basis, XRP is still down more than 44%, highlighting the scale of the correction that followed its 2025 peak.

Implied volatility cools, skew normalizes, and options flows turn more balanced even as majors trade lower across the board.

After Bitcoin’s (BTC) brief push to around $74,000, the market has given back ground, with BTC retreating toward the high-$60,000s and broader majors following it lower on the day. Spot screens on ChainCatcher show BTC near $68,555, down about 4.36%, with ETH off roughly 5% around $1,982, and large caps like BNB, SOL, and DOGE all printing mid-single-digit red. On the surface, that tape looks like a classic risk-off flush, but under the hood, options data paints a more disciplined market than the price action implies.

According to Glassnode, implied volatility has fallen well below its early February spike, meaning traders are no longer paying up for crash protection or explosive upside in the same way they did during the last bout of euphoria. That decline in IV is crucial: it signals that the market has recalibrated expectations for extreme moves, effectively re-pricing “fat tail” scenarios down as BTC consolidates below its recent high. In parallel, options skew has tightened from roughly 20% to about 10%, a clear indication that the premium once paid for downside hedges relative to upside calls has normalized. Panic hedging is not gone, but the urgency has bled out of the order book.

Flows confirm this transition from fear to rational positioning. Around 54.4% of BTC options trades are currently expressing a bullish view, while only 21.3% are effectively betting against further upside. That distribution fits a market shifting from emotional capitulation to calculated exposure: spot is under pressure, but derivatives traders are no longer paying crisis prices for protection and are instead selectively re-adding risk. With BTC and the wider crypto complex trading lower on the day, the message from options is that this is not March 2020-level panic, but a volatility compression phase inside an ongoing structural bull move—where each spike down in spot is met with slightly more patience, slightly less fear, and a growing willingness to buy time rather than disaster.

Solana price is nearing the key $90 resistance level as the MACD histogram turns positive, hinting that short-term momentum may be shifting in favor of buyers.

Solana (SOL) was trading around $84.53 at the time of writing, down about 6.5% in the past 24 hours. The crypto market has cooled after a brief rebound, but Solana is still holding near the upper end of its weekly range of $77.47 to $93.40.

Over the past month, the token has lost roughly 10% of its value and remains about 70% below its January 2025 high of $293.

Trading activity has slowed. According to CoinGlass data, derivatives volume dropped 17% to $13 billion, and open interest fell 5.5% to $5 billion. This suggests that some traders are stepping back from leveraged positions as volatility persists.

Solana analyst views

Still, there are signs of short-term optimism. Analysts say that if buying pressure picks up, Solana could test the $95–$105 range in the coming weeks. Breaking above $100 is possible, though the market is still cautious, and price swings continue to be sharp.

Traders’ expectations are mixed. Some traders expect Solana to push past $110, while others think it might struggle to stay above $100 in the near term.

Network activity has been strong. More institutions are investing in Solana products, and activity in DeFi, stablecoins, and memecoins continues. Payment options using USDC are also growing on Solana, showing the network is being used for real-world transactions, not just trading.

The stablecoin market, now worth over $300 billion, could help Solana’s growth. Stablecoins are increasingly used for cross-border payments, derivatives, and everyday transactions.

Analysts also see long-term potential in tokenized assets, which could grow a lot in the coming years.

Solana price technical analysis

Solana is approaching $90, a key resistance level that has caused selling in recent weeks. The MACD histogram has turned positive, which points to short-term momentum building.

The price is near the 20-day moving average, showing some recovery, but it is still below the 50-day moving average, so the medium-term trend isn’t bullish yet.

Volatility may increase. Bollinger Bands are starting to widen after a quiet period, often a sign that bigger price moves could come. If Solana breaks and closes above $90 with strong volume, the next target could be $95 to $100.

On the other hand, a rejection here could see it fall back toward $85, with stronger support around $78. Right now, $90 is a critical level. How Solana reacts could determine whether it sees a breakout or settles into another period of sideways trading.

The federal banking agencies of the United States have issued clarifications on the capital treatment of tokenization securities. The guidance states that eligible tokenized securities should receive the same capital treatment as traditional securities under existing capital rules.

On Thursday, March 5, the U.S. Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC) published joint guidance on securities tokenization.

The guidance is in the form of answers to frequently asked questions about the tokenization of real-world assets (RWAs) that are classified as securities in The U.S. — such as stocks, U.S. treasuries, or exchange-traded funds (ETFs).

The OCC’s guidance aims to provide clarity treatment for banks engaging in tokenization services, potentially encouraging wider adoption of tokenized assets.

“The capital rule is technology neutral. An eligible tokenized security should generally receive the same capital treatment as the non-tokenized form of security under the capital rule,” the OCC summarized in an X post yesterday evening.

One of the FAQs focused on whether the tokenized assets in question were issued on a public, permissionless blockchain network, or on a private, permissioned one. The banking agencies clarified that the distinction didn’t affect capital treatment, stating in its guidance:

“No, the capital rule does not provide a different treatment based on the use of
permissioned or permissionless blockchains.”

The integration of tokenized assets into existing financial frameworks represents a broader trend of financial innovation where blockchain and digital assets are increasingly seen as integral to the future of traditional finance. This regulatory clarity could serve as a catalyst for financial institutions to explore and expand tokenization services, thereby fostering innovation in capital markets.

The OCC, which regulates and supervises national banks and federal savings associations, has received a flood of applications in the past year from crypto-linked firms looking to obtain banking licenses, with zerohash and Revolut among the most recent examples.

As The Defiant reported earlier this week, a new report from three major, global financial infrastructure providers argued that interoperability is essential for digital asset securities to reach their full potential.

This article was generated with the assistance of AI workflows.

Bitcoin’s move to a one-month high of $74,000 this week triggered a wave of profit-taking from short-term traders, according to data from CryptoQuant.

The largest cryptocurrency is trading around $69,000 after losing momentum from Wednesday’s break above $70,000.

CryptoQuant analyst Darkfost explains that short-term holders transferred more than 27,000 BTC ($1.8 billion) to exchanges in profit over the past 24 hours — one of the largest spikes in recent months.

The only short-term investors currently in profit are those who accumulated bitcoin between one week and one month ago, with a realized price of roughly $68,000, suggesting some recent buyers are choosing to lock in gains rather than extend their positions.

Short-term holders are typically the most reactive group in the market, and their selling reflects lingering caution in light of the ongoing war in Iran.

CoinDesk analysis on Wednesday identified a potential bull trap as price action mirrored that in January when price broke out to $98,000 before taking a leg lower.

And that leg lower occurred on Friday, accelerated by comments from U.S. president Donald Trump who demanded that Iran unconditionally surrenders – a move that also sent the price of oil soaring.

Despite the profit-taking, broader factors are helping support bitcoin’s rally according to Adrian Fritz, chief investment strategist at 21Shares.

Fritz said traders are increasingly betting that the Clarity Act, a U.S. digital asset market structure bill, could pass by year-end. Prediction markets currently price the probability at around 70%, though Fritz noted these markets are relatively illiquid.

He also pointed to rising geopolitical tensions and strong institutional demand as key drivers.

Some investors are increasingly viewing bitcoin as a “gold beta” trade, rotating into the asset after gold’s recent rally. Meanwhile, spot bitcoin ETFs have shown resilience, with holdings down only about 5% during the recent pullback and over $700 million in net inflows this week.

While political developments may have helped spark the move, Fritz said the rally is being sustained by geopolitical hedging and growing institutional conviction in the asset.

Key Takeaways

• The HPS Corporate Lending Fund, worth $26 billion, saw withdrawal demands totaling $1.2 billion during Q1, representing 9.3% of its net asset value
• The firm enforced its 5% redemption cap, distributing $620 million while blocking additional withdrawals
• Shares of BLK declined approximately 5% on Friday after the announcement
• Competing private credit firms experienced similar losses: Blue Owl, KKR, Carlyle, Apollo, Ares, and TPG all dropped 5–6%
• Days before, Blackstone increased its withdrawal ceiling from 5% to 7% and contributed $400 million to satisfy all redemption demands

BlackRock (BLK) faced significant turbulence on Friday when its massive $26 billion HPS Corporate Lending Fund received an overwhelming wave of investor redemption requests that exceeded its capacity to fulfill.

BlackRock, Inc., BLK

During the first quarter, investors submitted requests to withdraw approximately $1.2 billion — equivalent to 9.3% of the fund’s total net asset value. The firm distributed $620 million before reaching its 5% quarterly limit, which authorized it to halt any additional redemptions for that period.

Shares of BLK tumbled roughly 5% during early Friday trading sessions. The stock had been experiencing downward momentum along with the wider private credit industry.

The selloff quickly infected the entire sector. Shares of Blue Owl Capital, KKR, Carlyle Group, Apollo Global Management, Ares Management, and TPG all experienced declines ranging from 5% to 6% on Friday.

BlackRock characterized the redemption restriction as a deliberate protective mechanism rather than an emergency response. The firm explained that these limitations prevent a fundamental disconnect between investor liquidity needs and the inherently long-term structure of private credit investments.

“Preserving the fund’s available capital to lean into this perceived opportunity set… is in the best interest of the fund as a whole,” HPS said in a statement.

Industry-Wide Redemption Concerns Mount

Blackstone isn’t exempt from similar challenges. Earlier in the week, the firm elevated its typical 5% redemption threshold to 7% and injected $400 million of proprietary capital — combined with employee funds — to honor all pending withdrawal requests.

Blue Owl has similarly attracted scrutiny after substituting immediate cash redemptions with commitments for future distributions.

This surge in exit requests signals mounting investor anxiety about private credit as an investment category. Capital allocated to these vehicles typically remains tied up in illiquid lending arrangements that cannot be liquidated rapidly — creating a fundamental tension that becomes acute when multiple investors simultaneously seek withdrawals.

The HPS Corporate Lending Fund, identified as HLEND, operates as a non-traded business development company (BDC). During the previous quarter, withdrawal requests amounted to approximately 4.1% — substantially lower than the current quarter’s 9.3% figure.

Context Behind the HPS Acquisition

Last year, BlackRock completed its $12 billion acquisition of HPS Investment Partners, marking one of the company’s most significant strategic moves into the private credit sector.

The fund had previously announced plans to repurchase up to 5% of its outstanding units in the preceding month, which represents standard operating procedure for non-traded BDCs.

Investor confidence in private credit had already sustained damage last year when several funds disclosed exposure to bankruptcies involving a U.S. automotive parts manufacturer and a subprime auto lending company.

Financial markets have experienced heightened volatility throughout 2025, with capital flowing toward lower-risk investments. This rotation has intensified withdrawal pressure on private credit products that previously attracted investors seeking higher yields during more stable market environments.

At the time of announcing the withdrawal restrictions, BlackRock’s HLEND managed approximately $26 billion in total assets.