2024-07-09 06:59

Net inflows on Monday were the highest since early June, data shows, with Blackrock’s BTC ETF taking on almost $190 million. On Monday, the U.S.-listed spot ETFs witnessed nearly $300 million in new inflows. Investors seem to be bargain-hunting as temporary supply overhangs weigh over BTC's price. Spot bitcoin (BTC) exchange-traded funds (ETFs) recorded nearly $300 million in net inflows on Monday, marking their highest buying activity since early June when the cryptocurrency traded over $70,000. SoSoValue data show that market leader BlackRock’s IBIT led buying activity with nearly $180 million in net inflows, followed by Fidelity’s FBTC. Grayscale’s GBTC—infamous for its outflows—recorded over $25 million in purchases. ETFs offered by Invesco, Franklin Templeton, Valkyrie, WisdomTree and Hashdex showed no inflow or outflow activity. Strong inflows come as bitcoin faces significant selling pressure from various sources, such as repayments tied to defunct crypto exchange Mt. Gox and a German government entity moving hundreds of millions worth of BTC to exchanges in the past month. As such, some investors may be viewing the selling pressure as a buying opportunity, investment firm CoinShares said in a Monday report. “Digital asset investment products saw inflows totaling US$441m, with recent price weakness prompted by Mt Gox and the German Government selling pressure likely being seen as a buying opportunity,” CoinShares said. “However, volumes in Exchange Traded Products (ETPs) remained relatively low at US$7.9 billion for the week, reflecting the typical seasonal pattern of lower volumes in the summer months.” Traders largely expect July to be a generally bullish month for the crypto market as it has seen a medium return of 9% historically, with the trend expected to continue. https://www.coindesk.com/markets/2024/07/09/bitcoin-etf-traders-buy-the-dip-with-nearly-300m-inflows/

2024-07-09 06:15

DigitalX Bitcoin ETF will trade on the ASX as BTXX Australia's ASX is home to another bitcoin ETF. BTXX will begin trading Friday on the ASX. The Australian Securities Exchange (ASX) is now home to another bitcoin (BTC) exchange-traded fund (ETF). DigitalX's Bitcoin ETF will trade with the ticker “BTXX” according to a statement from the company. The ETF is issued in partnership with K2 Asset Management and Canadian digital assets company 3iQ which launched some of the first crypto ETFs in Toronto in 2021. “Offering the DigitalX Bitcoin ETF to the Australian market is a watershed moment for DigitalX, and for the Australian digital asset investment market overall," Lisa Wade, CEO of DigitalX, said in a press release. "Enabling Australians to invest in Bitcoin in a secure and affordable manner, without having to manage digital wallets, will be a game changer." The launch of this ETF comes weeks after VanEck launched a bitcoin ETF on the ASX, which tracks the company's U.S.-listed equivalent. So far, the U.S. bitcoin ETFs have had a total net inflow of over $15 billion since their inception. https://www.coindesk.com/markets/2024/07/09/australian-securities-exchange-gives-green-light-to-new-bitcoin-etf/

2024-07-09 05:57

On Monday, BTC dropped to as low as $55,000 shortly after an address belonging to the German Federal Criminal Police Office (BKA) sent over $900 million to various addresses. Solana's SOL, Ether and other major tokens jumped as much as 7%. BKA received over $200 million from Kraken, Coinbase and Bitstamp. Bitcoin (BTC) led a crypto market recovery early Tuesday as a German government entity received over $200 million worth of the asset back from various exchanges in late U.S. hours, helping revive sentiment. Bitcoin was trading just over $57,300 in Asian morning hours, up 3.5% over the past 24 hours, while major tokens such as Solana’s SOL jumped as much as 6%. Ether (ETH) climbed back above $3,000, while dogecoin (DOGE) was up nearly 7%. On Monday, BTC dropped to as low as $55,000 shortly after an address belonging to the German Federal Criminal Police Office (BKA) sent over $900 million to various addresses, spooking traders. But the entity received over $200 million from Kraken, Coinbase and Bitstamp back in the past 12 hours, Arkham data shows, indicating that while the assets were sent to these exchanges, they ultimately did not hit the market. The BKA had seized almost 50,000 BTC in 2013, worth over $2 billion at the time, from the operators of Movie2k.to, a film piracy website. It received the asset in mid-January after a ‘voluntary transfer’ from the suspects, as previously reported. https://www.coindesk.com/markets/2024/07/09/bitcoin-ether-reverse-losses-as-germany-gets-back-200m-btc-from-exchanges/

2024-07-08 21:34

Both asset managers, which submitted S-1 filings in June, will list their products on the Cboe Exchange, according to a filing by the exchange. The Chicago Board Options Exchange (Cboe) has confirmed two asset managers' plans to launch a Solana-based exchange-traded fund (ETF). The options exchange submitted 19b-4 filings with the Securities and Exchanges Commission (SEC) on Monday, asking to list VanEck's and 21Shares' potential spot Solana ETFs. Once the SEC acknowledges receipt of the filing, a 240-day window opens for the regulator to approve or deny the products. The Chicago Board Options Exchange (Cboe) has officially asked the SEC to let asset managers VanEck and 21Shares bring a Solana-based exchange-traded fund (ETF) to the market. The exchange submitted a pair of 19b-4 filings with the Securities and Exchanges Commission (SEC) on Monday, asking to list these products if and when approved by the regulator. Once the SEC acknowledges receipt of the filing, a window of 240 days opens in which the regulator is forced to make a decision on the products, which would be underpinned by (SOL). "After successfully listing the first U.S. spot Bitcoin ETFs on our exchange and securing SEC approval for our rule filings to list spot Ether ETFs, we are now addressing the increasing investor interest in Solana – the third most actively traded cryptocurrency after Bitcoin and Ether," Rob Marrocco, global head of ETP listings at Cboe Global Markets, said in a statement. Cboe already lists six of the 10 existing spot bitcoin ETFs, including products issued by Fidelity, Ark/21Shares and VanEck. It would also be the listing exchange of five spot ether ETFs if and when those are approved. Industry analysts expect the SEC to sign off on ether ETFs as soon as this week, with many issuers filing amended S-1 forms across Friday and earlier Monday. There may still be another round of amended filings, as the most recent submissions don't contain any fee info. Both VanEck and 21Shares filed one of the necessary filings to list an ETF, the S-1, which is required when an entity is looking to offer a new security on the market, in June. The submission of a 19b-4 is the second necessary step in the process because it informs the SEC of a proposed rule change by a self-regulatory organization (SRO) such as an exchange. https://www.coindesk.com/business/2024/07/08/vaneck-21shares-solana-etf-plan-confirmed-in-cboe-filing/

2024-07-08 20:14

Though not listing it as a top priority, the Republican National Committee adopted a platform that aims to boost digital assets innovation. The Republican National Committee's new policy platform includes an initiative to champion crypto. Former President Donald Trump's party is also committed to opposing a central bank digital currency. Former President Donald Trump's Republican Party has officially adopted a platform that would seek to support cryptocurrency innovation, according to the document released Monday by the Republican National Committee. The platform is meant to lay out the party's priorities as presumptive presidential nominee Trump and Republican congressional candidates head into the November election, and it reflects Trump and other GOP politicians' rising interest in digital assets. "Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency," according to the document. "We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control." In recent months, Trump flipped his earlier suspicion of cryptocurrency into staunch support. He's also had some personal experience with digital assets, having launched several of his own sets of branded non-fungible tokens (NFTs). Trump's campaign and an affiliated political action committee also accept crypto donations. Read More: Crypto Unmentioned at First 2024 U.S. Presidential Debate The announcement of the committee's new platform listed 20 of its top policy "promises" without including the crypto item, but digital assets made an appearance in the economy section under innovation initiatives. Opposition to central bank digital currencies (CBDCs) has been a popular talking point for Trump and other Republicans on the 2024 campaign trail. As other jurisdictions – including China and Europe – have pursued the idea of government-backed digital tokens, the U.S. hasn't moved beyond the research phase. Republicans have accused Democrats of pushing for CBDCs that will allow greater financial surveillance of U.S. citizens. However, Federal Reserve Chair Jerome Powell and other government officials have insisted that such a theoretical digital dollar would be managed by the banking system, not the government. And Fed officials have said it won't be adopted without approval from Congress and the White House. Read More: Crypto Giants Notch Wins in Expensive Quest to Sway U.S. Politics – Without Mentioning Crypto https://www.coindesk.com/policy/2024/07/08/trumps-official-republican-platform-pledges-to-halt-crypto-crackdown/

2024-07-08 15:13

Wallets linked to the German government still hold some 23,788 bitcoin, meaning that it has already sold more than half of its seized assets, according to Arkham Intelligence data. Germany transferred 16,309 bitcoin from its holdings to crypto exchanges and market makers on Monday. The bitcoin price fell to as low as $55,000 before recovering. Bitcoin (BTC) fell on Monday afternoon in Europe as the German government transferred over $900 million worth of assets from its bitcoin holdings, blockchain data shows. According to blockchain data platform Arkham Intelligence, Bitcoin wallets labeled as belonging to the German government moved a total of roughly 16,309 BTC in several batches to external addresses, including to crypto exchanges Bitstamp, Kraken and Coinbase and market makers Flow Traders and Cumberland DRW. Bitcoin's price dropped 3% to as low as $55,000 shortly after the last group of blockchain transactions totalling 8,700 BTC. Later, it rebounded to slightly above $56,000, still down 1.2% over the past 24 hours. The price action came after last week's slide to the lowest price since February. Market observers pointed to a massive supply overhang coming to the market during the relatively quiet and low-volume summer season with the German and U.S. governments apparently selling seized assets just as the defunct crypto exchange Mt. Gox starts to issue repayments. With the latest transfers, the German government is more than halfway through its selling spree, with holdings now reduced to 23,788 BTC worth $1.3 billion from 50,000 BTC since it started unloading tokens last month, according to Arkham data. https://www.coindesk.com/markets/2024/07/08/bitcoin-drops-as-german-government-moves-another-500m-of-assets/