Bitcoin spot ETFs in the US have exceeded a significant milestone, surpassing $150 billion in cumulative trading volume, indicating substantial interest in the cryptocurrency market. Notably, a considerable portion of this volume has been amassed within a short period, with $50 billion traded since March 8 alone.
Yesterday's trading volumes soared to $5.6 billion, with BlackRock's IBIT, Grayscale's GBTC, and Fidelity's FBTC leading the pack, showcasing investors' active engagement with these financial instruments.
Despite the enthusiasm, market dynamics have undergone significant changes, with Grayscale's GBTC facing a market share squeeze amidst daily outflows. Conversely, BlackRock's IBIT has seen a remarkable increase in market share, rising from 22.1% at inception to 45.2%.
The cryptocurrency market's volatility was underscored by a net outflow of $326.2 million from US spot Bitcoin ETFs, more than doubling the previous record set earlier this year. Notably, significant withdrawals from Grayscale's GBTC indicate investor caution amid market fluctuations.
Critics, including Peter Schiff, have pointed out a significant drawback of spot Bitcoin ETFs: their liquidity is limited to US market hours. This limitation leaves investors unable to sell their holdings during non-operational hours, potentially leaving them vulnerable to overnight market movements.
A man jailed for a major crypto theft has had his prison sentence raised to 12 years after refusing to return any of the stolen funds. The judge criticised him for living in luxury without paying back the $20 million he owes.
WeatherlySaruTobi, a mobile game, has returned to the iOS App Store with built-in Bitcoin payments using the Lightning Network. Players can now spend and earn small amounts of Bitcoin directly in the game without needing an external wallet.
JoyNew Zealand has banned all crypto ATMs and set a $5,000 limit on international cash transfers to fight money laundering and organised crime. Over 220 machines were shut down, with the government saying they were being used to quickly move criminal funds overseas.
WeatherlyRemixpoint will pay its CEO fully in Bitcoin instead of company shares due to insider trading rules in Japan. The firm already holds over $116 million in crypto and says this move ties leadership more closely to its financial performance.
AnaisSBI Holdings and Aplus now let Japanese credit card users swap loyalty points for Bitcoin, Ethereum, or XRP. This is the first time crypto has been added as a reward option, though the exchange amount is small and capped.
WeatherlySweden is turning up the heat on crypto seizures, after Sweden's justice minister Gunnar Strömmer made a public statement calling the local authorities to focus on crackdowns that could yield larger profits.
XingChiA solo Bitcoin miner with a small setup managed to mine a full block and earn nearly $350,000, beating long odds of around 1 in 2,800. The win highlights that even with modest equipment, small miners can occasionally succeed in a space dominated by large industrial operations.
WeatherlyA U.S. judge has allowed Celsius to sue Tether over the forced sale of 39,545 Bitcoin during its 2022 collapse, which Celsius says caused over $4 billion in losses. The court rejected Tether’s argument about being outside U.S. jurisdiction, meaning key claims like fraud and breach of contract will go ahead.
AnaisThe SEC has approved Grayscale’s plan to turn its Digital Large-Cap Fund into an ETF, giving investors easier access to a basket of major cryptocurrencies. This move could lead to more crypto ETFs being approved in the US, including ones for altcoins like Solana, XRP, and Cardano.
AnaisFigma has quietly invested over $69 million into a Bitcoin ETF and plans to buy more using $30 million in USDC. The move was revealed in its IPO filing, showing Bitcoin is now part of its company treasury alongside traditional assets.
JoyToken Unlock discloses plans for seven crypto projects to release over $215 million worth of tokens. Leading the list is dYdX (DYDX), unveiling details on the token distribution, followed by Optimism (OP) and other projects unlocking tokens in late January and early February. Investors anticipate potential market impacts.
Sanya
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