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💰 BlackRock’s spot bitcoin ETF crosses $15 billion in total inflows
BlackRock’s IBIT spot bitcoin exchange-traded fund reached $15 billion in total inflows yesterday — exactly three months after it began trading on Jan. 11. “IBIT is up over 50% and has taken in $15 billion in new cash in three months; both of those numbers are double any other BlackRock ETF, and they have 421 of them,” Bloomberg ETF analyst Eric Balchunas said on Thursday. “That is about as hot as the iron gets.”
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🇹🇭 Thai Crypto Exchange Bitkub May Be Valued as High as $3B in IPO: CEO
The owner of Thai crypto exchange Bitkub Online, which plans to sell shares to the public next year, could be valued as high as $3 billion, Bitkub Capital Group CEO Jirayut Srupsrisopa said. Bitkub Capital signaled its intention to sell shares to the public in a 2023 letter to shareholders that didn't give a timeframe. Jirayut told Bloomberg earlier this month that an IPO was planned for next year and the company was in the process of hiring financial advisers.
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🇪🇺 EU's MiCA Rules Have Had Little Influence on the European Crypto Market, Regulator Says
The European Union's crypto asset regulation, which became law in 2023 and starts to take effect at year-end, has yet to spur any increase in euro-denominated crypto transactions, the bloc's securities regulator said. The 27-nation trading bloc was one of the first regulatory regimes to introduce a comprehensive rulebook for crypto assets, the Markets in Crypto-Assets law. The rules cover crypto assets and stablecoins, with stablecoin provisions set to kick in six months after the others.
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JUST IN: 🇺🇸 US Senator Cynthia Lummis says high ranking government officials feel threatened by 💰 Bitcoin because they can’t control it
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💰 BlackRock IBIT ETF nears $15 billion net milestone amid $308 million inflow
Farside data revealed a $203.0 million net inflow on Apr. 5, marking the Bitcoin ETFs’ fourth consecutive net inflow day. This trend suggests a growing interest and confidence in the digital asset space among investors. Notable among the ETF providers is BlackRock’s IBIT, which saw a substantial net inflow of $308.8 million, bringing its cumulative total net inflow to $14,769.1 billion. This represents the biggest net inflow day for IBIT since March 27, underscoring the fund’s growing prominence in the market.
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💰 Skybridge Founder: Bitcoin Halving Not Priced in — BTC Has 'a Lot More' Upside
Skybridge Capital founder Anthony Scaramucci discussed his bitcoin outlook in an interview with CNBC Friday. He explained that the demand for spot bitcoin exchange-traded funds (ETFs) “was a big reason” for the recent rebound in bitcoin’s price. “The regulatory hurdle where the United States government is now allowing a CUSIP to be attached to bitcoin is a big reason and … when Wall Street gets a product like this, it’s like a selling machine and it’s generating lots of demand for the product,” he detailed.
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💰 Bitcoin as 'digital gold' could enable continued demand as ETFs mitigate volatility: Coinbase
Hawkish views on the potential for U.S. Federal Reserve interest rate cuts have bolstered gold among traditional investors — a fact that may lead to more demand for bitcoin, in Coinbase's opinion. "In our view, bitcoin's increased acceptance as a form of "digital gold" could enable demand from a new subset of investors in this market regime," David Han, an institutional research analyst at the crypto exchange, wrote in a report published yesterday.
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🏦 Coinbase stands strong in consumer lawsuit as case is revived post-appeal
An appellate court has revived a civil lawsuit against Coinbase due to a clerical error despite ruling that the initial dismissal was appropriate. The current ruling largely supported a federal court’s dismissal of the case, noting that the district court “properly dismissed” the plaintiffs’ Section 29(b) complaints. Coinbase chief legal officer Paul Grewal responded to the legal development on April 5, saying that crypto exchanges have no private liability for secondary trading of crypto tokens because “contracts matter.”
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💰 Cathie Wood’s ARK Bitcoin ETF Records Daily Outflows Surpassing Grayscale’s GBTC 📉
Cathie Wood’s ARK 21Shares Bitcoin exchange-traded fund (ETF) recorded net outflows exceeding $87 million on Tuesday, marking the highest outflow since its inception, as per data from Farside Investors. On April 2, Ark 21Shares Fund’s (ARKB) outflows amounted to $87.5 million, equivalent to roughly 1,300 BTC. This marked the second consecutive day of outflows for ARKB, with $300,000 on April 1, its first-ever day of being net negative. Grayscale, which has consistently experienced outflows since converting to a spot Bitcoin ETF, also recorded another negative day.
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💰 Bitcoin Difficulty and Hashrate Reach Record Highs as Halving Draws Closer
As of April 10, the difficulty of mining a block has intensified by 3.92% following the most recent adjustment. Concurrently, Bitcoin’s network hashrate also attained its highest level ever, as indicated by the seven-day simple moving average (SMA) metrics, which shows a peak of 641 exahash per second (EH/s). This uptick was due to block intervals shortening to less than 9 minutes on April 9, quicker than the typical 10-minute average.
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💰 Institutions Are Levering Up On Bitcoin In This ETF
The 2X Bitcoin Strategy ETF has nearly $1.6 billion in assets, attracting institutional interest as a bull market leverage play. Though Bitcoin (BTC) spot ETFs launched by BlackRock and others have been all the rage in crypto, there’s a slightly older Bitcoin fund that’s also seen exponential gains in the past few months. The 2X Bitcoin Strategy ETF (BITX) has quadrupled its Bitcoin exposure since January, now reigning as one of the largest Bitcoin futures ETFs in the United States.
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🇺🇸 US Treasury official targets 🪙 Tether USDT stablecoin in Russian sanction evasion
US Treasury Deputy Secretary Adewale Adeyemo said Russia was increasingly using alternative payment mechanisms like Tether’s USDT stablecoin to bypass economic sanctions, according to his written testimony on April 9 to the Senate Banking, Housing, and Urban Affairs Committee. This remark follows increasing reports that malicious actors used Tether’s stablecoin for their illicit activities. Notably, the US and UK governments launched a joint investigation into crypto transactions worth over $20 billion that may have violated Russian sanctions involving the stablecoin.
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🇨🇳 Top Chinese mutual funds exploring 💰 Bitcoin ETFs via Hong Kong units
Leading Chinese mutual funds are actively exploring Bitcoin exchange-traded funds (ETFs) through their subsidiaries in Hong Kong, with adoption set to kick off within the second quarter once regulatory approval is secured, local media reported on April 8. Jiashi Fund has applied to launch a Bitcoin spot ETF, while Huaxia Fund’s subsidiary recently partnered with Bitcoin ETF custodian HashKey. Both firms are awaiting regulatory approval to proceed further.
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📊 Pantera Capital posts 66% gain for crypto fund last quarter, despite selling Bitcoin: Bloomberg
Pantera Capital, the $5.2 billion asset manager which was the first to focus exclusively on blockchain technology and digital assets, has posted a 66% gain for its Liquid Token Fund over the first quarter of 2024. The gains were led by Solana and smaller-cap tokens such as Ribbon Finance , Aevo, and Stacks , according to a Bloomberg report, while the fund sold large parts of its position in Bitcoin and Ethereum -based tokens.
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💰 Bitcoin Miners Compete for Profitability Ahead of Halving: CryptoQuant
Bitcoin mining companies have increased their selling activity but are still facing challenges like lower transaction fees and increasing mining competition. Although some Bitcoin mining companies have increased their selling activity, they still face challenges like lower transaction fees, increasing mining competition, and the need for higher computing power to produce the same amount of BTC. Their revenues will be slashed by 50%, and they will need higher BTC prices to sustain their profitability.
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🪙 ETH to spike post halving, ETF denial would not ‘be bearish’ — Analysts
Crypto analysts are betting that Ether’s price could see a significant upswing within months after the Bitcoin halving despite being down 11.39% over the past 30 days, based on historical data. One researcher also thinks that a potential exchange-traded fund (ETF) denial won’t necessarily lower prices. “If the ETF is denied, it will not be that bearish, as the market is not pricing in it yet, and we still have Bitcoin ETFs as the entrance for traditional funds,” Hashkey Capital head of Research Jupiter Zheng told Cointelegraph.
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💰 Bitcoin Adds 4.5% as Stocks Reverse Lower on Hawkish Fed Commentary
It was a day of positive divergence for crypto bulls as stocks tumbled late in the U.S. trading session while bitcoin (BTC) managed to erase most of the week's losses. In late afternoon action, the S&P 500 and Nasdaq were each lower by nearly 1% – not a huge loss, but about a 2% reversal off of earlier session highs. Behind the moves lower were hawkish comments from Minneapolis Fed President Neel Kashkari.
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💰 Binance set to end Bitcoin NFT support despite recent surge in interest
Crypto exchange Binance is set to end support for Bitcoin NFTs less than a year after they were introduced to its marketplace. Binance said in a blog post on Thursday it would not support any further airdrops, benefits, or utilities associated with Bitcoin NFTs after April 10, citing “ongoing efforts to streamline product offerings” on its NFT marketplace.
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🏦 Coinbase partners with Lightspark for 💰 Bitcoin Lightning payments
Coinbase is one step closer to integrating Bitcoin Lightning on its platform amid a new partnership with Lightspark, an enterprise-focused Lightning solution led by former PayPal president David Marcus. In an April 4 X post, Coinbase’s CEO Brian Armstrong said the integration of the Bitcoin layer-2 network will happen “soon” — which will allow its 108 million user base to leverage potentially faster and cheaper Bitcoin transactions.
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