Bitcoin ETF Business Review

News on Exchange Traded Funds: ETFs | #bitcoin ETF | Crypto ETPs & a bit of all | Trading Bitcoin since $345 & trading ETF since 2001! Genuine followers only!

[Tanzeel Akhtar @Tanzeel_Akhtar]

🚨 SCOOP for @sandmark_news Hashdex has confirmed it will close both of its European crypto ETPs and has cut two staff positions in the region — leaving the Brazil-founded asset manager without a listed product range in Europe.

The move comes just 11 days after Hashdex moved to wind up its US spot Bitcoin fund.

Full story 👇

$Hash #Hashdex

https://t.co/vEtYD2UM2n

[Eric Balchunas @EricBalchunas]

SEMI-SHOCK: Morgan Stanley's bitcoin ETF will charge 14bps, making it the cheapest spot bitcoin ETF on the market and 11bps cheaper than $IBIT. This means none of their advisors will feel conflicted using it and they have shot at getting outside assets. Smart. Launch prob in next two weeks. Nice catch on the filing from Marty Party

[Bitcoin ETF Business Review @mad_etf]

@OpheliaBSnyder Glad to see you’re holding the @advfn trophy from the very people who made you what you are today!

[Eric Balchunas @EricBalchunas]

Another solid inflow day for the bitcoin ETFs. Almost all now net positive flows YTD. Amazing considering it's down 22% on year, 50% total decline. Crypto Twitter: call your parents, tell them thank you and that you love them and that you totally underestimated their hands.

[Levler @levler_se]

Levler har lanserat krypto-ETP:er med @VirtuneAB - och det firas med en kryptospecial!

Vi bjuds på en crash course av ingen mindre än Virtunes VD och medgrundare, Christopher Kock. Hur påverkas krypto av geopolitik? Vad är ett fear and greed index och vad är egentligen vuxenkrypto? Detta och mycket mer i veckans avsnitt! Informationen i avsnittet är endast i utbildningssyfte och ska inte ses som investeringsråd. Investeringar innebär en risk.

Lyssna på hela avsnittet här:https://t.co/6AkCgWUjF8

[Virtune @VirtuneAB]

Virtune Makes History in Poland!🇵🇱

Today, we are proud to announce the historic listing of Poland’s first-ever spot crypto ETPs on the Warsaw Stock Exchange (GPW).

For the first time, Polish investors can access physically backed crypto ETPs traded in PLN – directly via their traditional brokerage accounts.

This marks a structural milestone for Poland’s capital markets.

- First spot crypto ETPs admitted to trading on GPW
- First physically backed crypto products available on a regulated Polish market
- First regulated staked crypto ETPs accessible to Polish investors
- First spot crypto ETPs traded in PLN

Four products are listed from day one:

- Virtune Bitcoin Prime ETP
- Virtune Staked Ethereum ETP
- Virtune XRP ETP
- Virtune Staked Solana ETP

All products are 100% physically backed, with assets held in segregated custody with Coinbase and secured in cold storage. Chainlink Proof of Reserves technology provides transparent verification of underlying holdings.

Raiffeisen Bank International has been appointed as market maker, providing continuous liquidity on the Warsaw Stock Exchange.

Poland is one of Central and Eastern Europe’s largest and fastest-growing capital markets, with rapidly increasing retail participation and ETF adoption. We believe regulated crypto exposure is a natural next step in that evolution.

Entering Poland has been a strategic priority for more than two years.

We would like to extend our sincere thanks to the teams at Warsaw Stock Exchange, KDPW and Raiffeisen Bank International for their close collaboration and support in bringing this historic milestone to life.

We are here to build for the long term.

Read the full press release here: https://t.co/YrnIL36De9

@coinbase
@chainlink
@WSElive
@KDPW_
@raiffeisendb

[CZ 🔶 BNB @cz_binance]

A new physically backed BNB exchange-traded product launched on Nasdaq Stockholm, adding to existing investment options.

BNB token gains amid prediction market interest, new ETP (Virtune, Grayscale, VanEck) https://t.co/fiVpPxZxBi

[Bitcoin ETF Business Review @mad_etf]

Bitcoin ETF inflow reversal:
After a month of heavy outflows, spot Bitcoin ETFs saw a $128 million net inflow, led by Fidelity suggesting fresh demand for listed Bitcoin exposure despite market volatility.

Product expansion:meme-coin ETPs: Bitwise launched a spot Dogecoin ETF

[Bitcoin ETF Business Review @mad_etf]

When that pool runs dry, the entire system resets. 💥
Welcome to the mechanics of modern crypto markets. 📉

[Bitcoin ETF Business Review @mad_etf]

What really happened to crypto exchanges on Friday night:

Think of it like an airline that oversells seats on a flight:
The airline offers higher & higher bids for passengers willing to take a later flight.But eventually if no one accepts someone gets bumped involuntarily
1/

[Bitcoin ETF Business Review @mad_etf]

and it's exactly what triggered Friday's crypto market crash.
ADL essentially kicks participants off the perps market. But unlike airline seats, the limiting factor isn't capacity - it's the total pool of capital available for one side of the market to claim as winnings.
4/

[ElonTrades @ElonTrades]

The Oct 11 Crypto Crash — What Really Happened

TL;DR:

Roughly $60–90M of $USDe was dumped on Binance, along with $wBETH and $BNSOL, exploiting a pricing flaw that valued collateral using Binance’s own order-book data instead of external oracles.

That localized depeg triggered $500M–$1B in forced liquidations, cascaded into $19B+ globally, and earned the attackers about $192M via $1.1B in BTC/ETH shorts opened on Hyperliquid hours earlier, but minutes before Trump tariff announcement.

It wasn’t a USDe failure!! It was Binance’s design flaw, timed with macro panic (Trump’s tariffs) for cover.

What looked like chaos was actually a coordinated exploitation of Binance’s internal pricing system, amplified by a macro shock and systemic leverage.

1️⃣ The Setup

Binance’s Unified Account let traders use assets like USDe, wBETH, and BNSOL as collateral.

Instead of oracle or redemption prices, Binance valued these using its own spot market - a major vulnerability.

On Oct 6, Binance announced a fix to move to oracle-based pricing, but rollout wasn’t until Oct 14, leaving an 8-day window.

2️⃣ The Exploit

During that window, sophisticated actors manipulated Binance’s order books, dumping ~$60–90M of USDe, driving it to $0.65 on Binance only (still ~$1 elsewhere).

Because the Unified Account marked collateral to internal prices, this instantly wiped margin value and triggered $500M–$1B in forced liquidations.

Then, Trump’s 100% China tariff headline hit, magnifying panic and liquidity stress.

3️⃣ The Profit Engine

The same day, fresh wallets on Hyperliquid opened $1.1B in BTC/ETH shorts, funded by $110M USDC from Arbitrum-linked sources.

As the Binance cascade unfolded, BTC and ETH cratered, those shorts netted $192M in profit before closing out at the bottom.

Timing, precision, and funding paths all suggest coordination.

4️⃣ The Contagion

Binance liquidations dumped BTC/ETH/ALTs into thin books.

Other exchanges mirrored the collapse through cross-market bots.

Market makers hedged across venues were forced to unwind everywhere.

Result: $19B+ global liquidations, with many alts down 50–70% intraday, all triggered by <$100M of manipulated collateral.

5️⃣ Who’s at fault?

Binance: design flaw + delay in oracle rollout = root cause.

Exploiters: executed and timed the manipulation, profited via external shorts.

Ethena (USDe): not at fault - protocol stayed 1:1 collateralized, redemptions normal, peg held everywhere else.

6️⃣ Aftermath

Binance admitted “platform-related issues,” promised compensation for affected margin/futures/loan users, and rolled out minimum price floors + oracle integration.

USDe remained operational, and the incident is now a case study in how exchange-side pricing errors can trigger system-wide liquidations.

Bottom line:
A ~$90M dump on Binance and a $1.1B leveraged short elsewhere sparked a $19B bloodbath.

Not a stablecoin failure, but a masterclass in exploiting flawed collateral valuation during peak macro stress.

[Bitcoin ETF Business Review @mad_etf]

BUT….
No FSCS Protection: Funds in an #IFISA are not protected by the Financial Services Compensation Scheme (FSCS), meaning you could lose your money if the P2P platform or borrowers default.

[Bitcoin ETF Business Review @mad_etf]

Initially, U.K. cETNs will be automatically eligible for inclusion in stocks and shares ISAs. From 6 April 2026, they will be reclassified as qualifying investments within the Innovative Finance ISA (IFISA)
Part 1…

[Bitcoin ETF Business Review @mad_etf]

Quick update on the lifting of the crypto #ETN ban on October 8th
https://t.co/Bs5Nx2fFc2

[Eric Balchunas @EricBalchunas]

Top 3 ETFs (out of 4,432) in one month flows: $VOO, $IBIT, $ETHA I used to say "Beta with a side of Bitcoin" to describe this (which was most of 2024 leaderboard) but need a new phrase, ideally an aliteration, to incl Ether. If you think of anything i'm all ears

[Wu Blockchain @WuBlockchain]

The UK FCA will allow retail access to crypto ETNs starting October 8, 2025, if traded on FCA-approved UK exchanges. While offering more choice, cETNs won’t be covered by FSCS, and the ban on crypto derivatives remains. https://t.co/qfBF9jU1d6

[Coinbase 🛡️ @coinbase]

If everything is fine, then don’t change anything at all.

But when the financial system isn’t working for so many people in the UK, it needs to be updated.