Bitcoin ETF sees net inflow of $38.4m, BlackRock outpaces Grayscale 😝😜
Bitcoin ETFs experienced a net inflow of $38.4 million on Feb. 1, marking the fifth consecutive day of such inflows.
Grayscale’s Bitcoin Trust ETF (GBTC) also saw a significant net outflow of $182 million. In contrast, the collective net inflow for the remaining nine ETFs in the sector, excluding Grayscale, amounted to $220 million. BlackRock’s iShares Bitcoin Trust (IBIT) outperformed Grayscale Investments’ GBTC in trading volume. This event marks a first for BlackRock since the introduction of spot Bitcoin ETFs in the U.S. on Jan. 11.
During the first three weeks following the launch of these trading products, Grayscale’s GBTC had been the frontrunner in trading volumes. GBTC accounted for nearly half of the trading activity of the ten available ETFs, with approximately $14.4 billion of the total $29.3 billion traded.
Hong Kong urges crypto investors: Check platform licenses before deadline 😌😋
Hong Kong’s Securities and Futures Commission mandates crypto trading platforms to apply for licenses by Feb. 29 or to shut down their businesses by May 31.
In a notice issued on Feb. 5, the move aims to safeguard investors, urging them to verify the regulatory status of the platforms they use against the SFC’s published lists of licensed and applicant virtual asset trading platforms.
The SFC’s advisory encourages investors engaged with unlisted platforms to promptly take necessary actions, including account closure, to avoid potential risks. This directive follows the beginning of Hong Kong’s crypto licensing regime in June 2023, which has already approved licenses for two platforms, HashKey and OSL, enabling them to offer retail trading services.
Canadian court rules 2022 crypto freeze on protesting truckers unconstitutional 🔥💥
The Federal Court of Canada has ruled that Prime Minister Justin Trudeau’s use of emergency legislation to suppress the “freedom convoy” protests in 2022, was “unreasonable.”
On Jan. 23, a Canadian federal court ruled that Prime Minister Justin Trudeau’s decision to use Canada’s Emergencies Act to freeze crypto used to support truck convoy protesters in 2022 was an unjustifiable infringement of civil rights.
The Federal Court of Canada particularly deemed the freezing of bank accounts and crypto for individuals associated with the protest unjustified. However, it rejected claims that the government had violated various other rights.
Federal Court Justice Richard Mosley noted the government cannot simply invoke the Emergencies Act “because it is convenient, or because it may work better than other tools at their disposal or available to the provinces,” adding that this measure should only be considered as a “tool of last resort.”
Ripple job listing sparks rumors of an XRP ETF 🤪😋
Ripple (XRP) appears to be laying the groundwork for a future XRP exchange-traded fund (ETF).
A recent job opening for a Senior Manager for Business Development at Ripple listed a key responsibility: “drive cryptocurrency-related ETF initiatives with internal trading teams and relevant partners.” This has led some in the crypto community to wonder whether the blockchain payments company is aligning its strategy with the evolving crypto landscape.
This development surfaces as Ripple navigates through a high-profile legal tussle with the U.S. Securities and Exchange Commission (SEC), which many speculate could eventually lead to clearer regulations and the much-anticipated approval of other crypto ETFs besides the Bitcoin spot ETF.
The crypto analytics community and industry reporters have been quick to dissect the implications of this role. On Jan. 27, the cryptocurrency insights forum, Good Morning Crypto, took to X to highlight the possible significance of the little tidbit contained within the small print of the advertised position.
ARK CEO Cathie Wood Calls Bitcoin The “Biggest Of All Crypto Ideas” 😛😚
Cathie Wood – CEO of tech-focused investment manager ARK Invest – says her conviction in Bitcoin (BTC) remains unshaken despite the asset’s recent “sell the news” market wipeout.
Bitcoin climbed for four months in a row after Bitcoin asset manager Grayscale bested crypto-skeptical federal regulators in court.
The event bolstered market confidence that a Bitcoin spot ETF would finally launch in the United States within the next few months. Yet after the product finally hit the market earlier this month, the asset’s bullish momentum quickly turned around.
“We’re very excited that Bitcoin is now in the ETF wrapper, and therefore very accessible at very low prices,” said Wood during an interview with CNBC on Wednesday.
Blockchain Startup Figure Technologies Seeks US Regulatory Approval for Interest-Bearing Stablecoin 🧐🤠
Financial technology company Figure Technologies is seeking approval from US regulators to introduce an interest-bearing stablecoin.
Founded by former SoFi Technologies CEO Mike Cagney, if successful, Figure will become the first company to offer a stablecoin regulated as a security within the United States, Bloomberg reported Monday.
In October, Figure filed a draft registration statement with the Securities and Exchange Commission (SEC) under the subsidiary name Figure Certificate Co.
The registration filing reveals that Figure plans to register the stablecoin as “face-amount certificates,” a type of fixed-income security, and intends to issue it using blockchain technology.
Upon approval, the stablecoin will be available to both retail and institutional investors in the US.