The Block
Fidelity’s FBTC spot bitcoin ETF joined BlackRock’s IBIT in becoming the second fund to hit more than $1 billion worth of inflows after five days of trading, according to data from BitMEX Research.Flows for most of the ETFs were either flat or positive yesterday, but $579.6 million worth of outflows from Grayscale’s GBTC eclipsed total inflows from the other funds.
Quick Take The country’s top industrial authority said that working group members include those from Chinese tech giants such as Huawei, Ant Group, Tencent and Baidu.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC said.
The price of bitcoin declined below $41,000 for the first time since December as spot ETFs finished their fifth day of trading.Bitcoin has declined 10.8% over the past week.
Quick Take Should GBTC investors continue to take profits, it might exert additional downward pressure on bitcoin, according to JPMorgan analysts. The analysts also reiterated that the chance of a spot Ethereum ETF being approved by May is limited.
Quick Take After each financial crisis, new regulations are adopted, such as the Dodd Frank Act, said Treasury’s Assistant Secretary for Financial Institutions Graham Steele. Steele, as well as Ripple CEO Brad Garlinghouse later in the day, both poked fun at Dogecoin.
A third of Robinhood users who invested in spot bitcoin ETFs sold part of their existing portfolio to do so.BlackRock is the most active spot bitcoin ETF, in terms of volume, on the platform.
Bitcoin has bypassed silver to become the second largest ETF commodity asset class in the U.S. in terms of assets under management.
Quick Take Flowdesk has raised a $50 million Series B round from Cathay Innovation, Ripple, Bpifrance and others. The round brings the crypto market maker’s valuation to over $250 million, two sources told The Block.
Quick Take Conflux Network introduced an “EVM-compatible” Bitcoin solution. It will be used to interact with Bitcoin, allowing for asset interoperability.
