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Traders flock to US crypto products after spot ETF approvals: CoinShares

United-States based crypto investment products have "dominated" inflows over the past week after the approval of spot Bitcoin ETFs in the country, according to the latest report from CoinShares.

In a Jan. 15 Digital Asset Fund Flows report, CoinShares head of research James Butterfill noted that United States-based funds saw a whopping $1.24 billion of inflows from the week ended Jan. 12, while Canada, Germany, and Sweden-based products experienced outflows due to "basis traders looking to switch from Europe to the US."

On Jan. 10, the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETF products, with 10 launching the very next day.

Butterfill noted the launch of spot Bitcoin ETFs pushed trading volumes in crypto investment products to a new weekly all-time high, with $17.5 billion in volume.

#news #etf #btc #us

Google Play Store in India blocks Binance, OKX in response to FIU notice

Google’s Play Store in India has removed Binance and OKX crypto exchange apps after the government issued a noncompliance notice against them. The removal follows a similar decision by Apple’s App Store in India in December 2023.

On Dec. 28, 2023, the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) issued a notice to Binance, Huobi, Kraken, Gate.io, KuCoin, Bitstamp, MEXC Global, Bittrex and Bitfinex for operating illegally in India.

The FIU notice stated that any exchange providing services to Indian users must register as a “reporting entity” and submit statements to the income tax department. The FIU proposed that the Ministry of Electronics and Information Technology block the websites of the mentioned exchanges due to non-compliance.

Although Google’s Play Store blocked Binance and OKX, the Binance application and website are still available and working for existing users.

#news #india #binance

Spot Bitcoin ETFs top $4.5B total volume on the first day of trading

The first day of trading for a suite of new Bitcoin exchange-traded funds (ETFs) has gone off with a bang, with BlackRock, Grayscale, and Fidelity’s ETFs coming out on top in total volumes. One issuer, however, didn't get to start as expected.

Aggregated data from Yahoo Finance, compiled by Cointelegraph, shows that the total volume across ten of the spot Bitcoin ETFs reached more than $4.5 billion in total volume for day one trading.

BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), was the top performer of the newly-listed funds, handling just over $1 billion in volume — 22% of the group's total volume — per Yahoo Finance data.

Following close behind was Fidelity’s spot Bitcoin ETF — FBTC — which witnessed some $685 million in day one trading volume.

Grayscale’s Bitcoin ETF, which trades under the ticker GBTC, notched $2.2 billion in total volume. The investment vehicle is a conversion of its pre-existing Grayscale Bitcoin Trust.

#news #btc #etf

Spot Bitcoin ETFs ‘will indeed begin trading tomorrow’

Spot Bitcoin exchange-traded funds (ETFs) are likely to begin trading on Jan. 11 according to Bloomberg ETF analyst James Seyffart, following the SEC’s approval of 11 spot Bitcoin ETFs.

Seyffart posted on X that several S-1 prospectuses are "going effective," meaning that spot Bitcoin ETFs could begin trading soon after. "There are no more steps needed," he said. "Everyone is gonna be ready for tomorrow."

Meanwhile, global fund manager VanEck previously estimated that roughly $2.4 billion would flow into spot Bitcoin products in the first quarter of 2024.

Looking at the bigger picture, crypto investment fund Bitwise predicted that spot Bitcoin ETFs will be “the most successful” ETF product ever launched and could capture a staggering $72 billion worth of assets under management within five years.

#news #sec #etf #btc

US senators seek Gary Gensler’s report on X breach, deadline Monday

Two United States senators are calling on the United States Securities and Exchange Commission (SEC) to provide a report to Congress about the Jan. 9 breach of its X (formerly Twitter) account.

In a same-day letter to SEC Chair Gary Gensler, Senators J.D. Vance and Thom Tillis described the incident as raising “serious concerns” about the commission’s internal cybersecurity procedures.

It also called it “antithetical to the Commission’s tripartite mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.”

Concerned about the recent hack, which they said introduced “widespread confusion,” the two senators have requested the SEC provide Congress with a report about the incident, referring to a recently finalized rulemaking regarding cybersecurity disclosures.

#news #sec #us #crypto #etf