Bankrupt crypto exchange FTX has filed a motion to pay $14 million to fund Emergent Fidelity Technologies, an Antigua-based investment firm co-founded by Sam Bankman-Fried, for its claims of Robinhood shares worth over $600 million.
According to a motion by CEO John Ray III filed last Friday, FTX plans to use the $14 million to pay for Emergent’s administrative expenses to avoid the cost and delay of litigation related to the investment firm’s claims in around 55 million seized Robinhood shares and cash worth over $600 million in total. The motion said the settlement would also solve Emergent’s Chapter 11 bankruptcy case in Antigua.
“Pursuant to the settlement, Emergent and the Joint Liquidators have agreed to assign to the FTX Debtors all of their rights (if any) with respect to the Robinhood Proceeds and Seized Cash held by the U.S. Department of Justice and otherwise cooperate to facilitate the release to the FTX Debtors of the Robinhood Proceeds and Seized Cash,” Ray said in a declaration filed Friday.
FTX called the settlement agreement “another valuable piece of the puzzle” in implementing its reorganization plan to maximize creditors' repayment value. The court hearing on this motion is expected to be held on Oct. 22.
Emergent initially purchased the Robinhood shares in May 2022. After FTX and sister trading firm Alameda Research collapsed in November 2022, multiple parties, including FTX, Bankman-Fried and BlockFi, asserted claims to the shares.
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The U.S. Department of Justice seized the $600 million in shares and cash and liquidated the Robinhood shares in September. Robinhood then repurchased the shares for around $606 million.
Last month, a U.S. judge approved a $12.7 billion settlement between FTX, Alameda and the Commodity Futures Trading Commission. In it, the CFTC agreed it would receive nothing as long as FTX related to its reorganization plan.
Bankman-Fried was found guilty in November 2023 of seven criminal counts, including two counts each of wire fraud and conspiracy to commit wire fraud, and was sentenced to nearly 25 years in prison. The U.S. Securities and Exchange Commission has also charged Bankman-Fried with fraud.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Stablecoin issuer Paxos is set to launch its products on the Ethereum ETH
+2.41%
Layer 2 blockchain, Arbitrum ARB
+2.49%
One, as it expands its services.
While it is unclear which specific products Paxos will launch on Arbitrum, Luke Xiao, fintech partnership lead at Offchain Labs, the developer of Arbitrum, said in a statement on Tuesday that Paxos has decided to bring its stablecoin issuance and regulated tokenization platform to Arbitrum. "We're excited to see the transformative impact this will have on DeFi and the broader Arbitrum ecosystem," Xiao added.
Arbitrum One is one of the largest L2 networks, with over $2.5 billion in total value locked. "Arbitrum is known for its speed, security and scalability, which is critical to driving long-term adoption of digital assets across industries," Walter Hessert, head of strategy at Paxos, said in a statement. "In the next three years, the adoption of stablecoins by both retail and institutional user will explode and Paxos will drive that paradigm shift."
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Paxos' select stablecoins are currently available on Ethereum, the Polygon MATIC
+1.90%
proof-of-stake network, and Solana SOL
+6.18%
, according to its website.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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The U.S. Federal Reserve is widely expected to cut its benchmark rate this week for the first time in four years, leaving investors speculating about the size of the cut and its potential impact on risk assets, including bitcoin.
Interest rate traders have adjusted their expectations, now betting the Fed will announce a 50 basis-point cut at Wednesday's Federal Open Market Committee (FOMC) meeting rather than a more conservative 25 basis-point reduction. According to the CME FedWatch tool, the likelihood of a 50 basis-point cut has climbed to 65%, eclipsing the 35% probability for a 25 basis-point cut. Several days ago, the market was giving two-thirds odds that rates would be cut by 25 bps and one-third that they would be lowered by 50 bps.
If the Fed decides to cut rates by 50 basis points, the market for risk assets, including bitcoin, could react positively, according to an analyst.
"Today‘s relatively strong Empire State Manufacturing report shows the market reaction is likely going to be positive if the Fed cuts by 50 basis points, since this particular leading indicator has signalled that underlying economic momentum has even accelerated in September implying some kind of early innings of a 'Goldilocks scenario,' with low inflation and stable growth as well as stimulative monetary policy," Bitwise Head of Research - Europe André Dragosch told The Block.
Some recent economic indicators have shown mixed signals. According to Monday's Empire State Manufacturing Survey, business activity in New York State grew for the first time in nearly a year, with shipments increasing significantly. However, employment within the state continued to decline.
"Firms grew more optimistic that conditions would improve in the months ahead, though capital spending plans were weak," New York Fed Economic Research Advisor Richard Deitz said.
This suggests that while some economic sectors are experiencing a recovery, the labor market and business investments are still under pressure—factors that the Fed may consider in its rate decision.
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Anticipation of upcoming rate cuts could boost bitcoin
Interest rate cuts tend to increase the valuation of risk assets, but according to Dragosch, it is more the anticipation of additional rate cuts — rather than the cuts themselves — that could give bitcoin a boost and potentially lead to sustained price appreciation in the coming months.
"I think the market will be driven more by rate cutting expectations than the cuts themselves over the coming months," the Bitwise head of research said.
According to the analyst, the need for additional rate cuts could be driven by recessionary indicators that are currently stalking the U.S. economy, such as slowing job growth. "Expectations of further rate cuts will likely intensify on account of the weakening U.S. economy and imminent recession, and our expectation is that this will be net positive for bitcoin and cryptoassets," said Dragosch.
Despite the current rate cut expectations, Dragosh argued that the Fed may still be behind the curve in its efforts to engineer a soft landing for the U.S. economy. Dragosch pointed to the Taylor Rule — a popular interest rate model — that suggests the Fed should have already reduced rates by at least 150 basis points.
"This is based on core PCE inflation and U.S. unemployment rate which we know will continue to deteriorate over the coming months based on more forward-looking indicators," Dragosch said.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Bitfinex analysts point to bitcoin's decoupling from gold — which recently reached an all-time high — as a sign that investor caution persists amid potential recessionary indicators.
"Bitcoin BTC
-2.61%
has decoupled from gold, which has reached a record high, indicating a shift in investor preference towards traditional safe-haven assets amidst a risk-averse environment," Bitfinex analysts said.
The bitcoin price has ticked down by over 3% in the past 24 hours, now trading at $58,700. In recent days, it has struggled to sustain a rally above the $60,000 level. In contrast, gold hit a record high of $2,589 earlier on Monday. "Bitcoin prices are dropping while gold reaches new record highs," Bitfinex analysts said. The analysts noted that the trend of investors favoring traditional safe-haven assets like gold over more speculative options such as bitcoin could intensify following a rate cut.
With the U.S. Federal Reserve expected to initiate its first rate reduction in four years this week, this shift towards traditional safe-haven investments might become even more pronounced. "As such, the only foreseeable certainty in the immediate future is an increase in local volatility at these price levels, and traders and investors should prepare for potentially rapid and significant price movements," Bitfinex analysts added.
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Analysts attribute gold's surge to record highs on Monday to several factors, including a weakening dollar and rising expectations of a significant interest rate cut by the U.S. Federal Reserve this week.
The anticipation of a Fed rate cut cycle has weighed on the dollar, driving gold in the opposite direction. Sentiment toward the traditional safe-haven asset has also been bolstered by recessionary indicators, such as slowing job growth.
The last ADP employment report showed that only 99,000 jobs were created in August, well below the forecast of 140,000 and marking the smallest monthly job increase in over three and a half years.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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U.S. lawmakers are showing divides on their approach to decentralized finance as regulators use their own pathways to bring order to the industry.
Lawmakers on the House Financial Services' digital assets-focused subcommittee continued to hash out how to regulate DeFi during a hearing on Tuesday.
"As we consider how blockchains can be used in finance, we must continue expanding our knowledge of the possible costs and benefits as it relates to DeFi," said Rep. French Hill, chair of the subcommittee, at the beginning of the hearing.
Lawmakers have so far left out regulating DeFi in recent bills. In legislation passed out of the House of Representatives this past year, lawmakers opted to direct the U.S. Treasury Department, Securities and Exchange Commission and the Commodity Futures Trading Commission to study DeFi. That bill, led by Republicans, gives new jurisdiction to the CFTC over "digital commodities" and asserts the SEC would oversee digital assets offered as part of an investment contract.
Meanwhile, the SEC proposed a rule back in 2022, which has since been revisited, that would broaden the definition of an exchange to capture decentralized exchanges. The rule could ultimately require decentralized projects to register with the agency as alternative trading systems and has received pushback from the crypto industry.
Regulators have also begun cracking down on DeFi. Uniswap Labs, the developer of the decentralized exchange Uniswap, recently received a Wells Notice from the SEC. Last week, the CFTC said it filed and settled charges against Uniswap for $175,000 in connection to the firm's offering of "illegal digital asset derivatives trading."
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There is not a "consensus definition" for DeFi among regulators or in the industry itself, said Rep. Stephen Lynch, D-Mass., during Tuesday's hearing. Lynch also criticized the crypto industry as a whole and said it's been marred by "episodes of implosion" and called for legislation.
"This committee should have explored digital asset topics such as DeFi and tokenization long before legislation was introduced," Lynch said. "The FIT act, which I strongly opposed, excluded DeFi services. I urge this committee to refrain from moving forward with similar legislation that would invite the same consumer and investor protection risks by legitimizing this industry."
Trumps' venture
Rep. Maxine Waters, ranking Democrat of the House Financial Services Committee, criticized the Donald Trump-backed crypto project, World Liberty Financial. Trump's sons — Donald Trump Jr. and Eric Trump — have been behind the new DeFi project, though specific details about what the project will entail have not been ironed out.
So far, the project has faced challenges. Last week, Lara and Tiffany Trump’s X accounts appeared to have been hacked so that posts promoting a token purporting to be associated with World Liberty Financial could be shared.
"While decentralized finance, or DeFi, aims to create greater efficiencies and transparency, it can also pose heightened risks of hacks, scams, unequal information and conflicts of interest that can harm consumers and investors," Waters said. "We've seen this play out in the new DeFi venture that Eric Trump and Donald Trump Jr. plan to launch, called World Liberty Financial."
"Lamwakers have a responsibility here," Waters added.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Ethereum's on-chain stablecoin volume has reached an all-time high of $1.46 trillion, an impressive feat considering the wider market conditions. Stablecoin volumes have more than doubled from $650 billion at the start of the year.
DAI
+0.070%
, the decentralized stablecoin, is leading the charge with a staggering $960 billion in volume. This surge underscores the growing appetite for decentralized finance solutions and could indicate increasing trust in algorithmic stablecoins.
However, when filtered, DAI volume ranks behind USDT
+0.035%
and USDC
+0.032%
, suggesting there is likely wash trading and numerous transfers.
Meanwhile, the new kid on the block, PYUSD
+0.22%
, is flexing its muscles, growing from $500 million to $2.4 billion. PayPal's incentive programs seem to be paying off, highlighting how traditional finance giants are looking to explore crypto.
USDC and USDT continue to hold their ground, providing the sturdy infrastructure that much of DeFi is built upon.

The growth in stablecoin usage is more hopefully indicative of a maturing ecosystem. Higher stablecoin volumes mean deeper liquidity pools, reducing slippage and improving overall market efficiency.
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Stablecoins are the lifeblood of DeFi, powering everything from lending protocols to yield farming. This surge could suggest a healthier, more robust DeFi ecosystem.
As more users engage with on-chain stablecoins, we're seeing a bridge form between traditional finance and the crypto world. It's not just crypto natives anymore—it's everyone from curious newcomers to institutional players.
The competition between stablecoins (centralized, decentralized, and everything in between) is driving rapid innovation in design, governance, and use cases. While stablecoins like USDC and USDT have seen some dominance, their business models are now challenged by newcomers like Mountain Protocol, which aims to redistribute interest yield generated from fiat deposits back to its token holders.
As on-chain activity continues to grow, stablecoins are proving to be the steady hand guiding users through the often turbulent market conditions. While the rest of the market may be slipping, the bright side is that stablecoins are still thriving.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Spot bitcoin exchange-traded funds in the U.S. posted total daily net inflows worth $116.96 million on Tuesday. The funds shifted to net inflows on Monday, ending their eight-day streak of negative flows.
Fidelity’s FBTC led the pack of inflows, as it did on Monday, with $63.16 million. Grayscale’s Bitcoin Mini Trust followed with $41.13 million in inflows, according to SoSoValue data. Ark Invest and 21Shares’ ARKB also reported inflows of $12.68 million.
Meanwhile, BlackRock’s IBIT and the other eight funds recorded zero daily flows. IBIT has not experienced net inflows since Aug. 26.
The 12 bitcoin ETFs recorded a daily trading volume of $712.27 million on Tuesday, markedly lower than their usual volumes between $1 billion and $2 billion. According to data, this is also the third lowest daily trade volume for spot bitcoin ETFs, the lowest since February 6. Since their launch, the bitcoin funds have accumulated $17.04 billion in net inflows.
Ether ETFs post inflows
Spot Ethereum ETFs in the U.S. saw net inflows of $11.44 million, ending their five-day outflow streak. It’s also the first net inflows seen from ether ETFs since Aug. 28.
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Fidelity’s FETH recorded the largest net inflows for the day, with $7.13 million. BlackRock’s ETHA followed with $4.31 million. The remaining seven ether funds saw zero flows on Tuesday.
The nine ETFs' total daily trading volume was $102.87 million, lower than Monday’s $124.51 million. Their cumulative net outflows stand at $562.06 million.
Meanwhile, bitcoin's price fell 0.53% in the past 24 hours to trade at around $56,296, while ether dipped 0.61% to $2,323, according to The Block’s crypto price page. The two tokens experienced volatility Tuesday night as the first presidential debate between Kamala Harris and Donald Trump occurred.
Markets are now looking toward significant data on the U.S. economy, such as the consumer price index on Wednesday and the producer price index on Thursday.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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"The fact that short-term holders are not accumulating can mean demand for bitcoin remains weak," CryptoQuant Head of Research Julio Moreno told The Block. Moreno added that bitcoin long-term holders are accumulating in the face of this short-term holder capitulation. However, Moreno said that the opposite of this dynamic could play out if demand for bitcoin grows again, "leading to short-term holders buying from long-term holders."
The CryptoQuant analyst further highlighted charts that showed a notable shift in bitcoin ownership dynamics. They revealed that short-term holders—those who have held their bitcoin for 155 days or less—have significantly reduced their positions, particularly throughout July and August.
The number of bitcoins held by short-term holders has declined since late May. Image: CryptoQuant.
CryptoQuant contributor IT Tech said the dynamic could lead to medium-term price appreciation and market stabilization. Increased accumulation by long-term holders could lead to price stabilization and position the market for a potential rebound, while short-term holder sell-offs may create short-term downward pressure on bitcoin prices. The data shows a clear capital flow from weak hands (short-term holders) to strong hands (long-term holders), signaling market stability," they said.
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Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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The Commodities and Futures Trading Commission (CFTC), despite losing its initial case against prediction marketplace Kalshi, has filed a new motion in an attempt to stop the company from offering prediction markets for the upcoming elections in November.
While the CFTC lost its initial case after a judge ruled the regulatory agency overstepped its authority in banning the contracts, the CFTC has fought to keep its rule in place while it works on its appeal. Though District Court Judge Jia Cobb ruled on Thursday that the contracts should be allowed, stating "...Congress did not authorize the CFTC to conduct the public interest review it conducted" on the contracts, the agency soon appealed to the DC Circuit Court of Appeals, which forced Kalshi to pause its election contracts eight hours after the company first listed them.
Now, the CFTC is arguing once again that the ruling in the case should be paused while the appeals process is ongoing. In a filing on Saturday, the agency argued that any financial damages Kalshi would face by missing out on the current election season "...pale compared to the harm that would flow from allowing election gambling on U.S. futures markets."
The CFTC's reply in support of its motion to stay the judgment pending the appeal presents a technical legal argument over the definition of contested terms such as "gaming" and "gambling" and how they should apply in this case. "Because Kalshi’s contracts involve staking something of value on the outcome of elections, they fall within the ordinary definition of 'gaming,'" the agency argued, thereby giving the CFTC jurisdiction in the matter.
Kalshi, in its filing opposing the stay of judgment, contests the idea that trading on election prediction markets is "gaming." "An election is not a game. It is not staged for entertainment or for sport. And, unlike the outcome of a game, the outcome of an election carries vast extrinsic and economic consequences," Kalshi's filing states.
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The CFTC and Kalshi seemingly agree that unregulated trading on prediction markets opens up the possibility for market manipulation. In its filing, the CFTC argues "documented cases of market manipulation have already been realized in the very markets Kalshi points to," citing Polymarket, which the agency claims "...experienced a 'spectacular manipulation' attempt by a group of traders betting heavily on Vice President Harris."
Kalshi acknowledges the potential for malfeasance, but argues that unregulated marketplaces are already operating. "...Other election prediction markets (including Polymarket and PredictIt) are operating right now outside of any federal oversight, and are regularly cited by the press for their predictive data. So a stay would accomplish nothing for election integrity; its only effect would be to confine all election trading activity to unregulated exchanges. That would harm the public interest," Kalshi's filing states.
Yet the CFTC, in its filing, calls the argument "sophomoric." "A pharmacy does not get to dispense cocaine just because it is sold on the black market," the agency wrote in its filing. "The Commission determined that election gambling on U.S. futures markets is a grave threat to election integrity. That another platform is offering it without oversight from the CFTC is no justification to allow election gambling to proliferate."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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The DEX landscape is undergoing changes, with the market share of the veteran decentralized exchange Uniswap dropping from over 50% in October 2023 to the current 36%.
As Uniswap's share continues to shrink, Base Layer 2 is rapidly growing, with Aerodrome occupying 7% of the market share and Orca's market share increasing from 9% at the beginning of the year to 12% last month.
Analysts say that smaller DEXs are gradually eating into Uniswap's market share, indicating a sustainable change as users seek out and turn to more competitive DEXs that have long-term advantages rather than short-term incentives.
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According to Yu Jin monitoring, a whale has accumulated 30,654 ETH (worth 88.43 million US dollars) through a cycle loan with an average price of 2,885 US dollars per ETH. Starting from September 7th, the whale began to sell ETH and has basically completed the clearance, selling 28,564 ETH (worth 64.9 million US dollars) at an average price of 2,272 US dollars, with a loss of up to 17.51 million US dollars.
◎Since December last year, he has been buying ETH through cycle loans until July this year, accumulating a total of 30,654 ETH (worth 88.43 million US dollars) at an average price of 2,885 US dollars.
◎After the market fell on September 7th, he began to sell ETH, possibly due to a pessimistic outlook on future trends. So far, he has sold a total of 28,564 ETH ($64.9M) at an average price of 2,272 US dollars.
◎He now only holds 2,268 ETH, which is close to liquidation.
◎Compared to his accumulated cost of 2,885 US dollars, his current cycle loan of buying ETH has resulted in a loss of up to 17.51 million US dollars.
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According to an official announcement from TechFlow, OKX will delist FITFI, GARI, XPR, AKITA, TAMA, and WNCG spot trading pairs. Effective date: OKX will officially delist the aforementioned trading pairs on August 30, 2024, from 4:00 to 4:30 pm (UTC+8). Deposit suspension: OKX has suspended the deposit operations of the aforementioned currencies FITFI, GARI, XPR, AKITA, TAMA, and WNCG since 4:00 pm (UTC+8) on August 22, 2024, and will not reopen them in the future. Withdrawal suspension: Withdrawals of FITFI, GARI, XPR, AKITA, TAMA, and WNCG will be suspended at 4:00 pm (UTC+8) on November 30, 2024, and will not be supported in the future.
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Analyst Anna Wong said that in our opinion, Powell's statement sounded quite dovish. So far, he has not stopped the bet on a 50 basis point rate cut in September, has not indicated that rate cuts should be gradual, and has not used the phrase "methodical" like his colleagues to describe possible rate cut paths.
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According to SoSoValue data, yesterday (April 26th, Eastern Time), the total net outflow of Bitcoin spot ETF was 83.6147 million US dollars, including:
Grayscale ETF GBTC had a net outflow of 82.4197 million US dollars in a single day, and the historical net outflow of GBTC is currently 17.185 billion US dollars;
The Bitcoin spot ETF with the most net inflows in a single day is Ark Invest and 21Shares' ETF ARKB, with a net inflow of 5.4288 million US dollars, and the total historical net inflow of ARKB has reached 2.246 billion US dollars.
As of the time of publication, the total net asset value of Bitcoin spot ETF is 53.156 billion US dollars, and the net asset ratio of ETF (market value compared to the total market value of Bitcoin) is 4.22%. The historical cumulative net inflow has reached 11.994 billion US dollars.
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The US stock market opened with all three major indexes collectively down, with the Dow Jones Industrial Average falling 0.35%, the S&P 500 falling 0.28%, and the Nasdaq falling 0.39%. The cryptocurrency sector is also down, with MicroStrategy (MSTR.O) falling 8%.
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According to The ETF Store President Nate Geraci, BlackRock has once again sparked a wave of advertising for its Bitcoin spot ETF. Geraci said, "iShares is aggressively advertising its Bitcoin ETF spot. I saw seven banner ads on the Bloomberg homepage. Remember, it's only been three months since the Bitcoin spot ETF was listed, and the marketing war has just begun."
Geraci also said, "In terms of assets, iShares' Bitcoin ETF is currently ranked in the top 100 among all ETFs, which is an achievement among nearly 3,500 ETFs. It did this in three months."
Meanwhile, the trading volume of the spot Bitcoin ETF remained stable on Thursday at $2.5 billion, once again led by IBIT, with a trading volume of $1.1 billion. It is worth mentioning that after reaching a record $9.9 billion on March 5, daily trading volume has declined slightly. (The Block)
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