Crypto

BlackRock's Spot Bitcoin ETF Sees Zero Inflows, As Net Outflows Tally $130M On Wednesday

Published

1 week ago

April 25, 2024

BlackRock's Spot Bitcoin ETF Sees Zero Inflows, As Net Outflows Tally $130M On Wednesday

BlackRock‘s iShares Bitcoin Trust IBIT has seen its record-breaking streak of inflows come to an end on Wednesday.

What Happened: According to data from SoSoValue, IBIT recorded no net inflows for the day, snapping a 71-day stretch of continuous investment.

On Wednesday, spot Bitcoin ETF flows saw net outflows totaling $121 million, signaling a turbulent day for cryptocurrency investments.

Notably, Grayscale’s Bitcoin Trust ETF (GBTC) registered the most substantial single-day outflow, withdrawing $130 million.

Contrasting this, Fidelity Wise’s Origin Bitcoin Fund FBTC emerged as the frontrunner for inflows, attracting $5.61 million in a single day, followed closely by the collaborative ETF from Ark Invest and 21Shares ARKB, which saw an influx of $4.17 million.

www.benzinga.com/events/digital-assets

Also Read: Jack Dorsey Wants To Make Bitcoin Mining As Easy As Plugging In A Lamp: Here’s How

Hong Kong Steps Into The Crypto ETF Arena

The news of BlackRock’s pause coincides with a significant development in the Asian market.

HashKey Exchange announced the completion of the first-ever cryptocurrency subscription for Bitcoin and Ethereum spot ETFs offered by Hong Kong-based Bosera International and HashKey Capital.

This subscription model allows for redemption without immediate sale of the underlying assets, potentially offering cost and liquidity benefits to investors.

Hong Kong’s foray into cryptocurrency ETFs marks a potential turning point for the Asian market.

These ETFs are expected to begin trading on the Hong Kong Stock Exchange on April 30, providing investors in the region with a new avenue for cryptocurrency exposure.

What’s Next: The Benzinga Future of Digital Assets event, scheduled for Nov. 19, will convene industry leaders, analysts, and investors to discuss these critical developments.

This conference presents a unique opportunity to gain insights into the future of Bitcoin ETFs, cryptocurrency subscriptions, and the broader digital asset ecosystem.

Don’t miss out on this chance to stay ahead of the curve in this rapidly changing market.

Read Next: Why Is MOG Crypto Coin Going Up? Trader Sees ‘Billions’ As Price Target

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Crypto

Cryptocurrency Price Analysis: SHIB, DOGE, and XRP Face Varied Challenges

Published

2 hours ago

May 4, 2024

Press Room

Throughout much of the month, the majority of top assets maintained a sideways trajectory. While some experienced marginal upticks, others contended with declines. Let’s delve into the price analysis of Shiba Inu (SHIB), Dogecoin (DOGE), and Ripple (XRP). Shiba Inu (SHIB)Coin Edition’s evaluation of SHIB’s 4-hour chart revealed a bearish signal. Specifically, attention was drawn to the Exponential Moving Average (EMA), where the 20 EMA (yellow) crossed below the 9 EMA (blue)—a phenomenon known as a death cross. Moreover, SHIB’s price lingered beneath these indicators, signaling a diminishing strength for the token. Presently, there’s a prospect of SHIB’s price descending

Crypto

Bitcoin (BTC) User Paid Eye-Watering $100,254 for Single Transaction

Published

9 hours ago

May 4, 2024

Press Room

Bitcoin (BTC) User Paid Eye-Watering $100,254 for Single Transaction

A single Bitcoin BTCUSD transaction has caught the attention of many owing to its gas fee size. Blockchain analytics platform Whale Alert confirmed that a fee of 1.5 BTC was paid for a single transaction. This fee is equivalent to $100,254 based on the current market value of the top cryptocurrency. This fee is quite higher than the average transaction cost.

This user paid this enormous fee to have their transfer included in an ordinary Bitcoin block. Some of these transactions have been recorded in the past. In September 2023, a Bitcoin user paid a transaction fee of 19 BTC. This was around the time when Bitcoin price was trading at $26,000, hence, the 19 BTC was equivalent to $509,563.

Then again, in January, another BTC account paid over 4 BTC to have their transfer included in an ordinary Bitcoin block. The transaction was therefore charged with a whopping 1,800,890 sat/vB fee.

Potential reason for high transaction fee

Payment of such exorbitant fees usually raise suspicions as many market observers wonder the circumstances that could have led to it. At press time, Bitcoin’s average transaction fee was at a level of $4.696, up from $3.740 on May 4 and down from $6.696 one year ago. This is also a change of 25.57% from yesterday and -29.86% from one year ago, per data from YChart.

It is worth noting that ordinarily transaction fees can fluctuate due to network congestion. It once reached as high as $60 during the 2017 cryptocurrency boom. Hence, this outrageous transaction fee recently recorded could be a result of a mistake or a misconfiguration in transaction software. It could also be potentially for reasons known only to the transaction initiator or even a possible money laundering scheme.

Crypto

Stablecoin Tether steps up monitoring in bid to combat illicit finance

Published

16 hours ago

May 4, 2024

Press Room

Stablecoin Tether steps up monitoring in bid to combat illicit finance

The world’s largest stablecoin, Tether, has stepped up monitoring of how its tokens are used in broader crypto markets and payments in a bid to combat illicit finance, Tether said in a statement on Thursday.

Tether, a cryptocurrency pegged to the U.S. dollar, and blockchain analytics company Chainalysis have launched new tools to identify transactions associated with sanctioned entities and analyse the activity of major holders of the token, Tether said.

Last month, Reuters reported that Venezuela’s state-run oil company PDVSA planned to increase use of Tether in its crude and fuel exports at a time when the U.S. has reimposed oil sanctions.

Crypto Tracker

The Wall Street Journal reported last month that Russian middlemen had used Tether to evade Western sanctions in order to source weapons parts for drones and other military equipment. Tether’s announcement did not mention either report. Asked by Reuters if Thursday’s announcement was related to the report about Venezuelan oil, a spokesperson for Tether said that its work to build a more powerful monitoring tool with Chainalysis had been “in the works for several months.” “Tether has been using Chainalysis data for several years, as the foundation for our investigation and compliance work. Also, Tether has clearly announced its compliance with OFAC/SDN list,” the spokesperson said in emailed comments, referring to the U.S. Treasury’s Office of Foreign Assets Control’s sanctions. Tether has previously said that every action with the cryptocurrency is online and traceable, and “every asset can be seized and every criminal can be caught.”

Tether has grown rapidly in recent years, hitting $100 billion in circulation in March. That growth has been driven by its use as an alternative to the dollar in emerging markets, Tether CEO Paolo Ardoino told Reuters last month.

Stablecoins can be used as a form of payment, as well as to convert in and out of other tokens, such as bitcoin, when trading on crypto exchanges.

Tether, which is registered in Hong Kong and owned by a company registered in the British Virgin Islands, is able to freeze its tokens and has previously said it has done so in response to requests from law enforcement.