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2024-02-26 23:02:10 GBTC records smallest outflow of $44 million since spot ETF conversion

Bitcoin ETFs in the US have been an incredible success since their introduction on Jan. 11, as reported by CryptoSlate. In a notable development reported by BitMEX, the sector witnessed a strong inflow of $232 million on Feb. 23. Meanwhile, the Grayscale Bitcoin Trust (GBTC) outflows presented a different narrative. The fund recorded its smallest outflow since the commencement of trading at $44 million, hinting at a potential slowdown in outflows. The day before, GBTC saw an outflow of $56 million, which brings the total outflows to $7.4 billion.

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2023-10-13 09:05:18 SBF Plans To Repay FTX Customers With Financial Support From Saudi Crown Prince

Caroline Ellison testified that one of the ways Sam Bankman-Fried to repay FTX customers was to raise money from Saudi Crown Prince Mohammed bin Salman. Sam Bankman-Fried (SBF), the founder of FTX, is currently facing a trial in which Caroline Ellison, the star witness in the fraud trial of Sam Bankman-Fried, is testifying against him. According to CNBC, Ellison revealed that one of the ways Bankman-Fried to repay FTX customer’s accounts was by raising money from Saudi Crown Prince Mohammed bin Salman (MBS).

Ellison, who pleaded guilty to fraud charges, previously disclosed that Bankman-Fried directed her and other staff members to funnel billions of dollars to sister hedge fund Alameda Research, defrauding FTX customers. When facing a situation where crypto lender Genesis called back loans and requested to see the balance sheet, Bankman-Fried instructed Ellison to create “alternative” balance sheets that painted a better financial picture for Alameda. By omitting crucial information and hiding borrowed customer money, Bankman-Fried aimed to deceive both Genesis and FTX customers. The internal balance sheet showed liabilities of $15.6 billion, while the numbers presented to the lender indicated just under $8 billion. Bankman-Fried even discussed the possibility of raising money from MBS to make FTX customers whole.

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2023-10-12 09:05:02 Ripple Institutional Investors are Attracted In Dubai

Ripple institutional investors continues to draw in Dubai, according to a new report from Sologenic, an XRP Ledger-based platform. Ripple institutional investors is making strides in Dubai and the MENA region, despite its legal battle with the SEC. The establishment of a new office at the Dubai International Financial Centre shows their commitment to global expansion. Ripple’s CEO, Brad Garlinghouse, shared that the XRP Ledger has over 4.8 million wallets, with 20% from the MENA region, indicating the increasing demand for Ripple solutions there.

Despite the legal dispute, Ripple serves a global clientele, with over 90% of its operations outside the US. The MENA region is significant for Ripple as it has key clients there, including SABB, Qatar National Bank, Lulu Financial Holdings, Al-Ansari Exchange, and RAK Bank. Sologenic, a UAE firm, aligns with Ripple’s vision and has onboarded over 200,000 customers onto the XRP Ledger, showing the growing acceptance of Ripple’s solutions in the institutional sphere. Ripple institutional investors resilience and appeal to demonstrate their commitment to global expansion, with the MENA region as a pivotal hub. Furthermore, Sologenic, a UAE-based firm, shares Ripple’s vision and has successfully onboarded over 200,000 customers onto the XRP Ledger.

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2023-10-10 13:00:36 Solana investment products see largest week of inflows since March 2022

Digital-asset investment products at asset managers such as CoinShares, Grayscale, 21Shares, Bitwise and ProShares recorded inflows for the second consecutive week and the most since July, adding $78 million, led by Solana and Bitcoin funds. Solana is “continuing to assert itself as the altcoin of choice,” Head of Research James Butterfill wrote, particularly considering the recent launch of ether futures ETF products.

Solana investment products returned their largest inflows since March 2022, adding $24 million, according to CoinShares’ latest report. Solana is “continuing to assert itself as the altcoin of choice,” Head of Research James Butterfill wrote, particularly considering the recent launch of ether futures ETF products. Solana funds have recorded inflows in 28 weeks this year, with just four weeks of outflows in 2023. The regional divide continued, with Europe outpacing the United States again last week — accounting for 90% of the inflows. The U.S. and Canada made up just $9 million of the inflows combined, suggesting further divergence in sentiment, according to Butterfill.

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2023-10-09 08:52:07 Cosmos-Based Stride Governance Token, STRD, Surges 330% YTD, Outperforming ETH and LDO

Cosmos-based Stride has been on a roll lately. According to a recent Nansen report, the protocol currently commands more than 80% of the market share within the Cosmos ecosystem. Despite the prolonged market-wide bearish trend, Stride’s governance token – STRD – has surged 330% year-to-date. STRD surpassed both Ethereum (ETH) as well as the native token of Lido (LDO) in YTD price performance. The latter happens to be Stride’s rival and a leader in the Liquid Staking Derivatives (LSD) space.

Its analysis suggested that STRD may be undervalued considering its real yield revenues towards STRD stakers, its new value capture mechanisms through transaction fees, and MEV, in addition to other near-term catalysts that increase the addressable market of Stride to billions of untapped markets. However, the token’s surge surpassing Ether and LDO can be attributed to the recently launched Liquid Staking Module that enabled ATOM stakers to instantly liquid-stake their ATOM without any bonding periods. Since launching, the number of ATOM tokens liquid staked through the protocol has increased by almost 30% in just over two weeks. Meanwhile, the total value locked (TVL) in Stride has also experienced significant growth this year, having only accelerated since the launch of the liquid staking module on the Cosmos Hub, according to the blockchain analytics platform.

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2023-10-08 15:41:03 Stablecoin Market Capitalization Witnessed A Decline To $123.8 Billion

Stablecoin market capitalization still sees a sharp decline after market difficulties in 2022 and early 2023. The total market capitalization of stablecoins, a form of digital currency tied to traditional assets like fiat, has witnessed a decline to $123.8 billion as of September, according to data from CCData. This marks the lowest point since August 2021, when the sector was valued at $137.9 billion in December. According to Bloomberg, this contraction in the stablecoin market aligns with an overall reduction in crypto market activity following various scandals and bankruptcies in 2022.

In addition to the stablecoin market capitalization decline, stablecoin trading volume on centralized exchanges, including Coinbase, dropped by 28.4% to $331 billion in September. This represents the lowest monthly trading volume since July 2020. While several stablecoins like USD Coin and BUSD have seen their market caps shrink, Tether (USDT), the sector leader, has increased its dominance. USDT now accounts for 67.3% of the total stablecoin market, marking its highest percentage since March 2021. In August, PayPal introduced its stablecoin, PayPal USD (PYUSD), for payments and transfers. PYUSD is issued by Paxos Trust Company and is backed by U.S. dollar deposits and similar assets. However, despite this move, the overall digital asset sector supporting most cryptocurrencies continues to contract, unaffected by PayPal’s entrance into the stablecoin arena.

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2023-10-07 12:19:30 $730M Worth Of BTC And ETH Options Expire On October 6th

$730M worth of BTC and ETH options expire soon. Market sentiment, liquidity, and holiday factors influence crypto trends. On October 6, the market is bracing for the expiry of a substantial number of options contracts. Specifically, 14,000 BTC options, valued at $400 million, and 200,000 ETH options, valued at $330 million, are set to expire. BTC has been driving the week’s uptrend, yet overall implied volatilities (IVs) have remained relatively subdued. Lower trading volumes during Asian hours due to holidays have contributed to this trend.

BTC Options Data: There are 14,000 BTC options expiring with a Put Call Ratio of 0.89, a maxpain point of $27,000, and a notional value of $400 million. ETH Options Data: Meanwhile, 200,000 ETH options are about to expire with a Put Call Ratio of 0.87, a maxpain of $1,650, and a notional value of $330 million. However, historical data shows that Q4, especially October, tends to be an uptrend season, offering hope for increased activity in the market. Looking back at the September 29 options data, there were 118,000 BTC options with a Put Call Ratio of 0.58, a max pain point of $26,500, and a notional value of $3.2 billion. Additionally, 1.11 million ETH options were expiring with a Put Call Ratio of 0.46, a max pain point of $1,650, and a notional value of $1.8 billion. Looking back at the September 29 options data, there were 118,000 BTC options with a Put Call Ratio of 0.58, a max pain point of $26,500, and a notional value of $3.2 billion.

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2023-10-06 09:30:27 Kraken Acquires BCM To Expand In Europe With New MiCA Law

Crypto exchange Kraken is set to expand its presence in Europe through the acquisition of Dutch cryptocurrency broker Coin Meester BV (BCM). Founded in 2017, BCM is a registered cryptocurrency broker in the Netherlands. Kraken acquires BCM underscores the exchange’s dedication to growing its European business and capitalizing on its robust financial position and competitive product offerings. The acquisition is pending customary closing conditions and regulatory approvals.

Kraken acquires BCM to solidify its foothold in the Netherlands and extend its suite of services to BCM’s clients. This includes access to its extensive product offerings, exceptional liquidity, high-security standards, and round-the-clock client support. The decision to ramp up its European expansion aligns with the European Commission’s establishment of the Markets in Crypto-Assets (MiCA) regulatory framework. This framework encourages industry players to invest confidently in the region and offer consumers more competitive products and services. The exchange is committed to growing its business in compliance with European regulations and is actively pursuing registrations in various European markets, in addition to its existing VASP registrations in Ireland, Italy, and Spain.

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2023-10-05 12:06:32 Another Polygon co-founder steps away from duties

Polygon co-founder Jaynti Kanani has decided to step away from his full-time duties helping to lead the company he helped start in 2017. "After kickstarting Polygon in 2017, around 6 months back, I decided to step back from the day-to-day grind," he posted on X to make the announcement. "I'll be focusing on new adventures while still cheering and contributing to Polygon from the sidelines." Polygon saw another co-founder make a professional pivot earlier this year when Anurag Arjun departed the company to spin off the modular blockchain project Avail.

Polygon saw another co-founder make a professional pivot earlier this year when Anurag Arjun departed the company to spin off the modular blockchain project Avail. In total, Polygon and its projects have a total of 10 co-founders, according to its website. Kanani said he is "bullish" on Polygon 2.o. Last month, the Ethereum scaling project officially proposed changes for the upgrade after first introducing it in June. Polygon 2.0 aims to establish a comprehensive network of interconnected Layer 2 chains, driven by zero-knowledge proofs. The decision follows the March announcement that fellow Polygon co-founder Anurag Arjun was departing the company and spinning off the modular blockchain project Avail.

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2023-10-04 11:22:29 Sam Bankman-Fried's Defense Asks for Clarity on Charity, Bankruptcy Arguments

Sam Bankman-Fried's defense team wants clarity from the U.S. judge overseeing the FTX founder's case regarding certain arguments the lawyers can bring up during trial. The defense wants clarity about whether it can argue that FTX, a big crypto exchange that collapsed last year, was not regulated in the U.S., though FTX.US did follow applicable rules, according to a Monday filing. Other questions include whether Bankman-Fried would be able to discuss the possibility that FTX creditors.

The defense also seemed concerned about the Department of Justice's plan to "admit evidence concerning the alleged illegal campaign finance scheme." Judge Lewis Kaplan ruled in favor of the DOJ earlier this month when he granted prosecutors' motions to block Bankman-Fried from making certain arguments at trial. In the ruling he said that the defense did not object to those DOJ motions – statements the defense is now disputing. Bankman-Fried's objections to the DOJ's motions either contained arguments or details in footnotes that clarified his position, the Monday filing said. Parts of the filing ask for clarity about the scope of the judge's ruling on the extent the defense could make its arguments.

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