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💰 BlackRock’s IBIT spot bitcoin ETF amasses 200,000 BTC in two months
After just two months of trading, BlackRock’s IBIT spot bitcoin exchange-traded fund crossed 200,000 in assets under management on Monday. The newborn nine spot bitcoin ETFs — excluding Grayscale’s converted GBTC fund — total more than 420,000 BTC. Of the newborn nine ETFs, Fidelity’s FBTC is currently in second place with over 128,000 BTC and Ark Invest 21Shares’ ARKB is third with nearly 38,000 BTC per BitMEX Research data.
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💰 Open interest reaches all-time high as Bitcoin touches $72k
Bitcoin has just shattered expectations, soaring past the $72,000 mark, a feat that underscores the growing institutional interest in cryptocurrency and particularly, in spot Bitcoin ETFs. However, beneath this surface of triumph, the derivatives market hints at a brewing storm of volatility, with open interest in Bitcoin futures and options reaching staggering new heights.
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🇺🇸 Gensler Warns About Bitcoin: “Highly Speculative and Volatile Asset”
Gensler has repeatedly highlighted the volatile nature of digital assets. He compared Bitcoin to a rollercoaster, indicating the unpredictable price swings that investors may encounter. He stated, “This is a highly speculative asset class, one could just look at the volatility of bitcoin in the last few days”, drawing attention to the fluctuating prices that have characterized the bitcoin market.
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💰 BlackRock plans to purchase spot bitcoin ETFs for its Global Allocation Fund
BlackRock may purchase spot bitcoin exchange-traded funds (ETFs) for its Global Allocation Fund, according to the U.S.-based asset manager’s updated filing with the Securities and Exchange Commission. The Global Allocation Fund, which utilizes U.S. and foreign equity, debt and money market securities in maximizing returns, held $17.8 billion in assets under management as of March 7, according to BlackRock.
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💰 Total Bitcoin ETF net inflows reach $8.9 billion
BitMEX data showed $332 million in inflows into Bitcoin ETFs, equivalent to 4,995 Bitcoin, on Mar. 6. Leading the charge was BlackRock’s IBIT, which added $282 million to its coffers, bringing its total net inflows to $9.4 billion. This implies that IBIT currently holds around 188,000 BTC. Fidelity’s FBTC wasn’t far behind, maintaining a strong momentum with a robust net inflow of $206 million. This growth brings their total net inflows to $5.6 billion, equivalent to roughly 113,000 Bitcoin, according to BitMEX.
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🚨 Binance temporarily suspends Solana network withdrawals, citing ‘increased volume’
Binance, the world’s largest cryptocurrency exchange, has intermittently suspended withdrawals to the Solana network due to an “increased volume of transactions.”. “Withdrawals on the Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization and is working to provide a stable and long-term solution.
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🏦 Coinbase surges into Apple App Store top 100 for first time in two years
Crypto exchange Coinbase has surged back into the U.S. Apple App Store top 100 for the first time in more than two years. The app jumped from a ranking of 163th on Sunday to 98th yesterday as the price of bitcoin approached all-time highs. It has since leaped back into the top 50 — currently ranking at 49th — according to The Block’s data dashboard. Coinbase started the year ranking at 489th but has risen sharply alongside gains for bitcoin and the broader cryptocurrency market.
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🇺🇸 Trading certain crypto assets on secondary markets are securities transactions, US court rules
A court in the United States has ruled that the trading of certain crypto assets on secondary markets, such as crypto exchanges, are securities transactions — a position in opposition to that taken by Coinbase and the wider crypto industry. The ruling comes in an insider-trading case against former Coinbase product manager Ishan Wahi, brother Nikhil Wahi and friend Sameer Ramani.
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💰 Galaxy Digital Sees 'Tremendous Global Demand for Bitcoin' — CEO Says 'There's a New Army of Buyers'
Galaxy Digital CEO Mike Novogratz sees “a tremendous global demand for bitcoin,” emphasizing: “This is probably the first time in the history of bitcoin that we have true price discovery.” Noting that there is “a new army of buyers” and there is also “an army of salespeople,” he expects the price of bitcoin to be “much higher.”
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💰 Grayscale lobbying for regulatory approval of options for spot Bitcoin ETFs
Grayscale is lobbying for the US SEC to approve options on its spot Bitcoin exchange-traded fund (ETF), Reuters reported on Feb. 29. The SEC approved Grayscale’s spot Bitcoin ETF (GBTC) in January. Unlike most of the other newly approved spot Bitcoin ETFs, GBTC was converted to an ETF from an existing fund. According to Sonnsenshein, the SEC’s rejection of options on GBTC would unfairly discriminate against shareholders because the regulator has approved options on Bitcoin futures ETFs.
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⚫️ Coca Cola HBC to use Solana-based ALL ART verification system for staff qualifications
Coca-Cola HBC, a leading bottling partner for the Coca-Cola Company, is leveraging blockchain technology to revamp its internal certificate verification process, partnering with Solana-based platform ALL.ART. Coca-Cola HBC has adopted a secure blockchain system for issuing and verifying employee qualifications obtained through its Coca-Cola Digital Academy training program.
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💰 Tether CEO Paolo Ardoino predicts more bitcoin buy-in from funds post spot bitcoin ETF approval
Tether CEO Paolo Ardoino predicts bitcoin will increasingly integrate into traditional finance, with hedge funds, pension funds, and corporations showing growing interest in the world's first cryptocurrency. Companies will also keep bitcoin on their balance sheets, Ardoino said, adding that spot bitcoin ETFs have since provided legitimacy. So far, only a handful of companies have bitcoin holdings including Tesla, Inc. and MicroStrategy Inc., according to CoinGecko.
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💰 Bitcoin Explodes to New 26-Month High of Over $53,500, Leaving Almost $200M in Liquidations
The price of the largest cryptocurrency by market cap took a sudden liftoff and shot up by more than two and a half grand in minutes to a new 26-month peak of over $53,500. As such, Bitcoin had declined to $51,000, and it seemed like the consolidation around that level would continue. However, that wasn’t the case. The bulls took charge of the market minutes ago and initiated a massive leg-up that resulted in BTC soaring by nearly three grand.
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📊 Defi sector surges past $80 billion TVL milestone
DeFi has undergone a striking transformation, witnessing a notable surge in total value locked (TVL), surpassing $80 billion. This resurgence signifies a remarkable turnaround, particularly after the tumultuous downfall of Terra’s stablecoin in May 2022. With its decentralized nature and innovative financial products, the DeFi landscape has attracted widespread attention from investors and enthusiasts.
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💰 Cash App Records 90% Surge in Bitcoin Sales Gross Profit
In the recently released earnings report for the fourth quarter, Jack Dorsey-led payments firm Block showcased impressive growth in its Bitcoin-related activities. Block, which operates the popular Cash App, disclosed a substantial increase in gross profit from selling bitcoin, reaching $66 million. The report unveiled the total sale amount of bitcoin to customers, denoted as Bitcoin revenue, standing at $2.5 billion for the fourth quarter, indicating a robust 37% year-over-year increase.
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💰 Solana registers all-time high in daily new addresses
The daily number of new addresses on the Solana blockchain has reached an all-time high, according to The Block’s Data Dashboard. The daily count of new addresses on the Solana network, based on a seven-day moving average, now stands at over 691,000. Frizza added that Solana has experienced a surge in transaction volumes on DEXs, consistently surpassing the $2 billion daily trading threshold since early March.
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💰 Glassnode Insights Into Long-Term Bitcoin Holders Reveal 228% Average Unrealized Gain
In its analysis, Glassnode emphasizes the notable entry of institutional funds into bitcoin (BTC), especially after the green light for U.S. spot bitcoin exchange-traded funds (ETFs). This influx, contrary to the doubts of critics, has boosted bitcoin’s value, reaching $70,000 last week—a 58% leap from its $42,800 value before the ETF approval.
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💰 Bitcoin sees violent volatility after hitting new ATH second time in a week
Bitcoin hit a new all-time high for the second time this week and once again experienced a violent sell-off that erased its gains and stirred memories of past volatilities in the crypto space. However, the jubilation was short-lived as a wave of sell pressure engulfed the market, driving the price down by more than 3% to a low of $66,500 in less than an hour. The wider crypto market experienced similar volatility.
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🔻 Optimism Foundation to sell $89 million worth of OP tokens in private sale to unknown buyer
Optimism Foundation, which supports the Ethereum Layer 2 project Optimism, said it is privately selling approximately 19.5 million governance tokens — valued at over $89 million at current prices. The tokens will be subject to a lockup period of two years, according to an official announcement, but the purchaser will still be able to delegate tokens to unaffiliated third parties for governance votes. "Optimism has entered into a private token sale of approximately 19.5M OP tokens,".
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💰 Blackrock's Bitcoin ETF Adds 12,623 BTC in Largest Single-Day Purchase Since Launch
Blackrock’s spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT), amassed the largest single-day bitcoin purchase since its Jan. 11 launch on Tuesday. This buying surge coincided with a bitcoin price correction, following the cryptocurrency’s new all-time high set just hours earlier. On Tuesday, IBIT saw a record inflow of $788.3 million, pushing the total net inflow for all 10 new spot bitcoin ETFs to $648.3 million.
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🏦 Coinbase counters use of default judgment ruling in SEC lawsuit
Coinbase is countering the Securities and Exchange Commission's efforts to leverage a decision from an insider trading case to bolster the agency's lawsuit against the cryptocurrency exchange. Coinbase hit back after the SEC a day earlier said it wanted to inform the court of a default judgment made last week by another court. That ruling said that the trading of certain crypto assets on secondary markets constitutes securities trading.
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📈Crypto Stocks Surge as Bitcoin Approaches All-Time Highs
U.S.-listed crypto companies showed healthy gains in pre-market trading on Monday as bitcoin {{BTC}} topped $65,000 for the first time since November 2021. With the world’s largest cryptocurrency's all-time high price of just over $69,000 firmly in its sights, crypto exchange Coinbase (COIN) gained over 6% while software company MicroStrategy (MSTR), which holds more than 190,000 BTC on its balance sheet, rose around 8.2% in pre-market trading.
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🇺🇸 WSJ faces defamation lawsuit tied to Tether-Bitfinex article
Over a year after alleging fraud and money laundering associated with Tether-Bitfinex, the Journal has now removed any mention of Christopher Harborne and his business from the article. The Wall Street Journal reportedly faces a defamation lawsuit for allegations made in an article published in 2023 describing illegal activities involving crypto firms Tether and Bitfinex.
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🇳🇬 Nigerian Government Imposes $10 Billion Fine on Binance
The Nigerian government has reportedly slapped the cryptocurrency exchange Binance with a $10 billion fine. According to a Nigerian government official, Binance is being punished for causing the local currency’s recent plunge against major currencies. These operations have reportedly contributed to the rapid depreciation of the naira in recent weeks.
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💰 Bitcoin rocked by 'demand shock' as ETFs gobble up BTC faster than it is mined, says CoinShares
Rising demand for the world's largest cryptocurrency by market cap, thanks to the surging popularity of spot bitcoin ETFs, is having a profound impact on the market. "While 900 bitcoins are produced daily, the newly issued US ETFs are demanding 2,800 bitcoins per day," CoinShares's Head of Research James Butterfill told The Block. "This has led to a 28% reduction in exchange holdings since 2020, indicating a market experiencing a significant demand shock.”
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🇭🇰 Hong Kong to roll out regulatory sandbox for stablecoin issuers, says financial secretary
The Hong Kong Monetary Authority plans to introduce a regulatory sandbox for stablecoin issuers in the near future, the city’s financial secretary, Paul Chan, said during the 2024 budget announcement on Wednesday. Chan stated in the announcement that the sandbox is designed to enable companies to test stablecoin initiatives, explore business models, and implement investor protection and risk management strategies in a controlled environment.
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⬜️ OKX opens crypto exchange in Turkey, expanding its international footprint
OKX officially launched a crypto exchange in Turkey on Tuesday as part of its international expansion plans. OKX TR offers Turkish Lira direct deposits and withdrawals as well as bilingual support in both Turkish and English, according to a statement shared with The Block. OKK’s web3 non-custodial wallet is also now available to Turkish customers via its global platform.
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🆘 MicroStrategy’s X account hacked, shilling Ethereum token phishing scam
Hackers took over the official MicroStrategy X account, posting a series of malicious links to a fake airdrop for a so-called Ethereum-based $MSTR token. Business intelligence firm MicroStrategy’s X account has been hacked, posting malicious links to a fake airdrop of a so-called "official" Ethereum-based MSTR token. According to independent blockchain sleuth ZachXBT and anti-scam platform Scam Sniffer, losses incurred from the scam have already tallied over $440,000.
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💰 Bitcoin network congestion eases as mempool clears in February
Bitcoin’s mempool is a holding area for transactions broadcast to the network but not yet included in a block. Analyzing the mempool provides insight into network congestion, transaction demand, and fee trends, offering a unique vantage point on the state of the Bitcoin ecosystem. Bitcoin network experienced significant congestion, as evidenced by the swelling size of the mempool. In mid-December, the mempool contained 117,813 transactions waiting to be processed, and transaction fees totaling 50.9 BTC.
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💰 Bitcoin halving ‘blood bath’ could push US miners offshore
Hashlabs Mining co-founder and chief mining strategist Jaran Mellerud said Ethiopia, Nigeria, Kenya, Argentina and Paraguay could pick up more hash rate in the coming years. Potential sluggishness in the price of Bitcoin after the Bitcoin halving could tank the share prices of high-cost public miners in the United States, forcing some to even move offshore.
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