Bitcoin's ETF Gold Rush: $17 Billion in Two Months Flat!

Bitcoin ETFs now hold a total of 300,000 BTC, accounting for 1.5% of the total supply.

Author

Danielle du Toit
February 28, 2024

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Here's what we've got for you today:

  • Bitcoin ETFs Garner $17 Billion in Assets Just Two Months After Launch

  • Base Passes Cardano in TVL and Secures Major Gaming Partnership

  • FTX’s Bankman-Fried is ‘Deeply Sorry’ for $8 Billion Fraud, Pushes for Shorter Sentence

  • The Race for Digital Dominance: Is a U.S. CBDC on the Horizon?

🪙 Bitcoin ETFs Garner $17 Billion in Assets Just Two Months After Launch

The increase in assets under management indicates a rising demand from institutions to gain exposure to Bitcoin.

  • Accompanying the surge in assets, net inflows into the nine spot ETFs have surpassed an impressive $6 billion.

  • These ETFs' Bitcoin holdings total 300,000, accounting for about 1.5% of the total fixed supply of 21 million BTC.

  • The surge in institutional interest helped push Bitcoin's price to a new yearly high of over $57,000 on Feb. 27.

Base is picking up momentum again after a 7+% increase in its TVL over the past week, causing it to outperform Cardano.

  • Base L2's Total Value Locked (TVL) increased by over 7% in the last week, reaching $429.19 million, while Cardano's TVL rose by just over 4%, totaling $400.64 million.

  • Despite Base's TVL still being lower than its peak of $500 million reached six weeks post-launch, the recent growth signals potential early signs of recovery.

  • Heroes of Mavia, an NFT-based strategy game, also recently announced a collaboration with Base to improve its mobile gaming ecosystem.

FTX's Bankman-Fried appeals for leniency, expresses regret for the $8 billion fraud, and urges the judge to dismiss the suggested 100-year prison sentence.

  • Sam Bankman-Fried, the FTX crypto exchange founder convicted of fraud, is facing over 100 years in prison but is asking for a reduced sentence.

  • On Feb. 27, his lawyers submitted a legal memo to a Manhattan U.S. District Court, proposing a prison term of 5.25 to 6.5 years.

  • Federal prosecutors will present their sentencing recommendation on Mar. 15, with the sentencing scheduled for Mar. 28.

While the U.S. grapples with the prospects of introducing a central bank digital currency, over 90% of global central banks are already exploring their own CBDCs.

  • The Federal Reserve's Board of Governors examined the potential impact of issuing a U.S. central bank digital currency (CBDC) in a new research paper.

  • The paper highlights the possible advantages and disadvantages, including responding to other countries' developments and concerns over increased centralization and privacy issues.

  • Some believe a U.S. CBDC might enhance the dollar's international dominance, maintaining its status as the primary currency for global transactions.

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