Bitcoin ETFs Keep the Momentum Going!

U.S. spot bitcoin ETFs have seen 6 days of positive flows after recording $64.91 million in net inflows on Thursday.

Danielle du Toit
August 23, 2024

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

Spot Bitcoin ETFs See $65 Million in Net Inflows, Extending Streak of Positive Flows to Six Days
Crypto Law Firm Loses Appeal to Force SEC’s Hand on Ether Classification
Reduced Bitcoin Exchange Inflows Signal Cooling Market Concerns
Changpeng Zhao Transferred Ahead of Release From Custody

U.S. spot bitcoin ETFs recorded $64.91 million in net inflows on Thursday, while spot Ethereum ETFs saw $874,610 in outflows.

BlackRock's IBIT is the largest spot Bitcoin ETF by net assets, and led the market with $75.49 million in net inflows on Thursday.
Fidelity's FBTC, Ark and 21Shares' ARKB, and WisdomTree's BTCW also saw inflows of $9.23 million, $7.83 million, and $4.8 million, respectively.
Grayscale's GBTC was hot with $28.36 million in outflows, with Bitwise's BITB following with $11.5 million in net outflows.

Hodl Law sued the SEC in 2022, and wanted a court to force the regulator to decide if ETH is a security.

Hodl Law's lawsuit against the SEC was filed in an attempt to force the regulator to clarify whether it considers ETH, a security, but the complaint was dismissed.
The Ninth Circuit appeals court ruled that the law firm failed to demonstrate a "realistic danger" of SEC enforcement action for using the Ethereum blockchain and its ETH token.
The court also stated that the SEC is not obligated to engage in specific rulemaking or respond to private parties’ requests for guidance on ETH's legal classification.

Data from CryptoQuant revealed that Bitcoin exchange inflows have declined a lot since early August.

Bitcoin inflows to exchanges saw a big decrease in August, dropping from almost 94,000 BTC on Aug. 4 to just 31,000 BTC by Aug. 20.
Market anxiety arose on Aug. 20 after the movement of 12,000 BTC by Mt. Gox, along with rumors of a potential US government sell-off after 10,000 BTC was transferred to an unmarked wallet on Aug. 14.
Despite this, the overall reduction in exchange inflows and the absence of major sell-offs from Mt. Gox creditors and the US government have helped ease some concerns about increased selling pressure in the Bitcoin market.

CZ, the former Binance CEO, has been transferred to an administrative facility in California.

The former CEO has been transferred to an administrative facility in the Greater Los Angeles area, but still has about 38 days remaining before his expected release from custody.
On Aug. 22, Zhao was listed as an inmate at the Residential Reentry Management (RRM) Long Beach field office, which manages federal offenders in halfway houses and reentry programs in central and southern California.
The reasons for Zhao's transfer ahead of his Sep. 29 release date are unclear, but the Bureau of Prisons did not provide any specific details about the move.

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