Bitcoin ETFs Rack Up $39 Million!

U.S. Spot bitcoin ETFs saw daily net inflows of $39.02 million on Thursday.

Author

Danielle du Toit
September 13, 2024

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

  • US Spot Bitcoin ETFs Draw in $39 Million, BTC Hovers Around $58,000

  • Trump to Launch World Liberty Financial Crypto Platform in Sept. 16

  • Bill Proposes Joint Digital Asset Committee to Unite SEC and CFTC

  • Circle Enhances Web3 Tools with USDC Integration on Arbitrum

Spot bitcoin ETFs in the U.S. saw daily net inflows of $39.02 million on Thursday.

  • Ark and 21Shares’ ARKB saw the largest net inflows of $18.34 million, followed by Fidelity’s FBTC with $11.47 million, and Grayscale’s Bitcoin Mini Trust with $5.18 million.

  • Grayscale’s GBTC was the only spot Bitcoin ETF to record outflows, losing $6.51 million. Five other Bitcoin ETFs, including BlackRock’s IBIT, had no flows.

  • The U.S spot Bitcoin ETFs experienced a decline in daily trading volume on Thursday, dropping to $896.92 million from $1.27 billion the previous day.

Trump said he will go live on X to launch the project controlled by his sons, Donald Jr. and Eric Trump.

  • Trump previously made a number of cryptic posts about World Liberty Financial, and vaguely described it as a decentralized finance (DeFi) platform for borrowing and lending.

  • The platform will reportedly offer digital wallets, a credit account system, and the ability to borrow, lend, or invest in assets like crypto.

  • A nontransferable governance token has also been mentioned as part of the platform.

U.S. Representative John Rose proposed a new bill on Sept. 12 that will improve the collaboration between the SEC and CFTC.

  • The ‘‘Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act’’ proposes creating a Joint Advisory Committee on Digital Assets with members from the industry, users, academics, and representatives from both the SEC and CFTC.

  • The committee will advise agencies on improving financial market efficiency and consumer protection through digital assets and blockchain technology.

  • Rose is an avid crypto advocate, and believes the current U.S. regulatory approach is pushing investment overseas.

The integration with Arbitrum brings new Web3 infrastructure capabilities, including programmable wallets, smart contract tooling, and gas-fee abstraction.

  • Arbitrum has very quickly become a leading layer-2 scaling solution, with a total value locked (TVL) of around $2.5 billion.

  • Its ability to offer cheaper and faster transactions compared to Ethereum’s mainnet has made it a very popular platform for decentralized finance applications.

  • This isn’t Circle’s first strategic move on Arbitrum. In 2023, Circle made USDC available natively on the layer-2 network, allowing applications to mint the stablecoin directly on Arbitrum instead of having to bridge it from other chains.

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