Bitcoin Back Up, So Are Spot Bitcoin ETFs!

Bitcoin Back Up, So Are Spot Bitcoin ETFs!

Bitcoin's price is on the rise, surging back above $66,000, and investors are taking notice. US spot Bitcoin ETFs are experiencing a buying spree, according to data from SoSoValue.

These ETFs raked in over $420 million in net inflows on Tuesday alone, extending their hot streak. This coincides with Bitcoin's rebound, suggesting renewed investor confidence in the world's leading cryptocurrency.

BlackRock's iShares Bitcoin Trust (IBIT) was the biggest winner, attracting $260 million and solidifying its position as the largest spot Bitcoin ETF with over $20 billion in assets under management.

Fidelity (FBTC), ARK Invest (ARKB), and other major players like Bitwise (BITB), VanEck (HODL), Invesco (BTCO), Franklin Templeton (EZBC), and Valkyrie (BRRR) all saw significant inflows as well.

However, not all ETFs participated in the buying frenzy. Grayscale's GBTC, WisdomTree's BTCW, and Hashdex's DEFI reported zero net flows during this period.

One thing's clear: with Bitcoin bouncing back and spot Bitcoin ETFs attracting strong inflows, investors seem to be betting on the future of crypto.

Crypto Market Maker Bets Big on US Despite Regulatory Hurdles

Guilhem Chaumont, CEO of Flowdesk, a major crypto market maker, isn't afraid to swim against the current. Back in 2023, when the US SEC cracked down on the crypto industry, Chaumont made a bold move: expanding Flowdesk's presence in the US.

Why the US? Chaumont sees the US market's size and sophistication as worth the regulatory challenges. He believes a simplified and globally-aligned framework for cryptocurrency custody, similar to the EU's MiCA regulations, could unlock massive potential.

The current system, where individual state licenses are needed, creates a bureaucratic nightmare for companies like Flowdesk. "In Europe," Chaumont explains, "one registration allows you to operate across the entire region."

While the US regulatory landscape remains complex, Chaumont remains optimistic. He points out that a lot can change in a year, and hopes for a more streamlined approach by Consensus 2025.

Chaumont acknowledges the hurdles but maintains that a smoother regulatory environment could have tripled Flowdesk's US growth, mirroring their success in France. This bold move by Flowdesk signals a growing confidence in the US crypto market, despite the current regulatory roadblocks.

Mt. Gox Repayment Rolls On, Bitcoin Whales Remain Undeterred

The Mt. Gox saga continues to unfold, with over 36% of the Bitcoin owed to creditors already distributed, according to a recent CryptoQuant report. This news has some investors worried about a potential sell-off by these creditors, driving down the Bitcoin price.

Let's rewind: Mt. Gox was a once-dominant crypto exchange that collapsed in 2014 due to a massive hack. Now, after years of legal battles, they're finally repaying creditors. The total sum owed sits at a staggering $9.4 billion worth of Bitcoin, spread across roughly 127,000 creditors who've been waiting over a decade to get their hands on their lost funds.

Here's the surprising twist: despite these concerns, large Bitcoin holders (whales) haven't stopped buying. This suggests they might be confident the market can absorb this influx of Bitcoin, or perhaps they see the repayment as a positive sign for the overall health of the crypto industry.

Only time will tell how the Mt. Gox repayments will impact the Bitcoin price. But one thing's for sure: this story is far from over, and it will be interesting to see how the market reacts as more Bitcoin is distributed.

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