Here are some of the major developments in the world of crypto over the past few days.
BlackRock Bitcoin ETF marks first day of outflow amid record-breaking ETF dollar outflows. The US-based Spot Bitcoin exchange-traded fund (ETF) posted record net outflows, and BlackRock's iShares Bitcoin Trust also posted its first-ever single-day outflow. According to Farside Investors, $36.9 million was outflowed from BlackRock's $57,786 Bitcoin BTC fund on May 1st.
According to Pharcyde's preliminary data, the other nine Bitcoin ETFs recorded a combined outflow of $526.8 million, with the HashDex Bitcoin ETF being the only one with zero outflows. The biggest outflow of the day was the Fidelity Wise Origin Bitcoin Fund, with net outflows of $191.1 million. Grayscale Bitcoin Trust came in second with $167.4 million in outflows. The ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF also saw outflows of $98.1 million and $13.4 million, respectively.
However, ETF Store President Nate Geraci pointed out that the iShares Gold ETF and SPDR Gold ETF have seen outflows of $1 billion and $3 billion, respectively, so far this year. Still, gold is up 16% year-to-date, Geraci noted in a May 2 post. Bloomberg ETF analyst James Seifert noted that Bitcoin ETFs are still performing well across the board, and that inflows and outflows are normal for ETF operations.
MicroStrategy, the largest Bitcoin business owner, launches a decentralized identity solution on the Bitcoin network that uses ordinal-based inscriptions to store and retrieve information. announced that it would start. The MicroStrategy Orange solution was announced by MicroStrategy CEO Michael Saylor at the company's Bitcoin For Corporations conference on May 1st. MicroStrategy Orange is open source, does not rely on sidechains, and can process up to 10,000 decentralized identifiers in a single Bitcoin-BTC transaction worth $57,699, Saylor claimed.
Orange Service allows a user to issue her DID to a representative to deploy an application. Orange SDK and Orange Applications, on the other hand, provide customization tools to integrate specific services on mobile and desktop devices. One of his applications that MicroStrategy has already developed is Orange For Outlook, which integrates electronic signatures into emails, allowing recipients to verify the true identity of the sender. The onboarding process includes accepting an invitation email signed with MicroStrategy's DID. This will generate the user's unique DID, public and private key pair.
The company wants to extend MicroStrategy Orange's applications to other messaging platforms, social media networks, and applications in the e-commerce, enterprise, and fintech industries. This comes after MicroStrategy reported on April 30 that its first quarter net loss was $53.1 million. However, reporting under traditional accounting methods did not take into account the 65% increase in MicroStrategy's market value of 214,400 Bitcoins (worth $15.2 billion) during the quarter.
Synethix founder Kain Warwick has “finally” revealed when the decentralized exchange front end Infinex will go live after several delays from its planned launch in Q4 2022. Warwick said on May 2nd at the ETH Global Conference in Sydney, Australia that Infinex is aiming for an official launch on May 13th. Warwick said the accounts will open on May 13 and will give Infinex users access to self-managed accounts on the platform.
Infinex is itself a non-custodial front-end DEX derivative that provides a centralized Exchange user experience. Warwick said the vulnerability was a social engineering attack that allowed hackers to access password vaults. From there, they were able to access the protocol's DNS storage and make changes to Infinex's DNS. "It wasn't a live show so no funds were at risk, but we just learned the lesson before the show and that shouldn't happen," he said.
Warwick said the May 13th launch date is the proposed launch date that was passed on to the Spartan Council, the DAO responsible for the Synthetix protocol, and that an on-chain vote is still required to approve the launch. He said there is. After launching Infinex, Warwick expects the company to reach a total valuation of $50 million and gain 10,000 real users within the first 30 days. Warwick added that if the current market cycle remains favorable, he expects "hundreds of thousands" of users to join Infinex within a year of launch.