Here are some of the major developments in the world of crypto over the past few days.
BlackRock's spot Bitcoin exchange-traded fund (ETF) saw its largest day of inflows in over four months on Monday, with more than $523 million entering the fund. According to Hey Apollo data, the iShares Bitcoin Trust (IBIT) purchased 7,759 Bitcoin BTC for $67,238 on July 22, which is worth little more than $523 million at current levels.
IBIT saw its greatest single day of inflows, with $849 million worth of Bitcoin added to the fund on 18 March. According to FarSide investor statistics, the fund's second-largest day on record was March 5, when $788 million inflows were reported. BlackRock's fund increased after spot Ether ETFs were permitted for trading in the United States.
Markus Thielen, founder of 10x Research, predicted that Republican nominee Donald Trump will proclaim Bitcoin as a strategic reserve asset at the next Bitcoin 2024 conference in Nashville on July 25. On July 22, Bryan Courchesne creator of DAIM, anticipated that Trump will classify Bitcoin as a strategic reserve asset during the conference.
Grayscale and Bitwise's Ether exchange-traded funds (ETFs) have been approved by the NYSE Arca for listing and trading spot. According to SEC filings dated July 22, the exchange has accepted the listing and registration of Grayscale Ethereum Trust and Bitwise Ethereum ETF.
The SEC must approve the funds first securities registration S-1 forms which is the last step before trading. On May 23, the agency authorized the issuer's 19-b form, which proposed regulation adjustments. This approach is identical to buying and selling other ETFs and equities. Management costs for the vast majority of Ether ETFs will vary between 0.15% and 0.25%.
The ETFs are intended to pave the way for future altcoin ETFs, including Solana's native cryptocurrency, SOL $175. According to a recent Kaiko analysis, Ether has a low 1% market depth indicating limited liquidity. This might exacerbate price volatility and drive the price of ETH higher as demand rises. The cryptocurrency is now trading at $3,457, down 1.4% over the last 24 hours.
The CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK), Asia's first Bitcoin futures inverse product, will debut in Hong Kong on July 23. To assist investors profit from drops in the price of Bitcoin one of China's biggest asset managers CSOP Asset Management introduced a new exchange-traded fund (ETF).
With its inverse daily performance of the S&P Bitcoin Futures Index the CSOP Bitcoin Futures Daily (-1x) Inverse Product is intended to provide investment outcomes that are somewhat similar. Through direct investments into spot-month Chicago Mercantile Exchange Bitcoin Futures this inverse product employs a replication technique based on futures.
Following the launch of CSOP's Bitcoin Futures ETF and Ether Futures ETF, HKEX began trading spot cryptocurrency ETFs in late 2022. Samsung Asset Management Hong Kong's Bitcoin future ETF was released in January 2023 and both products track BTC futures and Ether ETH $3,453 futures cash-settled contracts traded on the CME.