Autor: dot-traders

• Bitcoin ETFs recorded outflows of $243 millin as markets fell amid Iran’s missile attack on Israel.
• BTC price also fell, hitting lows of $60,300 before recovering to above $61k.

Bitcoin exchange-traded funds recorded net outflows for the first time in two weeks, with $243 million exiting on October 2, 2024.

The outflows followed a sharp decline for Bitcoin (BTC) price on Tuesday as geopolitical tensions in the Middle East threatened to escalate further with Iran’s attack on Israel. With institutional investors largely concerned as the Middle East teeters, spot Bitcoin ETFs hit outflows for the first time since Sept.18.

Bitcoin ETFs break inflows streak

Outflows on Oct. 1 meant the US spot BTC ETFs market broke an eight day streak of net inflows. It also saw the Bitcoin ETFs record the largest outflows since more than $287 million exited the market on Sept. 3. That outflows streak also hit eight consecutive days.

Apart from BlackRock’s IBIT, which recorded inflows of over $40.8 million, all other ETFs either saw outflows or zero net flows.

Fidelity’s FBTC led with over $144.7 million in negative flows, while Ark 21Shares’ ARKB saw more than $84.3 million offloaded. Meanwhile, there were zero net flows for Grayscale’s Mini Bitcoin Trust as well as Franklin, Invesco, Valkyrie, WisdomTree ETFs.

BTC price retreated to $60.3k

Amid these movements, BTC price slumped more than 4%, with losses pushing it to lows of $60,300 across major crypto exchanges. From highs above $64k, it meant bulls gave up almost $4k before finding support.

This was the sharpest price dip for Bitcoin since Sept. 6, when BTC fell from above $56,170 to near $52,500.

As BTC price fell, a major whale dumped over $46 million in BTC on Binance. This particular whale, according to Spot On Chain, had accumulated 3,933 BTC worth more than $234 million between August 29 and September 15, 2024.

Despite the sizable sale, the BTC whale still hodls 9,736 bitcoins worth over $601 million.

Bitcoin has traded to above $61k.

The post Spot Bitcoin ETFs record $243 million in outflows as BTC dumps appeared first on CoinJournal.

• The DSS has the “potential to improve efficiency and reduce costs” in financial markets
• The sandbox will boost the UK’s position as a “vibrant financial centre”
• The DSS will operate until December 2028, but could be extended

The Bank of England (BoE) and the UK’s Financial Conduct Authority (FCA) have launched a sandbox exploring new technologies such as distributed ledger technology (DLT) and how it can be applied to improve efficiency in financial markets.

In an announcement, the BoE and the financial regulator said they had opened the Digital Securities Sandbox (DSS), encouraging innovative firms to test the DLT for financial markets.

According to the FCA, the DLT has the “potential to improve efficiency and reduce costs in wholesale markets, benefitting industry and investors.”

“We believe the DSS could also lead to a quicker, more effective and collaborative way of delivering regulatory change.”

The FCA stated that the initiative’s aim will help boost the UK’s leading position as a “global and vibrant financial centre” by providing the best environment for “investment, innovation, and sustainable growth.”

The DSS will be operational until December 2028, but the FCA noted that this could be extended by the UK government. Applications for applying will close around March 2027 giving regulators and firms time to transition to a permanent regime.

Scope of the DSS

The BoE and the FCA have said that the DSS has four stages: testing, go live, scaling, and a permanent regime.

During the second “go live” stage, firms in the DSS will be involved in activities including issuing, trading, and settling real digital securities. According to the FCA, “the aim of the DSS is that these securities should be capable of being used in broadly the same way as traditional securities.”

The FCA noted that these can include equities, corporate and government bonds, money market instruments, fund units, and emissions allowances.

Last July, the FCA launched its digital sandbox as a testing environment for firms to see how their products would perform at an early stage of development. At the time, the FCA said that the digital sandbox fosters innovation and growth, and that its development environment allows experimentation while safeguarding the data assets on the platform.

The post BoE and FCA launch Digital Securities Sandbox to explore DLT appeared first on CoinJournal.