Kategorie: Crypto News

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NYSE Arca seeks regulatory nod for Grayscale crypto ETF

  • NYSE Arca is seeking regulatory approval to list an ETF of the Grayscale Digital Large Cap Fund.
  • Grayscale recently filed to have go ahead to convert the fund to a spot ETF.

Securities exchange NYSE Arca is seeking regulatory approval to list a new crypto exchange-traded fund by Grayscale.

The ETF aimed at would track the Grayscale Digital Large Cap Fund, which the GBTC issuer launched in 2018 and is not an exchange-traded fund at the moment.

According to an Oct. 29 filing, the NYSE Arca wants to list the $565 million fund, which Grayscale recently sought approval to convert into a spot ETF. Grayscale’s application came on Oct. 16.

The fund currently holds five spot crypto assets, including Bitcoin, Ethereum and Solana, with BTC weighted at 76.5%, ETH at 16.88% and SOL at 4.46% as of Oct. 29.

Other digital assets in the Digital Large Cap Fund are Avalanche and XRP, weighted at 0.58% and 1.58% respectively.

Recently, the US Securities and Exchange Commission (SEC) greenlighted the trading of options on NYSE’s spot Bitcoin exchange-traded products. These included Grayscale’s flagship asset GBTC and the Mini Bitcoin Trust BTC. This comes as the industry continues to witness massive demand and investment in spot Bitcoin ETFs following SEC’s approval in January 2024.

Spot ETFs inflows and holdings

Inflows into spot ETFs, which includes Ether ETFs approved in May, has skyrocketed. According to SoSoValue data, US spot BTC ETFs have seen cumulative net inflows of $23.28 billion.

Meanwhile, total net assets have surpassed $72.55 billion, with this accounting for over 5% of the BTC market cap. BlackRock’s IBIT holds $30 billion in assets.

In a post on X on Oct. 30, Bloomberg senior ETF analyst Eric Balchunas shared that spot Bitcoin ETFs were on track to surpass 1 million BTC holdings.

Satoshi Nakamoto, the creator of Bitcoin who remains unknown, holds the most BTC today. Satoshi mined the coins in the early years of the flagship digital asset’s launch. Spot ETFs could surpass the 1.1 million figure within the next few days.

The post NYSE Arca seeks regulatory nod for Grayscale crypto ETF appeared first on CoinJournal.

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Wellington partners Ondo Finance for tokenized US Treasury fund

Wellington Management, an asset manager with over $1 trillion in assets, has announced a partnership with Ondo Finance in a collaboration that aims to power intraday redemptions for a newly unveiled tokenized US Treasury fund.

Ondo is a decentralized finance protocol that’s seeing rapid growth in the tokenized assets market.

Ondo and Wellington team up on new tokenized fund

The fund in question is the Delta Wellington Ultra Short Treasury On-Chain Fund, or ULTRA, which Standard Chartered-backed tokenization platform Libeara launched in collaboration with fund management infrastructure firm FundBridge Capital.

Delta Wellington Ultra Short Treasury On-Chain Fund is live on the Ethereum blockchain. However, the issuers have plans to expand it to Arbitrum, Avalanche and Solana. The partnership between Wellington Management and Ondo Finance will see the latter offer the technology that will enable intraday redemptions.

With this, investors can enter and exit positions any time. Ondo and Wellington see this as a crucial step towards enhancing the fund’s utility across web3.

“By enabling 24/7 liquidity, Ondo Finance is ensuring that tokenized assets can be most effectively used as collateral and for cross-border settlement, including in the digital assets ecosystem,” Nathan Allman, chief executive officer of Ondo Finance, said in a statement.

Ondo has Ondo U.S Dollar Yield (USDY) and Ondo Short Term US Government Bond Fund (OUSG), two of the top tokenized US Treasuries funds.

According to rwa.xyz, USDY and OUSG have market caps of $444 million and $205 million respectively. However, that’s notable in a market currently at just over $2.43 billion.

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) is the largest at over $533 million.

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BlackRock’s spot Bitcoin ETF hits $30 billion, sets new record in 293 days

  • BlackRock takes the lead reaching $30 billion in 293 days. JEPI took 1,272 days and Gold managed it in 1,790 days
  • Spot Bitcoin ETFs could reach one million Bitcoin, surpassing Satoshi Nakamoto by mid-December

BlackRock’s spot Bitcoin exchange-traded fund (ETF) has hit $30 billion in assets setting a new record of 293 days, showcasing rising interest in crypto investments.

The milestone from BlackRock comes 10 months after the company launched its spot Bitcoin ETF in January. Then, it was reported that BlackRock had traded $7.5 million shares within the first 10 minutes of launching.

Now, BlackRock holds more than 417,000 Bitcoin, valued at $30.4 billion, according to iShares data.

Taking to X, Bloomberg analyst Eric Balchunas, said what BlackRock has achieved is an “all-time record,” adding “the old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal.”

Balchunas also noted that Bitcoin ETFs could reach one million Bitcoin soon. At the time of publishing, the number sits around 983,000. If such a milestone is reached Balchunas believes that the combined spot Bitcoin ETFs could surpass Satoshi Nakamoto’s wallet, which holds 1.1 Bitcoin, by mid-December.

“That said, anything can happen, eg a violent selloff and all this is delayed albeit still inevitable,” he added. “On flip, if prices keep going up, Trump wins, we could see FOMO could kick in and it all happens faster. Stay tuned.”

Decentralized prediction market platform, Polymarket, and, more recently, Robinhood, an investment app, have launched data predicting who will win the US Presidential election on November 5.

At the time of publishing, Polymarket shows former US president Donald Trump in the lead at 67% with Vice President Kamala Harris behind at 33.1%.

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Coinbase and Visa Direct deliver instant funding for EU, US customers

  • Visa said Coinbase users can deposit funds into their Coinbase accounts using eligible Visa debit cards
  • The announcement comes as Bitcoin’s price traded near its March all-time high on Tuesday

Coinbase and Visa are teaming up to deliver real-time account funding for customers providing more flexibility in the crypto space.

Available to customers in the US and Europe, the announcement from Visa comes as Bitcoin’s price nearly touched its March all-time high of $73,700 on Tuesday. At the time of publishing, data from CoinMarketCap shows Bitcoin is trading at $72,500.

Through the integration with Visa Direct, Coinbase customers can deposit funds into their Coinbase account using eligible Visa debit cards. According to Visa, the integration gives Coinbase users more flexibility in a “dynamic crypto environment.”

“Providing real-time account funding using Visa Direct and an eligible Visa debit card means that those Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night,” said Yanilsa Gonzalez Ore, Head of Visa Direct, North America for Visa.

On top of the real-time deposits, Coinbase users can cash out money from their Coinbase accounts in real-time with their Visa debit cards.

Expanding its reach

The addition of the real-time deposits adds to Coinbase’s Visa debit card it offers its US-based customers.

In October 2020, the crypto platform announced it was launching its Visa debit card, enabling users to make purchases online and in-store. In addition, users would be able to withdraw ATM cash withdrawals.

The launch of its US Coinbase card followed that of its Coinbase Visa debit card to UK and EU customers in 2019.

Bitcoin ETF inflows

The real-time deposit comes as spot Bitcoin exchange-traded funds (ETFs) saw inflows reaching $827 million yesterday, according to data from CoinGlass.

Bitcoin ETF inflows – Source CoinGlass

In a post on X, Bloomberg ETF analyst Eric Balchunas said “FOMO confirmed,” citing data showing BlockRocks IBIT brought in daily Bitcoin inflows reaching nearly $600 million.

Balchunas added, “IBIT not alone – altho by far the most – as all the main BTC ETFs saw elevated volume past two days.”

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Analysts anticipate a Bitcoin Dogs breakout as Bitcoin (BTC) teases new ATH

  • Bitcoin (BTC) surges past $73,000, nearing its all-time high with strong investor interest.
  • Bitcoin Dogs (0DOG), a new meme coin, could break out with its upcoming game launch.
  • Analysts predict growth for Bitcoin Dogs, benefiting from Bitcoin’s bullish momentum.

The spotlight is back on Bitcoin (BTC), which recently surged past $73,000, drawing both investor attention and market analysis.

In tandem with this bullish trend, Bitcoin Dogs (0DOG) is positioning itself as a significant player in the crypto ecosystem. With its unique offerings and upcoming game launch, analysts are beginning to speculate on the potential for a breakout in the Bitcoin Dogs token, making it one of the most promising projects to watch in the coming months.

Bitcoin (BTC) surges toward new all-time highs

Bitcoin’s recent trading session has been nothing short of dramatic, as its price soared to a high of $73,562, just shy of its all-time high of $73,737 set in March.

This impressive rally began late Monday when BTC first crossed the $70,000 threshold, marking a five-month high.

The surge attracted considerable interest from both retail and institutional investors, particularly in light of the growing confidence surrounding Bitcoin Exchange-Traded Funds (ETFs) launched earlier in the year. CoinShares reported a remarkable $1 billion in new investments flowing into Bitcoin-related funds last week, highlighting robust institutional faith in Bitcoin’s future.

Interestingly, the cryptocurrency community’s reaction to this near-record price point was relatively muted compared to past market rallies. This subdued response could indicate a maturing market where investors are becoming accustomed to Bitcoin’s high-value trading range.

Additionally, as the US presidential election approaches, Bitcoin’s performance has emerged as a critical focal point, especially with pro-crypto candidates gaining traction in prediction markets.

Following its impressive rally, Bitcoin has retraced slightly, settling at $72,369.36 at press time. The market sentiment is however still bullish pointing to the potential of BTC registering a new ATH soon.

Bitcoin Dogs (0DOG) expected to ride the bullish wave

Amid Bitcoin’s ascendance, Bitcoin Dogs (0DOG), a new meme coin, is drawing attention for its unique approach within the cryptocurrency landscape.

As the first-ever Initial Coin Offering (ICO) on the Bitcoin blockchain, Bitcoin Dogs raised $13.4 million and minted 900 million tokens—reflecting the estimated number of dogs on Earth. The project aims to blend the enthusiasm of dog lovers with the engaging world of blockchain technology.

Despite experiencing a 9.7% decline over the past week, there are signs that the price of Bitcoin Dogs (0DOG), which currently sits at $0.008722, could be on the verge of a major break out.

Upcoming catalysts for Bitcoin Dogs include the launch of its play-to-earn game, which is set to offer holders unique pathways, epic battles, and in-game rewards.

This innovative game aligns with the growing interest in blockchain gaming and NFTs, positioning Bitcoin Dogs for potential breakout success. Furthermore, the NFT drop associated with the game could significantly enhance community engagement and token value.

In addition, analysts note that Bitcoin Dogs is well-positioned to capitalize on several bullish trends, including Bitcoin’s resurgence, the rising popularity of meme coins, and the flourishing Telegram gaming market.

With a focus on community-driven initiatives, Bitcoin Dogs combines the utility that gaming tokens on Bitcoin need with a playful nod to dog-themed meme culture. The project also features a comprehensive Dog Owners Manual, providing users with insights on managing their digital pets, thereby enhancing the user experience.

With Bitcoin (BTC) teasing new all-time highs and Bitcoin Dogs (0DOG) gearing up for exciting developments, the coming months could see significant shifts in the cryptocurrency market. Investors and analysts alike will be closely watching these two assets as they navigate this promising yet volatile landscape.

For more information about the Bitcoin Dogs project, visit their official website here.

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