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30 April 2024 | FXGT.com

Crypto News Catchup – Bitcoin’s daily transactions reach new peak

  • For the first time since its launch in January, BlackRock’s Bitcoin ETF, IBIT, recorded zero daily inflows on April 24. This marks a significant shift as other U.S.-registered Bitcoin ETFs also experienced minimal inflows, with only Fidelity’s FBTC and ARK’s ARKB seeing some activity. The sector continues to see net outflows, especially from the Grayscale Bitcoin Trust ETF.

  • BlackRock and Grayscale have updated their Ethereum ETF applications in response to SEC delays. BlackRock’s adjustment involves a cash-based mechanism for ETF shares, while Grayscale has revised its application for converting its Ethereum Trust into an ETF and proposed a mini Ethereum ETF. These changes aim to align with the SEC’s regulatory framework for crypto-based investment products.

  • Hong Kong is launching its first spot Bitcoin and Ether ETFs on April 30. These ETFs, introduced by three major Chinese firms via their Hong Kong subsidiaries, differ from U.S. spot ETFs by allowing in-kind redemption. This launch is expected to enhance cryptocurrency visibility and its integration into regulated investment vehicles.

  • Circle’s USD Coin (USDC) has surpassed Tether’s USDT in transaction volumes, as reported by Visa. In April, USDC processed 166.6 million transactions compared to USDT’s 163.6 million. However, Tether maintains a larger market share, with a capitalization significantly higher than USDC’s.

  • Bitcoin’s daily transactions have hit a new peak at 926,842, largely due to the adoption of the Runes protocol, which accounts for 68% of the activity. This surge coincided with the recent Bitcoin halving event and the introduction of Bitcoin Runes, enabling token issuance on the Bitcoin network.
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