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4 June 2024 | FXGT.com

Crypto News Catchup – BlackRock’s Bitcoin ETF has become the world’s largest Bitcoin fund

  • BlackRock’s Bitcoin ETF has become the world’s largest Bitcoin fund, with assets totalling $15.6 billion. It has overtaken the Grayscale Bitcoin Trust (GBTC), which previously held the top spot. This significant growth reflects increasing institutional interest and confidence in Bitcoin investments, positioning BlackRock as a leading player in the digital asset space.
  • BlackRock has amended its application for a spot Ethereum ETF, signalling progress toward potential approval by the SEC. The amendment aligns with regulatory requirements and aims to enhance the ETF’s structure, increasing the likelihood of approval.
  • Since the approval of spot Ether ETFs in the U.S. on May 23, over $3 billion worth of Ether has been withdrawn from centralized exchanges, indicating a potential supply squeeze. The amount of Ether on exchanges dropped by approximately 797,000, reaching the lowest level in years at just 10.6% of the total supply.
  • President Biden has vetoed a congressional attempt to overturn SEC crypto accounting rule. This move supports the SEC’s current regulatory approach towards cryptocurrencies, emphasizing the administration’s commitment to maintaining strict oversight in the crypto market. The veto preserves the SEC’s authority to regulate digital assets, aiming to protect investors and ensure market stability.
  • Nayib Bukele has been sworn in for another term as President of El Salvador. He remains a strong advocate for Bitcoin, promoting its integration to enhance financial inclusion and economic growth. Bukele’s administration has made Bitcoin legal tender, positioning El Salvador as a leader in cryptocurrency adoption despite mixed international reactions.
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