Bitcoin ETFs See Largest Inflows Since Early June

GLOBAL NEWS?

U.S. Spot Bitcoin ETFs See Largest Inflows Since June 7

The 11 U.S. spot bitcoin ETFs recorded total daily net inflows of $129.45 million on Monday, marking their largest intake since June 7 and their fifth consecutive day of positive flows. Fidelity’s FBTC led with $65 million, followed by Bitwise’s BITB at $41 million. Despite zero flows for BlackRock’s IBIT and Grayscale’s GBTC, the ETFs saw a combined trading volume of $1.36 billion.

Coinbase Lands $32.5M Custody Deal with U.S. Marshals Service

The U.S. Marshals Service has awarded a $32.5 million contract to Coinbase Prime for the custody and management of large-cap digital assets. Chosen for its strong track record and institutional-grade crypto services, Coinbase Prime will provide advanced trading services and streamline the custody, management, and disposal of cryptocurrency assets for the agency. The contract supports the Marshals' requirement for professional, lawful handling of large quantities of popular cryptocurrency assets.

Circle Secures MiCA License, Leading EU Stablecoin Compliance

Circle is the first global stablecoin issuer approved under the EU's MiCA regulations, effective July 1. CEO Jeremy Allaire announced Circle's USDC and EURC stablecoins can now be issued under this framework. Following regulatory steps, including a digital asset license in France, Circle will launch MiCA-compliant stablecoins in Europe. USDC, the second-largest USD-pegged stablecoin, holds 20% of the market. MiCA establishes uniform crypto regulations in the EU, with full compliance expected by year-end.

July's Positive Trend Could Lift Bitcoin

July's historical trend of positive seasonality could significantly impact cryptocurrency investors, with bitcoin and ether expected to perform better this month. QCP Capital analysts highlighted that bitcoin, with a median return of 9.6% in July, often rebounds after a negative June. Coinbase analysts also noted improved liquidity could support this seasonal uptrend.?

Governments Signal Crypto Sales with Major Bitcoin and Ether Transfers

The German and U.S. governments moved significant amounts of bitcoin and ether, suggesting potential sales. Germany transferred 1,500 BTC ($94 million) to various addresses, including Coinbase, Kraken, and Bitstamp, while the U.S. moved 3,375 ether ($11.75 million) from wallets holding assets seized from Estonian entrepreneurs. These movements follow similar actions by both governments last week. Currently, U.S. government-associated wallets hold about 213,534 BTC ($13.42 billion) and 50,524 ETH ($175.9 million), according to Arkham data.

Sony to Launch Crypto Exchange

Sony is set to launch a cryptocurrency exchange subsidiary, S.BLOX, by revamping the local trading platform WhaleFin, acquired last year. Renamed to S.BLOX Co., the platform will collaborate with other Sony Group businesses to enhance its crypto trading services. The revamp includes a redesigned user interface and a new mobile app for improved usability. Originally the Japanese crypto exchange DeCurret, WhaleFin was acquired by Sony’s subsidiary Quetta Web Co. in August 2023. This move aligns with Sony’s broader Web3 expansion efforts, including partnerships to develop its own blockchain network.

RAIN NEWS?

Rain Introduces Instant Funding and Withdrawal Services for Virtual Assets in UAE

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