The exchange also recently saw the volume of bitcoin futures open interest (OI) – the number of existing contracts – surpass Binance (the world’s largest centralized exchange by trading volume). However, CCData notes that this trend has reversed, and open interest has fallen 8.50% to $4.42 billion. Bitcoin options on the exchange also fell, dropping almost 30% to $1.57 billion. Original
The latest price moves in bitcoin [BTC] and crypto markets in context for Feb. 7, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets. Source
A spot Bitcoin ETF from financial giant BlackRock has become one of the top five exchange-traded products (ETPs) in the United States in terms of capital inflows. According to data from YCharts, the cryptocurrency fund under the ticker IBIT was in the top 0.16% of 3,109 US ETPs. Experts note that the BlackRock ETF was forced to miss the first seven trading days 2024. The company was awaiting approval from the U.S. Securities and Exchange Commission (SEC). Source: YCharts Bloomberg senior analyst Eric Balchunas noted that the inflow of funds…
A decision for approving or denying a joint Ether ETF product has been pushed back, in line with analyst expectations. Source
The only funds that have topped IBIT’s $3.2 billion of year-to-date inflows are mammoth longstanding index ETFs from iShares and Vanguard that offer exposure to the S&P 500 or the total stock market. In the number one spot with $13 billion in inflows thus far this year is the iShares Core S&P 500 ETF (IVV), which has a whopping $428 billion in assets-under-management (AUM). Number two with $11.1 billion in inflows is the Vanguard 500 Index Fund ETF (VOO), which has nearly $398 billion in AUM. Source
While U.S. regulators deliberate on spot Ethereum ETFs, Europe and Canada already boast billions in spot and futures ETH-related products. Per a Coingecko study, Europe dominates the global Ethereum (ETH) ETF scene with an 81.4% market share. The area has 13 ETH-backed ETFs split across spot products and futures funds, amounting to $4.6 billion in assets under management (AUM). Canada is also a big market for ETH ETFs and commands a 16.6% market share of $949 million in AUM. ETFs have also become a gateway into crypto for many Canadian…
Grayscale CEO Michael Sonnenshein has called on regulators to greenlight options for spot Bitcoin ETFs. In a statement on Feb. 5, Sonnenshein highlighted the benefits of exchange-traded options for investors, emphasizing its role in price discovery and the potential to help investors manage market conditions more effectively or achieve specific outcomes like generating income. As we look ahead, I think it’s never been more important for the #crypto and ETF communities alike to advocate for the development of a robust listed options market for spot #bitcoin ETFs. Although $GBTC has…
Bid-ask spreads on major U.S. exchanges like Coinbase and Kraken have tightened post-spot ETF approvals, signaling enhanced market liquidity and depth, analysts at Kaiko say. Bid-ask spreads for Bitcoin (BTC), which represent the difference between the highest bid and lowest ask prices, have decreased significantly post-approval, indicating an improvement in market liquidity and deeper trading activity. In a recent research report, analysts at Kaiko revealed that U.S.-based crypto exchange Kraken experienced the highest volatility in spreads during January, reaching a peak of 10 basis points on Jan. 20. Similarly, spreads…
Out of the ten bitcoin ETFs, WisdomTree’s BTCW has attracted the lowest amount of assets under management (AUM), roughly $12.8 million (296 bitcoin), according to Bloomberg Intelligence data. Asset management giant Franklin Templeton has the second lowest AUM with $64.5 million. Leading the way in asset gathering are BlackRock (more than $3B AUM) and Fidelity ($2.7B AUM). Grayscale, who converted its Grayscale Bitcoin Fund (GBTC) into an ETF and therefore came into the race with $30 billion in AUM, has bled about $10 billion of that since ETF trading began…
Multiple Bitcoin (BTC) ETF issuers are competing to attract investors into America’s first basket of exchange-traded funds using Google ads. On Jan. 29, Google ended its five-year ban on cryptocurrency promotion via search results following the approval of spot BTC ETFs by the U.S. Securities and Exchange Commission (SEC). BlackRock and VanEck were the first firms to leverage this amended ad policy as crypto.news reported, but more issuers have joined the fray. Promoting initial coin offerings (ICOs) on Google remains prohibited, but a pivot from the search engine’s ad policy…