Web3 Diaries- Bitcoin Topples Silver in ETF Market; Trails Gold
Bitcoin is making a big move in the U.S. ETF market and has caused the biggest upset since the U.S. Securities and Exchange Commission approved spot BTC exchange-traded funds (ETFs) on January 11th. BlackRock, Fidelity, and 11 others launched spot BTC ETFs the next day.
Their decision has resulted in the largest cryptocurrency by market capitalization adding another feather this week. Bitcoin ETFs had more assets than silver ETFs and trailed only gold among commodity-focused U.S. ETFs.
According to data compiled by CoinDesk, the conversion of the existing Grayscale Bitcoin Trust into an ETF immediately resulted in almost $30 billion stashed in bitcoin ETFs.
Silver ETFs have combined assets of about $11 billion, according to etfdb.com.
SEC Delays Decision on Fidelity’s Spot Ethereum ETF
The United States Securities and Exchange Commission (SEC) has postponed its ruling on Fidelity’s spot Ethereum exchange-traded fund until March 5th, a new court filing reveals.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the Thursday filing reads in part.
News of the spot Ethereum ETF’s delay comes just a week after the SEC approved a long-awaited spot Bitcoin ETF, a decision that many in the crypto community feel will greatly increase mainstream adoption of cryptocurrency across the United States.
News of the SEC’s delay comes amidst its legal fight against Coinbase, with the federal agency alleging the exchange sold unregistered securities on its platform.
USDT-Issuer Tether Purchased 8900 BTC, Worth $380 mn
Tether, the biggest stablecoin issuer globally, has allegedly added 8,888 BTC to its portfolio of Bitcoin. The most recent acquisition cost an astounding $380 million.
BitInfoCharts data shows that this transaction happened on December 31, 2023. Tether now has an amazing 66,465.20 BTC in total holdings after their most recent buy.
Tether is the 11th largest Bitcoin holder with assets that, according to Dune Analytics statistics, are barely over $2.8 billion in total fiat worth.
The creator of the stablecoin has publicly said that it plans to add Bitcoin to its list of supported assets for USDT. Tether pledged in a May 2023 press release to set aside 15% of its actual investment returns for the acquisition of Bitcoin and the addition of the decentralized cryptocurrency to its reserve portfolio.
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