By Shikha Singh
Spot Bitcoin ETFs Continue Strong Inflows of $817 mn, BTC Dips 3.4%.
Spot Bitcoin ETFs in the U.S. saw significant inflows, with $817.5 million in daily net inflows on Tuesday, following $1.1 billion the day before.
BlackRock’s IBIT led the inflows, attracting $778.3 million, while Fidelity’s FBTC contributed $37.2 million.
However, Bitcoin’s price paused its rally, dropping 3.4% to $86,855 after briefly surpassing $90,000. Meanwhile, spot Ethereum ETFs recorded $135.9 million in inflows, with BlackRock’s ETHA leading the charge, bringing in $131.5 million.
Ethereum ETF trading volume also remained high, despite a slight drop from the previous day. Both Bitcoin and Ethereum markets saw a surge in ETF inflows amid the broader crypto rally.
Coinbase Launches ‘Coin50’ Index As Crypto Equivalent to S&P 500 & a Balance to Bitcoin.
Coinbase is introducing the Coinbase 50 Index (Coin50), a new tool that tracks the overall performance of the cryptocurrency market in a manner akin to the S&P 500’s measurement of the equity market.
The index includes Bitcoin, Ethereum, Solana, XRP, Dogecoin, and other top cryptocurrencies, weighted by market capitalization, with Bitcoin making up 50% of the index.
While the Coin50 is not primarily an investment product, it aims to provide a broader market view and assist in price discovery, moving beyond Bitcoin as the sole benchmark.
The index will rebalance quarterly, and a perpetual futures version will be available to eligible traders outside the U.S. The index is accessible to all users through the Coinbase website and app.
Coinbase, MicroStrategy, Bitcoin Mining Stocks Surge Amid Optimistic Market Shifts.
Bitcoin’s recent record-breaking surge has driven massive gains for companies heavily invested in the cryptocurrency, including Coinbase and MicroStrategy.
Coinbase’s stock rose 20%, surpassing $334, its highest level since 2021, while MicroStrategy’s stock hit a new all-time high of $351, thanks to its $24 billion Bitcoin holdings.
Bitcoin mining stocks also saw significant gains, with Marathon Digital, Riot Platforms, and Cleanspark all recording double-digit increases in stock price.
Alameda Research Files Lawsuit Against Waves Founder Ivanov to Recover $90 mn.
Alameda Research, the trading arm of the bankrupt FTX exchange, has filed a lawsuit against Aleksandr Ivanov, the founder of the Waves blockchain, seeking to recover at least $90 million in assets.
Alameda alleges that Ivanov extorted the firm by demanding support for his projects, Vires and Waves, or he would freeze Alameda’s assets on Vires.
The lawsuit claims Ivanov manipulated the value of WAVES tokens, causing substantial losses for Vires users, and then attempted to use his control over Vires to block withdrawals and pressure Alameda into compliance.
Bitcoin Rally Sparks 4-9x Jump In Trading Volumes On Indian Crypto Exchanges, Boosting Revenue.
Bitcoin has hit a new all-time high of $89,915, with a year-to-date gain of 105%, pushing its market cap to $1.74 trillion.
This surge has led to a significant rebound in trading volumes on Indian crypto exchanges, which had previously plummeted due to a 1% Tax Deducted at Source (TDS) and market fluctuations.
Indian platforms like CoinDCX and Giottus have reported sharp increases in trading activity and revenue, with CoinDCX’s daily volume rising from $5.8 million to $21 million and Giottus seeing a 4x increase in volumes.
Litecoin Launches Wrapped LTC Tokens Through Ethereum Network.
Litecoin has partnered with Coinut to launch Wrapped Litecoin (WLTC) on Ethereum, enabling interoperability between the two blockchains.
Users will be able to access Ethereum’s dApps and features like staking and lending through WLTC’s 1:1 peg with Litecoin.
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