Trust Wallet, a crypto wallet provider, has issued a warning for Apple users to disable Imessage, based on “credible intel” about a zero-day exploit available on the dark web for million, which could allow hackers to take control of users’ Iphones without any interaction needed. The alert was met with skepticism by some in […]
Bitcoin News
‘Trust in Authority’ Sustains Popularity of Centralized Exchanges in Latin America, Says Ricardo Da Ros
According to Ricardo Da Ros, CEO of the crypto platform Patex, many crypto users in Latin America (LATAM) seem to prefer using centralized exchanges (CEXs) over decentralized ones. He attributes this preference to a culture in the region that “has been built on trust in authority.” Da Ros suggests that this culture, combined with the […]
Bitcoin News
Grayscale Aims to Launch Mini Bitcoin Trust for Lower Fees and Tax Benefits
Grayscale has revealed the submission of an S-1 form to the U.S. Securities and Exchange Commission (SEC) for the launch of a new, smaller version of its popular Grayscale Bitcoin Trust (GBTC). This initiative is designed to provide shareholders with exposure to bitcoin, reduced fees and potential tax benefits. Grayscale Unveils Bitcoin Mini Trust With […]
Bitcoin News
Grayscale Debuts Privacy-Focused ETF Featuring Zcash Trust Allocation
According to a recent Form N-1A, Grayscale has approached the U.S. Securities and Exchange Commission (SEC) with a proposal for a unique exchange-traded fund (ETF) dedicated to the privacy and cybersecurity realm. The Grayscale Privacy ETF aims to be the first to encapsulate the burgeoning sector of privacy technology and cybersecurity. Privacy Takes Center Stage […]
Bitcoin News
Grayscale’s Bitcoin Trust Sees Reduction Slowdown as New ETFs Gain Ground With Over 160,000 BTC Acquired
In the most recent update, Grayscale’s Bitcoin Trust (GBTC) experienced a decrease of 4,461.36 bitcoin, valued at approximately 0.53 million, over the past day. Since Jan. 12, 2024, GBTC has observed a cumulative reduction of about 124,967.54 bitcoin, equivalent to an estimated .33 billion. Meanwhile, the nine recently launched spot bitcoin exchange-traded funds have collectively garnered an impressive total of 160,661.38 bitcoin.
GBTC Sheds Almost 125,000 Bitcoin While 9 Fresh ETFs Gather Over 160,000
Recent trends indicate a slowdown in the outflows from Grayscale’s Bitcoin Trust (GBTC), with each trading day experiencing a smaller decline over the last two sessions. As of Jan. 30, 2024, data revealed that GBTC’s holdings dipped below the 500,000 BTC mark, registering at 496,573.81 BTC. However, in the past 24 hours, the holdings have further decreased by 4,461.36 BTC, bringing the total down to 492,112.45 BTC, currently valued at approximately .43 billion.
The recent reductions in GBTC have been notable, yet they pale in comparison to the substantial drop of 20,803 bitcoin observed on Jan. 26. From Jan. 12 to Jan. 31, 2024, GBTC’s reserves have shrunk from 617,079.99 BTC to 492,112.45 BTC, marking a significant loss of 124,967.54 BTC, according to current metrics. In contrast, Blackrock’s IBIT has seen growth over the past day, increasing from 56,629 BTC to 63,488.22 BTC, an uptick of 6,859.22 BTC.
As highlighted in their Jan. 31, 2024, daily holdings report, Fidelity’s FBTC has witnessed a rise, moving from 47,238 BTC to 53,802.34 BTC. Meanwhile, Ark Invest’s ETF, ARKB, has expanded its holdings to 15,175 BTC, an increase of 385 BTC in the last 24 hours. Bitwise’s BITB has seen a notable jump, going from 13,576.10 to 14,039.54 BTC. According to the latest assets under management (AUM) data, the Invesco Galaxy ETF BTCO is currently holding 6,898 BTC.
In other developments, Vaneck’s HODL ETF now contains 2,941.99 BTC, and Valkyrie’s BRRR ETF has a total of 2,635.29 BTC. Franklin Templeton’s holdings have climbed from 1,363 BTC to a present total of 1,421 BTC. As of Jan. 31, Wisdomtree’s BTCW ETF is holding 260 BTC. Collectively, these nine newly introduced spot bitcoin ETFs have amassed a significant 160,661.38 BTC, valued at .88 billion at the current market rate. Although the combined accumulation of these nine new ETFs is impressive, GBTC’s fund remains notably larger, being 3.11 times more valuable than the aggregate of all nine.
What do you think about the nine new ETFs collecting more than 160,000 bitcoin? Share your thoughts and opinions about this subject in the comments section below.
Blackrock Seeks SEC Approval to Offer Options on Spot Bitcoin ETF — Ishares Bitcoin Trust Now Holds 28,622 BTC
Blackrock, the world’s largest asset manager, is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer options on its spot bitcoin exchange-traded fund (ETF). The SEC has opened a comment period for a proposed rule change, filed by Nasdaq, to list and trade options on Blackrock’s spot bitcoin ETF. Since launch, Blackrock’s Ishares Bitcoin Trust has amassed 28,622 bitcoins.
SEC Opens Comment Period for Options Trading on Ishares Bitcoin Trust
Blackrock, the world’s largest asset manager, is seeking to offer options on its spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust (IBIT).
Nasdaq, which lists and trades IBIT, filed a proposed rule change (Form 19b-4) with the U.S. Securities and Exchange Commission (SEC) on Friday to list and trade options on IBIT. In its SEC filing, Nasdaq explained:
The Exchange believes that offering options on the Trust [IBIT] will benefit investors by providing them with an additional, relatively lower cost investing tool to gain exposure to spot bitcoin as well as a hedging vehicle to meet their investment needs in connection with bitcoin products and positions.
Bloomberg analyst James Seyffart commented: “The SEC has already acknowledged the 19b-4’s requesting the ability to trade options on spot bitcoin ETFs. This is faster than SEC typically moves.” The analyst opined: “Options could be approved before [the] end of February if SEC wants to move fast?… At [the] absolute earliest, options [are] still ~27+ days away.”
Following Nasdaq’s filing, the SEC opened a comment period for the proposed rule change to list and trade options on Ishares Bitcoin Trust. The comment period lasts 21 days after the publication in the federal register.
Since its launch on Jan. 11, Blackrock’s Ishares Bitcoin Trust has accumulated 28,622 bitcoins with a market value of .199 billion as of Jan. 18.
Spot bitcoin ETFs have seen strong trading volumes since they launched on Jan. 11. Bloomberg ETF analyst Eric Balchunas detailed that nine spot bitcoin ETFs “saw another jump in volume” on Friday, up 12% compared to Thursday and 53% from Wednesday. He called it “a rare phenomenon.” The analyst further noted that Fidelity Wise Origin Bitcoin Fund (FBTC) and Blackrock’s IBIT “are in a legit duel to be The One.” Nonetheless, he emphasized: “All of them posting huge numbers for newbies, competition is making them all hustle twice as hard.”
The SEC approved 11 spot bitcoin ETFs on Jan. 10. Besides Grayscale’s bitcoin ETF, which converted from the Grayscale Bitcoin Trust (GBTC), Blackrock’s IBIT leads the pack in terms of total trading volume, closely followed by Fidelity’s FBTC. Grayscale’s bitcoin ETF has seen a significant outflow of bitcoin. Since Jan. 12, the trust has witnessed a cumulative outflow of 50,106.59 BTC, valued at more than billion. According to Balchunas, Blackrock’s spot bitcoin ETF is in the top 15 of all ETFs by assets and the top 2% by daily trading volume.
What do you think about Blackrock seeking to offer options on its spot bitcoin ETF? Let us know in the comments section below.
Grayscale Bitcoin Trust Stash Dips by 10,800 BTC in One Day Amid High GBTC Trading Activity
The Grayscale Bitcoin Trust, commonly referred to as GBTC, has recently divested a considerable quantity of bitcoin. Records indicate that a total of 10,823.86 bitcoin, valued at approximately 7.40 million, was withdrawn from the holdings of GBTC in the span from Thursday to Friday morning.
GBTC’s Bitcoin Cache Continues to Witness Outflows
GBTC is experiencing notable outflows and volume, particularly on Thursday, Jan. 18, 2024, when the fund recorded a significant trade volume of .11 billion. Up to this point, the Grayscale Bitcoin Trust has emerged as the frontrunner in trade volume among all the newly launched spot bitcoin exchange-traded funds (ETFs).
Nevertheless, this surge in volume has been accompanied by a marked increase in bitcoin outflows, primarily due to GBTC investors realizing their profits. Just yesterday, on Jan. 18, Bitcoin.com News covered the story that GBTC held a substantial 592,097.78 BTC. However, as of today, there has been a 1.82% decrease since that report. Current archived records, dated Jan. 19, 2024, reveal that GBTC’s holdings have diminished to 581,273.92 BTC.
This reduction of 1.82% equates to a loss of 10,823.86 BTC, valued at 7.4 million, based on the prevailing BTC exchange rates. According to GBTC’s website, the total value of assets under management (AUM) currently stands at .70 billion. The outflows from GBTC are occurring simultaneously with the inflows into spot bitcoin ETFs managed by Blackrock and Fidelity. As of Jan. 18, 2024, Blackrock’s IBIT possesses 28,622 BTC. Meanwhile, the Fidelity Wise Origin ETF (FBTC) is holding 20,507 BTC, and the Bitwise ETF BITB, as of the same date, manages approximately 8,309 BTC.
The prevailing question on everyone’s mind centers around the duration of GBTC’s substantial outflows and the impact these large bitcoin movements are having on the market. Despite these outflows, Grayscale remains the most prominent BTC holder, with an ownership of 582,134 BTC as reported by Arkham Intelligence’s platform on Jan. 19. This figure encompasses the bitcoin held by Grayscale for its Digital Large Cap Fund, which also experienced a reduction of 395.9 BTC on Jan. 16, 2024.
What do you think about GBTC’s bitcoin stash depleting since the ETFs started trading last week? Share your thoughts and opinions about this subject in the comments section below.
Polygon’s Transfer Troubles: Is MATIC Facing A Trust Crisis?
Recently, the blockchain intelligence firm ChainArgos brought to light some unsettling findings about the Polygon network. According to ChainArgos, suspicious transaction patterns have emerged, raising questions about Polygon’s adherence to its initial token allocation plan.
ChainArgos’ investigation revealed multiple transactions from Polygon’s network to various exchanges seemed “questionable.” Particularly, the firm pointed out “anomalies” in the flow of tokens from Polygon’s vesting contract, which is responsible for the systematic release of tokens.
This contract, distinct from the foundation contract that governs overall allocations, displayed inconsistencies in outflow patterns. The firm’s latest analysis, detailed in a series of posts on X, scrutinizes the movement of significant quantities of MATIC tokens, Polygon’s native cryptocurrency.
Concerns Over Large MATIC Transfers
The investigative reports from ChainArgos delved deeper into the token flows. The firm noted that a specific wallet received approximately 470 million MATIC from two sources – the foundation and an insider wallet, particularly 340 million and 170 million, respectively.
The largest transfer identified was linked to a wallet associated with the plasma bridge, including two additional transactions to untagged wallets.
Adding to the intrigue, ChainArgos observed that a sum of 178 million MATIC was transferred to the prominent exchange Binance, with the last transaction dated May 23, 2021. These findings were substantiated by a chart from Etherscan, illustrating the token movements.
5/ All 178mm were sent from 0x30b7 to binance.
Last transfer 23-May-2021. Check the price chart friends. pic.twitter.com/iT6CVCOxtz
— ChainArgos (@ChainArgos) January 18, 2024
In the wake of these revelations, Polygon’s native token, MATIC, has experienced significant market turbulence. Over the past week, the cryptocurrency decreased by exceeding 10%, with a 4.2% drop in just the past 24 hours.
MATIC is valued at .81 at the time of writing, marking a mere 2.5% increase over the past month. This bearish performance contrasts sharply with the broader altcoin market, which has generally shown substantial gains during the same period.
The declining market position of MATIC is reflected in its slide to the 16th rank among cryptocurrencies by market capitalization. Furthermore, its trading volume has plummeted from over billion last Thursday to a mere 3 million, indicating a significant reduction in trading activity.
Analysts’ Take On MATIC’s Future
Despite these challenges, some analysts remain optimistic about MATIC’s prospects. Crypto analyst Ali, for instance, predicts a potential rebound for MATIC soon. Ali’s bullish stance is grounded in the TD Sequential indicator, a tool to pinpoint trend exhaustion and imminent price reversals.
Ali’s analysis suggests that the TD indicator currently signals a buy opportunity for MATIC. He contends that if buying pressure intensifies around its current price levels, MATIC could experience a notable upswing.
#Polygon | The TD Sequential presents a buy signal on $MATIC 4-hour chart.
A spike in buying pressure around the current levels could see #MATIC rebound, potentially toward .88, and even as high as .96. pic.twitter.com/lj96zgPh7k
— Ali (@ali_charts) January 6, 2024
His projections point to a potential climb towards the .88 to .96 range, translating to an approximate 16% increase from its current valuation. This optimistic forecast assumes that Polygon’s underlying technology and market position can outweigh the recent concerns raised by ChainArgos’ findings.
Featured image from Unsplash, Chart from TradingView
Trust Wallet and Alchemy Pay Partner for Seamless Crypto Ramp Solutions
PRESS RELEASE. Alchemy Pay, the leading fiat-crypto payment solution provider, has announced a new partnership with Trust Wallet, the leading self-custody and mutichain wallet with over 70 million users, enabling users to easily buy and sell crypto with multiple fiat payments within Trust Wallet directly.
The integration allows users to have more on and off-ramps solutions, which accelerate web3 adoption by lowering the entry barrier for retail users. Trust Wallet users now are able to easily convert between crypto and fiat by using various international and local payment methods, with more than 30 fiat currencies and 10 million cryptocurrencies across over 100 blockchains supported.
“Alchemy Pay takes great pride in our partnership with Trust Wallet, one of the leading crypto wallets, to provide comprehensive on and off-ramp support to a global user community. Our unwavering commitment is to facilitate a smooth, compliant, and secure user onboarding process on fiat on-ramp and crypto off-ramp.” said Robert McCracken, the Ecosystem Lead at Alchemy Pay.
Trust Wallet Product Lead Nate Zou stated: “We’re excited to offer more fiat solutions for our users by working with Alchemy Pay, making crypto more accessible than ever. This opens up new buying options for our global user base and introduces lower fees and more convenient payment methods while maintaining full ownership of their assets.”
Alchemy Pay specializes in providing solutions that enable cryptocurrency and Web3 services to access fiat payment options, thus enhancing their accessibility for a broader audience. Leveraging its extensive network of global acquirers and remittance enterprises, Alchemy Pay currently supports an impressive coverage of more than 300 fiat payment channels spanning across 173 countries.
Alchemy Pay’s primary focus and advantageous areas lie in emerging markets such as Southeast Asia and Latin America. Notably, it has successfully integrated with widely-used local e-wallets like GCash (with 60 million users) and Maya (50 million users) in the Philippines, OVO (92 million users) and Dana (115 million users) in Indonesia, Touch ‘n Go in Malaysia (17.8 million users), Pix in Brazil (116 million users), and others.
In its pursuit of broadening its service portfolio, enhancing transaction success rates, and optimizing operational efficiency, Alchemy Pay actively pursues licenses in various countries and regions including the United States, Canada, Indonesia, and Lithuania. Over the past three months, Alchemy Pay has been on a winning streak by securing Money Transmitter Licenses in both Arkansas and Iowa to prove its ability. Additionally, it has forthcoming plans to achieve regulatory compliance in Hong Kong, the UK, and the US. Currently, Alchemy Pay is also the official payment service provider for Visa and Mastercard, ensuring secure and compliant processes for both onramping and offramping transactions.
About Alchemy Pay
Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its On & Off-Ramp solution, NFT Checkout, Crypto Card and Crypto Payments, Alchemy Pay supports payments in 173 countries.
The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The NFT Checkout enables direct purchases of NFTs using fiat payment methods. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. ACH is the Alchemy Pay network token on the Ethereum blockchain.
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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Blackrock Files to Launch Ethereum Trust ETF on Nasdaq, Eyes Spot Crypto Market Entry
In a significant development for cryptocurrency investment vehicles, Blackrock Inc., through its subsidiary Ishares Delaware Trust Sponsor LLC, has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list shares of the Ishares Ethereum Trust on the Nasdaq.
Blackrock Dives Deeper Into Crypto With Ethereum ETF Plan Amid Regulatory Clarity
After registering its Ishares Ethereum Trust with the Division of Corporations in Delaware, the world’s largest asset manager submitted a 19b-4 registration to the U.S. securities regulator. The initiative could provide U.S. investors with a regulated spot exchange-traded fund (ETF) to track the price of ethereum (ETH). The trust is designed to mirror the performance of ethereum’s price, accounting for expenses and liabilities.
The proposed Ishares Ethereum Trust will issue shares that represent fractional, undivided beneficial interests in the trust’s net assets, consisting mainly of ethereum held by the Coinbase Custody Trust Company. The filing indicates that the ETF is intended to offer investment exposure to the price of ethereum through the securities market, avoiding the operational challenges of investing directly in cryptocurrency assets.
The net asset value (NAV) of the trust, to be calculated at the close of the market each business day, will depend on the CF Benchmarks Index, which compiles ETH trading data from several leading cryptocurrency exchanges.
The Ethereum Trust’s shares will be continuously issued and redeemed in “baskets,” which are large blocks of shares traded for ethereum. Only authorized broker-dealers are allowed to purchase or redeem these baskets, which could help reduce the volatility of premiums and discounts commonly associated with over-the-counter (OTC) ethereum funds.
Following the news of the ETF on platforms such as X, ethereum saw a price surge of over 13% against the U.S. dollar. The price surged from ,885 to a peak of ,135 per ethereum around 7:00 p.m. Eastern Time on November 9, 2023. Blackrock’s filing follows similar applications for spot ethereum ETFs by Ark Invest, 21shares, and Vaneck with the SEC.
The ETF proposal from Blackrock arrives against the backdrop of the SEC’s recent approval of ethereum-based futures ETFs and ongoing discussions about the regulation of spot bitcoin exchange-traded products (ETPs). The filing emphasizes Blackrock’s ETF strategy to mitigate the risk of losses due to fraud or insolvency that investors may encounter when holding digital assets on centralized exchanges.
What do you think about the Blackrock registration for the Ishares Ethereum Trust? Share your thoughts and opinions about this subject in the comments section below.