US Spot Bitcoin ETFs Attract Record $479M in Inflows, Hitting 2-Week High
U.S. spot bitcoin exchange-traded funds (ETFs) saw their largest daily inflows in two weeks on Monday. According to data from SoSoValue, the funds attracted $479.35 million in investment on the day, with BlackRock’s IBIT leading the charge. In quite the typical manner, BlackRock’s IBIT led the inflows after adding $315.19 million to extend its streak of consecutive positive flows to 11 days. Ark and 21Shares’ ARKB followed with $59.78 million in inflows, while Fidelity’s FBTC came third after seeing $44.12 million inflows on the day. $38.67 million and $21.59 million were also added to Bitwise’s BITB and Grayscale’s BTC, respectively, while the remaining seven spot Bitcoin ETFs experienced zero flows. Interestingly, none of the funds saw negative flows on the day, pointing to the fact that there is a strong sentiment around Bitcoin at the present moment. Also, the total daily trading volume for all 12 ETFs reached $3 billion on Monday, up from $2.9 billion on Friday. As of publication, Bitcoin was seen trading at $72,746 , up 4.13% over the past 24 hours. That is, according to data from CoinMarketCap. The gains within this short period have been enough to take the cryptocurrency to heights not seen since June. At that same time, Ether climbed 2.94% to change hands at $2,640. Contrasting Fortunes Between Bitcoin and Ether ETFs While spot Bitcoin ETFs in the U.S. saw cumulative positive daily flows on Monday, the story was a bit different with their Ethereum counterparts. Spot Ethereum ETFs in the U.S., for instance, saw a modest $1.14 million in net outflows on Monday. However, it might be something to cheer about as the latest outflow pales in comparison to the $19.16 million in net outflows recorded on Friday. Of all Ether ETFs, Grayscale’s ETHE was the only spot Ether ETF that had capital flow out of it. The fund saw $8.44 million exiting it. The likes of Fidelity’s FETH and BlackRock’s ETHA saw $5.02 million and $2.28 million in new investments, albeit respectively. All other six spot Ether ETFs recorded zero flows.
Gemini Crypto Exchange Moves Closer to Full License in Singapore with Key Approval
Crypto exchange Gemini may finally have something to cheer about in Singapore after the Monetary Authority of Singapore (MAS) granted the firm preliminary approval for a Major Payment Institution (MPI) license. The in-principle approval, as reported in an official blogpost, came on Tuesday, October 29th, allowing Gemini to offer certain services within the country. Those include digital payment tokens and cross-border money transfers. Singapore’s Central Bank Gives Nod of Approval to Gemini It might be worth mentioning that Gemini has always viewed Singapore as a central hub for its Asia-Pacific operations. This explains why it has continued to work tirelessly with the MAS as it bids to secure the full MPI license. According to the firm, bagging the fill license would enable it to spread its tentacles, while also cementing its place as an early bird in the country’s fast-growing crypto market. The recent approval has also drawn a reaction from Saad Ahmed, who leads Gemini’s operations in the Asia-Pacific region. Ahmed expressed excitement at the approval, noting that though the United States remains Gemini’s largest market, Singapore also is a key part of its global expansion plans. Furthermore, he shared that plans to onboard more local talents into the company are currently underway. So, as the team continues to expand, it must also be up to speed with plans such as moving into a larger office space to accommodate the changes. Company May Soon Join Coinbase, Others It might be worth mentioning that getting approval for the full MPI license in Singapore is no small work. However, should Gemini lay its hands on this license, then it becomes one of a small group of U.S.-based crypto firms to have the same. This means that it follows in the footsteps of Coinbase, Ripple, and a very few others that have also been granted the high-level license in the country. Coinbase and Ripple both received their licenses in October last year, with their status as industry giants highlighting the country’s appeal to international crypto businesses. The full MPI license would grant Gemini significant operational freedom, allowing the exchange to exceed existing volume limits for payment institutions.
Bitcoin Nears Record High at $71,500 amid Bullish Market Momentum
The flagship cryptocurrency surpassed the $70,000 mark on Monday.
