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- Bitcoin ETFs Reach Milestone, Holding Over $72 Billion in BTC as Institutional Interest Surges
Bitcoin ETFs Reach Milestone, Holding Over $72 Billion in BTC as Institutional Interest Surges
News on the Blockchain
November 01, 2024
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@newsontheblockchain, 01/11/2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 759
Market Cap: $2.29T (5.59% decrease)
24h Volume: $93.06B (11.03% increase)
Bitcoin Dominance: 60.08%
Ethereum Dominance: 13.21%
ETH Gas Price: 6.5 Gwei
Fear & Greed Index: 59/100
🪙Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $69,450.17 | -3.95% | $1.375T | $45.90B |
Ethereum (ETH) | $2,506.59 | -4.90% | $301.99B | $21.50B |
Tether (USDT) | $0.9991 | -0.06% | $120.46B | $74.04B |
BNB (BNB) | $578.29 | -0.85% | $83.36B | $1.80B |
Solana (SOL) | $166.66 | -4.94% | $78.51B | $2.81B |
💹 Market Highlights:
Total DeFi Volume: $3.96B (4.25% of total volume)
Stablecoins Volume: $88.81B (95.43% of total volume)
Coin with highest % change: RIPETH/SOL: $0.001296 (+1868%)
🔥Heat Map:
📈 Preview On Today’s News:
- Bitcoin ETFs Reach Milestone, Holding Over $72 Billion in BTC as Institutional Interest Surges
- October Crypto Funding Surges Above $2 Billion, Led by Infrastructure and Utility Projects
- Bitcoin Price Drops Amid IMX Coin SEC Lawsuit and Broader Market Reactions
Keep reading for more!
Today’s Important News:
1)
Bitcoin ETFs Reach Milestone, Holding Over $72 Billion in BTC as Institutional Interest Surges
Bitcoin Exchange-Traded Funds (ETFs) now hold over 1 million BTC, valued at more than $72 billion, following their approval in January 2024. The influx of institutional investment, particularly through Spot Bitcoin ETFs led by BlackRock's IBIT, has surged, with October 30th alone marking a $896 million inflow, the second-largest in the ETFs' ten-month history. These investment products have brought new institutional players to the cryptocurrency space, with cumulative inflows exceeding $23 billion for the year. The significant interest in Bitcoin ETFs aligns with a strong October performance, as Bitcoin trades above $71,000, further bolstered by the recent anniversary of the Bitcoin White Paper's release, highlighting Bitcoin's growing institutional presence and value in the financial world.
Bitcoin ETFs now hold over 1 million BTC worth $72 billion, driven by institutional interest and led by BlackRock's IBIT, with October marking a surge in inflows.
Bitcoin's price remains strong, trading above $71,000, boosted by October gains and the anniversary of its white paper, reinforcing its growing significance in finance.
2)
October Crypto Funding Surges Above $2 Billion, Led by Infrastructure and Utility Projects
October saw a resurgence in crypto funding, breaking a three-month downturn with over $2 billion raised across 107 deals, largely driven by Animoca Brands. This marks a notable 263% increase from September's $672 million, the highest since September 2022. The funding shift focused on infrastructure and utility projects, with 26% dedicated to developer tools and 31% to seed rounds. Despite global venture capital challenges, October's crypto landscape remained vibrant, emphasizing utility over hype-driven projects. Noteworthy deals included Blockstream’s $210 million round and Toncoin’s $10 million strategic funding.
October’s crypto funding hit a yearly high of $2 billion, focusing on infrastructure, developer tools, and utility projects, with Animoca Brands leading 102 of the 107 deals.
The funding landscape shifted from high-value rounds to strategic investments in foundational technologies, moving away from meme tokens and toward projects with long-term utility.
3)
Bitcoin Price Drops Amid IMX Coin SEC Lawsuit and Broader Market Reactions
Bitcoin's price recently fell below the $70,000 threshold, affected by selling pressures in U.S. markets and ongoing volatility. IMX Coin, however, faced a more dramatic hit, plummeting 10% after the U.S. Securities and Exchange Commission (SEC) issued a Wells notice—an indication of an impending lawsuit—targeting the IMX token's issuer, Digital Worlds Foundation, and its CEO, James Ferguson, for alleged securities violations. While Digital Worlds asserts the IMX token is not a security, the SEC's intensified focus on the crypto industry suggests more regulatory action may be forthcoming.
Bitcoin has dropped below $70,000 due to U.S. market sell-offs, while IMX Coin saw a 10% price fall after the SEC signaled an upcoming lawsuit.
The SEC’s action targets Digital Worlds Foundation and CEO James Ferguson, with industry representatives questioning the SEC's regulatory approach amidst potential political changes.
