Bitcoin ETFs See Highest Daily Net Inflows in a Month
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Bitcoin ETFs Record Highest Net Inflows in 30 Days
Despite Bitcoin's price dropping to $54,000, spot Bitcoin ETFs experienced record inflows on July 5, gaining $143 million. Four of the top 11 spot Bitcoin ETFs saw inflows totaling over 3,000 BTC, with Fidelity's FBTC fund receiving the majority. Other ETFs from Bitwise, Ark 21Shares, and VanEck also saw gains, while Grayscale's Bitcoin Trust GBTC had outflows of 500 BTC.
This marked the highest single-day net inflow since June 6, though early June saw even higher inflows totaling $1.7 billion over four days. BlackRock's iShares Bitcoin Trust remains the largest BTC ETF with over $17.37 billion AUM, indicating ongoing institutional optimism despite market fluctuations. At second place Grayscale's Bitcoin Trust GBTC has $15.48 billion AUM.
Mt Gox Begins Repayments in Bitcoin and Bitcoin Cash
Mt Gox has begun repaying creditors in Bitcoin and Bitcoin Cash, as announced by its rehabilitation trustee. The repayments are processed through crypto exchanges per the rehabilitation plan and will be made promptly to eligible creditors who meet all conditions. Last Thursday, Mt Gox transferred 47,228.7 BTC (approximately $2.71 billion) to a cold wallet.
Afterward, Mt Gox transferred 1,545 BTC ($85 million) to Bitbank and noted that creditors' repayment times vary, with Bitbank taking up to 14 days, Bitstamp up to 60 days, and Kraken up to 90 days. This activity coincided with Bitcoin's price dropping below $54,000. The broader crypto market experienced over $1 billion in liquidations across exchanges amid heavy selling pressure.
EU Travel Rule to add Crypto Exchanges in 6 Months
The European Banking Authority (EBA) has extended its Travel Rules guidelines to crypto service providers and intermediaries in the EU, effective December 30 under Regulation (EU) 2023/1113. This mandates crypto exchanges to report information on transfers of funds and assets, aligning with the EU’s Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) measures under the Markets in Crypto-Assets Regulation (MiCA).
Entities will have a two-month grace period to comply. Despite the financial burden, the EBA expects long-term benefits by enhancing the fight against money laundering and terrorism financing. The Cardano Foundation has proactively complied with MiCA regulations, releasing sustainability metrics that highlight its energy efficiency and low carbon footprint compared to proof-of-work protocols.
US House Set to Reconsider Bill to Overturn SAB 121
The US House will vote this week on overturning the SEC's Staff Accounting Bulletin 121 (SAB 121), which mandates firms that custody crypto to record customer holdings as liabilities. This vote follows a veto by President Biden in May. The resolution has been controversial, especially within the crypto industry, due to concerns that it might hinder banks from safeguarding digital assets.
The House previously voted 228-182 in favor, and the Senate 60-38, but overturning the veto requires a two-thirds majority in both chambers. House Majority Leader Steve Scalise indicated the vote might occur on Tuesday or Wednesday, and there is cautious optimism that achieving the necessary majority is possible.
Data of the day
Data from Syncracy illustrates the annualized revenue and price-to-revenue ratio of leading DeFi platforms—Lido, MakerDAO, Uniswap, and Aave—from June 2020 to June 2024. Despite significant fluctuations in annualized revenue, peaking around March 2022 and declining thereafter, the price-to-revenue ratio has consistently decreased, reaching its lowest point in June 2024.
This trend suggests that these DeFi leaders are currently undervalued relative to their revenue generation, indicating they are the cheapest they've ever been. The chart highlights a substantial increase in annualized revenue in recent months, particularly for Lido and Uniswap, while the price-to-revenue ratio remains low, emphasizing potential investment opportunities.

More breaking news
- Celo, the mobile-first Layer 1 blockchain has launched its Dango Layer 2 testnet, marking the first major step towards joining the Ethereum ecosystem.
- Multicoin Capital to match every SOL donation up to $1 million over the next 10 days in support of pro-crypto Republican lawmakers.
- The co-founder of Samourai Wallet has been granted bail after being arrested for money laundering and operating an unlicensed money-transmitting business.
- Sam Bankman-Fried, founder of FTX, is at the center of a $100 million financial scandal involving the usage of company assets to fund political donations.
- The global Bitcoin ATM network shrinks by 334 machines in less than 40 days, with the United States and Europe seeing the greatest reductions.
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