BlackRock's IBIT Bitcoin ETF Adds Another $523M

BlackRock's IBIT Bitcoin ETF Adds Another $523M

BlackRock’s spot Bitcoin ETF saw its largest inflow in over four months on July 22, with $523.3 million added, bringing the total inflows to 333,000 BTC, and their current assets under management (AUM) to about $18 billion. This marks the seventh-largest inflow day for the iShares Bitcoin Trust (IBIT), following its highest single-day inflow of $849 million on March 18.

The surge coincided with the approval of spot Ether ETFs for trading in the US, which analysts predict will generate 10% to 20% of the flows seen by Bitcoin ETFs. Additionally, industry analysts are bullish on Bitcoin in the short to mid-term, citing political factors such as Biden's dropout from the presidential race and speculation that Trump might declare Bitcoin a strategic reserve asset this week.

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Polymarket Doubled Its Monthly Trading Volume in July

As the US election garners massive attention (even from crypto bros), Polymarket, a decentralized prediction market dapp on Polygon, is set to benefit regardless of the presidential outcome. The platform has just reached an all-time high in monthly trading volumes of $213 million, doubling the $111 million from June, and has recently added prediction market analyst Nate Silver as an advisor.

Polymarket stands out as one of the top crypto use cases of the year, with $653 million in political bets alone, covering issues from the 2024 presidential election to Federal Reserve rate cuts. Built on a public blockchain, Polymarket ensures transparent, uncensored transactions executed by smart contracts, offering a reliable source of predictive insight over traditional polling.

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WazirX Hacker Has $5M Left After Selling Stolen Altcoins

The entity behind the WazirX exploit, believed to be a North Korean hacking group, has liquidated the bulk of its stolen funds, impacting the prices of several cryptocurrencies. According to Nansen's CEO Alex Svanevik, the hacker became the top seller of Uniswap (UNI), offloading $859,514 worth of the token in the past week in which the token has declined by around 8.30%.

The group also led the sales for Chainlink (LINK) and The Sandbox (SAND), selling over $2.77 million of LINK and $1.6 million of SAND. Currently, the exploiter's wallet holds about $5 million, primarily in Celer Network (CELR), Ooki (OOKI), and Frontier (FRONT). In their daily follow-up report, WazirX mentioned that they have received over 80 inquiries for the bounty program.

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Hong Kong Launches Asia’s First Inverse Bitcoin ETF

Today, CSOP Asset Management will launch Asia's first Bitcoin futures inverse product, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK), on the Hong Kong Stock Exchange. This new ETF aims to provide investors a way to profit from declines in Bitcoin's price by tracking the inverse daily performance of the SP Bitcoin Futures Index through a futures-based replication strategy.

The product, priced at approximately 7.8 Hong Kong dollars per unit, follows the successful launch of CSOP's Bitcoin Futures ETF in December 2022, marking the firm's continued expansion in the Asia-Pacific region. This launch shows that crypto financial products are getting more diversified, which could help keep the market stable and get more people to accept cryptocurrencies as investment assets.

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Data of the Day

According to Ki Young Ju, CEO of blockchain analytics firm CryptoQuant, veteran Bitcoin holders, those who have held their BTC for over three years, are not selling despite the current market conditions.

Instead, it is the bull market investors (holders of 6 months to 2 years) and bear market investors (holders of over 2 years) who have offloaded their BTC, with the latter group selling about 67% of their holdings.

Veteran investors, having weathered multiple market cycles, are now showing all-time highs in Unspent Transaction Output (UTXO) supply across all age bands, indicating their continued confidence in holding Bitcoin.

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More Breaking News

• The US SEC gives final approval for spot exchange-traded funds that hold Ethereum, giving Americans access to a second major cryptocurrency.
• Metaplanet, a Tokyo-listed investment firm, saw its stock rise 21% after it had purchased an additional 20.38 BTC worth approximately $1.4 million.
• OKX released "OKX Racer," a Telegram mini-app game that requires players to guess whether the price of Bitcoin will go up or down in 5-second intervals.
• The Digital Chamber requested that Vice President Kamala Harris approach cryptocurrencies with greater positivity.
• Cory Klippsten, the CEO of Swan Bitcoin, reported the company would be putting off its plans for an IPO following a discontinuation of its mining operations.

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