Blackrock’s IBIT Surpasses Grayscale’s GBTC
Blackrock’s iShares Bitcoin Trust (IBIT) has become the largest bitcoin ETF, overtaking Grayscale’s GBTC. IBIT’s assets reached $19.5 billion, surpassing GBTC’s $19.385 billion.
- IBIT reported $16.6 billion in inflows this year.
- GBTC faced net outflows of $17.9 billion since January.
- Fee difference between GBTC (1.5%) and IBIT (0.25%) played a significant role in this shift.
President Biden’s Veto on Crypto Bill
President Biden vetoed a bill that aimed to change SEC’s regulations on custodians of crypto assets. The veto could impact traditional banks offering crypto custodial services.
- Biden seeks a balanced regulatory framework for digital assets under existing agencies.
- Critics argue against the policy, claiming it could make custodial services expensive for traditional finance firms.
Japanese Crypto Exchange Hacked
Japanese exchange DMM Bitcoin suffered a hack, resulting in the theft of approximately $308 million worth of bitcoin.
- 4,502.9 bitcoin was stolen during the unauthorized leak.
- DMM Bitcoin assures full compensation to affected customers through its group companies.
Market Speculation and Meme Coins
A surge in meme tokens and GameStop shares occurred after retail trader Keith Gill disclosed his latest bet, driving up prices in the market.
- Gill’s social media activity influenced rallies in meme tokens like POPCAT and MOG.
- Altseason hasn’t materialized yet, but speculation remains high in the crypto market.