Crypto traders in the US and Hong Kong have invested more money than they have removed.
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Crypto traders
CoinShares reports that $130 million went into these cryptocurrency vehicles last week, with the majority of the money coming from the United States. Activity in the area was mitigated by declining Grayscale outflows, with GBTC recording its lowest weekly withdrawals in five months at $171 million.
Although Hong Kong Bitcoin (BTC) exchange-traded funds (ETFs) saw $19 million in inflows, they were dwarfed by Wall Street offerings, which brought in $135 million from roughly 11 products. The $8 billion in ETF trading, according to analysts, showed a downward trend from the $17 billion weekly average seen last month.
“These volumes highlight ETP investors are participating less in the crypto ecosystem at present, representing 22% of total volumes on global trusted exchanges relative to 31% last month.”
CoinShares report
Bitcoin resulted in inflows.
Even if market prices declined, interest in Bitcoin resulted in inflows. However, this was not the case for Ethereum (ETH), the second-largest cryptocurrency asset class, where researchers found additional withdrawals totaling $14 million.
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James Butterfill, an analyst at CoinShares, stated that the U.S. regulatory action regarding spot Ethereum ETFs was probably the reason for the ETH outflows. The SEC’s decision-making delays have raised doubts about when clearances will come through.
This idea was further cemented by enforcement actions taken against Ethereum-related companies like Consensys and Uniswap as well as cryptocurrency operators like Robinhood.
Read also: Bitcoin network transactions has begun to decline.
Digital assets
Furthermore, Bitcoin Max Speaking to audiences, Michael Saylor asserted that Ethereum and other cryptocurrencies are unregistered securities of digital assets, a stance that the SEC has long maintained through legal actions and by refusing to categorize ETH as a security or a commodity.
Though analysts think this tendency may change as a result of measures and initiatives in Congress that may clarify which agency can oversee the cryptocurrency business, the SEC’s position is still mostly ambiguous.
Read also: Why it’s important for you to invest in bitcoin
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FAQ
Who is the most famous crypto trader?
Professional cryptocurrency traders come in many forms, but some of the more well-known ones are Arthur Hayes of BitMEX, Barry Silbert of Digital Currency Group, and Cameron and Tyler Winklevoss, the founders of Gemini.
How many billionaires are in crypto?
According to CoinGecko, the market value of all active cryptocurrencies rose by 170%, or around $1.6 trillion, in the last 12 months. According to Forbes’ 2024 World’s millionaires list, it has contributed to the success of at least 17 crypto millionaires.
Who is the richest guy in the world from crypto?
According to Forbes’ annual list of cryptocurrency titans, Changpeng Zhao, the founder and former CEO of the exchange Binance, has emerged as the industry’s wealthiest individual for the third consecutive year.
Which government owns the most bitcoin?
The U.S. government owns 207,189 bitcoin worth $5 billion through the Treasury. by far the largest such state-owned asset
Which crypto has made the most millionaires?
Bitcoin is a predominant asset amongOtherto millionaires, including 11 Bitcoin billionaires, other cryptocurrencies also play a significant role
