Here’s What Happened in Crypto Today
Stay updated with everything shaping the crypto landscape today, including major moves in Bitcoin ETFs, legal drama in decentralized finance (DeFi), and a milestone IPO for a leading crypto custodian. Get the latest insight into Bitcoin price action, blockchain news, and evolving crypto regulations.
Bitcoin ETF Inflows Streak Ends Amid Profit-Taking
After twelve consecutive days of substantial inflows totaling $6.6 billion, spot Bitcoin exchange-traded funds (ETFs) saw the tide shift on Monday with a net outflow of $131.35 million. This marks the first outflow following the recent bullish run that pushed Bitcoin close to the $120,000 level, signaling that investors and institutions are locking in profits after a rally near all-time highs.
Key Details:
- ARK Invest’s ARKB: Biggest single-day withdrawal at $77.46 million.
- Grayscale’s GBTC: Posted $36.75 million in outflows.
- Fidelity’s FBTC: Saw $12.75 million withdrawn.
- Bitwise (BITB) & VanEck (HODL): Reported outflows of $1.91 million and $2.48 million, respectively.
- BlackRock’s IBIT: No inflows or outflows, maintaining its position as the largest spot Bitcoin ETF with $86.16 billion in assets.
Despite this outflow, total cumulative net inflows into spot Bitcoin ETFs remain robust at $54.62 billion. Combined assets across all funds now account for 6.52% of Bitcoin’s total market capitalization, standing at $151.60 billion.
According to Kronos Research’s chief investment officer, the ETF outflows are a natural pause after a strong rally reflecting typical institutional profit-taking and portfolio rebalancing, rather than panic selling.
Tornado Cash Trial: Roman Storm Considers Mistrial Motion
In legal news shaking the DeFi and privacy coin communities, Roman Storm co-founder of the crypto mixing service Tornado Cash may seek a mistrial in his ongoing federal case. Storm’s legal team questioned the validity of government witness testimony, arguing it had no direct ties to Tornado Cash.
Trial Highlights:
- Key witness: Government testimony suggested victim funds passed through Tornado Cash, but the defense refutes this, citing expert blockchain analysis showing no such transaction path.
- Potential outcome: If granted, a mistrial could invalidate the current proceedings or trigger a retrial before a new judge and jury.
- Charges: Storm faces up to 45 years in prison for alleged money laundering, sanctions violations, and operating an unlicensed money transmitting business.
- Co-founder Roman Semenov has not appeared in court and is believed to be in Russia.
BitGo Files for US IPO as Crypto Custody Booms
Crypto custody leader BitGo is making headlines with its move to go public in the United States, reflecting a surge in institutional appetite and broader crypto adoption. The company confidentially filed for an initial public offering (IPO) as its assets under custody have soared to over $100 billion a remarkable climb from $60 billion at the start of the year.
What’s Happening:
- Confidential filing: BitGo submitted its IPO documents to the SEC, with share numbers and pricing details yet to be finalized.
- Market momentum: The filing comes amid a historic $4 trillion valuation for the global crypto market and increasing regulatory clarity.
- Global push: BitGo recently secured regulatory approval in the European Union under the MiCA framework, expanding its reach for digital asset services.
Founded in 2013 and recognized as one of America’s largest crypto custodians, BitGo’s anticipated IPO could set a benchmark for institutional digital asset storage and mark a new chapter in crypto’s integration with traditional finance.
