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Spot Bitcoin ETFs recorded five days of positive inflows. Cardano announces its MiCA compliance — six months early. Meanwhile, USDC issuer Circle has become the first global stablecoin operator to be regulated under the European Union’s Markets in Crypto-Assets (MiCA) regulations.
Bitcoin ETF inflows highest in a month as Bitcoin hovers near $63,000
United States-based spot Bitcoin BTC $61,879 exchange-traded funds (ETFs) recorded significant daily inflows of $129.45 million on July 1, marking the fifth consecutive day of positive flows.
Spot Bitcoin ETFs in the U.S. were approved on Jan. 10 and started trading a day later. In the first couple of months, major ETF issuers had some of the biggest inflows and trading volumes, with the exception of the Grayscale Bitcoin Trust (GBTC), which has seen zero inflows or significant outflows since its conversion to an ETF.
The $129.45 million of inflows on July 1 is also the highest figure since June 7. As inflows turned positive, the BTC price reclaimed $63,000 after nearly three weeks of struggling to overcome the key resistance level of $62,000.
Data from the crypto research platform SoSo Value shows that Fidelity’s Wise Origin Bitcoin Fund registered the highest inflow, with1,030 BTC worth $65 million, followed by the Bitwise Bitcoin ETF, with 650 BTC worth $41 million.
The ARK 21Shares Bitcoin ETF had inflows of 205 BTC worth $13 million, with BlackRock’s iShares Bitcoin Trust and GBTC — the two largest spot Bitcoin ETFs by net asset value — seeing zero flows on Monday, June 1.
Circle is now MiCA compliant
Stablecoin issuer Circle has received the green light to operate in the European Union under the sweeping MiCA framework.
According to a July 1 announcement, Circle co-founder and CEO Jeremy Allaire said USD Coin USDC $1.00 and EURC are now compliant with MiCA rules. That means users of the stablecoins can redeem and transfer funds without having to worry about compliance issues.
Allaire also announced that France will be the location of Circle’s European headquarters, due to the country’s forward-looking stance on digital assets.
“The entire concept of fiat digital currency did not really even exist outside of very early crypto circles,” Allaire said, referring to the growth of digital assets over the past decade. “The concept of seeing major global laws that enshrined stablecoins into the financial system was inconceivable.”
The implementation of MiCA is expected to occur gradually, with stablecoin regulations coming into effect on June 30. The MiCA framework was initially approved in April 2023.
German, U.S. governments move $150 million in crypto
The German and United States governments have drawn significant attention after transferring millions of dollars of crypto holdings.
The German government has made substantial Bitcoin BTC $61,879 transfers, while the U.S. government has transferred Ether ETH $3,413 from seized funds. On July 1, the German government moved 1,500 BTC worth roughly $95 million to multiple crypto exchanges, while the U.S. government moved 3,375 ETH worth $11.75 million to an unknown address.
According to data from the onchain analytics platform Arkham Intelligence, the German government has transferred 2,700 BTC to multiple exchanges over the last two weeks.
According to Arkham intelligence data, the U.S. government has made large transactions, specifically the address holding funds seized from Estonian crypto entrepreneurs Sergei Potapenko and Ivan Turogin.
Previously moving 11.84 BTC worth around $743,000 on June 30 from another seized funds address, the U.S. government has since moved its entire $11.75 million in ETH holdings to a previously unassociated address.
These frequent recent transfers by both governments suggest strategic management of the held funds, with Germany potentially looking to liquidate its holdings on major exchanges.
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