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FTX Creditors demand “in-kind” repayments fearing missing out on the recent bull run. Billions of dollars flowed into spot Bitcoin exchange-traded funds (ETFs) on Jan. 11 as they debuted on major exchanges. However, at least one asset manager isn’t playing ball — with reports suggesting it is not allowing its customers to access the new exchange-traded products.
FTX creditors seek ‘in-kind’ crypto repayments instead of 2022 low prices
While FTX plans to reimburse customers in U.S. dollars, determined by cryptocurrency prices at the time of FTX’s bankruptcy filing in November 2022, Creditors have requested an “in-kind” repayment, which would allow investors to reap profits off the recent bull run.
The values of three significant cryptocurrencies held by FTX customers — Bitcoin
BTC
$43,494,
ETH
$2,656
SOL $96 — have significantly risen since FTX declared bankruptcy.
Vanguard users threaten to close accounts after firm blocks spot Bitcoin ETFs
Asset manager Vanguard’s apparent decision not to allow the purchase of spot Bitcoin exchange-traded funds (ETF) on its platform has seemingly pushed a few customers toward the exit door.
According to a Jan. 11 report from The Wall Street Journal, Vanguard said it won’t offer the new spot Bitcoin ETFs on its brokerage platform as it did not align with its traditional offerings.
“Spot bitcoin ETFs will not be available for purchase on the Vanguard platform,” said the company in a statement to the WSJ. “We also have no plans to offer Vanguard bitcoin ETFs or other crypto-related products.”
“Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio.”
Spot Bitcoin ETFs top $4.5B total volume on day one of trading
The first day of trading for a suite of new Bitcoin
BTC $43,494 exchange-traded funds (ETFs) has gone off with a bang, with BlackRock, Grayscale, and Fidelity claiming the largest volumes for the day.
Aggregated data from Yahoo Finance, shows that the total volume across ten of the spot Bitcoin ETFs reached more than $4.5 billion in total volume for day one trading.
BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), was the top performer of the newly-listed funds, handling just over $1 billion in volume — 22% of the group’s total volume — per Yahoo Finance data.
