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BlackRock’s BTC ETF Has 6th Day of Net Outflows Since January Launch

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BlackRock’s spot Bitcoin exchange-traded fund (ETF) saw its sixth day of net outflows since launching in January, as institutional investors turned cautious on U.S. election day.

According to CoinGlass, BlackRock’s iShares Bitcoin Trust recorded an outflow of $44.2 million on Nov. 5. This marked the ETF’s first net outflow since Oct. 10, when $10.8 million exited the fund. Across all 11 U.S. spot Bitcoin ETFs, net outflows reached $116.8 million, with Fidelity Wise Origin Bitcoin Fund leading the trend with a $68.2 million outflow. Bitwise Bitcoin ETF was the only fund to record an inflow, bringing in $19.3 million.

It was also the third consecutive day of outflows for U.S. spot Bitcoin ETFs, following a record-breaking $541.1 million outflow the previous day. Spot crypto markets saw a surge after the U.S. trading day as election results emerged, pushing Bitcoin to an all-time high of $75,000.

Apollo Crypto’s Chief Investment Officer, Henrik Andersson, explained to Cointelegraph that Bitcoin is “currently the election trade for traders globally.” By analyzing betting markets and traditional data sources, Andersson estimated an 80-90% probability of a Trump victory. He suggested that “Bitcoin might, in the short term, have done 80% of the move already where it is now at above 74,000” and projected a potential rise to $100,000 by year-end if Trump wins.

ETF Store president Nate Geraci commented in a Nov. 5 blog post that while the election’s impact on investments is often overstated, changes in regulatory leadership, especially within the SEC, could influence ETF innovation significantly. He noted, “Nobody knows for sure how this all might play out–and the best longer-term solution is the implementation of a bipartisan, comprehensive crypto framework–but it seems highly likely this election will affect the speed of crypto ETF innovation one way or another.”

Bybit Expands Shunyet Jan’s Role to Drive Institutional Growth

Dubai, United Arab Emirates, November 8th, 2024, Chainwire

Bybit, the world’s second-largest crypto exchange by trading volume, is pleased to announce that Shunyet Jan, its current Head of Derivatives, will take on an expanded role as Head of Institutional. This move underscores Bybit’s commitment to serving institutional clients and enhancing its innovative derivatives offerings.

Expanding Responsibilities for a Dynamic Industry

Shunyet Jan joined Bybit with a wealth of experience in both traditional finance and high-frequency trading, bringing a fresh perspective to the crypto space. “Bybit has been an exciting place to work, with a strong focus on innovation and rapid execution,” Shunyet noted. “The culture here is remarkably collaborative, and it’s clear that agility and teamwork are at the heart of everything we do.” His positive first impressions of Bybit’s team and culture, shaped by his background across diverse financial environments, have only reinforced his enthusiasm for advancing Bybit’s role in the market.

In his expanded role, Shunyet will leverage his insights from a distinguished career, which includes roles in program trading, ETFs, and index arbitrage on Wall Street, as well as algorithmic and high-frequency trading in Asia. His leadership will guide Bybit in crafting solutions that cater specifically to institutional needs, bridging traditional finance principles with the flexibility of digital assets.

Championing Bybit’s Vision for Institutional Growth

With deep experience in serving sovereign wealth funds, pension funds, hedge funds, and market makers, Shunyet understands the unique needs of institutional investors. “Institutional sales and derivatives share a common goal: providing seamless access to liquidity and effective support,” Shunyet explained. His dual background as both an institutional client advisor and a top global market maker allows him to anticipate and address the nuanced demands of these clients, helping Bybit solidify its reputation as a trusted partner for sophisticated trading solutions.

In his new role, Shunyet’s focus is clear: “I’m focused on positioning Bybit as the top choice for institutional clients by enhancing our custody solutions, expanding loan products, and strengthening liquidity across the platform.” He envisions building a robust environment that not only attracts institutional clients but also elevates their experience through refined trading conditions and innovative tools. By refining custody options and liquidity enhancements, Bybit aims to further solidify its foundation in a rapidly growing sector.

A Vision for Bybit’s Derivatives and Institutional Future

Shunyet’s career trajectory highlights a commitment to adapting the best practices from traditional finance to the crypto industry. He sees significant potential in options trading for the crypto sector, especially in the APAC region, where demand is rapidly increasing. “While options are standard in traditional markets, they remain underutilized in crypto. My goal is to build a world-class options trading platform that offers the same level of sophistication and reliability that institutional investors expect.”

“Bybit has a vision of creating a secure, innovative environment for traders, and I’m eager to contribute to the growth of our platform, enhancing institutional offerings while expanding sophisticated retail solutions,” Shunyet added.

Helen Liu, Chief Operating Officer of Bybit, commented, “Shunyet’s dual expertise in traditional finance and crypto markets equips him to elevate our platform for institutional clients. His insights and leadership will be instrumental as we broaden our reach in institutional services and enrich our derivatives offerings.”

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, users can visit Bybit Press 

For media inquiries, users can contact: media@bybit.com

For more information, users can visit: https://www.bybit.com

For updates, users can follow: Bybit’s Communities and Social Media

Contact

Head of PR
Tony Au
Bybit
tony.au@bybit.com

SingularityDAO, SelfKey and Cogito Finance Token-Holders Approve Merger to Form Singularity Finance

Gros Islet, St. Lucia, November 8th, 2024, Chainwire

SingularityDAO, SelfKey, and Cogito Finance have agreed to form Singularity Finance after the communities approved the merger. SDAO and KEY token-holders voted overwhelmingly in favor of the proposal.

The merger follows a governance vote in which the SingularityDAO (SDAO) community approved the proposal. Of more than 15 million SDAO tokens cast, 95% backed the motion. The SelfKey community also approved the merger through a community vote that resulted in  99.9% of KEY voters giving it their support.

SingularityDAO, SelfKey, and Cogito Finance will combine their technologies to create a Layer 2 ecosystem optimized for AI tokenization. This will support the creation of new DeFi primitives while accelerating AI innovation.

The creation of Singularity Finance will now be initiated and a token swap will occur to create a single asset, SFI, which will serve as the network token.

  • KEY will convert at a ratio of 1 KEY = 0.1 SFI
  • SDAO will convert at a ratio of 1 SDAO = 8.0353 SFI
  • CGV will convert at a ratio of 1 CGV = 1.0890 SFI

Dr. Ben Goertzel, CEO of SingularityNET and the Artificial Superintelligence Alliance, will lead a council overseeing Singularity Finance operations. The team will also include Cogito Finance’s Cloris Chen and SingularityDAO’s Mario Casiraghi.

Mario Casiraghi, Co-Founder SingularityDAO said: “We’re delighted that the merger can proceed thanks to the support and votes from both the SelfKey and SingularityDAO communities. We’re grateful to all SDAO and KEY holders for participating in this pivotal governance decision. With their approval, we’re now set to move forward with creating Singularity Finance as a Layer-2 platform that merges the strengths of SingularityDAO with our partners SelfKey and Cogito Finance, accelerating innovation at the intersection of DeFi and AI.”

Cloris Chen, CEO of Cogito Finance, shared her excitement about the community vote, stating: “The overwhelming support from both the SingularityDAO and SelfKey communities for the SFI merger is a testament to our shared vision for the future of finance. Together, with combined expertise and leading technologies, we’re set to unlock new possibilities at the intersection of AI and DeFi. Singularity Finance will not only drive innovation and accessibility across the industry but also position itself as a leader in the fast-evolving AI economy, creating a Layer 2 ecosystem that attracts developers and users eager to explore pioneering use cases and assets.”

Through its Layer-2 blockchain, Singularity Finance will support onchain assets such as AI compute, reducing barriers to entry and providing permissionless access to new financial opportunities. By uniting the capabilities of SingularityDAO, Cogito, and SelfKey, Singularity Finance will position itself at the vanguard of the movement to tokenize AI and unlock greater onchain value.

About SingularityDAO

SingularityDAO is a decentralized Portfolio Management Protocol designed to democratize access to sophisticated crypto asset management tools. The upcoming dynavaults, multiasset, multistrategy vaults leveraging AI-enhanced analytics and risk management tools, provide the much needed infrastructure in the volatile world of DeFi.

Learn more: https://singularitydao.ai/

About Cogito Finance

Cogito’s mission is to bring tokenized traditional assets onchain for increased liquidity, security, and transparency. It offers a suite of carefully-engineered, fully transparent, and institutional-grade investment products. Led by a team of finance and technology experts, Cogito is pioneering the future of onchain finance.

Learn more: https://www.cogito.finance/

About SelfKey

SelfKey is building a blockchain-based identity system that allows identity owners to truly own, control and manage their digital identity. Its blockchain based self-sovereign identity system enables individuals and organizations to find more freedom and privacy. Structured as a DAO, SelfKey empowers individuals and corporations to take back ownership of their identity data.

Learn more: https://selfkey.org/

Contact

Market Across
pr@marketacross.com

Rekt Raises $1.5M Seed Round Backed by Angels and Community, Following Sell-Out Success of Rekt Drinks

Wilmington, Delaware, November 7th, 2024, Chainwire

Rekt Brands Inc. (Rekt), the parent company behind the Rektguy NFT project, Rekt Drinks, and the Rekt brand intellectual property, is excited to announce the completion of a $1.5 million seed funding round. Funded exclusively by angel investors and the community—without institutional venture capital—this achievement highlights the support Rekt received from its loyal and growing network.

This funding announcement follows the debut of Rekt Drinks, Rekt’s first consumer product: a lime-flavored sparkling water with zero caffeine and zero alcohol, featuring the Rekt branding. Rekt Drinks made its debut last week with 222,456 units available across 32 countries. The entire stock sold out in under 48 hours, with demand in the U.S. alone resulting in a complete sell-out within just 4 hours and 20 minutes. This launch represents one of the largest real-world product sales by a Web3 brand, reinforcing Rekt’s potential as a cultural force in both digital and traditional markets.

Rekt was founded from the success of the Rektguy NFT collection, created by artist Ovie Faruq (OSF) in May 2022. Since then, the Rektguy project has expanded into Rekt Brands, which oversees the Rekt IP and pioneered a unique industry model by offering equity in the parent company directly to its NFT holders, utilizing a Reg CF exemption under SEC guidelines in the U.S.

“Rekt has had a die-hard, cult-like community for the past 2 years, and our ambition is to fulfill its potential as one of the largest Web3 brands,” said OSF. “With the sell-out of our drinks last week, that’s 222,456 times someone is going to pick up a can with the Rekt logo and a Rektguy on it. It’s a magnitude higher for us in terms of brand awareness.”

With this new funding, Rekt is poised to expand its product lineup, strengthen its brand awareness in and outside of Web3, while further bridging digital culture with physical consumer products. The Rekt community remains at the heart of the brand’s mission, with upcoming projects that will continue to empower, engage, and reward its dedicated supporters.

About Rekt 

Rekt Brands Inc. is the parent company that owns the Rektguy NFT project, Rekt Drinks, and the Rekt brand intellectual property. Established from the success of the Rektguy NFT collection by artist Ovie Faruq (OSF), the brand has expanded into consumer goods and groundbreaking community equity models. Rekt aims to redefine brand ownership and engagement through its Web3 foundation, innovative products, and viral global community.

Contact

CEO
Ovie Faruq
Rekt Brands Inc.
ovie@rektdrinks.com

COTI’s Privacy-First CBDC for the Bank of Israel is Paving the Way for a Digitized Future

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With the crypto sector continuing to witness an immense amount of innovation in recent years, one breakthrough that has caught the attention of governments as well as digital asset enthusiasts worldwide is Central Bank Digital Currencies (CBDCs).

As things stand, approximately 134 countries — representing approx. 98% of the global economy — are exploring this digital medium. Furthermore, a recent survey by the Bank for International Settlements (BIS) revealed that a whopping 94% of central banks globally are actively using or researching the implementation of CBDCs.

Most recently, COTI, a confidential computing platform, emerged as the only blockchain-based initiative to reach the final stage in the Bank of Israel’s Digital Shekel Challenge.

The challenge was modeled on the BIS’s “Rosalind” initiative, inviting entities across domains like fintech, banking, academia, and technology to develop applications using a digital shekel API layer. 

The teams were encouraged to design solutions capable of addressing the unique needs of Israel’s diverse payment landscape — especially ones that were capable of facilitating secure, cross-border transactions seamlessly. 

A look at what COTI’s solution has to offer

The growing interest in CBDCs has revealed a shift toward a more digitized financial ecosystem. However, even though the blockchain’s transparency has been one of its key selling points, it has also raised significant privacy concerns.

This is primarily due to the fact that the linking of CBDC transactions to real-world identities stands to create an unparalleled record of an individual’s financial history — a dystopian prospect that has drawn the ire of lawmakers across the globe, especially in the United States (by the representatives of its House Financial Services Committee).

This is where COTI’s offering shines, providing clients with advanced features to store and exchange CBDCs securely. At the heart of their solution is a novel implementation of ‘garbled circuits,’ a cryptographic technique designed to obscure sensitive transaction details such as amounts, token types, and wallet addresses.

More importantly, COTI’s privacy layer has been designed to be lightweight and scalable, capable of running on any device, even mobile phones. This level of accessibility differentiates COTI from other alternative privacy solutions, which tend to involve significant computational overhead or centralized trust assumptions.

Practicality is key

To demonstrate the real-world potential of its privacy-oriented CBDC platform, COTI recently developed and launched a decentralized marketplace for event tickets. Within the platform, buyers and sellers were allowed to transact in their local currencies while using the Digital Shekel as the mediating currency. 

Moreover, thanks to the use of smart contracts, the need for intermediaries was completely eliminated, which in turn reduced fees and settlement times substantially. Lastly, the platform’s innovative use of Hash Time-Locked Contracts (HTLC) enhanced the platform’s security, ensuring that all parties’ interests are protected throughout the transaction process. 

Lastly, it bears mentioning that every time a ticket was sold via the platform, the buyer’s funds were securely locked in a smart contract until the sale conditions were met, at which point the exchange was executed automatically and privately.

COTI’s presence at the ‘Digital Shekel Challenge’ was impactful

COTI’s decentralized marketplace was considered a standout entry in the Digital Shekel Challenge. Alongside teams from industry giants like PayPal and Fireblocks, COTI emerged as the only blockchain initiative to reach the final stage of the competition.

The judging panel was particularly impressed by COTI’s ability to bridge the gap permeating traditional finance (trad-fi) and the decentralized, privacy-focused world of Web3 — primarily via the application of its confidential computing technology to CBDC implementation, thereby demonstrating a transparency and privacy-driven path for central banks worldwide.

Privacy is the primary driving force for CBDC innovation

As more countries continue to explore the immense social, technological and financial prospects put forth by CBDCs, COTI’s offering stands to act as the ideal blueprint for how privacy can be seamlessly integrated into these digital currency systems. 

In a recent interview, the company’s CEO, Shahaf Bar-Geffen, emphasized that privacy is not just a “good idea” but a fundamental necessity for the widespread adoption of Web3 technologies.

In this context, it bears mentioning that COTI’s vision extends beyond CBDCs, especially since the company’s privacy-first approach unlocks a host of potential use cases, from decentralized finance (DeFi) and real-world asset management to AI and identity solutions.  

Therefore, as the global financial landscape continues to evolve, COTI’s pioneering work in the Digital Shekel Challenge serves as a potent reminder that privacy is not just a buzzword anymore but a critical enabler of a digital future where CBDCs can coexist with conventional payment and transaction channels.

0G.AI Node Sale on Fjord: Decentralised Capital Formation Meets Decentralised AI

Singapore, Singapore, November 7th, 2024, Chainwire

0G Foundation in conjunction with Fjord Foundry are proud to announce its upcoming node sale on Fjord, web3’s leading capital formation platform. The sale will run from November 7th to 13th, offering participants valuation terms and an opportunity to lead in the decentralized AI space.

0G recently closed its last funding round and has strong participation from renowned VCs such as Hack VC and Delphi Ventures with the latest SAFE valuation exceeding $2 billion. The upcoming node sale on Fjord offers participants the chance to join the network at a significantly lower valuation. By purchasing a node, participants become integral contributors to 0G’s decentralised network, directly supporting the democratisation of artificial intelligence. 

“We’re excited to invite the wider Fjord and web3 community to join us in shaping the future of AI,” said Michael Heinrich, CEO of ZeroGravity Labs. “Our node sale on Fjord represents a significant step towards creating an AI ecosystem that is accessible, transparent, and governed by its users.”

Introducing 0G.AI’s Innovative Technologies

  • 0G Storage: A decentralised storage solution that ensures data is securely stored across a distributed network. By eliminating central data repositories, 0G Storage enhances data security and privacy, allowing users to maintain control over their data while contributing to the network’s robustness.
  • 0G DA (Data Availability): 0G DA addresses the critical challenge of data availability in decentralised networks. By implementing advanced cryptographic techniques, it ensures that data required for AI computations is reliably accessible when needed, without compromising on security or efficiency.
  • 0G Serving: A decentralised AI model serving platform that allows AI models to be hosted and served across the network of nodes. 0G’s Serving framework empowers developers to deploy AI services without relying on centralised cloud providers, reducing costs and avoiding single points of failure.
  • 0G Chain: The custom L1 (EVM compatible) blockchain underpinning the 0G network. 0G chain facilitates secure and transparent transactions, governance decisions, and coordination among nodes. It ensures the integrity and auditability of all activities within the ecosystem.

Purchasing an AI Alignment Node

As an alignment node operator, users contribute to the network’s processing, storage, and deployment of AI models, enhancing its resilience and efficiency. In return, node owners receive token rewards for their contributions, providing economic benefits as the network grows. Additionally, owning a node grants rewards that can empower users with governance rights within the 0G ecosystem, allowing owners to influence key decisions and shape the platform’s future.

About Fjord Foundry

Fjord Foundry’s mission is to democratise access to early-stage opportunities for the community of backers while providing projects the means to bootstrap liquidity in a seamless and straightforward manner. Fjord Foundry has solidified its reputation as web3’s leading capital formation platform, facilitating over $1 billion in funds raised since September 2021. By hosting the sale on Fjord, 0G leverages a platform renowned for connecting innovative projects and community backers. Participants in the node sale can benefit from Fjord’s trusted infrastructure, higher-tier offerings, and a seamless participant experience.

About 0G Foundation

The 0G Foundation is an organisation dedicated to driving innovation and growth maintaining the world’s first decentralised AI Operating System. Focused on creating an open, transparent, and scalable infrastructure, the 0G Foundation is committed to fostering a vibrant, decentralised ecosystem where AI can operate as a public good. Through strategic partnerships, community initiatives, and innovative technology, 0G Foundation strives to ensure the long-term sustainability and integrity of the 0G network. 

The node sale will be live from November 7th to 13th. To learn more and participate, users can visit https://links.fjordfoundry.com/0GAI.

Contact

Head of Marketing
Ben
Fjord Foundry
ben@marigoldlabs.xyz

US Crypto Stocks Rally as Bitcoin Sets New All-Time High

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U.S. crypto stocks closed with major gains, many in double digits, following Donald Trump’s election victory and Bitcoin’s new all-time high.

Coinbase Global Inc (COIN), a significant donor in the election, saw the largest surge on Nov. 6, ending up 31.11% at $254.3 and now up 62.1% year-to-date, according to Google Finance.

Robinhood Markets Inc (HOOD) also soared, jumping 19.6%, while Bitcoin miner MARA Holdings Inc (MARA), formerly Marathon Digital, saw a similar increase.

MicroStrategy Inc (MSTR), known for its BTC holdings, closed over 13% higher.

Other U.S. Bitcoin miners also saw strong gains: Riot Platforms Inc (RIOT) rose 26%, CleanSpark Inc (CLSK) increased by 23%, and Hut 8 Corp (HUT) gained 11%.

Traders seem optimistic about the prospect of Republican control in both Congress and the White House, which could ease the path for two GOP-backed crypto bills.

President-elect Trump campaigned on a pro-crypto platform, even proposing a national Bitcoin reserve.

He appears on track to secure 312 electoral votes, well above the 270 needed, with leads in key swing states like Nevada and Arizona, as reported by the Associated Press.

Trump’s Republican party has gained a majority in the Senate and leads in the House, though 40 seats remain undecided.

The Republican-controlled Senate, taking office in January, may push forward the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to place more crypto oversight with the Commodity Futures Trading Commission.

The bill had stalled in the Senate after passing the House in May.

The GOP’s proposed stablecoin regulatory framework could also gain traction with a House majority, as it stalled after passing the Financial Services Committee last July.

Bitcoin’s soaring price has been another catalyst for stock price jumps, hitting a record $76,509.56 on Coinbase just before the New York Stock Exchange closed at 4 p.m. (9 p.m. UTC), according to TradingView.

Bitunix Responds to Pro Trader Demand with New Copy Trading Feature

Dubai, United Arab Emirates, November 7th, 2024, Chainwire

Bitunix exchange announced on November 1st that it has launched its Copy Trading Feature. With this tool, Bitunix enables new traders to take their first steps in futures trading by copying experienced traders. The fastest-growing crypto derivatives exchange with this move aims to make involvement in crypto trading as easy as possible for everybody.

According to Dailycoin, crypto copy trading has rapidly grown in popularity among retail investors, offering a way for newcomers to enter the market. Considering that and based on user feedback and analysis of market trends, Bitunix came up with their advanced version of Copy Trading Feature.

This new tool lets users follow experienced traders, automatically replicating their trades in the user’s account, which simplifies trading for newcomers. Both users and traders benefit—traders gain followers and a share of potential earnings, while users can view transparent performance metrics (such as ROI, win rate, and trade size) to choose traders wisely. Traders without followers can also publish trading signals to attract users.

Key Highlights of Bitunix’s Copy Trading Feature

Some of the things that can be highlighted regarding the Bitunix Copy Trading Feature are:

  • One-Click Copy Trading: Users can follow a trusted trader’s strategies with a single click, enabling automated trading for both beginners and pros.
  • Real-Time Data and Transparency: All traders’ historical profit data is available in real-time, helping users make informed choices with clear, transparent information.
  • Personalized Copy Trading: Users can customize copy trading amounts, take profit, and stop-loss settings to match their risk preferences.
  • Become a Lead Trader: Experienced traders can become lead traders, sharing strategies and earning a percentage of followers’ potential earnings.
  • Avatar Selection: Traders can choose from a set of system-provided avatars (custom avatars not supported).

How Much Can a User Invest and What is the Profit-Sharing Fee with the Copied Trader?

Bitunix Copy Trading, has its limits on how much a user can invest and here’s how it works:

  • Fixed Amount Mode: A user can invest anywhere from $10 to $1,000.
  • Proportion Mode: A user can invest between $100 and $100,000.

In Copy Trading, when a user earns from trades they’ve copied, up to 10% of those earnings go to the trader as a profit-sharing fee. Bitunix may adjust this percentage in the future based on trader experience or performance. Currently, each trader can have up to 100 followers, with plans to increase this limit as trader levels evolve.

How Can Users Monitor Their Copy Trades?

The “My Copy Trading” module gives users detailed insights into both active and completed copy trades, including amounts, margin balances, and profit/loss. Users can monitor unlimited ongoing trades in real time (with up to 10 copy trading accounts). It also provides access to the trading positions, profit status, and past records of completed trades for review.

How Can Users detect Top-Performing Traders to Copy?

The trader list is organized to help users find top-performing traders, with rankings based on key metrics like profit and loss, return on investment, win rate, and trade volume. This structured approach makes it easier for users to select traders that best fit their investment goals.

Additionally, users can use a search function to locate specific traders within the list. For those seeking different results, the platform offers flexibility. Users unsatisfied with their current copy trading outcomes can stop following a trader or choose to follow a new one.

How to Participate in Bitunix Copy Trading

Bitunix’s Copy Trading feature simplifies trading in the fast-paced cryptocurrency market, offering an easier start for new traders compared to manual trading. The steps to participate are as follows:

  • Copy Trading Users: Log in to the Bitunix platform via the website or app, navigate to the “Copy Trading” panel, select a lead trader to follow, customize trading parameters, and start automated trading instantly.
  • Lead Traders: Experienced traders can apply to become lead traders on the same page, sharing their strategies and potentially earning through follower engagement.

Bitunix has also recently introduced its multi-window trading feature, aligning with its mission to provide a convenient and feature-rich trading environment.

For detailed steps on how to participate in Bitunix Copy Trading, users can visit this tutorial on their website.

About Bitunix

Bitunix is a global cryptocurrency derivatives exchange founded in 2021, committed to offering simple, secure, transparent, and cost-effective trading services to its users. Bitunix specializes in both spot trading and perpetual futures, with over 250 trading pairs and leverage of up to 125x.

With features such as top-tier liquidity, 24/7 customer support, and a strong commitment to regulatory compliance, Bitunix remains at the forefront of providing a reliable trading experience for the global crypto community. Bitunix has attracted more than 1,000,000 users from over 100 countries, facilitating a daily trading volume exceeding $1 billion on its platform.

Website | Telegram | X | LinkedIn

Contact

COO
KX WU
Bitunix
kx.wu@bitunix.io

BlackRock’s Bitcoin ETF Has Record-Breaking Day After Donald Trump’s Victory

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BlackRock’s Bitcoin exchange-traded fund (ETF) saw a record-breaking day of trading following Donald Trump’s victory in the U.S. presidential election.

In a Nov. 6 post on X, Bloomberg ETF analyst Eric Balchunas noted that the iShares Bitcoin Trust (IBIT) experienced its “biggest volume day ever,” with daily trading reaching over $4.1 billion.

“For context, that’s more volume than stocks like Berkshire, Netflix, or Visa saw today. It was also up 10%, its second-best day since launching,” Balchunas added.

Other Bitcoin ETFs also enjoyed one of their best trading days since “the crazy early days” in January, with most funds doubling their average volume, according to Balchunas.

IBIT’s record day came amid bullish momentum for Bitcoin, which reached a new all-time high of $76,500 on Nov. 6, just a day after the pro-crypto Trump was elected president.

Bitcoin’s price has since slightly retraced to $75,267, as reported by TradingView.

Bitcoin has dominated the ETF landscape this year, securing six of the top 10 most successful launches in 2024, according to Nate Geraci, president of the ETF Store.

Analysts suggest Trump’s pro-crypto stance and his promises for favorable policies could benefit assets beyond Bitcoin.

In 2024, asset managers have already filed for ETFs holding altcoins such as Solana, XRP, and Litecoin, while waiting for approval on crypto index ETFs designed to hold diverse token baskets.

On Oct. 25, Balchunas described these crypto index ETF filings as “call options on a Trump victory” in the presidential race.

Many traders and analysts now predict Bitcoin’s price will continue to rise, with Trump—a pro-crypto Republican—heading to the White House.

Fadi Aboualfa, head of research at Copper.co, told Cointelegraph that a $100,000 target for Bitcoin is “quite possible” by Jan. 20, the date Trump will be inaugurated.

Bitcoin ETFs Record Huge Outflows Ahead of US Presidential Election

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Bitcoin exchange-traded funds (ETFs) in the U.S. saw their second-largest day of outflows on Nov. 4, just before the country’s highly anticipated election.

According to CoinGlass, the 11 spot Bitcoin ETFs recorded a net outflow of $541.1 million. BlackRock’s iShares Bitcoin Trust ETF (IBIT) was the only one to secure inflows, totaling $38.4 million.

This marks the largest outflow day for Bitcoin ETFs since May 1, when $563.7 million was withdrawn after Bitcoin dropped 10.7% to $60,000.

Ahead of the Nov. 5 U.S. election, Bitcoin traders are trimming their positions, causing Bitcoin to fall 4.6% over the past week and 1.7% in the last 24 hours, settling around $68,000. The Fidelity Wise Origin Bitcoin Fund (FBTC) experienced the largest outflow at $169.6 million, followed by ARK’s 21Shares Bitcoin ETF (ARKB) with $138.3 million.

Nov. 4 also marked the second consecutive trading day of outflows after seven days of consistent inflows, as reported by CoinGlass.

Grayscale’s two Bitcoin funds collectively faced $153.2 million in outflows. The Grayscale Bitcoin Trust (GBTC) lost $63.7 million, while its smaller counterpart recorded $89.5 million in outflows, representing the fifth and third largest outflows for the day, respectively.

In the prior week ending Nov. 1, U.S. Bitcoin funds had a net inflow of $2.2 billion, though it ended with a $55 million outflow.

CoinShares head of research, James Butterfill, noted that inflows were driven by optimism for a potential Republican victory. “As polls have turned, we saw minor outflows on Friday, highlighting how sensitive Bitcoin is to the U.S. elections at present,” he explained.

The election polls show Kamala Harris and Donald Trump nearly tied, with Harris holding a slight 1.2-point lead as of Nov. 4, according to FiveThirtyEight. Meanwhile, on crypto betting platform Polymarket, Trump’s odds dipped from 67% on Oct. 30 to 59% on Nov. 3.

The Republican candidate remains favored by the crypto industry, with some traders speculating that a Trump victory could propel Bitcoin to $100,000.

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