In today’s edition of the weekly recap: Ripple files a cross-appeal in the SEC lawsuit; spot Bitcoin ETFs reach a new milestone; reports of Tether’s probe; crypto sees renewed adoption.
Ripple v. SEC
Following the SEC’s appeal decision, Ripple filed its own Form C document, seeking to cross-appeal some of the decisions made by Judge Analisa Torres in the ongoing legal battle with the securities regulator.
Ripple CLO Stuart Alderoty suggested that the appeal could either lead to the second circuit upholding Judge Torres’ decision or expanding on it. According to him, the SEC could only hope for a remand, which is unlikely.
Bitcoin ETFs sustain inflows
Amid sustained inflows, BlackRock’s iShares Bitcoin Trust secured the spot for the fastest-growing ETF after snagging $26 billion in capital flows over 10 months.
The inflows into spot Bitcoin (BTC) ETFs continued last week despite market uncertainties, with positive net flows worth $294 million on Oct. 21.
As a testament to the growing institutional interest, CryptoQuant confirmed last week that American institutions had procured $13 billion in Bitcoin ETF shares.
While the products saw outflows of $79.1 million on Oct. 22, the positive trend resumed the next day, as $192.4 million flowed into the market on Oct. 23.
Bitcoin ETFs witnessed $997.6 million in net flows by the end of the week, with total flows surpassing $22 billion, a new record. Last week’s data brought October’s total inflows to $3 billion, as demand hit a 6-month peak.
Renewed adoption
Developments surrounding global adoption emerged last week. Buenos Aires, the Argentine capital city, adopted a blockchain-based ID solution for its miBA app to protect user privacy.
Reports suggested that traditional payment solution Stripe had finalized its $1 billion acquisition of Bridge, a stablecoin platform.
Last week, technology giant Samsung revealed plans to bolster the security of its devices embedded within the AI home ecosystem.
Political movements
As the November elections draw close, a user on Polymarket procured $2 million worth of “Yes” shares for Democratic candidate Kamala Harris, boosting her odds to 39.9%. Trump still led with a 60.1% chance.
Meanwhile, an investigation found that a French trader was behind a series of accounts responsible for driving the surge in Donald Trump’s odds on Polymarket, triggering market manipulation concerns.
Per reports from crypto.news, Ripple co-founder Chris Larsen donated a total of $11.8 million to PACs supporting Kamala Harris, despite Ripple’s legal struggles with the current administration’s SEC.
US government hacked
In an ironic turn of events, hackers stole funds previously seized by the U.S. government from the Bitfinex hackers. On-chain data indicated that the malicious actors siphoned $20 million from the government’s wallet.
Tether under probe?
Last week, a report from the Wall Street Journal claimed Tether was under investigation by U.S. authorities for the possible usage of USDT in illegal activities.
The WSJ also alleged the U.S. Treasury was mulling the imposition of sanctions on the stablecoin issuer. Tether and its CEO Paolo Ardonio quickly debunked the reports, suggesting no such investigation exists.
Bitcoin whale uncertainty
With just eight days until the U.S. presidential election, movement among Bitcoin whales has significantly declined.
Data shows large-holder net inflows plunged from around 38,800 BTC on Oct. 20 to 258 BTC on Oct. 26. This could indicate that whales are nervous as Election Day in the U.S., Nov. 5., approaches.
Crypto liquidations plunged by 85% over the past day.
Read more: Why is Ripple betting big on Kamala Harris and shocking everyone?
