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•Bitcoin has lost 15% from its peak that followed the launch of Bitcoin exchange-traded funds last week, with outflows of $1.5 billion from the Grayscale Bitcoin Trust, a figure mentioned by a report from JPMorgan (NYSE:JPM) in a report published yesterday, Thursday. .•Nicholas Panigirzoglou, lead analyst at JPMorgan, said: “GBTC investors who have been buying a GBTC fund over the past year at a significant discount to NAV to put into Bitcoin funds in their final form, appear to have captured the full profit after converting to the ETF via... Exiting the Bitcoin space entirely.” •Before it was listed in an exchange traded fund (ETF) from a trust, GBTC was one of the only ways for US stock traders to get exposure to Bitcoin price movements without having to buy the actual cryptocurrency. This made it the largest regulated Bitcoin fund in the world by AUM.•The bank had previously estimated that up to $3 billion was invested in GBTC in the secondary market during 2023 to exploit the fund's discount on net asset value. If this estimate is correct, and given $1.5 billion has already exited, there could be an additional $1.5 billion to exit the space via profit taking on GBTC, which will put further pressure on Bitcoin prices in the coming weeks. •These outflows are also pressuring GBTC to lower its fees, the report said, adding that “GBTC's 1.5% fee is still very high compared to other spot Bitcoin ETFs that risk more outflows.” •“More capital, perhaps an additional $5 billion to $10 billion, could exit GBTC if its liquidity advantage is lost,” JPMorgan warned. As of Friday, GBTC is the most expensive ETF among its peers, with some charging zero fees for the first six months or until a certain assets under management (AUM) target is reached. •JPMorgan says other spot bitcoin ETFs, excluding GBTC, attracted $3 billion in inflows in just four days, and this is similar to inflows seen during previous bitcoin product launches. •Most of these $3 billion inflows reflect rotation from existing Bitcoin instruments such as futures-based ETFs, the report added. $BTC #stay tuned More crypto news 💯✅🔥

•In a strategic move amid regulatory challenges, Brad Garlinghouse announced... Ripple CEO announced the suspension of plans for an initial public offering (IPO) in the United States. Citing a “hostile” regulatory environment. Garlinghouse revealed that Ripple has explored alternative markets for its IPO. Pointing to jurisdictions with clearer regulatory frameworks. •At the same time, this decision raises questions about the future path of Ripple and its possible listing. Due to the ongoing legal battle with the US Securities and Exchange Commission (SEC). •Ripple CEO, Brad Garlinghouse, reveals a plan to go public despite previous indications that Ripple intends to go public in the United States after resolving the lawsuit filed by the Securities and Exchange Commission. Brad Garlinghouse revealed to CNBC at the World Economic Forum in Davos that the company had explored international markets due to perceived hostility from the US regulator. In other words, Garlinghouse expressed reluctance to pursue an IPO in the United States. He highlighted actions taken by the SEC against companies like Coinbase (NASDAQ:COIN). Which faced legal challenges despite the S-1 approval. •Meanwhile, Brad Garlinghouse, CEO of Ripple, expressed. He expressed concerns about the difficult US regulatory landscape, expressing reluctance to float approved S-1 shares amid a hostile regulatory body. Notably, his statements highlighted the enormous obstacles faced by cryptocurrency companies in the United States. •Additionally, Brad Garlinghouse's criticism extends to the Securities and Exchange Commission. With particular disapproval of its president, Gary Gensler, who described it as a “political liability.” This sentiment underscores the tense relationship between cryptocurrency entities and US regulatory authorities. Navigating the regulatory terrain has proven to be a daunting task. It is likely to impact the growth and development of the cryptocurrency industry. •IPO and share buyback vision Although immediate plans for a US IPO have been paused, Garlinghouse emphasized keeping the option open. Notably, he hinted at the possibility of reconsidering once new regulators take office at the Securities and Exchange Commission. •Additionally, the CEO noted that going public is not an immediate priority for Ripple. This suggests a cautious approach given the regulatory uncertainty. Meanwhile, Ripple's recent share buybacks are in line with its commitment to shareholder liquidity and providing value to long-term investors who have been part of Ripple's journey since 2012, the report added. •To quote the words of Brad Garlinghouse: “You know, shareholder liquidity is important to me. We have investors who first invested in Ripple in 2012. They've been in this deal for eleven and a half years. Therefore, we want to provide that liquidity. “It’s one of the reasons we are doing these tender offers.” •At the same time, as the cryptocurrency industry faces evolving regulatory dynamics. The strategic decisions taken by Ripple, including stopping the IPO and buying back shares. It underscores the challenges and uncertainties companies face in navigating the regulatory landscape. The cryptocurrency community will be closely monitoring Ripple's next moves while evaluating its options in a rapidly changing regulatory environment. $XRP #stay tuned More digital currency news 🔥💯

•11 exchange-traded funds for spot Bitcoin trading (spot Bitcoin ETF) were recently able to obtain regulatory approval, sparking an intense struggle between asset management companies, as Mike Novogratz, CEO of Galaxy Digital, predicted. And one of the well-known figures in the crypto sector - there is intense competition between Invesco (NYSE:IVZ), BlackRock, and Fidelity for dominance in the market. •In his conversation with CNBC news channel, Novogratz confirmed that there is no unified formula in the sector of exchange-traded funds for digital currencies, explaining that the attempt to win the battle to control this emerging market depends on several factors, including the implementation mechanism, liquidity, and hidden fees, and does not depend only on reducing spending rates. . •Galaxy Digital, where Novogratz is CEO, partnered with Invesco to launch its own ETF, so Novogratz has direct experience in this area. •Novogratz continued, saying: “Granting regulatory approval for the establishment of 11 Bitcoin spot trading funds during this week led to the start of an intense competition between companies on Wall Street to attract the largest number of clients, with the possibility of two or three asset management companies winning this battle in the long term.” “; Novogratz also highlighted the intense struggle between companies to attract investors. •Invesco, BlackRock, and Fidelity are seeking to secure the largest share of the market. Although he refrained from providing a clear prediction about who will win in this competition, Novogratz believes that each of Invesco, BlackRock, and Fidelity summarizes the main competitors in the confrontation taking place in the crypto sector, as these giant entities prepare to To control a large share of this growing market. On the other hand, Novogratz stressed his firm belief that the price of Bitcoin will rise in the future, and he also expected its value to increase further, given the continuing decline in its issuance rate. •On the other hand, many long-term owners of Bitcoin (BTC) are reluctant to sell their holdings, which has led to a decrease in the number of currencies available for trading and an increase in the possibility of an increase in their price. •Novogratz's statements intersect with the opinion that the culture of owning Bitcoin differs from that of traditional assets, and the upcoming halving will further reduce the supply of Bitcoin, which will further increase its price. •However, Novogratz, who is well-versed in the crypto sector, stressed the importance of exercising caution, as he pointed out that the rise in the price of Bitcoin may make it a safe haven for investors from the turmoil witnessed in the global economy, but its rise comes - partly - as a reaction to governments pumping large amounts of money into... Their economies and the rise in government debt in general. •Novogratz also pointed out that the current direction of governments may indicate widespread economic challenges that the world is preparing to face soon. •SEC Member Expresses Concerns Regarding Bitcoin ETFs Despite SEC member Mark Uyeda's vote to approve the creation of Bitcoin ETFs, he has publicly expressed reservations about how the SEC decided to make the decision. . •Committee member Ueda played an important role in completing the approval process, and he did not hide his support for the requests to create a Bitcoin ETF, but he made clear his concerns about the analytical methodology adopted by the SEC to reach its final decision. •“The SEC’s flawed logic in making the decision to approve the creation of a spot Bitcoin ETF may have repercussions that will last for years to come,” Ueda expressed his opinion, adding that his concerns stem from, in his opinion, the SEC missing the opportunity to treat Bitcoin similarly to other commodities. . •Diving into the details of his criticism, Ueda pointed out that the SEC has long treated Bitcoin ETFs in a distinctive way by evaluating them based on the “importance of their size” in an unprecedented manner, a standard that - in his opinion - these funds should have passed long ago. •Ueda explained that the SEC's treatment of the aforementioned funds is in stark contrast to how it views exchange-traded products in the form of Bitcoin futures ETPs according to the same test. $BTC $ETH #stay tuned More news and details ✅