● Galaxy Research: Bitcoin spot ETF is expected to have inflows of $14 billion in the first year
According to PANews, Galaxy Research released a report that, based on the total assets managed by the U.S. wealth management industry, classified and estimated the growth rate of various channels in the industry entering the Bitcoin spot ETF, and concluded that: the capital inflow in the first year after the launch of the Bitcoin spot ETF is expected to reach US$14 billion, which will increase to US$27 billion in the second year and US$39 billion in the third year after the launch.
The report also stated that if the approval of the Bitcoin spot ETF is delayed or rejected, its analysis will change due to timing and access restrictions. Alternatively, if poor price performance or any other factors lead to lower-than-expected usage or adoption of Bitcoin ETFs, its estimates may be too aggressive. On the other hand, Galaxy believes that its assumptions for access, exposure, and allocation are conservative, so inflows may also be higher than expected. Inflows from ETFs, market narratives about the upcoming Bitcoin halving, and the possibility that interest rates have or will peak in the short term all suggest that 2024 could be an important year for Bitcoin.
● Bitwise submits Bitcoin ETF amendment, code $BITB
Bitwise has submitted its amendment to the Bitcoin ETF. The submission of this amendment is considered to be a response to the comments and concerns of the U.S. Securities and Exchange Commission (SEC). In response, crypto market analyst James Seyffart commented that this was completely expected because Bitwise was merely responding to the comments and concerns of the SEC. He went on to point out that he did not see anything substantive or what we have seen in the amendments of other applicants.
More notably, if Bitwise’s product is approved by the SEC, it will be listed on the exchange under the ticker symbol $BITB. When asked if this is significant, Seyffart responded: “No, but it shows the ongoing dialogue between the SEC and these applicants.”
● Binance Labs makes follow-up investment in decentralized social network CyberConnect
Binance Labs said on X (formerly Twitter) that it has made a follow-up investment in the decentralized social network CyberConnect. Seeing the potential of SocialFi in promoting Web3 into the mainstream, it will hold an AMA to explore in depth the opportunities for social integration across the ecosystem.
● Metaverse division Reality Labs lost $3.74 billion in the third quarter
According to Foresight News, Meta's metaverse division Reality Labs suffered an operating loss of $3.74 billion in the third quarter, and has accumulated losses of nearly $25 billion since the beginning of 2022. Reality Labs' operating losses will increase significantly year-on-year due to continued product development work in VR/AR and investments to further expand the ecosystem.
● Santiment: After the crypto market rose this week, the ETH inventory on the trading platform fell to a historical low
According to data from on-chain data aggregator Santiment, as ETH prices broke through the $1,850 level for the first time in nearly three months, whale addresses chose to transfer ETH out of trading platforms. The ETH supply held in trading platform wallets has dropped to 8.41%, the lowest level since Ethereum was created in 2015. The transaction volume of whale addresses that withdraw ETH from centralized trading platforms has reached a six-month peak.
● The UK Financial Conduct Authority restricts consumers from companies that illegally market crypto assets
According to Jinshi, the UK Financial Conduct Authority (FCA) said they are working with payment companies to limit British consumers' exposure to companies that publish illegal marketing (crypto assets).
● US senators launch bipartisan reserve certification bill
According to Decrypt, Republican Senator Thom Tillis of North Carolina and Democratic Senator John Hickenlooper of Colorado have introduced a bill that they say will establish safeguards to prevent another FTX-type collapse. The bill, called the Proof of Other Fund Reserves (PROOF) Act, aims to prevent unethical mixing of customer funds and requires a neutral third-party auditing company to submit a monthly proof of reserve (PoR) report.
Under the bill, crypto exchanges must establish baseline account standards to secure customer funds. It will also require verification of cryptographic proof of reserves and proof of the company’s liability. Finally, the bill provides for a range of civil penalties, including fines payable in the event of a crime.
