Odaily Planet Daily reports that according to CoinShares' latest weekly report, digital asset investment products saw inflows of $2.2 billion, marking the largest single-week increase since July this year. Bitcoin was the primary beneficiary, with inflows reaching $2.13 billion, and recent price increases drove short positions in Bitcoin to see inflows of $12 million, the largest inflow since March this year.
Ethereum also saw an inflow of $58 million, while some altcoins experienced inflows, such as Solana ($2.4 million), Litecoin ($1.7 million), and XRP ($700,000). Multi-asset products experienced an outflow of $5.3 million, ending a streak of 17 consecutive weeks of inflows.
● Matrixport: Institutional interest continues to rise as spot ETF options trading approaches
According to Foresight News, Matrixport tweeted an analysis indicating that this year’s Bitcoin options trading volume has significantly increased, suggesting that more mature traders are entering the market. With the SEC recently approving options trading for spot Bitcoin ETFs, trading volume is expected to rise further, particularly leaning towards BlackRock's IBIT, which is likely to attract more institutional investors and deepen their interest in the crypto market.
According to Odaily Planet Daily, Fox Business reporter Eleanor Terrett posted on the X platform stating that Litecoin founder Charlie Lee commented on Canary Capital's application for a Litecoin ETF.
Charlie Lee expressed his happiness at seeing Canary Capital apply for a Litecoin ETF. We have indeed seen a lot of institutional demand for Litecoin, as clearly indicated by the daily growth of the Grayscale Litecoin Trust, which is more than twice its net asset value. Given that Litecoin is a commodity very similar to Bitcoin, Charlie Lee hopes to see the Litecoin ETF approved soon.
● Analysts: Approval of XRP and SOL ETFs will be influenced by the outcome of the US election
According to Odaily Planet Daily, two ETF experts stated that if Democratic presidential candidate Harris wins in the November election, the applications for XRP and SOL ETFs may not yield results.
Bloomberg senior ETF analyst Eric Balchunas stated: 'If Harris wins, it won't be approved, regardless of who the issuer is.' Some industry experts believe that the chances of the SEC approving Bitcoin and Ethereum ETFs have significantly increased now that BlackRock has joined the competition to launch them.
Balchunas noted that if former President Trump wins the election, there will be a 'considerable opportunity' for more cryptocurrency ETFs to emerge, whether or not BlackRock joins Bitwise, VanEck, and other companies looking to expand cryptocurrency ETFs beyond BTC and ETH.
The ETF Store president Nate Geraci agreed, saying: 'The Harris administration seems unlikely to approve additional spot crypto ETFs, at least not shortly after the election.'
According to Odaily Planet Daily, tokenization is becoming increasingly popular among traditional financial companies. London-based pension and investment management company Legal & General (L&G), which manages $1.5 trillion in assets, plans to enter the blockchain-based tokenization space. This trend has accelerated further as BlackRock launched its BUIDL fund on the Ethereum blockchain. Other companies include Franklin Templeton, State Street, and Abrdn.
L&G executives stated, 'We are evaluating ways to provide Legal & General Investment Management liquidity funds in tokenized form.'
● Federal Reserve's Kashkari expects moderate rate cuts in the coming quarters
According to Jin10 data, Federal Reserve's Kashkari stated that he expects 'moderate' rate cuts in the coming quarters, although a sharp deterioration in the job market could prompt him to advocate for quicker cuts.
Kashkari mentioned that if real evidence of a rapid weakening of the job market appears, policymakers may need to lower rates faster than currently anticipated. He believes that rates are still putting the brakes on the economy, but the strong economic performance suggests that the neutral rate may be higher than in the past.
Kashkari stated that he hopes to maintain a strong labor market while inflation returns to the target level of 2%, and the appropriate path for rates will depend on the data.
● Federal Reserve's Logan: Gradual rate cuts expected if the economy meets expectations
According to Odaily Planet Daily, Federal Reserve's Logan stated that if the economy meets expectations, gradual rate cuts are anticipated. The Federal Reserve should tolerate a certain level of volatility in the money market, expecting money market rates to be close to or slightly above the reserve rate. The Federal Reserve needs to be flexible in its monetary policy choices.
● Bitcoin's total network hashrate hits an all-time high
According to Jinse Finance, data from CloverPool shows that Bitcoin's total network hashrate has now risen to 722.46 EH/s, reaching an all-time high.
● Stripe acquires stablecoin platform Bridge for $1.1 billion
According to Foresight News, payment company Stripe has acquired the stablecoin platform Bridge for $1.1 billion. Previously, Stripe was valued at $70 billion and earlier this month resumed cryptocurrency payments for U.S. businesses through USDC on Ethereum, Solana, and Polygon.
