Spot Bitcoin ETFs Record Gains; Circle Complies with EU's MiCA Regulations; Major Crypto Movements by US, German Governments
Summary:
Spot Bitcoin ETFs observed five consecutive days of gains, while Circle became the first global stablecoin operator regulated under EU’s MiCA regulations. Fidelity's Wise Origin Bitcoin Fund recorded the largest inflow, with USDC issuer Circle also announcing France as the location for its European headquarters. Meanwhile, the German and US governments recently transferred substantial crypto holdings, suggesting strategic fund management.
Bitcoin Spot ETFs have observed five days of consecutive gains. Cardano has achieved its MiCA compliance six months ahead of schedule. Concurrently, USDC issuer Circle has become the inaugural global stablecoin operator regulated under the European Union’s Markets in Crypto-Assets (MiCA) mandate. On July 1, Spot Bitcoin ETF in the US marked a major daily inflow of $129.45 million, signifying the fifth day of gains in a row. Following their approval on Jan 10 and commencement of trading the next day, Spot Bitcoin ETFs attracted some of the largest inflows and trading volumes in the first few months, with Grayscale Bitcoin Trust (GBTC) as the only exception, showing neither significant inflows nor outflows after its transformation to an ETF. The inflow of $129.45 million on July 1 was the highest since June 7, with the BTC price regaining the $63,000 mark after almost three weeks of struggling to surpass the critical resistance level of $62,000. The crypto research platform SoSo Value data reveals the Wise Origin Bitcoin Fund by Fidelity recording the largest inflow valued at $65 million, followed by the Bitwise Bitcoin ETF valued at $41 million.
Circle is now compliant with MiCA, allowing them to operate within the European Union in accordance with the MiCA framework. On July 1, Circle's co-founder and CEO Jeremy Allaire announced that USD Coin (USDC) and EURC were MiCA compliant, providing users the freedom to redeem and transfer funds without any compliance concerns. Allaire further confirmed France to be the host of Circle's European headquarters, citing its progressive approach towards digital assets.
The German and US governments have also recently transferred significant crypto holdings. On July 1, the German government relocated approximately $95 million worth of Bitcoin to various crypto exchanges, while the US government moved Ethereum worth $11.75 million to an unidentified address. Data from Arkham Intelligence reveals that the German government has transported 2,700 BTC to different exchanges in the past two weeks. Meanwhile, the US government has been engaged in substantial transactions, focusing on the seized funds of Estonian crypto entrepreneurs Sergei Potapenko and Ivan Turogin. Transferring around $743,000 worth of Bitcoin on June 30 from another seized funds account, the US government has now moved its entire ETH holdings valued at $11.75 million to a previously unrelated address. These frequent recent transfers by both governments suggest strategic fund management, with Germany possibly attempting to liquidate its holdings on leading exchanges.
Published At
7/2/2024 3:36:03 PM
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