BTC ETFs See $30.6M Outflow, ETH Flat: News of October 10, 2024

Spot BTC-ETFs See $30.6M Outflow on October 9, ETH-ETFs Remain Flat

On October 9, there were net outflows from spot BTC-ETFs of -$30.6 million (vs. -$18.6 million trading session earlier). Flows into spot ETH-ETFs remained at $0 mln (vs. -$8.1 mln outflow a session earlier), according to Farside.

China Begins Liquidating 540,000 Seized ETH from PlusToken Case

The Chinese government has begun liquidating ETH positions seized in the PlusToken case. 540,000 ETH were moved to exchanges.

PwC Study: Nearly Half of Traditional Hedge Funds Invest in Crypto; SEC's Gensler Criticizes Crypto as Payment Method, Cites Fraud Concerns

Nearly half of hedge funds focused on traditional asset classes are now investing in cryptocurrencies, according to a new study from PwC.

SEC head Gary Gensler said at an event at New York University School of Law that he does not see BTC and other cryptocurrencies as promising as widely used means of payment. He said that cryptocurrencies are likely to be seen as savings vehicles because countries tend to use a single currency. Gensler also criticized the level of fraud in the crypto industry, highlighting that many of its leaders have been arrested or extradited in 2024

$16m OP tokens allocated to superchain users

Airdrop #5 recognizes and rewards power users who have played a crucial role in the expansion of the Superchain Ecosystem. The Superchain hosts a diverse range of top-tier apps across social, DeFi, gaming, and more, and supporting their growth is vital to the ecosystem's success. By actively engaging with these applications, Superchain users are not just participants—they are key drivers in scaling Ethereum. Their contributions highlight the ethos that when we build together, we all benefit.

Eligible for this airdrop were externally owned accounts (EOA) that conducted app transactions on networks such as OP Mainnet, Base, Zora, Mode, and others between March 15, 2024, and September 15, 2024. A total of 10,368,678 OP tokens were distributed to 54,723 unique addresses.

Argentina overtakes Brazil in crypto inflows — Chainalysis

Argentina’s stablecoin market ranks among the largest globally, surpassing the average share of stablecoin transactions by 17%.

Between July 2023 and June 2024, Argentina became the leading Latin American country for crypto inflows, overtaking Brazil. According to a Chainalysis report on Oct. 9, Argentine users deposited an estimated $91 billion in crypto during this period, edging out Brazil's $90 billion. This milestone highlights Argentina’s rapid growth as one of the fastest-expanding cryptocurrency markets worldwide.

That’s all for today.

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