October Sees Strong BTC ETF Inflows Amid Growing Institutional Activity: News of October 25, 2024
Bitcoin and Ethereum ETFs see strong inflows, a $20M Bitcoin hack targets the US government, and new crypto regulations emerge in Pennsylvania and South Korea.
BTC and ETH ETFs Record Strong Inflows on October 24, Indicating Growing Institutional Interest
On October 24, spot Bitcoin ETFs recorded a net inflow of $188 million, slightly down from $192.4 million the day before, while spot Ethereum ETFs saw $2.3 million in inflows, compared to $1.2 million in the previous session, according to data from Farside.
Glassnode: Bitcoin Inflows Surge Since September as Institutional Activity Grows
Glassnode reports that BTC inflows have been accelerating since September, reflecting increased institutional interest. Meanwhile, analysts at Hashkey Capital suggest that if BTC reaches $80,000, the likelihood of an "altcoin season" could significantly increase.
Hackers Target U.S. Government in $20 Million Bitcoin Attack, Say Analysts
In a more concerning development, analysts from ZachXBT and Arkham reported a hack involving $20 million in BTC, allegedly tied to the U.S. government.
Pennsylvania House Passes Bill Protecting Rights to Hold Digital Assets and Use Bitcoin for Payments
On the regulatory front, the Pennsylvania House of Representatives passed a law protecting citizens' rights to hold digital assets and use Bitcoin as a form of payment.
South Korea to Enforce Cross-Border Crypto Transaction Disclosures
South Korea plans to introduce mandatory disclosure requirements for cross-border crypto transactions, while the Netherlands is considering legislation that would require crypto platforms to share user data with tax authorities.
Deribit’s $5.2 Billion BTC and ETH Options Expiration Approaches with Key Strikes at $64,000 and $2,600
Additionally, a major options expiration on Deribit, scheduled for October 25, could impact the markets. BTC options have a primary interest at the $64,000 strike, while ETH options focus on the $2,600 strike, with a total value of $5.2 billion at stake.
Top Gainers: ANT, GOAT, MEW, POPCAT, HNT, SUI
That’s all for today. Have a good trading day!
