The Block
Quick Take U.S. spot Bitcoin ETFs experienced a record $680 million worth of net outflows on Thursday, breaking a 15-day, $6.7 billion streak of positive flows. The SEC approved filings from the Nasdaq and Cboe BZX Exchange to list and trade shares of crypto index ETFs from Hashdex and Franklin Templeton, respectively. The cryptocurrency market continued to drop sharply following Fed Chair Jerome Powell’s hawkish remarks on Wednesday about slower projected rate cuts in 2025. The following article is adapte
Quick Take CoinDesk’s parent company Bullish has fired three senior editorial staffers, including Editor-in-Chief Kevin Reynolds as well as Deputy Editors-in-Chief Nick Baker and Marc Hochstein. The move comes after news broke on Thursday that upper management at Bullish forced CoinDesk editors to pull an article about Tron founder Justin Sun. A letter seen by The Block that was written by by CoinDesk staffers details the newsroom’s complaints.
The current ETH ETF landscape shows a concentrated market structure.The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take Decentralized exchange volumes reached $300 billion in November, surpassing the previous cycle’s high of $260 billion set in May 2021. Panelists at The Block’s Emergence conference discussed how crypto and TradFi are merging and what can be expected as they get closer together.
The cryptocurrency market has sharply declined since the U.S. Federal Reserve’s 25 basis point rate cut on Wednesday, with bitcoin dropping by over 10%.Despite the rate reduction, Fed Chair Jerome Powell’s hawkish comments about slower rate cuts and revised inflation projections have weighed on risk assets.
The SEC has approved crypto index ETFs from Hashdex and Franklin Templeton.The funds will initially hold bitcoin and ether on a market cap-weighted basis — though additional cryptocurrencies could be added in the future, pending regulatory approval.
Well-known crypto trader Jordan Fish, also known as Cobie, has burned 60% of a Pump.fun-launched Solana memecoin called “UPONLY.”Cobie, who previously hosted a podcast of the same name, said the tokens were theoretically worth $17 million when he burned them.
Quick Take Crypto custody firm Copper has withdrawn its UK registration application and is shifting focus to international hubs, according to Bloomberg. The move comes as the UK faces increasing competition from global financial hubs vying to attract crypto asset businesses.
Quick Take The Tokyo-listed firm raised 9.5 billion yen ($60.6 million) in two tranches of bond issuance. The newly raised funds are intended to support the company’s bitcoin purchases.
Quick Take The iShares Bitcoin Trust (ticker IBIT) has net assets of around $33.17 billion, as of Thursday’s market close. The iShares Gold ETF (IAU), which debuted nearly 20 years ago, has net assets of around $32.9 billion.
