The Block
While spot bitcoin ETFs saw net outflows prior to Bitcoin’s block-reward halving, they have since resumed net inflows.FBTC was the biggest winner yesterday — bringing in a net $34.83 million.
Two executives of the bitcoin mining rig maker intend to jointly purchase at least $2 million worth of company shares, claiming the company is “deeply undervalued.”Canaan’s total revenues shrank by 67.5% to $211.5 million in 2023 from $651.5 million in 2022, according to its annual report released last week.
Quick Take The total value locked on Ethereum restaking protocol EigenLayer has surpassed $15 billion. EigenLayer recently allowed actively validated services to come online.
Arkham Intelligence found that millions of dollars in cryptocurrencies are unclaimed in various bridge contracts. It urged all individuals involved to revisit their transaction histories and bridge activities to ensure that all assets are accounted for.
Venezuela’s state-run oil company PDVSA is increasingly using USDT in oil transactions to avoid U.S. sanctions, Reuters reported. Due to issues with trade compliance rules, USDT trades in oil rely on working with middlemen, a source told Reuters.
Quick Take Ripple Labs said it should pay closer to $10 million in fines compared to the proposed $2 billion lodged by the SEC last month. Ripple Chief Legal Officer Stuart Alderoty said the SEC’s request was evidence of “its ongoing intimidation” against crypto.
Quick Take PayPal and EnergyWeb are collaborating on a solution that rewards bitcoin miners for using low-carbon energy sources for their operations.
BlackRock’s spot bitcoin ETF registered net inflows for the 70th straight day, putting the instrument in the top 10 of exchange-traded funds with the longest daily streaks of daily inflows.The fund added over $600 million in net inflows on Monday.
Quick Take After a Utah judge criticized the Securities and Exchange Commission for a “gross abuse” of power, two of the agency’s lawyers resigned, according to Bloomberg, which cited anonymous sources. The two former SEC lawyers in question were heading a case against Digital Licensing Inc., or the crypto platform known as Debt Box, and their case was “marred by false statements and misrepresentations,” according to the Utah judge.
Quick Take A bill introduced by Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., would benefit stablecoin issuers, TD Cowen said in a Monday note. There is a path forward for stablecoin legislation though the investment bank said there are “significant hurdles” ahead such as getting it attached to a broader package. Stablecoin legislation could also kindle M&A, TD Cowen added.
