Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.
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US spot Bitcoin exchange-traded funds (ETFs) extended their net inflow streak to nine trading days, while Ether and Zcash funds flipped to outflows.Bitcoin ETFs attracted $66.2 million on Tuesday, bringing net inflows over their winning streak to roughly $3.1 billion, according to data from SoSoValue. The year-to-date net inflows rose to roughly $1 billion.However, some altcoin funds saw a reversal. Spot Ether ETFs ended their seven-day streak by posting roughly $3 million in net outflows on Tuesday. The funds had attracted more than $851 million during the seven sessions, bringing cumulative net inflows to about $14 billion.Earlier in the week, Zcash ETFs snapped a six-day inflow streak after recording $8 million in net outflows on Monday.Bitcoin traded at about $83,567 at the time of publication, down 0.4% over the past 24 hours, according to CoinGecko. Crypto market sentiment also softened slightly, with Alternative.me’s Crypto Fear & Greed Index slipping to 71 from 73 a day earlier, while remaining in “Greed” territory.“The rise in crude prices is capping non-yielding assets, so Bitcoin’s rally has taken a bit of a pause,” Kyle Rodda, senior financial market analyst at Capital.com, told Cointelegraph. Rodda said Bitcoin could struggle to regain upward momentum while energy-price risks persist, though its technical picture remained “quite constructive.”Related: Bitcoin ETF inflows leave institutional demand unclear: CoinSharesThis article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
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Cointelegraph is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.
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Billions are flowing back into Bitcoin exchange-traded funds (ETFs), but the figures alone do not reveal how much of the demand comes from institutions, according to CoinShares.US crypto investment products had attracted about $4.1 billion in September, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) accounting for more than 53% of those inflows, CoinShares head of research James Butterfill told Cointelegraph.Crypto investment products attracted about $3.5 billion across the industry over the preceding five trading days, CoinShares said in a Sept. 25 market update.Asked whether institutional investors were returning to crypto, Butterfill said, “Potentially yes, but in the ETF world it is very difficult to disaggregate institutional and retail money.”ETF buying can reflect arbitrage strategies as well as bets on rising Bitcoin prices, making inflows an imperfect measure of bullish conviction. Butterfill also sees investors looking beyond tokens to businesses that profit from crypto adoption.IBIT offers clues to institutional demandButterfill said many institutional investors use IBIT for the Bitcoin basis trade.The strategy involves buying shares of a spot Bitcoin ETF while shorting Bitcoin futures, with the aim of profiting from the difference between spot and futures prices as they converge.“At the moment the basis trade has an attractive yield at 6%, and month to date IBIT has seen over 53% of the $4.1 billion inflows,” Butterfill said. The figures suggest positive sentiment is broad-based across both institutional and retail investors, he added.More recent CoinShares data shared with Cointelegraph showed September inflows into US crypto investment products had risen to about $4.44 billion, compared with $4.53 billion globally. Bitcoin (BTC) products led inflows with $2.84 billion, followed by Ether (ETH) with around $946 million, while Zcash (ZEC) ranked third with $284 million.CoinShares points to digital asset rotationButterfill also pointed to growing investor interest in companies that make money from crypto adoption.“The rotation within digital assets deserves more attention,” he said, pointing to early-September CoinShares data that showed more than $100 million flowing into blockchain equities over the preceding month.Related: US crypto ETF inflows cool after $3.3B week but streaks holdButterfill expects investors to pay close attention over the next year to which businesses generate revenue from tokenization, payments and trading infrastructure as those markets expand.He pointed to estimates that stablecoin assets could approach $4 trillion by the end of the decade, and said that Hyperliquid was recording up to $9 billion in daily trading volume.Magazine: Altseason is coming — and traders are more discerning this time
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Greece has entered the European Union’s crypto regulatory register for the first time, with four providers added.Four Greek providers — BCash, Xenios Blockchain Group, Capital Wallet Greece and Piraeus Bank — appeared on the European Securities and Markets Authority’s (ESMA) Markets in Crypto-Assets (MiCA) register updated Thursday.Six other crypto-asset service providers from Germany, France and Slovenia were added, bringing the register to 359 unique providers.The distinction of becoming Greece’s first MiCA-authorized provider could instead have gone to Binance, the world’s largest crypto exchange by trading volume. A Greek authorization would have allowed Binance to offer services throughout the EU under MiCA’s passporting system, but the exchange withdrew its application on June 24 before the Hellenic Capital Market Commission (HCMC) issued a formal decision. Nearly three months later, the Wall Street Journal reported that European Central Bank (ECB) President Christine Lagarde had intervened to block the application. The Journal said HCMC denied that its officials made the comments attributed to them but did not elaborate. The regulator has now expanded on that denial in comments to Cointelegraph.Greece splits MiCA oversightGreece’s first MiCA entries show how the country divides crypto oversight between the HCMC and its central bank.The HCMC is listed as the competent authority for BCash, Xenios Blockchain Group and Capital Wallet Greece, while the Bank of Greece is listed as the competent authority for Piraeus Bank, a major Greek lender.The split reflects Greece’s implementation of MiCA, which allows member states to designate more than one competent authority and divide regulatory responsibilities between them.HCMC expands denial of reported remarks to BinanceThe Wall Street Journal reported on Sept. 18 that ECB President Lagarde had intervened in Binance’s Greek MiCA application after Greek officials indicated that HCMC intended to approve it.The report said an HCMC vice chair told Binance that Lagarde had asked Greek Prime Minister Kyriakos Mitsotakis not to approve the application.HCMC said in a written response to Cointelegraph that no official made the reported remarks and that it received no communication about Binance’s application from Mitsotakis, his office, the Finance Ministry or other Greek government officials.“HCMC categorically rejects the assertions attributed to it,” the regulator said. “No HCMC official has had any communication with any ECB official on this matter, and none of the reported statements were made by HCMC or its officials.”Asked specifically whether its denial covered the report that a vice chair made those remarks to Binance, HCMC said it did.Related: Banks double on EU MiCA crypto provider list as share hits 23%Binance previously declined to address the reported intervention, telling Cointelegraph it would “not comment on speculation” while reaffirming its commitment to securing MiCA authorization in Europe. The ECB also declined to comment on the report.Cointelegraph contacted Mitsotakis’ office for comment but did not receive a response.Magazine: MiCA cracks down on USDT in Europe… but no one else cares
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