Vol.2 Cwallet Crypto Weekly Recap | BlackRock Bitcoin ETF Experiences Record Inflows
Market Overview (22 July - 26 July)
Welcome to this week’s edition of the 🚀 Cwallet Crypto Weekly Update, where we bring you the most impactful news and developments from the dynamic world of cryptocurrencies. This week, we delve into BlackRock’s remarkable inflow into their Bitcoin ETF, Revolut’s achievement in securing a UK banking license, India’s enhanced efforts to monitor cryptocurrency transactions linked to drug trafficking and the promising launch of US spot Ethereum ETFs. Our coverage aims to provide concise, insightful summaries to keep you informed and ahead in the rapidly evolving crypto space. Join us as we explore these developments and their implications for investors and the broader financial landscape.
BlackRock Bitcoin ETF Experiences Record Inflows
BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), saw unprecedented inflows on July 22, adding 7,759 Bitcoin, equivalent to over $523 million. This event marked the largest single-day influx in four months, elevating the fund’s total assets to 333,000 BTC, valued at around $22 billion.
Revolut Achieves UK Banking License After Extended Process
After a three-year regulatory process, Revolut, a fintech giant based in London, obtained a UK banking license on July 25. This milestone allows the company to gradually expand its banking operations in its home market. Revolut boasts nine million users in the UK and 45 million worldwide and is currently valued at approximately $40 billion.
India Intensifies Crackdown on Darknet Crypto Transactions
The Indian government is intensifying its crackdown on darknet drug transactions by tracking cryptocurrency payments. During a recent parliamentary update, the minister of state for home affairs highlighted the formation of a Special Task Force to monitor and combat drug trafficking and narco-terrorism facilitated by cryptocurrencies.
US Spot Ethereum ETFs Record Strong Initial Inflows
On their first trading day, US spot Ethereum ETFs recorded significant net inflows, with BlackRock’s iShares Ethereum Trust ETF leading at $266.5 million. Despite large outflows from the Grayscale Ethereum Trust, which transitioned to a spot ETF, the new funds collectively marked a strong start, indicating robust investor interest.
Speculation on Bitcoin as US Strategic Reserve Asset
Asset manager Bryan Courchesne discussed on CNBC the potential for the US to adopt Bitcoin as a strategic reserve asset, a move considered plausible under a potential future Trump administration. The US government’s substantial holdings of Bitcoin and recent political endorsements of the cryptocurrency support this speculation.
