Crypto Market Sees Significant Shifts: Bitcoin ETFs Bleed, Ether ETFs End Streak, and Gate Launches in the US

Today’s crypto landscape is marked by some significant movements. Bitcoin ETFs experienced their second-largest outflow, with a whopping $812 million leaving the scene. Meanwhile, Ether ETFs saw their 20-day inflow streak come to an end, with $152 million in losses. In other news, crypto exchange Gate has made its debut in the US, offering spot trading services to American customers. And in a move that could impact crypto regulation, venture capital firm Andreessen Horowitz has urged US senators to revisit a draft crypto bill, citing potential loopholes that could undermine investor protections.

Bitcoin ETFs See Massive Outflow

The Bitcoin ETF market witnessed a substantial exodus, with $812.25 million in net outflows on Friday. This significant drawdown not only erased the gains made over the past week but also pushed the cumulative net inflows down to $54.18 billion. As a result, total assets under management slid to $146.48 billion, which now represents 6.46% of Bitcoin’s market capitalization. Fidelity’s FBTC and ARK Invest’s ARKB were among the hardest hit, with redemptions of $331.42 million and $327.93 million, respectively. Grayscale’s GBTC also saw a notable outflow of $66.79 million, while BlackRock’s IBIT experienced a relatively minor loss of $2.58 million.

Ether ETFs End 20-Day Inflow Streak

Ether ETFs, on the other hand, brought their 20-day inflow streak to a close, recording a $152.26 million outflow on Friday. This shift has resulted in total assets under management standing at $20.11 billion, which is equivalent to 4.70% of Ether’s market capitalization. Despite this setback, the overall trend for Ether ETFs remains positive, with the sector continuing to attract significant investment.

Gate Launches in the US, Expanding Crypto Trading Options

Crypto exchange Gate has officially launched its services in the US, marking a significant expansion of its operations. Founded in 2013 by Chinese scientist Lin Han, Gate cited improved regulatory clarity in the US as the primary reason behind its decision to enter the American market. Initially, the exchange will offer spot trading services for US customers, with plans to introduce fiat on- and off-ramps and support for custodial wallets in the near future. With over 3,800 trading pairs available on its platform, Gate is poised to become a major player in the US crypto market.

Andreessen Horowitz Warns of Loopholes in Draft US Crypto Rules

Venture capital firm Andreessen Horowitz has sounded the alarm over potential loopholes in a draft US crypto regulation bill. In an open letter to the US Senate Banking Committee, the firm urged lawmakers to revise the proposed framework, warning that it could open dangerous loopholes and undermine investor protections. Specifically, Andreessen Horowitz takes issue with the definition of ancillary assets, which it believes could be used to circumvent securities laws. The firm’s concerns highlight the ongoing challenges of regulating the crypto market and the need for careful consideration of the potential consequences of any new legislation.