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  • Crypto ETFs diverge: Bitcoin suffers $60M outflows; ETH, SOL, XRP funds in green

    Crypto ETFs diverge: Bitcoin suffers $60M outflows; ETH, SOL, XRP funds in green

    Crypto ETFs updates

    • BTC ETFs recorded $60.48M withdrawals on December 8.
    • Ethereum funds extended their latest momentum with $35.49M inflows.
    • XRP and Solana ETFs ended yesterday with gains amid prevailing demand.

    The digital tokens space remains choppy ahead of the December 10 Federal Reserve decision on interest rates.

    Crypto exchange-traded funds, which have become vital in gauging institutional appetite in these risk assets, confirm the current uncertainty.

    Bitcoin ETFs suffer outflows despite IBIT’s gains

    Interest around BTC ETFs remained negative yesterday, with the products recording net outflows amounting to $60.48 million (SoSoValue data).

    The significant withdrawals came as investors reacted to the weekend’s sluggish performance across the crypto landscape.

    Bitcoin failed to break $92,000 again, currently trading at $90,150.

    However, Monday was not gloomy for all BTC ETF issuers.

    BlackRock proved its resilience and dominance as its IBIT attracted $28.76 million in inflows.

    While funds like Graycale’s GBT (-44.03M) and Fidelity’s FBTC (-39.44M) saw substantial withdrawals on December 8, IBIT’s steadiness indicates that profit taking, not a shift in interest, likely triggered the mixed flows into Bitcoin.

    Ethereum ETFs flip positive

    While Bitcoin bled on December 8, Ethereum exchange-traded funds turned positive with $35.5 million inflows.

    Notably, the funds recorded substantial exits in the previous two sessions, on December 4 (-41.5M) and December 5 (-75.2M).

    Indeed, Ethereum has been on the investor radar lately following its Fusaka upgrade, which targets enhanced speed, scalability, and lower costs for Ether-based Layer 2 platforms.

    Moreover, the inflows indicate that investors are viewing Ethereum as a legitimate token for portfolio diversification beyond Bitcoin.

    Indeed, the second-largest crypto by value is experiencing renewed interest from institutional participants.

    For example, BlackRock is seeking the SEC’s authorization for a new staked Ether trust ETF – the ETHB.

    The proposed product differs from BlackRock’s popular ETHA trust in that the staking Ether trust will track Ethereum’s performance and include incentives gained from the trust’s staked Ether.

    ETH is trading at $3,124 after gaining more than 10% the past seven days.

    Solana ETFs see steady demand

    Solana spot products closed the previous day with $1.2 million inflows.

    While the figure remains modest, it reflects consistent demand for SOL ETFs.

    Monday’s inflows have extended their winning streak to three days, demonstrating appetite for these products despite broader turmoil.

    Solana exchange-traded funds have attracted roughly $639 million since their late October debut.

    Meanwhile, SOL price is hovering at $133, down 2% the past 24 hours.

    XRP ETFs steal the show

    Ripple’s crypto asset stood out on December 8, with a net inflow of $38.04 million, eclipsing peers for the day.

    Grayscale led as its GXRP drew over $810K in fresh capital on Monday.

    Also, Canary, Bitwise, and Franklin’s XRP exchange-traded funds recorded notable daily gains.

    Regulatory clarity and XRP’s unique utility in cross-border transactions have elevated the altcoin’s appeal among institutional investors.

    Nevertheless, the December 8 ETF performance sends a clear message.

    Investors are now diversifying into other cryptos beyond Bitcoin.

    Altcoin ETFs are gaining traction for their added advantages, as the crypto industry gains increased acceptance in mainstream finance.

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  • Battle for a green month: Can Bitcoin hold its gains as ‘Uptober’ comes to a close?

    Battle for a green month: Can Bitcoin hold its gains as ‘Uptober’ comes to a close?

    Battle for a green month: Can Bitcoin hold its gains as 'Uptober' comes to a close?

    • Bitcoin is fighting to close October in positive territory, a key historical signal.
    • The month has been highly volatile, with a 13% correction at one point.
    • A series of technical indicators are now pointing to a bullish short-term structure.

    It has been an up-and-down and often frustrating month for Bitcoin traders, a period of wild price swings that has put the seasonal promise of an “Uptober” rally to a severe test.

    Now, with just a few days left in the month, a tense battle is underway as the bulls fight to keep the world’s leading cryptocurrency in positive territory, a goal that could have significant implications for the rest of the year.

    Historically, October has been a powerful launchpad for Bitcoin, delivering average gains of more than 20%. But this year has been a different story.

    After spiking above $123,000 early in the month, the market was hit by a brutal 13% correction that saw prices plummet to $107,000.

    Since then, the bulls have been in a grinding, hard-fought recovery, with the price currently hovering around $115,000, a meager 1.14% gain for the month.

    A powerful macro tailwind provides support

    This fragile recovery is being supported by a powerful macroeconomic tailwind.

    Traditional markets are firing on all cylinders, with the S&P 500 hitting fresh record highs as investors confidently price in a quarter-point interest rate cut from the Federal Reserve this week.

    This dovish monetary policy, combined with an easing of US-China trade tensions, has propelled a “risk-on” sentiment that typically benefits assets like crypto.

    Adding another layer of support is a renewed wave of institutional interest.

    Spot Bitcoin ETFs have now recorded their third consecutive day of inflows, a clear signal of conviction from the market’s larger and more influential players.

    The view from the charts: a bullish structure takes shape

    A deep dive into the technical charts reveals a bullish short-term structure that suggests the path of least resistance is now to the upside.

    The Average Directional Index (ADX), a key measure of trend strength, is sitting at a strong 32.14, a reading that suggests the current upward momentum is likely to persist.

    At the same time, the Squeeze Momentum Indicator is flashing a “bullish Impulse,” a high-probability signal that directional movement to the upside is just beginning.

    The Ichimoku Cloud analysis also shows Bitcoin trading above the clouds, another classic indicator of trend continuation.

    The final hurdle: a pivotal Fed decision

    While the technical and macro pictures are aligning in favour of the bulls, a major and binary risk event looms on the horizon: the Federal Reserve’s policy announcement on Wednesday.

    While the market is pricing in a 25-basis-point cut, any hawkish language about the future path of interest rates could easily trigger a wave of short-term volatility.

    The key for the bulls will be whether Bitcoin can maintain its critical support above the $114,000 level through any Fed-related turbulence.

    If it can, then this “Uptober,” while not as explosive as many had hoped, may still end in the green, setting the stage for a potentially powerful final two months of the year.

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  • Court gives Coinbase the green light to delist Wrapped Bitcoin (WBTC)

    Court gives Coinbase the green light to delist Wrapped Bitcoin (WBTC)

    Court gives Coinbase the green light to delist Wrapped Bitcoin (WBTC)
    • A US federal judge has allowed Coinbase to delist WBTC despite BiT Global’s objections.
    • Judge Martínez-Olguín denied BiT Global’s TRO, citing lack of evidence of harm.
    • Despite the delisting and Coinbase launching cbBTC, WBTC dominates the wrapped digital assets market with an 85% share.

    In a pivotal legal decision, a California federal judge has ruled in favour of cryptocurrency exchange Coinbase, allowing it to proceed with the planned delisting of Wrapped Bitcoin (WBTC).

    The ruling, delivered by Judge Araceli Martínez-Olguín of the US District Court for the Northern District of California, came after a contentious legal battle initiated by BiT Global, a digital asset custodian partly owned by Tron founder Justin Sun.

    The BiT Global lawsuit against Coinbase for WBTC delisting

    The dispute began in November 2024 when Coinbase announced its intention to delist WBTC, citing concerns over its association with Justin Sun.

    Sun, a controversial figure in the crypto space, has faced allegations of fraud and market manipulation.

    BiT Global responded by filing a $1 billion lawsuit against Coinbase on antitrust grounds, seeking a temporary restraining order (TRO) to halt the delisting. The firm argued that the move would destabilize WBTC’s market and cause substantial financial harm to investors.

    Temporary restraining order (TRO) declined

    During a virtual hearing on December 18, Judge Martínez-Olguín denied BiT Global’s request for a TRO, ruling that the company failed to provide sufficient evidence of imminent and irreparable harm. She noted that BiT Global’s delay in filing the lawsuit after Coinbase’s initial announcement weakened its case.

    In its defence, Coinbase pointed to BiT Global’s refusal to disclose ownership details and concerns about Sun’s influence over the token’s integrity.

    While the court left open the possibility for BiT Global to present stronger evidence in the future, the decision effectively cleared the path for Coinbase to delist WBTC as planned on December 19.

    Notably, WBTC’s delisting comes amid Coinbase’s recent launch of its own wrapped bitcoin token, cbBTC, raising questions about competitive motives.

    Despite the controversy, WBTC continues to dominate the wrapped bitcoin market, holding 85% of the Ethereum network’s market share.

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