The price of Bitcoin has plunged to its lowest level since the U.S. Securities and Exchange Commission approved 11 spot Bitcoin exchange-traded funds (ETFs) last week. As of the time of writing, it has fallen to around $41,140.

The SEC has delayed its verdict on Fidelity’s spot Ether ETF proposal, while five more leveraged Bitcoin ETFs seek the regulator’s approval.

Leading stablecoin issuer Tether has ramped up its Bitcoin investments, adding an additional $380 million worth of the cryptocurrency to its treasury over the past quarter to boost its total holdings to 66,465 BTC.

Top stories in the Crypto Roundup today:

• Major Spot Bitcoin ETFs See $2 Billion Inflows, Despite Price Drop
• SEC Delays Decision on Fidelity’s Ether ET as Leveraged Bitcoin ETF Filings Grow
• Tether’s Bitcoin Holdings Reach 66,465 BTC
• Crypto Market Movers – METIS, ENS, SEI

Major Spot Bitcoin ETFs See $2 Billion Inflows, Despite Price Drop

The price of Bitcoin has plunged to its lowest level since the U.S. Securities and Exchange Commission approved 11 spot Bitcoin exchange-traded funds (ETFs) last week. As of the time of writing, it has fallen to around $41,140.

Bitcoin’s price surged by more than 160% over 2023 partly due to expectations that the approval of a spot Bitcoin ETF in the US would bring in additional demand from both institutional and retail investors.

Investors are now attentively watching the inflows these ETFs have been seeing. BlackRock’s iShares Bitcoin Trust has led the pack after crossing $1 billion of inflows, including $371 million seen on Wednesday, January 17, alone.

Fidelity Investments’ spot Bitcoin ETF, FBTC, isn’t far behind, attracting $358 million in a single day, the highest since its launch to now have seen a total of about $880 million in inflows. Fidelity and BlackRock, together, captured 68% of the total inflows into these new ETFs, totaling $2 billion.

A large part of these inflows are coming from Grayscale’s Bitcoin Trust, which recently converted into a spot Bitcoin ETF, and has seen $1.6 billion in outflows. Grayscale’s ETF has a 1.5% management fee, while fees at BlackRock and Fidelity are a fraction of that figure.

SEC Delays Decision on Fidelity’s Ether ET as Leveraged Bitcoin ETF Filings Grow

The SEC has delayed its verdict on Fidelity’s spot Ether ETF proposal, while five more leveraged Bitcoin ETFs seek the regulator’s approval.

The SEC extended its review period by an additional 45 days, setting March 5 as the new decision date sothat it “has sufficient time to consider the proposed rule change and the issues raised.”

As the SEC extended its review period for the spot ETH ETF, Direxion submitted applications for five Bitcoin ETFs, following in the footsteps of ProShares and REX Shares. ProShares filed for five leveraged Bitcoin-tracking ETFs on January 16, and REX Shares applied for six on January 3.

Direxion’s proposal includes plans for 1x, 1.5x, and 2x long-leveraged Bitcoin funds, along with equivalent short-leveraged funds.

Tether’s Bitcoin Holdings Reach 66,465 BTC

Leading stablecoin issuer Tether has ramped up its Bitcoin investments, adding an additional $380 million worth of the cryptocurrency to its treasury over the past quarter to boost its total holdings to 66,465 BTC.

Tether first started acquiring Bitcoin in September 2022, with an initial purchase of 33,980 BTC. Since then, the company has been consistently accumulating Bitcoin, with its second-largest buy coming in March 2023 when it added 15,915 coins to its treasury. In total, its holdings are now worth over $2.8 billion.

The company first publicly disclosed its Bitcoin holdings in May 2023 through its quarterly attestation report. The company has revealed that it plans to allocate up to 15% of its quarterly profits to Bitcoin purchases.

In November last year, Tether pledged to invest $500 million in six months, building its own bitcoin mines and buying shares in other firms. The company also loaned up to $610 million to Northern Data AG, a listed bitcoin miner that it had bought a stake in earlier.

Crypto Market Movers – METIS, ENS, SEI

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Metis Token (METIS) – Metis Token (METIS) is an Ethereum Layer-2 scaling solution. Its primary aim is to address the blockchain trilemma, which posits that blockchains cannot simultaneously achieve decentralization, security, and scalability. Metis specifically targets Ethereum’s major challenges, including speed, cost, and scalability issues.

Ethereum Name Service (ENS) – Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. It was created by the Ethereum Foundation and developed with the help of a community of developers.

Sei (SEI) – Sei is an open-source, permissionless Layer 1 blockchain, crafted specifically to redefine digital asset exchanges. Optimized for speed, Sei leverages its unique Twin-Turbo Consensus mechanism to ensure rapid transactions. Designed to fulfill the demands of a Web3 environment, Sei offers features like frontrunning protection, efficient block propagation, and instant finality, making it an ideal platform for applications requiring high-performance and top-tier user experience.

State of the Crypto by Top Tier Exchange Volume

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