Bitcoin Price Jumps as Net Inflow into BTC Spot ETFs Rises + More Crypto News

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Bitcoin Price Jumps as Net Inflow into BTC Spot ETFs Rises + More Crypto News
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Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news.

In today’s edition:

Bitcoin Price Jumps as Net Inflow into BTC Spot ETFs Rises COCA Launches Virtual Cards Following Massive Sign-Up in Early Access Program Fine Wine and Spirits Community Crurated Announces Metaverse Launch

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Bitcoin Price Jumps as Net Inflow into BTC Spot ETFs Rises

Making the top of crypto news rounds today, Bitcoin (BTC) ended the week at approximately $48,300, showing a 13.4% increase from the previous week’s closing price of $42,600.

The increased inflow into BTC Spot ETFs was the primary driver behind this price appreciation, according to Matteo Greco, Research Analyst at the publicly listed digital asset and fintech investment business Fineqia International.

The outflow from the Grayscale Bitcoin ETF (GBTC) was expected to lessen after the initial couple of weeks of trading. This expectation materialized. GBTC outflows saw a significant decrease near the end of January and continued to decline through February, Greco said in an email.

The daily outflow from GBTC during the first two weeks following the ETF approval averaged around $500 million. However, total outflows from GBTC in the past week stood at approximately $415 million. This is a daily average of about $83 million – nearly an 85% reduction compared to the initial two weeks of trading.

“The noticeable correlation between the diminishing outflows from GBTC and the upward trend in prices is also evident when examining the total daily flows into BTC Spot ETFs.”

The outflows’ substantial reduction began on January 26, coinciding with the beginning of a consistent influx into BTC Spot ETFs. This resulted in eleven consecutive days of net inflows, which began on January 26.

“Furthermore, there is a strong correlation between the magnitude of the inflows and the reduction in GBTC outflows.”

GBTC recorded a cumulative outflow of $415 million last week, while BTC Spot ETFs saw a total net inflow of about $1.2 billion – the highest weekly inflow since their launch.

Meanwhile, Blackrock (IBIT) maintains its lead among the ETFs with about $4.2 billion in assets under management (AUM), followed by Fidelity ETF (FBTC) with some $3.5 billion.

“Notably, a third ETF surpassed $1 billion in AUM last week, as the BTC ETF offered by Ark & 21Shares (ARKB) now boasts $1.02 billion in AUM.”

Last week also saw the first daily outflow from a BTC ETF other than GBTC. Galaxy & Invesco ETF (BTCO) experienced some $17.5 million in outflows on Friday.

Trading volumes “remain exceptionally high,” Greco said. The week’s cumulative volume is about $5.5 billion, equating to a daily trading volume of approximately $1.1 billion.

Since the beginning, cumulative trading volumes have reached $35.6 billion, with an average daily trading volume of around $1.7 billion.

COCA Launches Virtual Cards Following Massive Sign-Up in Early Access Program

Crypto wallet app COCA has announced the initial rollout of its Virtual Cards following the success of its Early Access Program in Europe.

COCA is a wallet with a non-custodial debit card that leverages Multi-Party Computation (MPC) cryptography. The launch of the non-custodial debit card includes Wirex’s card infrastructure.

Per the press release, the card launch connects traditional banking with cryptocurrency, allowing users to make crypto transactions online at over 40 million merchants across 200+ countries.

“The COCA non-custodial Virtual Card allows users to spend their cryptocurrency just like traditional fiat currency.”

It eliminates the need for complicated exchanges or transfers, making incorporating cryptocurrency into everyday transactions easier.

COCA’s Early Access Program has attracted thousands of participants, it said.

Therefore, following the successful launch in Europe, COCA plans to expand the availability of its Virtual Cards to other regions in the coming months. This includes APAC, the USA, and LATAM. The product is not intended for UK residents.

Fine Wine and Spirits Community Crurated Announces Metaverse Launch

In other crypto news today, Digital fine-wine community Crurated announced its new metaverse for wine collectors “of all ages,” describing it as a new spatial experience. Crurated is the first company to release a real-world asset blockchain-backed metaverse, it said.

It will initially launch with a virtual cellar experience this spring. Owners will be able to showcase their bottles, deepen their knowledge, and virtually walk guests through their fine wine collection, said the press release.

Using a VR headset, owners can visit a portal on the Crurated website and enter their private wine cellar in the metaverse.

By the end of 2024, Apple users will also be able to enjoy the metaverse using Vision Pro.

“The first blockchain-based fine-wine community, each bottle owned by Crurated community members is certified with an NFT.”

The wine’s journey from vineyard to collector is recorded on the blockchain, giving a full account of the bottle’s journey. It also tells the complete story within the asset-backed, redeemable non-fungible token (NFT).

The Crurated Metaverse is constructed on Unreal Engine 5, it said, known for its hyper-realistic 3D virtual production, as seen in Epic Games’ Fortnite.

The team added that the development has already started on the next phase of the metaverse, adding new features, expanding existing features, and finding new ways to embellish the enjoyment of fine wine.

The post Bitcoin Price Jumps as Net Inflow into BTC Spot ETFs Rises + More Crypto News appeared first on Cryptonews.

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