In a significant development, several spot Bitcoin and Ethereum exchange-traded fund (ETF) applications have received official approval from the Hong Kong Securities and Futures Commission. The approved issuers include HashKey, Bosera Capital, and China Asset Management. This move was anticipated after Bloomberg reported last week that these products were likely to receive approval on April 15. This development comes on the heels of the approval of spot Bitcoin ETFs in the U.S earlier this year, with BlackRock’s product attracting $10 billion in assets in a short span of time. However, the U.S. SEC is still hesitant to approve Ethereum ETFs, despite major players like BlackRock filing for such products last year.
Landesbank Baden-Württemberg (LBBW), Germany’s largest federal bank, has announced its plans to offer cryptocurrency custody services to institutional and corporate clients. This move, in partnership with the Bitpanda exchange, is set to materialize in the second half of 2024. LBBW’s foray into the cryptocurrency space is expected to provide institutional investors with more access to digital assets. Notably, LBBW is not the only German bank exploring crypto assets, as Deutsche Bank is also developing its digital asset custody service, while its DWS unit is part of a consortium working on a euro-denominated stablecoin.
According to data from IntoTheBlock, Shiba Inu whales managed to accumulate a significant amount of tokens in just 24 hours. The Large Holders Inflow metric showed a 208% increase from the previous day, with whales adding 2.85 trillion tokens to their wallets, valued at $66.98 million. However, this accumulation was followed by a substantial outflow, with whales offloading over three trillion tokens in the same period. This net decrease of 150 billion Shiba Inu tokens in 24 hours led to the Large Holders Netflow indicator turning negative. Despite this setback, on-chain data suggests that Shiba Inu typically does not remain in the negative zone for an extended period.
By analyzing the latest crypto news, it is evident that the market is witnessing significant developments in various aspects of the industry. From the approval of spot Bitcoin and Ethereum ETFs in Hong Kong to German banks entering the crypto space and Shiba Inu whales accumulating tokens, there is a lot to digest for both retail and institutional investors. As the crypto market continues to evolve, it is essential for stakeholders to stay informed and adapt to the rapid changes taking place in the industry.