Crypto Market Pulse Weekly - Digital Asset ETPs See $2.2B Inflow in 2023
Crypto Market Pulse Weekly - Digital Asset ETPs See $2.2B Inflow in 2023
Digital assets ETPs’ 2023 inflows of $2.2B more than double 2022. Last-minute application updates for spot BTC ETFs. Reporting of crypto transactions over $10K to the IRS effective Jan 1 2024.
Weekly Market Index
Last week’s crypto market prices were flat at +0.47%. Volume and volatility increased by +9.39% and +98.68%, respectively.
Chart of the Week
Investors poured over US$2 billion into digital-asset investment exchange-traded products (ETPs) in 2023, making it the third-largest year for net inflows dating back to 2017, according to data provided by CoinShares. The inflows were more than double those of 2022.
Weekly Performance
Bitcoin (BTC) rose by +2.8% while Ethereum (ETH) fell -4.0%, respectively, in the past seven days. Price action for other selected top-cap tokens was negative.
Selected key categories all dropped in terms of market cap change in the past seven days.
News Highlights
Investment management firms, stock exchanges, and the US Securities and Exchange Commission (SEC) on Friday last week discussed final wording changes on filings for spot Bitcoin exchange-traded funds (ETFs), a step that some observers think could lead to approval of the funds this week.
Amended 19b-4 filings connected to US spot Bitcoin ETF applications were filed by exchanges on behalf of BlackRock, Grayscale, Fidelity and other issuers. The filings address feedback from the SEC.
The Infrastructure Investment and Jobs Act, passed by the US Congress in November 2021, introduced a new provision into the Tax Code. Anyone receiving over US$10,000 in cryptocurrency in their trade or business must report the transaction to the Internal Revenue Service (IRS) within 15 days. This new rule took effect on January 1, 2024.
Próspera ZEDE, a special economic zone in Honduras, officially recognises Bitcoin as a unit of account. This recognition means that Bitcoin can now be used to measure the market value of goods and services within the zone.
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Catalyst Calendar
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