Crypto News This Week: Bitcoin ETF Outflows, Solana ETPs in Works

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Key Takeaways

  • Bitcoin ETFs experienced $900 million in net outflows this week, the highest since late April.
  • Digital asset manager 3iQ has filed for approval to list a Solana ETP on Canada's Toronto Stock Exchange.
  • MicroStrategy has acquired an additional 119,000 BTC for approximately $786 million, increasing its total Bitcoin holdings to 226,331 coins valued at nearly $15 billion.

This week’s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.

Spot Bitcoinexchange-traded funds (ETFs) experienced significant net outflows of $900 million in the past week. This is the largest outflow since mid-April, reflecting a shift in investor sentiment.

The outflows come as BTC prices have suffered in the past few weeks amid $1 billion in sales from large holders, dollar strength, and a strong U.S. technology index market.

Meanwhile, on a positive note, 3iQ, a prominent Canadian digital asset manager, has filed for approval to list a Solana exchange-traded product (ETP) on the Toronto Stock Exchange.

Bitcoin ETFs Record $900M in Net Outflows

Spot Bitcoin ETFs in the US recorded a fifth straight day of outflows on June 20, bringing their total weekly losses to $900 million, the highest outflow activity since late April. Market volatility and potential regulatory changes are factors contributing to this trend.

Bitcoin ETFs Post $900M in Net Outflows This Week (Yahoo! Finance)

3iQ Files to List Solana ETP in Canada

Digital asset manager 3iQ has filed for a Solana ETP listing on Canada’s Toronto Stock Exchange (TSE). It would be the first Solana ETP listed in North America if approved.

Michael Saylor’s MicroStrategy Acquires 119K More Bitcoin

Michael Saylor‘s MicroStrategy has purchased an additional 119,000 BTC for approximately $786 million. The acquisition increases the company’s total Bitcoin holdings to 226,331 Bitcoins, valued at just under $15 billion.

MicroStrategy Bought 11931 More Bitcoin For $786 Million (Bitcoin Magazine)

SEC Ends Probe into Consensus

The US Securities and Exchange Commission (SEC) has concluded its investigation into ConsenSys, the Ethereum-focused blockchain software company, and will not pursue legal action. In a pair of letters sent to its law firms on June 18, the agency told Consensys, whose products include the MetaMask wallet, that it was not bringing any enforcement actions.

Ethereum wins a major battle against the SEC, but Gensler’s war rages on (Fortune)

US Lawmakers Visit Detained Binance Exec in Nigeria

US lawmakers French Hill and Chrissy Houlahan visited Kuje Prison in Nigeria, where Binance executive Tigran Gambaryan is being held. Hill described Gambaryan’s wrongful detention in what he called a “horrible prison,” bringing attention to the health concerns Gambaryan is facing while in custody.

US Lawmakers Visit Detained Binance Executive in Nigeria, Point to Health Concerns (Cryptonews)

Standard Chartered is Building Spot Crypto Trading Desk

Standard Chartered is establishing a spot trading desk for Bitcoin and Ethereum, making it one of the first global banks to enter spot cryptocurrency trading. The new crypto desk is close to starting operations and will be part of the bank’s FX trading unit.

Standard Chartered setting up spot crypto trading desk in London for Bitcoin, Ether (London Evening Standard)

Winklevoss Twins Each Give $1 Million to Trump’s Campaign

Cameron and Tyler Winklevoss, co-founders of the Gemini cryptocurrency exchange, donated $1 million each to Donald Trump’s presidential campaign. However, their donations exceeded the maximum $844,600 that the Trump committee can legally accept per person. The portion above that limit was refunded to the donors.

Gemini Founders Donate $2M in Bitcoin to Support Trump (Techopedia)

UK FCA Arrests Two People Associated with £1B Crypto Fraud

The UK’s Financial Conduct Authority (FCA) has arrested two individuals involved in an illegal cryptocurrency business valued at £1 billion. “More than 1 billion [pounds] of unregistered crypto assets are believed to have been bought and sold through this business,” the regulator said in a press release on Thursday.

Two arrests connected to suspected illegal £1 billion crypto asset business (FCA)

Italy to Increase Surveillance of Crypto Market

Italy is set to enhance its regulatory oversight of the cryptocurrency market, introducing fines of up to €5 million for non-compliance. The initiative aims to strengthen market surveillance and protect investors from risks associated with digital asset trading.

Italy boosts crypto risk oversight and toughens sanctions, draft shows (Reuters)

Binance Fined $22 Million by India’s Financial Intelligence Unit

India’s Financial Intelligence Unit has fined Binance $22 million for providing services to Indian clients without adhering to the nation’s Anti-Money Laundering (AML) rules. In May, Binance became the first offshore crypto-related entity approved by the FIU. The approval was conditional on paying a penalty after a hearing with the FIU.

India fines Binance $2.25m for money laundering (The Punch)

Tether Debuts New Synthetic Dollar Backed by Tokenized Gold

Tether has launched a new synthetic dollar backed by tokenized gold, expanding its suite of stablecoin offerings. The new product aims to combine the stability of a dollar-pegged asset with the value preservation of gold, offering a unique investment vehicle for those looking to diversify their portfolios.

Tether Launches Alloy (aUSDT): The First Gold-Backed ‘Tethered’ Stablecoin (99Bitcoins)

Bitcoin Miners Reached Record Market Cap of $228B in June

According to JPMorgan, the market capitalization of US-listed Bitcoin miners reached a record $228 billion in June. US-listed miners have increased their share of the network hashrate. If combined, the 14 companies now “accounts for ~23.8% of the global network hashrate,” a gain of almost 1% on the previous month.

US-Listed Bitcoin Miners Reached Record Total Market Cap of $22.8B in June: JPMorgan (CoinDesk)