Bitcoin ( BTC ) retraced below the $100,000 psychological level , bringing uncertainty for some and a buying opportunity for others. As a display of the latter, exchanges registered over $2 billion in BTC outflow from their accounts in a week – the largest Bitcoin outflow this year. Finbold retrieved data from CoinGlass on December 24, looking at the exchange’s spot markets over the last seven weeks. From December 15 to today, exchanges saw a $2.12 billion outflow in BTC, which is currently trading at $95,177. This marks the largest weekly spot outflow year-to-date in dollar value, according to CoinGlass , surpassing May’s $2.03 billion. Notably, the previously largest 2024 outflow triggered a Bitcoin price crash from $58,240 down to $31,778. Historically, significant spot outflows happen during bull rallies , fueled by massive retail demand, buying and withdrawing the BTC to self-custody. However, this increased demand by retail investors could usually signal a price top for Bitcoin and other assets, requiring caution. BTC Spot Inflow/Outflow, 1 week, 2024. Source: CoinGlass / Finbold Nearly $1 billion of Bitcoin left Binance alone in a week In this context, Binance is by far the exchange with the largest individual outflow among its competitors. Nearly $1 billion in Bitcoin left the leading crypto exchange in the last seven days, followed distantly by Bitfinex. The second-largest weekly outflow was slightly above $500 million from Tether’s parent company. Interestingly, the third largest flow was a green one, with Coinbase registering $422 million in Bitcoin deposits inflow. Other exchanges like Bybit, OKX, Kraken , and Bitstamp also registered BTC outflows between $79 million and $260 million. Bitcoin BTC Spot Data Analysis, Heatmap (Net Inflow). Source: CoinGlass Usually, Bitcoin net inflows mean most investors are depositing BTC with the intention of selling. Meanwhile, net outflows would suggest the opposite, with bullish investors withdrawing what they have already bought. It is notable that, given its nature, inflows can usually precede huge price drops, as investors need to deposit before they can sell, being a proactive measurement. On the other hand, investors can only withdraw what they have already bought, so the outflows are a reactive metric and do not necessarily mean the price will increase after a large Bitcoin net outflow. As seen in the historical chart, outflows are a useful sentiment indicator that sometimes signals an upcoming reversal. Featured image from Shutterstock. The post Bitcoin sees 2024’s largest weekly outflow from exchanges – What does it mean? appeared first on Finbold .
The post Kraken and SEC File Joint Stipulation in Ongoing Discovery Dispute appeared first on Coinpedia Fintech News In the latest development, crypto exchange Kraken and the US SEC have filed a joint stipulation and proposed order. The action comes as Kraken plans to file an objection to a recent order issued in favor of the SEC. According to a court filing dated December 23, the plaintiff US SEC and defendants Payward Inc and Payward Ventures (together, crypto exchange Kraken) have submitted a stipulation. Parties File Joint Statement On November 19, 2024, the Parties filed a joint statement regarding a discovery dispute concerning the SEC’s objections to Kraken’s requests for three categories of documents concerning: Bitcoin and Ether, the SEC’s public statements and testimony regarding digital assets, and the SEC’s internal trading policies on digital assets, However, in November, the court referred discovery disputes and all further discovery in this case to Magistrate Judge Robert M. Illman, who subsequently denied Kraken’s request to compel the production of the discovery. Despite this, Kraken believes that the documents are relevant to the case. SEC, Kraken Agree To Stay Deadline While the deadline to file objections to the order is December 30, Kraken intends to resubmit narrowed requests for production in line with the order. Notably, the US SEC and Kraken have agreed to stay the deadline to file objections to the order until March 31, 2025, to discuss a further extension. Kraken is represented by prominent lawyer Matthew C. Solomon, who is known for many high-profile cases including successfully defending Ripple CEO Brad Garlinghouse in obtaining the dismissal with prejudice and successful defense of all other claims on summary judgment. Kraken requested an order to compel the SEC to produce documents explaining why Bitcoin and Ether were not included in the SEC’s complaint, despite being traded similarly to other tokens on the platform. However, the magistrate judge found Kraken’s argument “unpersuasive.” Notably, Kraken and the broader crypto industry have asserted that former SEC official William Hinman’s speech is relevant to determining the status of Bitcoin and Ether under federal securities laws. Kraken has also argued for the fair notice defense and the major questions doctrine in the lawsuit. Ripple CLO Calls For End To The Ripple vs SEC Lawsuit Recently, Ripple CLO Stuart Alderoty also called for an end to the Ripple vs SEC lawsuit. He urged the incoming Trump administration to “cleanse the lingering stain of Hinman from the agency.” “There’s much more to do to repair the damage, but let’s start by restoring trust,” he noted.
Rumble Inc. (NASDAQ: RUM ), a video-sharing platform, made headlines this week as its stock surged over 100% on December 23, reaching $14.30. The rally comes on the back of a $775 million investment announcement from Tether, the issuer of the leading stablecoin USDT , marking Rumble’s highest close since September 2022. As of press time, Rumble’s stock is trading at $13.30, reflecting a five-day gain of 63%. On a year-to-date basis, the stock has surged an impressive 206%, reflecting heightened investor interest. Rumble year-to-date price chart. Source: Finbold Tether’s $775 million investment on Rumble The announcement revealed that Tether has agreed to purchase approximately 103.3 million shares of Rumble’s Class A Common Stock at $7.50 per share. This transaction will generate gross proceeds of $775 million, significantly strengthening Rumble’s financial position, which already benefits from holding more cash than debt. Rumble has outlined a clear plan for utilizing the funds. Of the total, $250 million will support growth initiatives aimed at enhancing platform engagement and monetization, while $525 million will finance a self-tender offer to repurchase up to 70 million shares of Class A Common Stock at the same $7.50 price offered to Tether. This tender offer is designed to provide liquidity to stockholders and reinforce shareholder value. “I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth.”- Chris Pavlovski, Rumble’s Chairman and CEO, Interestingly, this agreement comes shortly after Rumble’s board approved allocating a portion of its cash reserves to Bitcoin ( BTC ), with plans to purchase up to $20 million in the cryptocurrency. Revenue growth and user metrics The recent surge in Rumble’s stock price has brought renewed attention to the company, which competes with major players like YouTube and Odysee. Rumble’s revenue has shown consistent growth, with the company reporting $25.06 million for the quarter ending September 30, 2024, a 39.34% year-over-year increase. Over the past 12 months, Rumble’s revenue climbed to $85.65 million, up 6.36% compared to the prior year. The platform’s global monthly active users (MAUs) have also increased , rising to an average of 67 million in Q3 2024 from 53 million in Q2 2024. However, the average revenue per user (ARPU) dropped to $0.33 in Q3 from $0.37 in the previous quarter, indicating room for improvement in monetization. Analyst views and valuation concerns Despite the excitement surrounding Tether’s investment, questions remain about Rumble’s valuation and growth prospects. Oppenheimer analyst Jason Helfstein notes that while the $775 million equity investment strengthens Rumble’s balance sheet and alleviates liquidity concerns, the valuation appears ahead of its current advertising and subscription revenue performance. Analysts, including Wedbush’s Scott Devitt, have revised their outlook on Rumble, raising the price target from $8 to $10 but maintaining a neutral stance on the stock. While Tether’s $775 million investment is a major vote of confidence in Rumble’s potential, the company’s ability to sustain this momentum and deliver on its growth plans will be closely watched by investors. Featured image from Shutterstock. The post Here’s what’s happening with Rumble (RUM) stock this week appeared first on Finbold .
Industry executives say Bitcoin staking, tokenized RWAs and AI agents will reshape the cryptocurrency ecosystem.
MicroStrategy founder Michael Saylor recently published a proposal for crypto regulation and growth. His ‘Digital Assets Framework’ consists of five major points detailing the steps needed to foster crypto growth and adoption in the United States. As the first step, Saylor argues that a clear, universally understood taxonomy for digital assets is necessary for innovation and policy creation. He defines a digital commodity as an asset without an issuer backed by digital power, such as Bitcoin, and a digital security as an asset backed by a security, such as equity or debt. A digital currency is an asset backed by fiat, while digital tokens are fungible assets with issuers offering digital utility. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
In its latest Economic and Financial Research Report No. 893, the Bank of Italy (Banca d'Italia) classified Bitcoin peer-to-peer (P2P) services as “Crime-as-a-Service”, citing their suspected role in facilitating money laundering activities. Titled “Money Laundering and Blockchain: Can You Follow Their Footsteps in the Crypto World?” the report sheds light on platforms that enable Bitcoin trading without requiring Know Your Customer (KYC) verification. According to the bank, these services create opportunities for criminals to conceal the origins of illicit funds and complicate law enforcement efforts to track transactions. The report notes that such platforms often operate in jurisdictions with weak anti-money laundering (AML) regulations or in countries designated as high-risk by the Financial Action Task Force (FATF). The bank argues that this lack of oversight allows bad actors to exploit gaps in the global financial system. Related News: BREAKING : Donald Trump's Crypto Council Director is Announced - It Wasn't Expected One interesting aspect of the report is that it mentions events such as “Satoshi Spritz,” where people gather to exchange Bitcoin for goods or fiat currency. While these gatherings are typically organized by the Bitcoin community to promote cryptocurrency education and adoption, the Bank warns that they can also be used for illicit purposes, including money laundering. To combat these risks, the Bank of Italy has called for stricter regulatory measures and cites the importance of implementing robust KYC and AML protocols. *This is not investment advice. Continue Reading: Bank of Italy Publishes Report on Bitcoin: Includes Some Shocking Remarks
Bitcoin's low hits $92,520, raising concerns among traders. Experts predict a potential recovery in January as market conditions stabilize. Continue Reading: Market Analysts Assess the Current State of Cryptocurrency Prices The post Market Analysts Assess the Current State of Cryptocurrency Prices appeared first on COINTURK NEWS .
U.S. Spot Bitcoin ETFs Record $226M in Net Outflows on December 23 The U.S. spot Bitcoin ETFs faced significant net outflows totaling $226.42 million on December 23, marking the third consecutive day of declines, as per data from Trader T on X. This shift reflects varying investor sentiment during the holiday season amidst ongoing market volatility. Key Insights Into ETF Activity Despite the overall outflows, BlackRock’s IBIT stood out with a net inflow of $31.78 million , suggesting continued confidence among investors in the world’s largest asset manager’s Bitcoin fund. On the other hand, major outflows were recorded across several ETFs: Fidelity’s FBTC : $146 million Grayscale’s GBTC : $38.4 million Bitwise’s BITB : $23.7 million Invesco’s BTCO : $25.6 million ARK Invest’s ARKB : $15.7 million Grayscale’s Mini BTC : $6.2 million VanEck’s HODL : $2.6 million Other ETFs reported minimal or no significant net flows. Factors Influencing the Outflows The net outflows indicate a period of caution among investors, driven by: Year-End Portfolio Adjustments Many investors rebalance their portfolios during the year-end, which could contribute to these withdrawals. Market Volatility Bitcoin has seen significant price fluctuations, raising concerns over near-term risks. Institutional Strategy Changes Institutional investors might be re-evaluating their strategies, leading to temporary shifts in capital. BlackRock’s Resilience Amid Outflows While most ETFs faced declines, BlackRock’s IBIT recorded notable inflows. This resilience underscores BlackRock’s growing influence in the cryptocurrency sector and its reputation as a trusted brand among retail and institutional investors alike. Implications for Bitcoin and ETF Markets The combined outflows emphasize the short-term uncertainty in Bitcoin’s trajectory. However, consistent inflows into select funds like BlackRock’s IBIT suggest that institutional confidence in Bitcoin remains intact. This divergence highlights the importance of ETF management and branding in attracting and retaining investor capital. Conclusion The net outflows from U.S. spot Bitcoin ETFs signal cautious investor sentiment but also showcase pockets of resilience, particularly in BlackRock’s IBIT. With the cryptocurrency market navigating a volatile period, ETF flows will remain a critical indicator of market dynamics and institutional confidence in Bitcoin. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news , where we delve into the most promising ventures and their potential to disrupt traditional industries.
QCP Capital: Altcoin Surge May Be Imminent Amid Bitcoin Volatility The cryptocurrency market could be heading for a significant shift as Bitcoin (BTC) struggles with sustained volatility, according to QCP Capital , a Singapore-based crypto trading firm. The expiration of $20 billion worth of BTC and Ether (ETH) options on December 27 could be a catalyst for market movement. Bitcoin’s Struggles Above $100,000 QCP Capital highlighted Bitcoin’s difficulty in maintaining its position above the $100,000 threshold. This struggle could lead to a rotation of capital into altcoins , replicating patterns observed during similar market phases last month. Bitcoin has been trading in a volatile range, and continued challenges could further undermine its dominance. Altcoins Positioned for a Rally The potential shift of investor focus toward altcoins could bring significant price movement in the broader cryptocurrency market. QCP Capital predicts that as BTC and ETH options reach expiry, funds might flow into smaller-cap cryptocurrencies with promising utility or strong community backing. Expert Insights: FxPro’s Alex Kuptsikevich on BTC’s Decline In addition to QCP Capital’s outlook, FxPro analyst Alex Kuptsikevich shared a more cautious view: BTC could experience additional declines, with dips to $90,000 or even $70,000 not out of the question. Kuptsikevich emphasized the importance of macroeconomic conditions and institutional sentiment in determining the crypto market’s trajectory. Key Takeaways for Investors Monitor BTC Options Expiry: The $20 billion in BTC and ETH options expiry on Dec. 27 could bring heightened market volatility, influencing asset flows and price movements. Potential Altcoin Rally: A rotation of interest into altcoins could offer opportunities for traders and investors seeking higher returns or portfolio diversification. Caution Amid Volatility: While the market shows signs of potential growth in altcoins, BTC’s unpredictability underscores the importance of risk management in trading strategies. Conclusion As Bitcoin faces challenges staying above $100,000, the cryptocurrency market is poised for significant developments. With a large options expiry on the horizon , altcoins may emerge as a major beneficiary of shifting market dynamics. Investors should watch for trends in capital rotation and prepare for potential opportunities in the altcoin market while remaining mindful of Bitcoin’s price movements. To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.
Microstrategy’s treasury operations secured 3,177 bitcoins last week—worth $299 million—intensifying its aggressive BTC acquisition push and reinforcing its position as the largest corporate bitcoin holder. Microstrategy’s Treasury Move Nets $299M in BTC Last Week Michael Saylor, Executive Chairman of software intelligence firm Microstrategy (Nasdaq: MSTR), highlighted the company’s bitcoin investment performance in a post on