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Bitcoin Dominates Weekly Outflows: Digital Assets See $54M Withdrawn, $38M From BTC

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In the world of digital assets, Bitcoin has been the center of attention in recent weeks as investors sold off a total of US$38m worth of the cryptocurrency, according to a report from CoinShares. 

The outflows represent 80% of all outflows over the period and, combined with short-bitcoin outflows, highlight that the recent investor activity has almost solely been focused on the asset.

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But while Bitcoin has been experiencing a series of outflows, other digital assets are seeing a surge in inflows. The report shows that investors are becoming more adventurous, with inflows seen across eight different altcoin assets. 

It suggests that investors are becoming more selective and looking for new opportunities. The most notable inflows were to Cardano, Tron, and Sandbox, which all saw inflows of $0.5m, US$0.23m, and $0.2m, respectively. Binance was the only altcoin to see outflows totaling $0.5m.

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However, the overall trend in digital asset investment products is still outflows. The report shows that digital asset investment products saw a fourth consecutive week of outflows totaling $54m, bringing the total outflow to $200m. 

It represents 0.6% of total assets under management (AuM), and the recent price declines have seen total AuM fall by 13% since their mid-April peak.

The outflows were broad from a regional perspective, suggesting negative sentiment is not concentrated on just a few investors. That said, the outflows were primarily focused in Europe, particularly when taking into account that 84% of outflows in the US were from investors selling out of short positions.

It remains to be seen whether Bitcoin will continue to experience outflows in the coming weeks or whether investors will return to the cryptocurrency. However, the surge in inflows to altcoins suggests that investors are looking for new opportunities in the digital asset market.

Bitcoin’s Realized Cap Sees Cyclical Growth With Diminishing Returns

Meanwhile, Glassnode, a prominent analytics platform, recently shared a significant observation regarding the growth of Bitcoin’s Realized Cap on Twitter. According to their tweet, the cyclical growth of Bitcoin’s Realized Cap has been steadily increasing from one cycle to the next.

In the current Epoch, there has been a notable influx of capital, amounting to an impressive $282.8 billion. To provide context, Glassnode highlighted the capital inflow figures from previous Epochs: $74 million in Epoch 1, $5.5 billion in Epoch 2, and $102.3 billion in Epoch 3.

Despite these impressive numbers, Glassnode pointed out that the relative growth rates have been diminishing across the Epochs. In the present cycle, Bitcoin’s Realized Cap has expanded by 362%, which, although still significant, represents a lower growth rate compared to earlier cycles. 

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To illustrate this, Glassnode shared the growth percentages for each Epoch: Epoch 1 experienced a staggering 42,495% growth, Epoch 2 saw a substantial 7,580% increase, and Epoch 3 recorded a noteworthy 1,917% expansion.

Glassnode’s analysis emphasizes the continuous growth of Bitcoin’s Realized Cap but also draws attention to the decreasing growth rates observed in recent cycles. However, these insights provide valuable information for investors and analysts tracking the development of the cryptocurrency market.

Related Reading | Bitcoin Cash (BCH) Price Surges In Anticipation Of ‘CashTokens’ Upgrade

Crypto Genius Sets Sight on Transformation of World of Digital Assets

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Crypto genius is a progressive innovation that can reform the digital currency universe. A decentralized stage permits clients to purchase, sell, and store computerized resources effectively. Crypto genius is intended to make exchanging and putting resources into digital currency more open and safer than at any other time in recent memory. A helpful asset can assist merchants with settling on informed conclusions about their ventures and comprehending the perplexing elements of the crypto markets.

Crypto Genius review:

Crypto genius is a blockchain-based stage that plans to make it simple for the typical individual to engage with digital currency. The stage offers new clients an abundance of instruments and assets and a commercial centre for those hoping to exchange their coins.

The main difference between Crypto genius and other stages is its easy-to-use interface, allowing anyone to understand how things work without knowing anything about cryptocurrencies. Additionally, there is a positive reputation among the stage’s clients, who appreciate the option to exchange their coins efficiently and receive assistance if needed.

Crypto genius is a fantastic choice for anybody who simply should begin putting resources into digital currencies or exchanging them on trade.

Crypto genius trading:

Crypto genius Exchanging is a mechanized framework that lets you catch the exceptional yields of digital currency markets and transform them into benefits.

It’s an instrument intended to assist you with bringing in cash from cryptographic forms of money and other computerized resources without doing any legwork yourself. When introduced on your PC or telephone, Crypto genius Exchanging will begin observing the costs of different advanced resources, recognizing designs in those costs, and afterwards trading when it figures those costs will rise or fall.

It settles your digital money speculation choices much more straightforward. You don’t need to go through hours exploring outlines and attempting to anticipate what’s happening on the lookout; you want to allow Crypto genius Exchanging to do its thing and allow it to work for you.

Crypto genius trading strategy:

Crypto Genius is an exchanging methodology that utilizes the energy of a coin’s cost to make you cash.

You can utilize this system to exchange altcoins on Binance, Bittrex, and different trades by following a couple of fundamental advances:

• Pick a coin that has, as of late, spiked in cost. Find one that has been rising rapidly for something like 24 hours and has shown forward movement through its cost diagram.

• Search for coins with a comparative exchanging volume as the coin you are exchanging for money. It will assist you with distinguishing the best coins to exchange in light of how much cash streams into them from different financial backers.

• Search for coins with low unpredictability (i.e., under 2%). On the off chance of a plunge in their cost, it will not essentially influence your public benefits.

How does crypto genius work:

Crypto genius examines verifiable information from different trades to recognize designs in evaluating and unpredictability. Whenever it has recognized those examples, it can foresee how those costs could change. It then utilizes those expectations to create trade flags you can set up as triggers for executing exchanges for your benefit.

The Crypto genius stage works by examining the market for north of 200 digital currencies and investigating them for potential cost increments. You can then set up cautions on your number one coin so you can get informed when they draw near to or surpass their objective costs.

What are the benefits of using Crypto Genius?

Crypto genius is a crypto trade that permits you to trade digital currencies. It’s a terrific method for beginning to exchange. However, there are different advantages. Here are probably the main ones:

  1. It gives a stable climate to financial backers to put resources into digital currency. The stage is intended to guarantee that clients’ assets are no problem.
  2. You can exchange from any place on the planet, whenever of day or night.
  3. You need to refrain from any involvement with exchanging, download the application, and begin selling.
  4. It gives a simple method for bringing in cash from digital currency exchange. The stage offers a scope of instruments to assist you with figuring out how to exchange and bring in cash from digital currency exchange. Utilizing their offshoot program, you can acquire automated revenue from Crypto genius.

Pros os of Crypto Genius:

  • You can exchange all alone.
  • You don’t need to stress over the market.
  • You don’t need to stress over the cash.
  • You get a superior pace of return, and you don’t need to pay interest on it.
  • It’s easy to get everything rolling, and halting trading is simple.
  • It’s more straightforward to utilize:

Crypto genius is easier to understand than different stages and straightforward to explore. You can utilize it on your telephone.

  • It has a decent standing:

Crypto genius has a brilliant standing in the local digital money area, and you’ll observe that individuals are consistently eager to assist you, assuming you have any issues.

  • It has a great local area:

Crypto genius has a great local area of clients ready to help each other with different kinds of feedback, which is decent while you’re getting everything rolling.

Cons of Crypto Genius:

  • The most significant con of Crypto genius is its high miniature store and withdrawal sum. It can make it challenging for specific individuals to begin with the stage. It is likewise more diligent in pulling out cash in the event you are new to the stage, which might be an issue for those simply getting everything rolling with digital money exchange.
  • The people group is small and frequently divided, so you’ll find only a few individuals ready to assist you with your concerns, regardless of whether they’re connected with Crypto genius.
  • You can’t store assets from your financial balance; this way, you should store them in your crypto wallet before exchanging them on Crypto genius.

Eventually, We discovered that Crypto genius is an extraordinary method for putting resources into digital currencies and that it’s shockingly simple to begin. We also learned about the upsides and downsides of putting resources into cryptographic money and that it means a lot to explore before financial planning. Ultimately, that’s what we discovered. Assuming you’re keen on digital money contributing but need assistance knowing where to begin, Crypto genius is an incredible spot to learn about it.

BNY Mellon Has A strong Say On Digital Assets

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BNY Mellon started offering its customers cryptocurrency custody services in October 2022. Companies and organisations seek to acquire digital assets as the world learns more about cryptocurrencies and the market grows.

The demand for cryptocurrency services and alternative investment options is rising globally. Banks must instead provide customers a safe and regulated way to engage in the offer rather than simply ignoring it.

Banks all across the world are attempting to investigate cryptocurrencies. A lot of businesses have already jumped in by offering cryptocurrency custody services. The Bank of New York Mellon has announced that it is now accepting applications for cryptocurrency custody services.

According to the Bank of New York Mellon, it will start accepting cryptocurrency from customers on Tuesday. As a result, BNY Mellon will be the first significant US bank to offer both regular banking services and complementary digital asset protection.

Earlier this year, the New York banking regulator gave the bank its clearance. This week, the bank can start taking Bitcoin and Ethereum. The digital asset key will be stored by BNY Mellon, which will also offer bookkeeping services like to those offered for stocks and commodities.

The move marks a crucial turning point in traditional banks’ acceptance of digital assets as a real market and a source of new income.

BNY Mellon: Digital Assets “Here To Stay”

Now the US banking giant has taken a stronger stand regarding digital assets.

The head of digital assets at Bank of New York Mellon (BNY Mellon), Michael Demissie, is convinced that the institutional interest in digital assets won’t be affected by the crash of the bitcoin market in 2022.

Demissie asserted on 8 February 2023 at a conference hosted by Afore Consulting that institutional investors’ keen interest in cryptocurrencies has made the digital asset market “here to stay.”

He further stated,

“What we see is clients are absolutely interested in digital assets, broadly.”

Demissie supported his claims by citing a BNY Mellon survey from October, which revealed that 91% of custodial bank clients are interested in investing in tokenized products based on the blockchain.

Additionally, 86% of institutional participants used a “buy and hold” approach, which may indicate that they view the cryptocurrency market as a long-term investment, according to the report.

88% of those polled also stated that they still intended to make long-term investments in the digital asset industry despite the sharp decline in the bitcoin market in 2022.

New Digital Assets Bill: South Korean Officials To Impose More Control Over Crypto Exchanges

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South Korean officials are bringing out proposed amendments to the Digital Assets Bill in an effort to impose more control over cryptocurrency exchanges. 

As reported by News1 Korea that to prevent another FTX disaster, Rep. Yoon Chang-Hyun, a People’s Power party member, drafted a proposal for an amendment that will increase the power of Financial Regulatory Agencies such as the Financial Services Commission and the Financial Supervisory Service instead of letting exchanges regulate themselves.

The report states that following the crypto market crisis, there is a demand for the Financial Services Commission to take over the regulation of “client deposits,” which had previously been left under the control of the private sector.

Additionally, to protect clients’ investments, the Financial Supervisory Service Governor will be given greater authority to keep an eye out for those who provide virtual assets, such as the authority to inspect virtual operators.

According to the National Assembly and political circles:

Rep. Yoon Chang-hyun of People’s Power plans to propose a revision to the digital asset safe transaction bill at the 1st subcommittee on legislative review of the National Assembly Political Affairs Committee held on the same day. 

The Newly Proposed Digital Assets Act

Customers’ deposits will now be managed separately, and financial regulators will now have the power to stop unfair business practices, according to the amended Digital Assets Act. In addition, “trust and management methods were entrusted to the Presidential Decree.”

The newly proposed bill also stipulates that a digital assets operator cannot unilaterally confiscate a user’s deposit if the user has given their deposit to a management institution.

Financial authorities also took control of self-regulation on unfair trade practices, which had been left in the hands of existing virtual asset operators. Moreover, company owners cannot self-regulate; instead, they must adhere to the procedures decided upon and announced by the FSC.

Furthermore, the report also highlighted the FSC and FSS both share the duty of overseeing businesses engaged in digital assets. The FSC has the power to supervise whether they comply with orders or dispositions under the law. If necessary, it can also entrust some authority to the Governor of the FSS.

An official from the National Assembly said:

The bill was submitted to reflect on the FTX incident and prevent a recurrence, and the financial authorities’ influence was strong.

Related Reading | Cryptocurrency Market Stays Strong Despite Greater Turmoils Than FTX Collapse: Chainalysis

FTX To Bear Costs For Bahamas Regulators Holding Digital Assets

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All expenses related to the digital wallet that houses the assets of FTX Digital Markets (FDM) shall be borne by FTX, the recently defunct cryptocurrency exchange. The Securities Commission of The Bahamas is in charge of keeping the pocketbook under control, according to a Bahama’s Supreme Court decision from Monday.

The statement said,

“The Order secured today confirms the Commission is entitled to be indemnified under the law and FDM shall ultimately bear the costs the Commission incurs in safeguarding those assets for the benefit of FDM’s customers and creditors, in a manner similar to other normal costs of administering FDM’s assets for the benefit of its customers and creditors………… No payment(s), however, may be made to the Commission without prior approval of the Supreme Court.”

The Supreme Court ruled that FTX must cover the expenses incurred by the Securities Commission in retaining the assets “for the benefit of FDM’s customers and creditors.” But no payment to the commission may be made without the Supreme Court’s prior consent.

FTX Owes Over $3B To Biggest Creditors

According to a document submitted to a US bankruptcy court, the defunct cryptocurrency exchange FTX owes its 50 largest creditors close to US$3.1 billion. FTX, which declared bankruptcy after being unable to handle consumer withdrawals, alone owes its top 10 debtors over US$1.45 billion.

The cryptocurrency exchange filed for bankruptcy over ten days ago, abandoning about one million creditors, albeit the degree of the harm is uncertain due to allegedly bad record-keeping procedures.

FTX was the second-largest cryptocurrency exchange after Binance before it went under.
Its inability to fulfil a surge in withdrawals caused by worries about its solvency revealed that it did not actually have assets worth the billions of dollars it had stated.

In addition, FTX has requested assistance from other exchanges in getting back cryptocurrency that was taken during the latter phases of its collapse so that it can pay its creditors. Analysts estimate that around US$270 million worth of cryptocurrency was stolen.

Coinbase Obtains Digital Assets License in Singapore Alongside 15 Firms

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Coinbase Global Inc., a cryptocurrency exchange, got a digital assets license in Singapore, where authorities are increasing their scrutiny following the high-profile collapses of cryptocurrency companies like Three Arrows Capital.

According to the Payment Services Act, Coinbase Singapore has received in-principle clearance from the Monetary Authority of Singapore to offer regulated services in the city-state, the business said on Tuesday. Since Singapore’s licensing scheme was introduced in 2019, about 15 businesses, including competitor Crypto.com, have been granted such permission.

Singapore will be a growing hub for Coinbase

According to Hassan Ahmed, chief executive of Coinbase’s local branch, Singapore will serve as a “beachhead” for the company’s planned development in the Asia-Pacific region, where countries like Indonesia and Vietnam are appealing. In an effort to boost expansion abroad, Coinbase last month launched a restructuring of its operations in Australia.

“We see Singapore as a strategic market for institutional clients as well.” He also pointed to Australia and Japan as “very key markets within the broader APAC sort of region that we’re going to continue to double down on.”

Ahmed said in an interview

As per Ahmed, Coinbase employs over 100 workers in Singapore. He stated that although the company has been choosy in recruiting recently, it is “beginning to get a little bit of hunger back.”

With a legal framework that is seen to be more thorough than that of Hong Kong, a rival financial center, Singapore has been establishing itself as a major hub for cryptocurrencies in Asia. However, the MAS has been cautious in accepting new participants, slowing the rate of license issuance as a result of a number of sector upheavals.

A cryptocurrency hedge firm called Three Arrows, which was once located in Singapore, is being dissolved after making aggressive wagers on digital assets that went horribly wrong as token prices fell.

After eliminating about a fifth of the company’s personnel and posting second-quarter revenue and trading volume that fell short of expectations, Coinbase CEO Brian Armstrong is giving foreign expansion priority. Its shares have dropped 73% year so far, less than the 60% decrease in the MVIS CryptoCompare Digital Assets 100 Index.

“EPA Should Study the Benefits of Digital Assets Mining”- Says US House Committee

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-The EPA is requested in a letter from the US House Committee to investigate the possible advantages of mining digital assets. Patrick McHenry, the chairman of the House Financial Services Committee, US Senator Cynthia Lummis, and 12 other Republicans contributed to the letter’s creation.

In the letter, Michael Regan, the head of the Environmental Protection Agency, is urged to research the advantages and possibilities of mining digital assets. Before drawing a conclusion on environmental regulation, the research should take into account the advantages of mining.

The letter is regarded as a follow-up to a letter that some House members issued in April 2022. The message was poorly comprehended and didn’t accurately convey the information concerning crypto miners.

EPA should study the impact of digital assets on the US economy

‘The United States is the global leader in financial services and technology innovation. At a time of rapid technological change, we must affirm our commitment to responsible innovation to ensure future generations of Americans continue to enjoy prosperity and opportunity.”

The letter stated

The letter to the EPA included instances of several mines using natural gas as an alternate energy source. It also cited a few instances of mining companies that make an effort to have a good environmental impact.

According to the letter, as distributed ledger technology and digital assets gain popularity, other nations are embracing them quickly and luring significant quantities of talent and capital in an effort to expand their own financial services industries.

The letter also mentioned the importance of mining operations and digital assets to the growth of the American economy. The message prompts to concentrate on supporting and developing technologies that will benefit the nation.

Digital assets information sought out by Congress’s Agriculture Committees

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The U.S Congress sent out a letter, on 12 January 2022, to the Commodities Futures Trading Commission (CFTC) requesting more information on digital assets marketplaces. The letter was addressed to Rostin Behnam, chairman of CFTC.

Currently, the agriculture committees are asking Behnam to report on the growth of the crypto industry and to specify how privileged the CFTC is to step up when that rise puts the consumers in jeopardy. The letter in detail talks about CFTC’s rapport with crypto, along with its supposition of Bitcoin (BTC) and Ether being commodities. It also reprises that the CFTC is authorized to enforce actions against digital asset forum though the Commodity Exchange Act (CEA).

The letter asserts that the CFTC has been active in prosecuting persons and entities engaging in misconduct in digital asset markets under its jurisdiction and that the Commission had also issued interpretive guidance on retail transactions in certain digital assets and educated the public on the technology underlying this marketplace and its attendant risks.

It has been highlighted that the consumers reported losing nearly $82 million to cryptocurrency scams between the fourth quarter of 2020 and the first quarter of 2021, more than 10 times the amount from the same six-month period a year earlier.

Considering the hike of digital assets that are being traded on decentralized financial (DeFi) protocols, the committees have expressed concern over the DeFi protocols offering derivatives contracts on unregistered exchanges which is the subject of the recent CFTC enforcement action.

8 specific explanations to 8 questions on digital assets

Congress wants to understand the benefits and risks better to identify the CFTC’s role. To understand the scope and size of the digital asset markets, the benefits and risks presented by these emerging technologies, and the role of the Commission with respect to these markets, the Congress has laid down a set of 8 questions for the CFTC to answer.

The questions ask the CFTC to estimate the measurement of the digital asset house on the whole and its U.S members, also to analyze and differentiate it to the conventional finance house. Information on any collaboration the company has with digital asset stakeholders and different businesses working to manage the trade and questions whether or not the Commission’s present authorities are sufficient to guard shoppers in the digital asset house was also requested.

Bitcoin Miner Genesis Digital Assets Raises $125M

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Bitcoin mining operator Genesis Digital Assets has raised $125 million in equity funding to drive its aggressive expansion plans. According to the official press release, the funding round was led by Kingsway Capital, a UK-based private equity fund with over $2 billion in assets under management [AUM] that focuses on frontier emerging markets. As part of the funding round, Kingsway’s CEO Manuel Stotz has joined the Genesis Digital Assets board of directors.

Stotz spoke about the importance of Bitcoin in terms of financial inclusion of the global poor and unbanked and said that BTC mining provides security to make this possible. He also revealed that the team behind the mining operator has been building highly profitable large-scale mining farms for approximately eight years while the industry as a whole has only been around for twelve. The exec also added,

“There’s no one else in the bitcoin mining industry that has this level of experience and we’re incredibly excited to support their next wave of growth and long-term vision.”

Bitcoin Mining Firm’s Aggressive Expansion Plans

Genesis Digital Assets plans to pour in the freshly acquired capital of $125 million to buy equipment and develop new data centers across the United States and the Nordic region. As of July 2021, the firm’s data center capacity is at more than 150MW. This represents a total hash rate of over 2.6 Exahashes (EH/s); which accounts for almost 3% of the global Bitcoin mining hash rate. Within a year, the BTC mining firm anticipates an additional 5.5 EH/s to be online. Besides, the GDA also expects to reach a capacity of over 1 gigawatt by the end of 2023.

Following the development, Abdumalik Mirakhmedov, Executive Chairman and co-founder of Genesis Digital Assets, reportedly stated,

“Our mission is to provide the infrastructure that will power the open-source monetary system revolution and we’re excited to have Kingsway Capital and Manuel onboard as we continue to scale our mining operations.”

Wisenex Review – a Simple and Affordable Online Platform for Exchanging Digital Assets

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With the development of the crypto market, there has been more evidence of the advantage that cryptocurrency is used in everyday life. The advantage of cryptocurrencies is that Cryptocurrencies allow you to make money transfers faster, lower transaction costs compared to bank transfers. At the same time, however, users continue to face problems relating to the introduction of cryptocurrency in traditional sectors of the economy.

Many companies provide services for exchanging and storing cryptocurrencies. Though there are still a lot of concerns for the customer. Among the key problems are the following:

  • Security. Storing funds on exchanges is not safe. Users, who care about the
    protection of their crypto assets, have to suffer inconvenience when they bring
    funds to the exchange, make an exchange and withdraw to their cryptocurrency
    wallet;
  • The lack of fiat payment. Only a few of the trading platforms support fiat-crypto
    payments. Most platforms do not support trading in pairs with fiat;
  • Unsecured exchange. The number of crypto exchanges exceeds several thousand, but only a few of them fully comply with the law. Illegal crypto exchanges cannot provide legal protection to users in case of failures and other problems arising from the exchange and storage of digital funds.

Wisenex‘s Cryptocurrency Exchange Platform

Wisenex has created a convenient cryptocurrency exchange platform that solves these and other problems when working with digital assets. On the Wisenex exchange, users can easily and quickly buy the most popular cryptocurrencies with credit cards, such as BTC, BCH, ETH, LTC or USDT stablecoin.

On the Wisenex exchange, Users can exchange cryptocurrencies online at a low rate and without hidden fees. All information is immediately available during payment, so there is no need to search for additional information in different sections of the site, as it happens on some exchanges.

It is quite easy to buy bitcoin with Wisenex: you need to choose a currency, specify the transaction amount and payment method, and register a bitcoin account. Transactions are fully automated and protected by advanced encryption methods.