Enthusiasm for the Bitcoin spot ETF has fueled the latest weekly inflows into cryptocurrency-related investment funds, Coinshares said. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
$55 million in weekly inflows into Bitcoin funds
📍Bitcoin-related investment funds recorded $55 million in inflows amid BTC's price rise. Data from Coinshares shows that crypto asset fund flows this week were driven by confidence in a US spot Bitcoin ETF.
In her weekly report No. 154, the company noted that the most recent inflows into crypto asset investment funds were related to the enthusiasm generated by the possible launch of a Bitcoin ETF in the spot market, although it noted that investors have remained cautious due to the rise in BTC, so the volume of inflows was not as significant compared to other weeks.
Still, Bitcoin saw inflows totaling $55,3 million this week, while Solana, which remains investors' preferred altcoin, saw inflows totaling $15,5 million.
This is the fourth consecutive week in which investment funds related to Bitcoin and cryptocurrencies register inflows of funds from investors, Coinshares highlighted in the report.
Fantom Sonic testnet launched
📍Fantom Foundation developers have announced the release of the Fantom Sonic sandbox, a network called to improve the performance of this blockchain ecosystem. With the launch of the Fantom Sonic testnet, developers have launched new technology that will allow user interactions and the deployment of smart contracts in a completely innovative way.
On the social network Lachesis consensus mechanism.
With all these updates and improvements to Fantom Sonic, Fantom developers hope to achieve performance of over 2.000 transactions per second (TPS) with ultra-short purpose.
The Fantom Sonic network, which will be compatible with the Ethereum Virtual Machine (EVM), will be available on mainnet in spring 2024, according to the roadmap presented by the Fantom Foundation.
“Crypto Sectors”, the new framework presented by Grayscale for cryptocurrencies
📍Digital asset management company Grayscale Investments has presented a new comprehensive framework focused on classifying the crypto world. According to the company, this new framework will create a standard to identify and classify the different sectors of the crypto industry, so that investors have sufficient knowledge and understanding of digital assets and can stay abreast of the development of this technological innovation that is transforming “the way we learn, work and interact.”
Grayscale classified the crypto industry into five crypto sectors, which were named “Currencies,” “Smart Contract Platforms,” “Finance,” “Consumer and Culture,” and “Utilities and Services.”
In each of these crypto sectors, the company exposes the disruption of cryptocurrencies and how it is impacting the world of finance, wealth transfer, information, property and much more. The company also highlighted the role of cryptocurrencies in what is billed as the next generation of the Internet, Web3.
As part of the launch of Crypto Sectors, Grayscale has partnered with Stock Exchange Group subsidiary FTSE Russell to offer access to new crypto indices.
In total, the digital asset manager is offering its investors access to five new indices that track performance and yield in each cryptocurrency sector.
Michael Sonnenshein, CEO of Grayscale, said that the “Crypto Sectors” initiative was consolidated to respond to investors' need to broadly understand the world of cryptocurrencies to diversify beyond the most capitalized crypto assets on the market.
Grayscale's alliance with FTSE Russell comes just days after the management company filed Form S-3 with the SEC, to continue its efforts to convert its Grayscale Bitcoin Trust (GBTC) product into a spot Bitcoin ETF, allowing investors to gain direct exposure to the price of Bitcoin in the market.
Continue reading: Matrixport predicts Bitcoin (BTC) will reach $45.000 by the end of the year
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