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Friday, January 12, 2024

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$4.5B On Day 1

The first day of trading for the newly launched spot Bitcoin ETFs saw impressive results, with the new funds generating over $4.5 billion in volume and achieving notable milestones.

This exceeded expectations, as even reaching $500 million in day-one inflows was considered a significant challenge by market observers.

In other news, Circle files for an IPO, South Korea says no to crypto ETFs, and a trader spent $9 million to purchase a Solana memecoin, incurring a slippage loss of over $5.7 million.

Read on!

24h Hot Searches Worldwide 🔥

Memecoin (+11.5%)
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Tectum (-6.9%)

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Going Full Circle

Circle Internet Financial, the issuer of the USDC stablecoin with a market cap exceeding $25 billion, has confidentially filed for an initial public offering (IPO) of its equity securities.

The company announced that it has submitted a draft registration statement (S-1 form) to the U.S. Securities and Exchange Commission (SEC).

The confidential filing allows Circle to finalize its plans away from the public eye before moving forward with the IPO.

The Block

Not Following Your Footsteps

South Korea's top financial regulator has affirmed its stance on restricting financial institutions from launching cryptocurrency exchange-traded funds (ETFs).

The Financial Services Commission of South Korea stated that the recent approval of spot Bitcoin ETFs in the U.S. does not prompt the regulator to reconsider or lift the ban on such products.

The decision is based on concerns about financial market stability and the protection of investors.

The Block

Fat Finger or Marketing Stunt?

A buyer, or potentially a trader with a mistaken order, spent nearly $9 million on Thursday to acquire dogwifhat, a meme coin on Solana that gained popularity in December.

The large trade order on a low-liquidity pool led to significant price spikes, with the buyer acquiring WIF at prices as high as $3 before the prices rapidly dropped back to 15 cents.