Fund Financial News

security breach, resulting in a loss of over $230 million. This incident, the largest of its kind in India to date, has prompted a thorough examination of security measures and investor protections within the burgeoning crypto ecosystem. To dissect the implications and learnings from this event, a panel discussion was held on ETMarkets live stream with industry veterans Dilip Chenoy, Chairman of the Bharat Web3 Association; Ashish Singhal from CoinSwitch; Sumit Gupta from CoinDCX; and Edul Patel, from Mudrex.

blockchain researchers TRM Labs said on Friday. Hackers had stolen more than $1.38 billion worth of crypto by June 24, 2024, compared with $657 million in the same period in 2023, TRM Labs said in a report.

bitcoin continued on Tuesday, accompanied by record outflows from Grayscale's Bitcoin Trust, accelerating the asset losses by the fund since it converted into an exchange traded fund this year. Grayscale's ETF notched a daily record of $642.5 million in outflows on Monday, according to data from BitMEX Research, when bitcoin tumbled about 4%. The cryptocurrency was down another 2% by mid-afternoon Tuesday, bouncing off session lows. Data for Tuesday's flows will be available Wednesday morning.

Fund inflows to exchange traded funds (ETFs) tied to the spot price of bitcoin dropped to about $200 million on the second day of trading after attracting $629 million on their debut on Jan. 11, early estimates from J.P. Morgan showed. Eleven such ETFs, with total assets under management worth $27.9 billion, entered the U.S. stock market in a watershed moment for the cryptocurrency industry after years of regulatory tussle over investor protection. So far, ETFs by BlackRock and Fidelity have attracted the most funds at nearly $500 million and $423 million, respectively, in the first two days of trading, the brokerage estimated. However, details on fund flows from issuers such as Bitwise, Franklin and VanEck are still awaited.

Schroder ISF Dynamic Income will offer access to a range of investments across listed equities, fixed income, convertible bonds and insurance-linked securities.

Asset management firms hoping to be among the first to win regulatory approval to launch exchange traded funds (ETFs) tied to the spot price of bitcoin updated their filings with the Securities and Exchange Commission on Thursday and Friday, as market participants said a decision from the regulator may be imminent. By late Friday afternoon, BlackRock Asset Management, VanEck, Valkyrie Investments, Bitwise Investment Advisers, Invesco Ltd., Fidelity, WisdomTree Investments and a joint venture between Ark Investments and 21Shares had all submitted new documents with regulators spelling out details of the arrangements each has made with their marketmakers to ensure trading is liquid and efficient. People familiar with the filing process said issuers that met their end of the year filing revision deadlines may be able to launch by January 10 — the date by which the SEC is required to either approve or reject the Ark/21Shares ETF. The SEC may notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch the following week, said those sources, who spoke on background given the confidential nature of the discussions.

Binance CEO Changpeng Zhao's plan to rescue the cryptocurrency market has fallen short of expectations eleven months after launch.

Bitget, a crypto exchange platform, announces a new $100 million to focus on the growth of its ecosystem. The fund is believed to be focused on developing regional exchanges, analytics firms, and media organizations. 

San Francisco-based crypto-native fund Momentum Capital has secured an investment of $10 million from Canada's BM Fund. 

Ethereum (ETH) infrastructure provider Flashbots has raised $60 million in its Series B funding round, signaling a potential resurgence in the crypto bull market. 

BlackRock's plan to create a bitcoin exchange-traded fund (ETF) even as the sector faces U.S. regulatory scrutiny. BlackRock, the world's biggest asset manager, filed last week for the exchange which would allow investors to get stakes in the asset class. The Wall Street Journal reported on Tuesday that EDX Markets, a crypto exchange backed by Citadel Securities, Fidelity and Schwab had started operations. The global cryptocurrency industry has been caught in the crosshairs of the U.S. securities regulator on alleged violations of securities laws. Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued major crypto exchanges including Coinbase and Binance. Bitcoin, the world's biggest and best-known cryptocurrency, was last up 5.5% on Wednesday at 29,881.00 after hitting a high of $30,755.00. It is up roughly 81% for the year-to-date.

cryptocurrency market experienced a significant surge, with Bitcoin leading the charge and gaining over 30%. The rally can be attributed to several factors, including a massive short squeeze, a billion-dollar buy by Binance, the Fed's response to the banking crisis, and news on Ethereum's upcoming update. Over $300 million in leveraged BTC short positions were liquidated, resulting in over $300 million in buying pressure for BTC. This is a substantial amount during a bear market when it doesn't take nearly as much money to move prices up or down. The rally was also helped by the fact that Binance turned $1 billion worth of BUSD into BTC, ETH, BNB, and other unnamed cryptocurrencies. Another factor is the official announcement of the Ethereum Shanghai hard fork update date (April 12), which will allow users to withdraw their staked ETH and is expected to stimulate Ethereum market demand. Institutional investors are expected to find ETH more appealing because they love yield, and the ability to earn a yield on what is effectively the next network for payments is an attractive prospect. It is believed that many institutions were hesitant to stake ETH because it wasn't possible to unstake, but this will change with Shanghai, and millions, if not billions, of dollars could flow into ETH in the days and weeks that follow. BTC is also considered sensitive to changes in money supply, and as such, many have argued that the increase in the size of the Fed's balance sheet is the key driver of the rally.

A new Hong Kong-based fund is set to raise $100 million to invest in crypto companies as the city is accelerating toward its goal of becoming a global crypto hub with a more friendly regulatory stance. 

The first-ever exchange-traded fund focused on NFTs and metaverse assets has announced closure as the crypto winter continues to take more victims.