BlackRock has made significant updates to its iShares Bitcoin Trust ETF by amending its custody agreement with Coinbase. According to a recent SEC filing, the changes aim to streamline withdrawal processes and improve asset management during unsettled trades. These updates reduce Coinbase Custody’s withdrawal processing time to just 12 hours, ensuring faster access for institutional investors.

The amendment permits the Trust to withdraw bitcoin from either the Vault or Trading Balance, enhancing liquidity and flexibility. This move demonstrates BlackRock’s commitment to providing efficient and secure asset management, addressing concerns about timely access to digital assets.

Amid rumors that Coinbase was manipulating Bitcoin’s price, both BlackRock and Coinbase have dismissed such claims, emphasizing transparency and regulatory compliance. This update not only strengthens trust but also showcases BlackRock’s dedication to offering a robust and reliable Bitcoin ETF solution, catering to the growing demands of institutional crypto investors.

SEC

Digital asset investment products recorded a second straight week of inflows, reaching an impressive US$321 million, spurred by the recent Federal Open Market Committee (FOMC) decision to cut interest rates by 50 basis points. The more dovish stance boosted investor confidence, resulting in a significant 9% increase in total assets under management (AuM) to US$9.5 billion.

Bitcoin led the way, drawing US$284 million in inflows, reaffirming its dominance in the crypto market. Notably, short-bitcoin investment products also saw an uptick, with inflows of US$5.1 million as investors positioned themselves amid recent price movements. However, Ethereum remained an outlier, experiencing its fifth consecutive week of outflows totaling US$29 million, likely due to ongoing exits from the Grayscale Trust and limited interest in newly launched ETFs.

Regionally, the US took the lead with US$277 million in inflows, while Switzerland followed with US$63 million. Meanwhile, Solana continued to attract attention, recording consistent inflows of US$3.2 million last week.

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Australian regulators are set to introduce a new guidance requiring cryptocurrency exchanges to obtain financial services licenses, signaling a more structured approach to crypto regulation. The Australian Securities and Investments Commission (ASIC) plans to extend licensing requirements beyond current regulations, aiming to ensure that major crypto assets like Bitcoin and Ethereum fall under the Corporations Act. Commissioner Alan Kirkland emphasized that ASIC’s intention is to boost consumer confidence and market integrity, encouraging responsible innovation in the crypto industry.

This move comes after Senator Andrew Bragg criticized the government for slowing down progress in crypto regulation. Bragg stated that Australia, once a leader in the crypto space, has become a “crypto laggard” due to delays in implementing a clear regulatory framework. Despite these setbacks, ASIC is expected to release updated guidance in the coming months, seeking feedback from the industry.

The new regulations promise to enhance protections, providing a safer environment for crypto enthusiasts while promoting growth and innovation in the sector.

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