VanEck, a leading asset management firm, has unveiled a groundbreaking staking option for its Solana exchange-traded notes (ETNs) in Europe. This new offering employs a non-custodial staking method, allowing investors to retain full control over their assets. This approach significantly reduces the risks typically associated with traditional staking practices. As a bonus, investors do not need to take any steps to receive staking rewards; these are automatically integrated into the equity of the Solana ETN.

The firm’s innovative strategy includes automatically distributing all staking rewards accrued in the previous period among investors, after a 25% fee deduction. By enabling SOL token delegation to validators while maintaining custodian oversight, VanEck has enhanced the attractiveness and trust in this novel investment product, boosting confidence among European crypto investors.

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Bitcoin’s open interest in futures contracts soared to a new peak of $40.8 billion on October 21, signaling heightened market activity as the cryptocurrency approached the $70,000 mark. This unprecedented level of open interest, reported by CoinGlass, reflects a robust investment in Bitcoin derivatives, suggesting increasing leverage and potential volatility in the market.

The Chicago Mercantile Exchange (CME) dominated the futures market, accounting for 30.6% of the total open interest, with Binance and Bybit following at 20.4% and 14.8%, respectively. The surge in derivatives trading is a strong indicator of investor confidence and speculative interest as Bitcoin prices teeter near historic highs.

Bitcoin reached a high of $69,380 in early trading but faced resistance and slightly retreated. Despite this, the strong derivatives market performance points to a sustained bullish outlook among traders, underlining the growing mainstream acceptance and investor enthusiasm for Bitcoin.

CoinGlass

The weekly net flow of U.S. Bitcoin ETFs from October 14 to October 18, 2024, demonstrated significant inflows, particularly for BlackRock’s Bitcoin ETF (Ticker: IBIT), which led the pack with a massive net inflow of 15,951 BTC. Fidelity’s Bitcoin ETF (Ticker: FBTC) followed, adding 6,403 BTC, while ARK’s Bitcoin ETF (Ticker: ARKB) also posted a solid inflow of 4,484 BTC.

On the other hand, Grayscale’s GBTC saw a slight outflow of 32 BTC, showing some investor pullback. However, other funds like Bitwise (Ticker: BITB) and VanEck (Ticker: HODL) recorded positive movements, with inflows of 1,721 BTC and 594 BTC, respectively. Valkyrie (Ticker: BRRR) and Invesco Galaxy (Ticker: BTCO) also saw modest gains.

In total, the cumulative Bitcoin holdings across all listed ETFs reached 953,464 BTC, valued at approximately $65.3 billion. The weekly net inflow amounted to 30,946 BTC, equivalent to $2.12 billion, reflecting strong investor sentiment and growing confidence in the Bitcoin ETF market throughout the week.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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