BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust, experienced an outflow of $13.5 million on Thursday. This was IBIT’s first outflow since May 1st. Thursday’s outflow was the second ever for the iShares Bitcoin Trust since its launch in January. The ETF has seen consistent inflows almost daily, cementing itself as a dominant Bitcoin investment product.

Prior to Thursday’s $13.5 million outflow, the last time the fund saw withdrawals was May 1st when $37 million was pulled out. That coincided with Bitcoin hitting a local low of $56,000.

The outflow comes as spot Bitcoin ETFs recorded a third straight day of withdrawals totalling $71.8 million on Thursday….

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El Salvador’s decision to adopt Bitcoin as legal tender has proven lucrative, with President Nayib Bukele announcing a profit of $265 million on their Bitcoin investment. Starting with an investment of $135 million, the nation’s Bitcoin assets have surged to $400 million. Bukele highlighted that the increase has benefited not just the government but also Salvadorans who adopted the digital currency early, due to the substantial appreciation in Bitcoin’s value this year.

The country’s strategic acquisitions of Bitcoin during market lows have yielded a profit margin exceeding 38%, with current holdings at 5,856 BTC. The adoption has also expanded financial inclusion, allowing citizens to transact in Bitcoin at major outlets including McDonald’s and hotels, which Bukele cites as a significant boost to the local economy and tourism.

Despite skepticism, Bukele emphasized the absence of negative impacts from Bitcoin adoption, pointing out the global financial sector’s growing embrace of Bitcoin, including significant investments from major funds. With an eye on the future, Bukele remains optimistic about Bitcoin’s role in El Salvador’s economic development.

TIME

The daily net flow of Bitcoin ETFs in the U.S. as of August 29, 2024, showcases the dynamic movements within the market. Leading the holdings is BlackRock’s IBIT with 357,737 BTC, maintaining a steady position with zero net inflow or outflow. Grayscale’s GBTC, however, has seen a reduction, reporting a net outflow of 304 BTC.

Fidelity’s FBTC ETF also experienced a decrease, with a net outflow of 175 BTC. Conversely, Invesco’s Galaxy BTCO ETF recorded a positive movement, gaining an additional 23 BTC.

Other notable ETFs like ARK Invest’s ARKB and Bitwise’s BITB saw significant outflows of 999 BTC and 147 BTC, respectively. Meanwhile, ETFs such as VanEck’s HODL and Valkyrie’s BRRR reported no changes in their holdings.

In total, these ETFs hold 914,361 BTC, with a combined net outflow of 1,602 BTC. This results in a market value adjustment of approximately -$96.7 million, reflecting shifting preferences and strategies among investors in U.S. Bitcoin ETFs and highlighting the fluid nature of cryptocurrency investments.

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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NCR Atleos Corporation has introduced a transformative Bitcoin Cashout feature for LibertyX customers, enabling them to sell bitcoin and withdraw cash at ATMs across the U.S. This rollout promises easy access to thousands of merchant locations, positioning an ATM within five miles for the majority of Americans. The initiative, powered by Atleos’s ReadyCode API, aims to redefine financial transactions by eliminating the need for traditional card networks.

The newly launched service allows users of the LibertyX mobile app to pre-stage sales of bitcoin and conveniently collect cash from over 30 states’ ATMs. This system not only boosts convenience but also supports local communities by increasing foot traffic and ATM productivity at participating merchant sites. ReadyCode ATMs enhance customer engagement by connecting digital transactions with physical locations.

This development addresses a major hurdle in bitcoin adoption—the ease of converting digital assets into physical cash. “The LibertyX Bitcoin Cashout enables consumers to efficiently transition from digital to physical currency, streamlining the process through our ATMs without the typical transfer delays,” said Chris Yim, General Manager at LibertyX. This feature represents a significant advancement in integrating digital solutions with traditional financial services.

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The third edition of NostrWorld’s unconference series took place last week in the picturesque city of Riga, Latvia, bringing together advocates and developers of the Nostr protocol. Spearheaded by Block CEO and Twitter co-founder Jack Dorsey, NostrWorld’s free gatherings are a platform for open-source enthusiasts to exchange ideas, foster collaboration, and ignite initiatives aimed at shaping a freer, more decentralized version of the internet.

Bitcoin Magazine was on the ground in Riga to explore how the evolution of the Nostr protocol could influence Bitcoin’s trajectory. While Nostr’s budding community has famously attracted prominent Bitcoin advocates, Nostriga—as this third…

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Ethereum, one of the leading cryptocurrencies, is currently priced at $2,576 with a market capitalization of $309 billion. However, if Ethereum were to achieve the market capitalization of larger companies like Tesla or Apple, its price could see a significant increase.

At Tesla’s market cap of $676 billion, Ethereum’s price would more than double, reaching approximately $5,624. This represents a 2.19x increase from its current value, highlighting the potential growth Ethereum could experience if it were to match the valuation of this electric vehicle giant.

The comparison becomes even more striking when looking at Apple, the world’s most valuable company with a market cap of $3.5 trillion. If Ethereum were to reach this market cap, its price could skyrocket to $29,235, an 11.37x increase. This illustrates the vast potential for price growth that Ethereum might achieve in the future, should its market cap grow to the level of these corporate giants.

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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Genesis Digital Assets (GDA) is ramping up its operations at the Rowdy Data Center in Vernon, Texas, with a new expansion to 400 megawatts. This move solidifies Texas’ status as a prime location for Bitcoin mining, drawing on the state’s ample renewable energy and innovative policies. The Rowdy Data Center, which currently runs at 60 MW, is poised to become a key player in the region, utilizing local wind power and contributing significantly to the local economy.

Tom Walker, Chairman of the OPS Board, applauded the expansion, noting, “This project underscores Bitcoin mining’s capacity to inject new vigor into the energy sector.” The facility, which repurposes the defunct Oklaunion Power Station, has already revitalized the community by reintroducing dozens of jobs that were lost when the station closed in 2020.

Under the leadership of GDA CEO Andrey Kim, the company is committed to enhancing the Bitcoin network’s security and durability through innovative mining solutions and renewable energy utilization. The expansion in Vernon marks a significant step forward in GDA’s ongoing efforts to support sustainable growth and technological advancement in the cryptocurrency sphere.

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Australia’s two spot Bitcoin ETFs—the VanEck Bitcoin ETF and Monochrome’s IBTC—have steadily accumulated Bitcoin holdings since launching earlier this year. The sustained inflows highlight growing Bitcoin demand in the region.

The VanEck Bitcoin ETF debuted on the Australian Securities Exchange (ASX) on June 20th after receiving regulatory approval. It has attracted $40.72 million in assets under management (AUM).

Meanwhile, the Monochrome Bitcoin ETF (IBTC) began trading on the smaller CBOE Australia exchange on June 4th. Despite its lower AUM, IBTC continues to see small but steady inflows.

As of August 28th, IBTC holds around 123 Bitcoin worth $7.4 million. The fund has continually…

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