U.S. spot Bitcoin ETFs witnessed a significant exodus of funds, with $287.8 million withdrawn across the listed ETFs yesterday, marking the largest single-day outflow since May 1, Farside Investors data reveals. According to Arkham data, the only ETF that did not experience withdrawals was BlackRock, which reported zero outflows.

Fidelity’s ETF led the withdrawals, selling $162 million worth of Bitcoin. Grayscale followed with $50 million in outflows, while Ark and Bitwise reported $34 million and $25 million, respectively. Despite these substantial outflows,…

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Zurich Cantonal Bank (ZKB), Switzerland’s fourth-largest bank, has launched cryptocurrency trading and custody services, marking a significant expansion of its financial offerings. Clients can now trade and store Bitcoin and Ethereum directly through ZKB’s existing digital platforms, such as ZKB eBanking and ZKB Mobile Banking. The bank has partnered with Crypto Finance AG, a Deutsche Börse Group subsidiary, to facilitate these transactions.

ZKB’s crypto services are available not only to its clients but also as a business-to-business solution for other Swiss banks. Thurgauer Kantonalbank is the first to adopt this service, enabling its customers to access the crypto market securely through ZKB’s infrastructure.

This move reflects ZKB’s ongoing efforts to embrace blockchain technology, following its involvement in pioneering digital bond issuance on the SIX Digital Exchange and participating in the Swiss National Bank’s digital currency pilot project. The bank’s initiative highlights the growing acceptance and integration of cryptocurrency services within Switzerland’s financial sector.

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The U.S. Bitcoin ETFs have seen varied activity in their daily net flows as of September 4, 2024. BlackRock’s IBIT ETF maintains a stable position with no net inflow or outflow recorded, holding a substantial 357,509 BTC. In contrast, the Grayscale Bitcoin Trust (GBTC) and Fidelity’s FBTC have experienced notable outflows of -1,625 BTC and -2,835 BTC respectively.

Other ETFs such as ARK Invest’s ARKB and Bitwise’s BITB also faced declines, recording net outflows of -579 BTC and -430 BTC. Conversely, VanEck’s HODL and Invesco Galaxy’s BTCO ETFs reported no changes in their holdings. On a smaller scale, Valkyrie’s BRRR and Franklin Templeton’s EZBC noted outflows of -44 BTC and -145 BTC.

Overall, the total holdings across all listed ETFs amounted to 905,248 BTC, with a combined net outflow of -5,659 BTC, equivalent to approximately $330.1 million. This data provides a snapshot of investor sentiment and market movements within the U.S. Bitcoin ETF sector, reflecting a day of varied investor activity and adjustments in holdings.

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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Japan’s Financial Services Agency is exploring a significant shift in how crypto holdings are taxed, potentially treating them as financial assets rather than income. This move could dramatically reduce the tax burden on crypto investors. Currently, crypto profits are taxed as high as 45% for top earners, but the proposed change could align them with the 20% flat rate for capital gains on securities.

The agency believes this adjustment could encourage investment by treating crypto assets as a means for the public to expand wages and household assets. Despite the potential of cryptocurrencies in boosting individual wealth, their use among private investors remains limited, according to a recent government report.

This proposed reform comes as Japan reassesses its stance on crypto taxation, prompted by a previous high tax rate that led to an exodus of crypto companies from the country. The government’s ongoing review aims to foster a more favorable environment for crypto innovation and retention of companies within the nation.

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The market has experienced significant fluctuations from 2016 to 2023. Beginning in 2016, investors saw a promising gain of +13.3%, signaling a strong start. However, this positive trend was quickly overshadowed by a substantial decline in 2017, with returns plummeting -21.4%.

The downturn continued into 2018, with a further drop of -17.5%, reflecting ongoing volatility. Although 2019 offered some relief with a modest gain of +3.9%, the respite was short-lived. The year 2020 brought another significant decline of -17.4%, echoing global uncertainties.

The subsequent years remained turbulent, with 2021 and 2022 both ending in negative returns of -12.7% and -14.6%, respectively. Yet, 2023 saw a glimmer of recovery with a slight increase of +1.4%. Overall, the market’s journey from 2016 to 2023 illustrates a period marked by volatility and unpredictable returns.

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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As we enter a new era of development on Bitcoin, it has become very hard for most people to understand the nuances of the L2 debate, and ever harder to follow some of the technical jargon associated with it. Sidechains, rollups, sequencer, multisig, ZKP…. In this report, we’ll try to shed some light on those concepts by outlining the UTXO thesis for Bitcoin L2s and by answering the following questions:

Does Bitcoin even need Bridges? What are the differences between sidechains (BOB, Botanix, etc..) and rollups designs (Alpen, Citrea)? What are the strategies employed to convince Bitcoiners to bridge their BTC? What are the different BitVM implementations and how do they revolutionize… Read more on BitcoinMagazine