The Spot Bitcoin ETFs have become a major headliner recently due to heightened levels of market inflows. According to data from SoSoValue, these ETFs have attracted over $5 billion in investments over the past three weeks coinciding with an impressive Bitcoin price rally of over 23%. However, amidst this euphoria, macro investment researcher Jim Bianco says these Spot ETFs have contributed no significant growth to the Bitcoin market. Related Reading: BlackRock’s Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows Spot Bitcoin ETFs Bring In No New Money, Only Recycled Investments In a series of X posts on November 2, Bianco claimed the Spot Bitcoin ETFs despite their impressive inflow record do not attract any new investments to the underlying asset. Firstly, The analyst applauds the performance of these institutional funds some of which rank as the best-performing ETFs of 2024 following their launch in January. However, Bianco highlights BTC has failed to surpass its all-time high value of 73,750 set eight months ago despite the Spot Bitcoin ETFs accruing over $12 billion in inflows since BTC within the same period. Rather than being less than 4% down from its ATH, the analyst explained that such high inflows should have since pushed premier cryptocurrency beyond the $100,000 mark especially considering other positive indicators such as Fed rate cuts, the halving, and public endorsement by Republican Presidential candidate Donald Trump. For context, Bianco references the Gold ETFs with a record of over $6 billion in inflows since March 13, resulting in a 25% increase in gold’s market price during that period. The market analyst postulates that this price growth can be attributed to the “new money” flowing into the Gold ETFs. However, recycled funds shifted from on-chain wallets or centralized exchanges account for the majority of the investments in Spot Bitcoin ETFs. Jim Bianco backs this theory with a report from Coinbase CFO Alesia Haas which highlighted a decline in the exchange’s bitcoin retail traders over the last few months. Furthermore, he also points to the average Spot BTC ETF trade of $16,000 compared to the average gold ETF trade of $72,000 which is consistent with investments from wealth managers and institutions. In conclusion, Jim Bianco states the Spot Bitcoin ETFs are not attracting any “new money” but merely circulating existing investments in Bitcoin, which he describes as a concerning trend that may grant traditional financial institutions (TradFi) more influence in the crypto market as against the ethos of decentralization. Related Reading: Dogecoin Price Could Climb To $0.209 — Here’s The Level To Watch Bloomberg Analyst Fires Back At BTC ETF Criticism Popular Bloomberg ETF analyst Eric Balchunas has issued a strong rebuttal to Bianco’s take on the Spot Bitcoin ETFs which he describes as merely “mental gymnastics”. Balchunas has lauded the performances of these ETFs which he believed have played a crucial role in driving Bitcoin’s price from $35,000 in January to the present market price of almost $70,000. The Bloomberg analyst describes the Spot Bitcoin ETFs as “powerful” due to their low cost, high liquidity, and association with an established brand name and advises against betting against them. At the time of writing, BTC. continues to trade at $68,100 reflecting a 2.55% decline in the past 24 hours. Featured image from Blockzeit, chart from Tradingview
A cryptocurrency exchange accused the US government of undermining the cryptocurrency sector orchestrating a campaign against digital currencies. Coinbase revealed that the US Federal Deposit Insurance Corporation (FDIC) has been employing tactics to dissuade financial institutions from engaging in crypto-related activities. Related Reading: Kraken Sacks 15% Of Staff—A Strategic Pivot For Growth Or A Risky […]
This week’s Crypto Biz explores Coinbase’s earnings, Reddit’s sale of crypto holdings and Circle’s new fee structure for institutional investors and high-volume traders.
In a strategic move to increase its influence in the political landscape, US-based cryptocurrency exchange Coinbase has committed an additional $25 million to Fairshake, a political action committee (PAC), as it prepares to support pro-crypto candidates ahead of the 2026 midterm elections. Coinbase CEO Armstrong Commits $25M To Fairshake Coinbase CEO Brian Armstrong confirmed the investment during the company’s third-quarter earnings call, stating, “We’re not going to slow down post-election. We know we need to have pro-crypto legislation passed in this country.” Fairshake, which has garnered backing from major players in the digital asset sector, including Ripple Labs and Andreessen Horowitz, aims to ensure that both Republican and Democratic candidates recognize the importance of cryptocurrency in their platforms. The committee is poised to spend over $40 million in the lead-up to the 2024 elections, having already invested $140 million in various congressional races across the nation. Related Reading: Analyst Claims Ethereum ‘Is Not Dying,’ Bitcoin Surge No Threat To Ether In the current political climate, Republican nominee Donald Trump has shifted his stance on cryptocurrency, now embracing the industry after previously labeling it as a scam, with promises including firing the Securities and Exchange Commission (SEC) chair Gary Gensler and Bitcoin as a strategic reserve asset for the nation. Conversely, Democratic Vice President Kamala Harris has pledged to support a regulatory framework for digital assets if elected. Armstrong noted, “We get the US election results in six days, and no matter how you slice it, it will be the most pro-crypto Congress ever.” Coinbase’s CEO emphasized the growing influence of the “crypto voter,” suggesting that their impact will only continue to expand. Despite these political developments, Coinbase’s stock faced significant pressure following the company’s recent earnings report, which fell short of expectations. Analysts Call Current Crypto Market Dip A ‘Temporary Unwind’ Coinbase shares dropped 14.3% on Thursday, marking the steepest decline since May 2022. This downturn was exacerbated by a broader market decline and disappointing earnings from other crypto-related firms, including Robinhood, which saw its stock tumble 15% after reporting weak results. However, analysts are viewing the current market conditions as a temporary setback. Devin Ryan of JMP Securities described the situation as a “temporary unwind” in crypto stocks, suggesting that long-term investors may find opportunities amidst the volatility. The analyst further pointed out that upcoming events—such as the US elections and rising crypto prices—could positively impact Coinbase’s fourth-quarter revenue if trends continue. Related Reading: Institutional Traders Bet On Bitcoin Exceeding $79,300 By End Of November Owen Lau, an analyst at Oppenheimer, also noted that the recent stock decline might be tied to concerns about subdued trading volumes and the potential impact of lower US interest rates on Coinbase’s stablecoin revenue. At the time of writing, COIN shares were trading at $179 after hitting a three-month high of $223 last Tuesday. Featured image from DALL-E, chart from TradingView.com
Michael Saylor's MicroStrategy tops Coinbase as the biggest crypto stock after revealing huge plan to buy more bitcoin (BTC).
Franklin Templeton says this is the first tokenized money fund to launch on Coinbase's layer-2 network.
Bitcoin’s failure to breach the $73,808 all-time high could be an early sign that a price reversal is beginning.
The U.S. presidential election is an important short-term catalyst for Coinbase and the wider industry, and could lead to more regulatory clarity, analysts said.
Bitcoin is stretching gains, looking at price action in the past few trading days. At spot rates, buyers are “hungry” and aiming not only to confirm the rally of the past two days but also to close above March 2024 highs of around $74,000. Bitcoin “Golden Cross” Forms The optimism has been confirmed on-chain. On […]
Coinbase chief executive Brian Armstrong publicly went on to criticize the US Securities and Exchange Commission, declaring its stance on cryptocurrency “confusing and inconsistent”. He pointed out the issue of regulatory uncertainty as something looming over the sector’s head, which is hurting innovation and investor trust. Armstrong’s criticism mirrors the growing industry frustration over ambiguous […]
Coinbase, a16z, Multicoin Capital, and Paradigm have filed an amicus brief supporting Beba LLC and DeFi Education Fund’s preemptive lawsuit against the SEC.
CEO Brian Armstrong also announced an additional $25 million contribution to the Fairshake PAC for the 2026 midterms “to elect pro-crypto candidates.”
COIN shares have dropped in after-hours trading as the crypto exchange missed earnings estimates, blaming “softer market conditions.”
Customers of payments giant Visa can now integrate their eligible debit card into their Coinbase accounts and deposit funds, at times instantly, the two firms announced on Tuesday.
TradFi payment company Visa is championing a new partnership with Coinbase to offer instant deposit services for customers using eligible debit cards, according to an Oct. 29 statement. Visa’s Head of Crypto, Cuy Sheffield, commented, “Excited for Visa to partner with Coinbase to help them utilize Visa Direct to fund Coinbase accounts and enable real […]
The post Visa celebrates Coinbase partnership to offer instant crypto deposits appeared first on CryptoSlate.
Coinbase and Visa have partnered to offer customers with eligible Visa debit cards the ability to instantly deposit, withdraw, and buy crypto.
Despite its recent price rally, search interest for “Bitcoin” on Google is still generating only a fraction of the traffic that “AI” has over the last week.
Coinbase Q3 earnings preview
A notable outperformer was bitcoin miner Bitfarms, which nominated a new board member amid its proxy battle with Riot Platforms.
Coinbase CEO Brian Armstrong has called on the next Chair of the US Securities and Exchange Commission (SEC) to dismiss the agency’s “frivolous” cases against crypto firms and publicly apologize to the American people. In an Oct. 29 post on X, Armstrong highlighted inconsistencies in the SEC’s approach to the crypto sector, which he argues […]
The post Coinbase CEO urges next SEC chief to apologize for crypto crackdown appeared first on CryptoSlate.
The crypto exchange's volume has nearly quadrupled between mid-year and September.
A key Bitcoin metric that has frequently flagged a potential short-term rally for BTC in the past few weeks has fallen into bearish territory, indicating a shift in interest among investors towards the largest cryptocurrency asset. Coinbase Premium Index For Bitcoin Hits New Low IC News, an informative outlet recently reported that Bitcoin’s Coinbase premium […]
FTX announced a partnership deal with the National Basketball Association’s Golden State Warriors in December 2021 — roughly a year before the exchange folded.
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Earlier this week, Canadian crypto custody specialist Balance announced it had become a qualified custodian in the country.
It will ultimately create a world where autonomous AI agents freely interact with humans onchain, the venture capital firm said.
Coinbase CEO Brian Armstrong has offered to establish a dedicated crypto wallet for Truth Terminal, an AI agent that has recently gained fame within the crypto community. On Oct. 23, Armstrong inquired whether Truth Terminal would be interested in obtaining its wallet, as its current wallet is managed by its human creator, Andy Ayrey. While […]
The post Coinbase CEO Brian Armstrong offers AI agent Truth Terminal its own crypto wallet appeared first on CryptoSlate.
Base will implement fault proofs on the mainnet twice as fast as Optimism, which took about six months to upgrade the system from testnet to mainnet.