Exciting Crypto Developments Unfold: ETFs, Institutional Adoption, and SHIB Whales
Spot Bitcoin and Ethereum ETFs Officially Approved in Hong Kong
Recently, the Hong Kong Securities and Futures Commission granted approval to several spot Bitcoin and Ethereum exchange-traded fund (ETF) applications. Prominent issuers like HashKey, Bosera Capital, and China Asset Management were given the green light. This development follows Bloomberg’s earlier report hinting at the imminent approval, which has now come to fruition. While the U.S. saw the approval of spot Bitcoin ETFs in January, the SEC remains cautious about Ethereum ETFs, despite major players like BlackRock expressing interest last year.
Germany’s Leading Bank Embraces Crypto for Institutional Investors
Germany’s largest federal bank, Landesbank Baden-Württemberg (LBBW), has announced plans to offer cryptocurrency custody services to institutional and corporate clients. Teaming up with the Bitpanda exchange, LBBW aims to roll out its services in the latter half of 2024. This move is expected to expand institutional access to digital assets in Germany. Notably, LBBW is not alone in this endeavor, as Deutsche Bank and its DWS unit are also venturing into the digital asset custody space.
SHIB Whales Witness Surge in Activity, Followed by Intriguing Outflows
Recent data reveals a significant spike in Shiba Inu whales accumulating tokens, amassing 2.85 trillion in just 24 hours. However, this surge was accompanied by a substantial outflow, with over three trillion tokens being offloaded during the same period. Despite the net decrease of 150 billion Shiba Inu tokens, on-chain data suggests that such fluctuations are temporary for the cryptocurrency.
