Plus: Initia Halts Its Blockchain and Rollups, Franklin Templeton Registers Bitcoin Dividend ETFs
Good Morning Lions,
Bitcoin is trading right around the average price ETF buyers paid, and some of those buyers just headed for the exit. I think the outflows matter more than the price here because holders sitting at breakeven sell differently than holders sitting on profit. BUT, Franklin Templeton filing funds that drip dividends into BTC tells me the suits are still building slow, boring on-ramps.. ones that buy on a schedule instead of on headlines.
Spot Bitcoin ETFs Post $635 Million in Outflows
TL;DR: US spot Bitcoin ETFs recorded about $635 million in net outflows on October 22, per SoSoValue data. The redemptions hit while Bitcoin traded near $81,500, which Glassnode estimates is the average cost basis for the funds' holdings.
Initia Halts Its Blockchain and Rollups
TL;DR: Initia halted its layer-1 blockchain and rollups on Friday after researchers reported that an attacker minted unbacked tokens. The researchers said more than $2.6 million in assets were moved to Ethereum. Initia has not confirmed the losses or the cause.
Franklin Templeton Registers Bitcoin Dividend ETFs
TL;DR: Franklin Templeton has registered two ETFs, FBEQ and FIBT, that reinvest dividends from U.S. stocks into Bitcoin-related assets, according to U.Today. The funds pair a 95% equity allocation with a 5% Bitcoin sleeve.
Futu Securities Opens BNB Deposits
TL;DR: Hong Kong broker Futu Securities launched direct BNB deposits and withdrawals via BNB Smart Chain, U.Today reported. Access is limited to professional investors with at least HK$8 million. Binance founder CZ reacted to the launch on X.
XRP Ledger Burns Most Fees in Two Weeks
TL;DR: The XRP Ledger burned 1,114.97 XRP in transaction fees as of October 23, according to XRPScan data reported by U.Today. The total was up 27.5% from the prior day and above the 30-day average, the highest daily burn in two weeks.
Coinbase Derivatives Pauses Futures Trading
TL;DR: Coinbase Derivatives halted futures and perpetual futures trading at 5:00 AM CT on October 24 for a window of up to nine hours. Crypto Briefing tied the pause to quarterly maintenance and an FIA disaster recovery test.
Joseph Lubin Pitches Ethereum for AI Trust
TL;DR: ConsenSys founder Joseph Lubin said in an October 7 CNBC interview that AI and crypto will eventually merge into one system. He argued that blockchains like Ethereum can supply the trust AI cannot produce on its own.
If BTC stays under the funds' estimated $81,500 cost basis and redemptions keep coming, I think the selling has more room to run. One strong inflow day at these levels changes that. Initia still hasn't named a cause for its exploit either. 🦁 — Khal
Trade what you just read about.
Swap any token, non-custodially, on LeoDex.
More crypto news, daily, at news.leodex.io. The Daily LEO · Written by the LEO Team, Edited by Khal.