Starting August 7, Morgan Stanley wealth managers will be authorized to offer Bitcoin ETFs from BlackRock and Fidelity. This move marks a significant step in mainstream adoption of cryptocurrency investments among traditional financial institutions. The ETFs included are the iShares Bitcoin Trust (IBIT) and the Wise Origin Bitcoin Fund (FBTC) (EconoTimes).
Microstrategy’s Bitcoin Holdings:
Microstrategy reported holding 226,500 Bitcoins in its Q2 2024 earnings, although the company’s revenue declined by 7.4% during the same period (Cryptonews).
Ethereum and Spot ETFs:
Despite the launch of Ethereum Spot ETFs, the inflows have been modest, with Grayscale continuing to see outflows. This indicates a cautious approach from investors towards Ethereum ETFs (Cryptonews).
Coinbase Q2 Earnings:
Coinbase reported $1.4 billion in revenue for Q2 2024, leading to a 3% increase in its share price. This surge was driven by a significant increase in crypto trading volumes (Cryptonews).
Regulatory Pressures:
ByBit has decided to exit the French market due to increasing regulatory pressures. This is part of a broader trend where cryptocurrency exchanges are facing more stringent regulations globally (Cryptonews) (CoinGecko).
Bitcoin Whale Activity:
Bitcoin whales have accumulated $5.4 billion worth of Bitcoin in July, reaching a decade-high level. This accumulation trend is seen as a positive signal for Bitcoin’s long-term value prospects (The Block).
