Sudden inflow of funds into US Bitcoin futures ETF | Summary of important breaking news on the morning of the 5th


Summary of important breaking news on the morning of the 5th

This is a summary of notable news related to virtual currency until the morning of Japan time.

Increased inflow of funds into Bitcoin futures ETFs (Attention: ★★★☆☆)

It was revealed that the inflow of funds to the Bitcoin futures ETF “ProShare BITO”, which was first approved in the United States in October 2021, increased sharply.

According to the data, between June 29 and July 3, BITO-managed CME Bitcoin futures contracts increased their AUM by a total of $26.8 million. The current total AUM is about $1.04 billion, up from $822 million on June 15, the day BlackRock applied for a physical Bitcoin ETF.

The recent recovery in the Bitcoin price has improved the sentiment of institutional investors. According to data released by European cryptocurrency ETP issuer CoinShares, a total of $334 million was recorded in the past two weeks.

connection: Re-entering the turning point of the BTC trend, Hong Kong “virtual currency ETF” surges in demand

connection: What is an exchange traded trust “Bitcoin ETF”? | Why the application of BlackRock attracts attention

Hong Kong Policy Proposal Call for HKDG Stablecoin Issuance (Attention: ★★★★☆)

A new policy proposal has been made calling on the Hong Kong government to issue a Hong Kong dollar-backed stablecoin ‘HKDG’ to compete with existing US dollar stablecoins such as USDT and USDC.

Proposals were submitted by industry figures such as the Vice Chancellor of the Hong Kong University of Science and Technology and the founder of BlockCity, highlighting the importance of stablecoins as a bridge between traditional finance and the digital economy. The benefits of HKD-backed stablecoins include increasing financial inclusiveness and transaction efficiency, improving payment systems, and strengthening the fintech capabilities of China’s Special Administrative Regions.

The proposal also suggests that Hong Kong’s foreign exchange reserves (approximately $430 billion as of March) exceed the combined market capitalization of USDT and USDC, so the government-backed HKDG will have higher credibility and lower It argues that it can provide risk.

connection: The revised Payment Services Act that came into effect on June 1 will enable the issuance of domestic stablecoins, which will also benefit multinational companies.

Proposed Ethereum DeFi risk reduction (Attention: ★★★☆☆)

Members of the Ethereum (ETH) community have proposed a new improvement, ERC-7265, to improve the security of the decentralized finance (DeFi) protocol.

The improvement would make it easier to add a “circuit breaker” to a contract, a backstop feature that stops tokens from being transferred out of a smart contract if the DeFi protocol is hacked.

According to The Block, DeFi hacks have cost the company $2.85 billion to date.

connection: BlackRock Executive Highlights Importance of Digital Identity Infrastructure in DeFi

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