U. Today presents the top three news stories over the past day. Take a closer look at the world of crypto!
In a recent X post, Bloomberg’s senior ETF analyst Eric Balchunas stated that since the launch of Bitcoin ETFs, Vanguard, one of the world’s largest investment companies, has absorbed approximately $30 billion in inflows. This represents a six times greater result than what Bitcoin ETFs have achieved. This inflow highlights Vanguard’s leadership in TradFi, despite the crypto industry’s explosive growth and the substantial attention received by Bitcoin ETFs. Vanguard is known for its conservative position in regards to investment set forth by its late founder, Jack Bogle; the company gives preference to investing in assets that generate tangible returns, such as dividends and interest payments, while remaining cautious toward the speculative nature of the cryptocurrency market. This approach led to the emergence of the #BoycottVanguard movement on social media platforms. Still, Vanguard has not changed its stance, continuing to pull even futures-backed Bitcoin funds from its platform.
According to data provided by Whale Alert, yesterday, Feb. 19, the leading U. S. crypto exchange Coinbase saw a withdrawal of a substantial amount of Bitcoin, 18,484.69 BTC, worth approximately $962.15 million. The withdrawal was made in two transfers: the first one carried 9,322 BTC (valued at $485.248 million) to the address “1AyhP,” while the second one moved 9,162 BTC (worth $476.9 million) to the address “19hJg.” Interestingly, both addresses were created just recently and have no prior transaction history. This considerable withdrawal did not seem to affect Bitcoin’s price, as at the time of the transfers, it continued its incremental growth, being valued at $52,400. However, at the moment of writing, Bitcoin is trading a little down over the past 24 hours (by 0.11%), with its valuation standing at $52,035.
In a recent development, Binance has made another review of its product offerings and announced its decision to cease support of some of them. Starting Feb. 28, 2024, at 6:00 p.m. (UTC), the crypto exchange will suspend trading and subscription services for Binance Leveraged Tokens (BLVT), with a subsequent end to redemption services and the eventual delisting of these products. The leveraged tokens that will be delisted are two BNB pairs, two ETH pairs and two Bitcoin pairs: BNBUP/USDT, BNBDOWN/USDT, ETHUP/USDT, ETHDOWN/USDT, BTCUP/USDT and BTCDOWN/USDT. Binance has established the following schedule of service cessation: trading and subscription services for all affected leveraged tokens will be suspended on Feb. 28, 2024, at 6:00 p.m. (UTC). After this date, all existing trading orders for these tokens will be automatically canceled. For a more detailed understanding, Binance has provided additional information on its blog.