Bitcoin ETFs Reach $20 Billion in Net Flows Despite Price Downtrend

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Table of Content

In today edition we talk about

• FBI Arrests Hacker Behind SEC X Account Breach

• Bitcoin ETFs Reach $20 Billion in Net Flows Despite Price Downtrend

• Vitalik Buterin Outlines Ethereum’s Path to 100,000 TPS with "The Surge"

• Solv Protocol Launches Bitcoin Staking Token on Solana to Attract BTC Liquidity

FBI Arrests Hacker Behind SEC X Account Breach

The FBI has arrested Eric Council Jr. for hacking the Securities and Exchange Commission's (SEC) social media account on X (formerly Twitter) in January 2024. Council is charged with conspiracy to commit aggravated identity theft and access device fraud. The hacker used a SIM swap attack to take control of the SEC’s account, posting a fake message about the approval of a Bitcoin exchange-traded fund (ETF), briefly causing Bitcoin's price to spike. SEC Chair Gary Gensler refuted the claim within 15 minutes, clarifying that no Bitcoin ETF had been approved at that time. SIM swapping schemes can lead to serious financial and personal data breaches, according to U.S. Attorney Matthew Graves. Ironically, a day after the hack, the SEC approved 11 spot Bitcoin ETFs, which now hold a combined $63.5 billion in assets.

Bitcoin ETFs Reach $20 Billion in Net Flows Despite Price Downtrend

U.S.-based spot Bitcoin ETFs surpassed $20 billion in total net flows on October 17, marking a significant milestone. According to Bloomberg senior ETF analyst Eric Balchunas, this is the most challenging metric to grow in the ETF world, highlighting strong investor demand. The achievement came after a massive $1.5 billion inflow in just one week. Remarkably, Bitcoin ETFs reached this milestone in only 10 months, while it took gold ETFs about five years to achieve the same. On October 16 alone, U.S. ETFs acquired $458 million worth of Bitcoin, showing continued interest despite Bitcoin's ongoing price downtrend.

Vitalik Buterin Outlines Ethereum’s Path to 100,000 TPS with "The Surge"

Ethereum co-founder Vitalik Buterin revealed plans to significantly boost Ethereum’s transaction speed to over 100,000 transactions per second (TPS) across its mainnet and layer-2 blockchains as part of the next phase of its development, known as "The Surge." In an October 17 blog post, Buterin emphasized the need for greater interoperability between layer-2 solutions, aiming to create a unified Ethereum ecosystem rather than fragmented blockchains. He also discussed scaling the Ethereum base layer to meet the demands of layer-2s and proposed making certain computations more affordable. Buterin stressed the importance of improving the user experience, ensuring that using layer-2 networks feels like navigating a seamless Ethereum ecosystem, while maintaining the decentralization and robustness of Ethereum’s layer-1.

Solv Protocol Launches Bitcoin Staking Token on Solana to Attract BTC Liquidity

Solv Protocol has introduced a new Bitcoin staking token, SolvBTC.JUP, on Solana, aiming to draw BTC holders as yield opportunities increase in Bitcoin's layer-2 and DeFi ecosystems. Announced on October 17, the liquid staking derivative (LSD) offers BTC-denominated yields from transaction fees on Solana’s Jupiter Exchange, one of its most popular decentralized exchanges (DEX). The initiative, still in its pilot phase, targets a 12% annual percentage return (APR), higher than typical BTC staking on layer-2 networks, which usually offer low single-digit APRs. This move reflects broader competition for BTC liquidity across networks like Ethereum and Solana, as Bitcoin-native layer-2s and DeFi protocols develop new yield-generating opportunities.

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