BlackRock’s spot Bitcoin exchange-traded fund, the iShares Bitcoin Trust (IBIT), saw $1.1 billion in inflows in a single day as the price of Bitcoin surged to a new all-time high above $76,800.

Nasdaq-listed cryptocurrency exchange Coinbase has deployed its wrapped Bitcoin token, cbBTC, on the high-performance Layer-1 blockchain Solana, as it expands the token’s reach within the decentralized finance ecosystem.

Jack Dorsey’s financial technology firm Block has revealed that it will increase its investment in Bitcoin mining and its self-custody BTC wallet Bitkey, while winding down other ventures.

Top stories in the Crypto Roundup today:

• Spot Bitcoin ETFs See Record $1.34 Billion Daily Inflows
• Coinbase Brings its Wrapped Bitcoin Token cbBTC to Solana
• Block Doubles Down on Bitcoin as it Winds Down Other Ventures
• Crypto Market Movers – ARKM, MPL, DOGE

Spot Bitcoin ETFs See Record $1.34 Billion Daily Inflows

BlackRock’s spot Bitcoin exchange-traded fund, the iShares Bitcoin Trust (IBIT), saw $1.1 billion in inflows in a single day as the price of Bitcoin surged to a new all-time high above $76,800.

Data shows that IBIT’s inflows represented nearly 82% of the total inflows the 11 spot Bitcoin ETFs listed in the United States recorded for the day, which amounted to a total of $1.34 billion.

The Fidelity Wise Origin Bitcoin Fund (FBTC) saw the second-highest inflows behind IBIT, at $190.9 million. It was followed by the ARK 21Shares Bitcoin ETF (ARKB), with $17.6 million.

Ether exchange-traded funds, meanwhile, registered $78 million in net inflows as Republican candidate Donald Trump winning the U.S. presidency could help spark a wider bull run in the cryptocurrency market, given his pro-crypto stance.

Bitcoin’s new high was reached in a day in which the Federal Reserve cut interest rates by 25 basis points, a move that’s seen as a boon for risk assets.

Coinbase Brings its Wrapped Bitcoin Token cbBTC to Solana

Nasdaq-listed cryptocurrency exchange Coinbase has deployed its wrapped Bitcoin token, cbBTC, on the high-performance Layer-1 blockchain Solana, as it expands the token’s reach within the decentralized finance ecosystem.

Coinbase’s wrapped Bitcoin token is pegged to the value of the cryptocurrency and backed 1:1 by BTC custodied on the cryptocurrency exchange. Per Coinbase, it will be a Solana Program Library (SPL) token, which can represent both fungible and non-fungible assets.

The exchange added that cbBTC’s launch on Solana will include its listing on several decentralized exchanges and other decentralized finance protocols, including Jupiter, Meteora, Kamino Finance, Raydium, and others.

Around $10 million worth of the token, or around 135 cbBTC, have already been deployed to the Solana blockchain. The token joins other wrapped Bitcoin variants on the Solana network, including Threshold’s tBTC and Zeus Network’s zBTC, as well as BitGo’s Wrapped Bitcoin (WBTC).

Since it was first launched in mid-September, cbBTC has already garnered significant attention, with its market capitalization rapidly surpassing $1 billion.

As Coinbase continues to innovate and expand its offerings, the launch of cbBTC represents a significant milestone in the evolution of DeFi and the broader cryptocurrency ecosystem.

Block Doubles Down on Bitcoin as it Winds Down Other Ventures

Jack Dorsey’s financial technology firm Block has revealed it will increase its investment in Bitcoin mining and its self-custody BTC wallet Bitkey, while winding down other ventures.

In its third-quarter shareholder letter, Block highlighted the “strong product market fit” and “healthy pipeline of demand” for its Bitcoin mining initiative. To accommodate this increased focus, the company will scale back its investments in other ventures, including the music streaming app Tidal and its decentralized web platform, Web5.

Over the past week, the company has been laying off staff members at both Tidal and its business arm focused on Web5, TBD. A spokesperson for the firm said Block is winding down TBD while “remaining committed to the open source community.”

Block has been actively involved in the BTC mining industry. In April, the company unveiled its three-nanometer mining chip and announced plans to build a full Bitcoin mining system.

Crypto Market Movers – ARKM, MPL, DOGE

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Arkham (ARKM) - Arkham is the native token of the Arkham platform, a blockchain analysis tool that uses AI to match addresses with real-world entities. ARKM is used to trade crypto intelligence data, vote on the strategic direction of Arkham, and earn rewards for submitting intel and referring new users. Arkham was founded by Miguel Morel.

Maple (MPL) - Maple is a cryptocurrency on Ethereum, revolutionizing lending in decentralized finance. It bridges traditional finance and blockchain, empowering institutions to offer undercollateralized loans. MPL holders shape protocol decisions, earn fees through lending, and stake for rewards and risks. Founded in 2019 by industry experts Sidney Powell and Joe Flanagan, Maple transforms capital markets.

Dogecoin (DOGE) - Dogecoin is an open-source, peer-to-peer cryptocurrency launched in December 2013 by Billy Markus and Jackson Palmer. Initially created as a joke based on the "Doge" meme featuring a Shiba Inu named Kabosu, it quickly grew in popularity. 

State of the Crypto by Top Tier Exchange Volume

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