Web3🌑Friday News: Bitcoin ETF Outflows, Trezor's Safe 5, Coinbase CEO's Bipartisan Stance, Ripple's SEC Battle

In the dynamic world of cryptocurrency and blockchain, each day brings new developments that shape the landscape of Web3. Today is no exception, as significant updates from major players like Bitcoin ETFs, Trezor, Coinbase, and Ripple make headlines. From financial flows to regulatory maneuvers and technological innovations, these updates underscore the evolving nature of digital assets and their impact on global finance. Join us as we delve into the latest insights and implications of these developments, offering a comprehensive look at how they are reshaping the future of decentralized finance (DeFi) and blockchain technology.

1. Bitcoin ETFs experience $226M outflows, led by Fidelity’s FBTC.

On Thursday, U.S.-listed Bitcoin ETFs experienced significant outflows, totaling $226 million. Fidelity's FBTC led with $106 million withdrawn, followed by Grayscale’s GBTC with $62 million, and Ark Invest’s ARKB with $53 million. Only BlackRock’s IBIT saw a net inflow, gaining $18 million. This marked the third consecutive day of outflows, amounting to $564 million over three days. This trend mirrors the $1.2 billion outflows seen in late April and occurs amid a volatile week for Bitcoin and the broader crypto market, influenced by U.S. inflation data and a Federal Reserve meeting.

Bitcoin ETFs See $226M Outflows Led by Fidelity’s FBTC

BlackRock’s IBIT was the only ETF posting a net inflow on Thursday, while most of the funds recorded outflows.

CoinDeskShaurya Malwa

2. Trezor introduces Safe 5 crypto hardware wallet, including a bitcoin-only version.

Trezor introduces the Safe 5 hardware wallet at BTC Prague 2024, featuring a bitcoin-only edition and a new Trezor Expert onboarding service. The device includes a larger color touchscreen, enhanced security with an EAL 6+ certified chip, and a robust multi-share backup system for added protection. Trezor aims to cater to crypto enthusiasts seeking secure, everyday utility with effortless usability. The launch expands on their commitment to self-custody, supporting thousands of cryptocurrencies via the Trezor Suite desktop and mobile app.

Trezor launches Safe 5 crypto hardware wallet, including a bitcoin-only version

Crypto hardware wallet manufacturer Trezor has unveiled a trio of new products at BTC Prague 2024, designed to encourage self-custody.

The Block[email protected]

3. Coinbase CEO Brian Armstrong advocates bipartisanship, contrasting with Trump's crypto stance.

Brian Armstrong of Coinbase discussed the bipartisan support for crypto amidst Donald Trump's endorsement, stressing the urgency for clear regulations in the US. Armstrong avoided direct mention of Trump but emphasized the need for political consensus on crypto's future during a panel with Cathie Wood of Ark Invest. He highlighted recent meetings with senators in Washington to advance understanding and regulation of digital assets, underscoring the industry's push for national policy clarity. Armstrong's stance underscores the evolving political landscape around cryptocurrency in the United States.

Coinbase CEO Brian Armstrong preaches bipartisanship as Trump touts crypto cred

“Both parties are recognising that they need to address this issue,” Armstrong said, in reference to the lack of crypto regulation.

DL NewsBen Weiss

4. Ripple pushes for reduced SEC fine, referencing Terra settlement in latest filing.

Ripple is pushing to reduce the SEC's proposed $2 billion penalty to $10 million, pointing to Terraform Labs' $4.5 billion settlement as a comparative basis. The SEC alleges Ripple's XRP token is an unregistered security. Ripple contends the SEC's penalty is disproportionate, highlighting that similar cases resulted in penalties ranging from 0.6% to 1.8% of gross revenues, far lower than what the SEC seeks. Despite XRP's market cap growth to $26 billion, it has slipped to the eighth-largest crypto, overshadowed by Tether, BNB, Solana, Lido Staked Ether, and USDC. The legal battle began in late 2020, affecting Ripple's standing in the market.

Ripple Cites Terra Settlment in Appeal to Cut Penalty From $2 Billion to $10 Million - Decrypt

Ripple Labs is using the Terraform Labs settlement to argue for lowering its penalty from $2 billion to $10 million.

DecryptStacy Elliott

As we conclude our exploration of today's Web3 updates, it's clear that the cryptocurrency ecosystem remains vibrant and dynamic. From the financial movements in Bitcoin ETFs to the innovative strides in hardware wallets by Trezor, and the regulatory strategies of companies like Ripple and Coinbase, each development underscores the growing influence of blockchain technology. As the industry continues to evolve, staying informed about these updates is crucial for understanding the opportunities and challenges ahead in the realm of decentralized finance. We look forward to keeping you updated on the latest trends and advancements shaping the future of digital assets and blockchain innovation.

WEB3 AI ML