Web3🌑Friday Waves: El Salvador's Bitcoin Holdings, Ether ETFs' Surge, Craig Wright's Verdict, and BlackRock's Record BTC ETF

Welcome to our latest edition of Web3 updates! As the week draws to a close, we're here to bring you the most significant developments in the digital landscape. From surprising revelations about El Salvador's Bitcoin holdings to insights into the future of cryptocurrency ETFs, there's plenty to unpack. Join us as we delve into the latest news shaping the world of Web3 technology and blockchain innovations. Whether you're a seasoned investor or a curious observer, there's something for everyone in today's roundup. So, without further ado, let's dive in and explore the exciting world of Web3!

1. El Salvador's Surprising Bitcoin Holdings Revealed

El Salvador makes a significant move in the crypto sphere, transferring $400 million worth of Bitcoin to a cold wallet. President Bukele unveils the nation's expanded digital asset holdings, now nearly double the previously known amount. This strategic shift underscores El Salvador's commitment to Bitcoin, with Bukele referring to the new setup as "our first #Bitcoin piggy bank." The revelation signals a substantial increase in Bitcoin treasury, surpassing public trackers' estimates. Bukele hints at various acquisition methods, including passport sales and mining. El Salvador's pioneering approach in adopting Bitcoin as a treasury asset continues to capture global attention and reshape financial norms.

El Salvador Has Thousands More Bitcoins Than Previously Known

The Central American nation moved $400 million in BTC into a cold storage wallet this week.

CoinDeskDanny Nelson

2. VanEck Predicts Ether ETFs May Outshine Bitcoin ETFs

Industry experts debate the potential of a spot ether ETF as the SEC deadline nears. VanEck sees significant demand, contrasting views on staking rewards. Ethereum's yield-generating capability adds to its appeal, though SEC approval remains uncertain. VanEck's fee reduction for its Bitcoin Trust aims to attract investors, driving substantial growth in AUM. With aspirations to expand crypto holdings, VanEck anticipates crypto becoming a more substantial portion of its AUM. The potential approval of an ether ETF could reshape the market, with Ethereum's yield potential appealing to a broader investor base than Bitcoin.

Ether ETFs Could Be Bigger Than Bitcoin ETFs, Says VanEck

With the deadline for a decision on the approval of a spot ether ETF by the U.S. Securities and Exchange Commission (SEC) approaching, industry ex…

markets.businessinsider.comHelene Braun

3. UK Judge Dismisses Craig Wright's Satoshi Nakamoto Claim

In a landmark ruling, a UK court determined that Craig Wright is not Satoshi Nakamoto, the creator of Bitcoin. The Crypto Open Patent Alliance (COPA) secured victory in a case aimed at preventing further legal actions from Wright against the crypto and developer communities. Justice James Mellor declared Wright didn't author Bitcoin's white paper, operate under Nakamoto's pseudonym, or create the network. COPA hailed the decision as a win for truth and developers, ending years of alleged intimidation by Wright. Industry figures welcomed the ruling, with Kraken and Coinbase expressing relief and urging Wright to apologize for past harassment and false claims.

Craig Wright is not Bitcoin creator Satoshi Nakamoto, UK judge says

The findings wrap up a month-long trial, which commenced initially back in February and put to rest a legal fight that COPA began in 2021.

BlockworksKatherine Ross

4. BlackRock's Bitcoin ETF Achieves Record Daily Volume Amid BTC Recovery

BlackRock's Bitcoin ETF saw a record 100 million shares traded, marking a daily volume record of $3.9 billion. Despite Bitcoin's 6% drop during U.S. trading hours, the ETF's performance remained strong. March 12 witnessed a record net inflow day, with $849 million flowing in, the largest among Bitcoin funds. Grayscale Bitcoin Trust (GBTC) remains the largest U.S. Bitcoin ETF by assets but saw its trading volume come second to BlackRock's ETF at $1.96 billion on March 14. Bloomberg's ETF analyst noted that March's ETF trading volumes have already surpassed prior months, hitting $65 billion this month, with over $1 billion in daily net inflows.

BlackRock’s Bitcoin ETF sets daily volume record as BTC recoups slump

BlackRocks’ iShares Bitcoin Trust (IBIT) hit a daily trading volume record of $3.9 billion despite a nearly 6% price drop on the day.

CointelegraphJesse Coghlan

As we conclude our exploration of the latest Web3 developments, it's clear that the digital landscape continues to evolve rapidly. We hope this update has provided valuable insights into the ever-changing realm of Web3 technology. Remember to stay informed, stay curious, and stay connected as we navigate this exciting journey together. Until next time, happy exploring in the world of Web3!

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