Web3🌕Monday Updates: Bitcoin ETFs Surge, TON Dips, Stablecoin Market Soars, and HK ETFs Hit $2B
1. Bitcoin ETFs see $250M inflows, the highest since July, following Jackson Hole rate cut hints.
2. TON drops 16% after Telegram CEO Pavel Durov’s arrest in France.
3. Stablecoin market cap hits a record high after 11 months of growth.
4. Hong Kong Bitcoin ETFs surpass HK $2 billion in assets.
Stay tuned for more updates!✨
Happy Monday! As we dive into another week, let’s catch up on the latest Web3 developments making waves today. From significant movements in Bitcoin ETFs to dramatic shifts in the value of Toncoin (TON), the crypto world is buzzing with news. We’re also seeing impressive milestones in the stablecoin market and exciting growth for Bitcoin ETFs in Hong Kong. Keep reading for all the details and more insights into these pivotal moments in the Web3 space!
1. Bitcoin ETFs see $250M inflows, the highest since July, following Jackson Hole rate cut hints.
Bitcoin ETFs experienced a significant trading surge, reaching $3.12 billion, with BlackRock leading the pack at $1.2 billion. Following favorable comments from the Jackson Hole symposium, net inflows hit $252 million, signaling strong investor confidence. As the Federal Reserve hints at upcoming rate cuts, the allure of Bitcoin and other crypto assets grows, with traders anticipating further market shifts in the near future.
Shaurya Malwa
2. TON drops 16% after Telegram CEO Pavel Durov’s arrest in France.
Toncoin (TON) plummeted 16% after Telegram CEO Pavel Durov was arrested in France. Durov, who also founded TON, was detained over allegations that Telegram facilitates illegal activities, including drug trafficking and terrorism, due to its minimal moderation. Despite Telegram's official separation from TON in 2020, the cryptocurrency’s value remains closely linked to the platform. TON fell from $6.75 to $5.67, marking a significant decline. The arrest has sparked an international incident, with Russian authorities demanding explanations from France. This event has sent shockwaves through the crypto and social media worlds.
Gerald Segal
3. Stablecoin market cap hits a record high after 11 months of growth.
The stablecoin market cap has soared to a record $168 billion, marking an all-time high after 11 months of consistent growth. Excluding algorithmic stablecoins, this milestone surpasses the previous peak of $167 billion in March 2022. Tether (USDT) continues to dominate, reaching over $117 billion, while Circle's USD Coin (USDC) also sees gains, hitting $34 billion. Despite this growth, stablecoin trading volumes have dipped due to reduced activity on centralized exchanges and concerns over regulatory changes in Europe. This surge suggests new capital is flowing into the crypto market.
Stephen Katte
4. Hong Kong Bitcoin ETFs surpass HK $2 billion in assets.
The three spot Bitcoin ETFs in Hong Kong have collectively surpassed HK$2 billion (around $272 million) in assets since their launch this year. This milestone follows Hong Kong's approval of its first spot Bitcoin ETFs, echoing similar moves in the U.S. and Europe. While trading volumes lag behind U.S. ETFs, the growing assets suggest increased institutional interest in regulated Bitcoin products in Asia. The ChinaAMC Bitcoin ETF leads with over $142 million in net assets, followed by Bosera Hashkey and Harvest ETFs. Innovations like in-kind redemptions could further boost capital inflows. Other Asian countries are also planning similar ETFs.
As we wrap up today’s Web3 news, it’s clear that the landscape is evolving rapidly. The surge in Bitcoin ETF inflows, the volatility of TON, the record-breaking stablecoin market cap, and the impressive growth of Hong Kong’s Bitcoin ETFs all underscore the dynamic nature of the crypto world. These developments highlight the increasing sophistication and global reach of digital assets. Stay tuned as we continue to track these trends and bring you the latest updates. Whether you’re a seasoned investor or just starting to explore Web3, these stories are shaping the future of finance and technology. Until next time, keep your finger on the pulse of the digital revolution!
