Wednesday🌗Web3 Roundup: Bitcoin ETFs Surge, Coinbase Unveils Instant Funding, and Florida Eyes Crypto for Pension Funds

Welcome to this week’s edition of Web3 Highlights! As the digital landscape continues to evolve, we’re witnessing significant movements that could reshape the future of finance. Today, we’ll delve into the latest developments, including the impressive $870 million inflows into Bitcoin ETFs as the cryptocurrency nears its all-time highs. We’ll also explore how Coinbase has partnered with Visa to offer instant funding options, making it easier than ever for users to engage with the crypto market. Plus, VanEck’s exciting collaboration with Kiln for institutional staking and Florida's push to evaluate crypto investments for public pension funds are poised to make waves. Let’s dive into the details!

1. Bitcoin ETFs rake in $870M as BTC nears record highs

Bitcoin ETFs saw a massive surge in inflows, totaling $870 million, with BlackRock's IBIT leading the charge at $629 million. This spike comes as Bitcoin’s price nears its all-time high, driven by pre-election market volatility and investor FOMO. Other major inflows include Fidelity’s FBTC with $133 million and Bitwise’s BITB at $52 million. Total ETF trading volumes soared to $4.75 billion, with IBIT alone accounting for $3.3 billion. Analysts expect inflows to continue rising throughout the week, as traders anticipate BTC hitting $80,000 in November, regardless of election outcomes. The rally reflects growing confidence in Bitcoin’s market potential.

Bitcoin ETFs Record $870M Inflows as BTC Flirts With Lifetime Highs

BlackRock’s IBIT recorded over $629 million in single-day inflows as the asset neared lifetime highs on Tuesday, ahead of next week’s U.S. elections.

CoinDeskShaurya Malwa

2. Coinbase & Visa Direct enable instant funding to meet rising Bitcoin demand

Coinbase has launched real-time account funding through Visa Direct for U.S. and European users, enabling instant deposits with eligible Visa debit cards. This update allows users to seize trading opportunities without traditional delays, especially as Bitcoin nears its all-time high of $73,700. In addition to instant funding, users can also purchase crypto directly with their debit cards and withdraw to bank accounts seamlessly. While Coinbase recently discontinued its Paycheck Direct Deposit service, it aims to reintroduce an improved version soon. The new Visa Direct integration reinforces Coinbase’s commitment to enhancing user experience amid growing crypto market activity.

Coinbase, Visa Direct Roll Out Instant Funding Amid Soaring Bitcoin Demand - Decrypt

Coinbase and Visa said the new functionality allows users to take advantage of trading opportunities more readily.

DecryptVismaya V

3. VanEck & Kiln team up to boost institutional Solana staking

VanEck has teamed up with Kiln to integrate Solana staking into its institutional Solana Strategy, offering products like ETFs and ETNs. This partnership simplifies staking for investors by removing technical complexities, allowing them to gain exposure to Solana with ease. Kiln’s expertise, managing over 2.5% of the Solana network, ensures reliable performance with secure, SOC 2 certified infrastructure. The collaboration reflects VanEck’s effort to bridge traditional finance with the evolving digital asset ecosystem, empowering institutions to participate in Solana’s growth. As crypto markets expand, VanEck’s move highlights the rising demand for accessible and innovative staking solutions.

VanEck Partners with Kiln to Power Institutional Staking for VanEck’s Solana Strategy

Asset manager VanEck announced a strategic partnership with Kiln, a leading digital asset rewards platform, to power staking within VanEck’s overarchi

Business Wire

4. Florida CFO calls for crypto investments in public pension funds

Florida’s Chief Financial Officer, Jimmy Patronis, has proposed adding Bitcoin to the state’s pension funds to support teachers, firefighters, and police by reducing traditional asset volatility. He urged the Florida State Board of Administration (SBA) to explore the feasibility of allocating part of the $205 billion Florida Retirement System Trust Fund to digital assets. Patronis also suggested a pilot program allowing up to 1.5% of trust fund assets to be invested in high-growth digital assets. If approved, Florida would join states like Wisconsin and Michigan, which recently added Bitcoin investments to their pension portfolios. A report is expected by March 2025.

Florida’s CFO Advocates Bitcoin for State Pension Fund

Florida’s CFO proposes Bitcoin investment for state pension funds, exploring diversification for $205B retirement system amid crypto trends.

The Crypto TimesDishita Malvania

As we wrap up this week’s Web3 Highlights, it’s clear that the digital asset landscape is buzzing with activity and opportunity. From Bitcoin ETFs drawing record inflows to innovative partnerships like VanEck and Kiln enhancing institutional staking, the momentum in the crypto space is palpable. With Coinbase and Visa facilitating seamless funding and Florida's exploration of crypto investments for public pensions, we are witnessing a pivotal moment in the integration of digital assets into mainstream finance. Stay tuned as we continue to track these trends and their implications for the future of investing. Don’t forget to subscribe for more updates!

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