On November 29, the cryptocurrency market continued its fluctuating trend, with bitcoin firmly standing at a high of 96,000 USD. As of the time of writing, $Bitcoin (BTC.CC)$ up 0.67% at 96,292.00 USD; $Ethereum (ETH.CC)$ up 0.13% at 3,583.39 USD.
Key Focus
Hot money is flowing in! The net inflow of the US bitcoin spot ETF reached 6.2 billion USD as of November, setting a new monthly historical high.
According to Bloomberg, as of now, the net inflow of 12 US Bitcoin spot ETFs this month has reached $6.2 billion, surpassing the peak of $6 billion set in February. eToro market analyst Josh Gilbert said: 'We will continue to see funds flowing into ETFs, especially under the leadership of the Trump administration, making it easier for corporations and retirement funds to hold these assets.'
CryptoQuant CEO: Considering the growth rate, the dominance of bitcoin is unlikely to decline quickly.
CryptoQuant founder and CEO Ki Young Ju stated on the X platform that considering the growth rate, the dominance of Bitcoin is unlikely to decline quickly. During a 37% increase in BTC market cap, large caps rose 16%, while mid caps and small caps rose 10%. The only time mid and small-sized cryptocurrencies outperformed BTC's market cap growth was during the Memecoin season in April.
A Hong Kong legislator proposed and passed a motion to allow retail investors to participate in more types and varieties of virtual asset trading.
Hong Kong Legislative Council member (Financial Services) Li Wei-hong proposed the "Promotion of High-Quality Development and Construction of a Strong Financial Hub" motion at the Legislative Council meeting yesterday (November 27) and it was passed. It is reported that the motion mainly focuses on six strong key core elements, and develops technology finance, green finance, inclusive finance, retirement finance, and digital finance to achieve the goal of financial strength. In terms of digital finance, he suggested allowing retail investors to participate in more diverse types and currencies of virtual asset trading, as well as speeding up the approval of licenses by the Securities and Futures Commission. He also believes that Hong Kong can study the establishment of a Hong Kong version of ESG certification system to assist domestic companies in meeting international standards.ESGReport.
The Hong Kong Monetary Authority launched a "digital bonds funding program," which can grant up to 2.5 million HKD in funding.
The Hong Kong Monetary Authority (HKMA) officially announced the launch of the "digital bonds funding program" (funding program) detailed in the 2024 Policy Address, aimed at promoting the development of the digital securities market and encouraging broader use of tokenization technology in capital markets. The funding program is open for applications starting today, with an initial period of three years. If the eligibility requirements for the funding program are met, each digital bond issued in Hong Kong can receive a maximum of 2.5 million HKD in funding.
According to Eddie Yue Wai-Man, the CEO of the Hong Kong Monetary Authority, over 10 billion USD in tokenized bonds have been issued globally in the past decade. Following two successful issuances of tokenized bonds, the Evergreen project has passed the proof of concept stage. The next step is to promote broader market application of feasible solutions, striving to push beyond the limits of what is "possible". Through innovative financial market infrastructure (namely the Ensemble sandbox), support the development of the tokenized market in Hong Kong, and explore tokenization use cases with the industry, including fixed-income, investment funds, liquidity management, green and sustainable finance, as well as trade and supply chain financing, initially focusing on using tokenized deposits as a settlement method for tokenized asset trading.
As of the end of September, BlackRock held shares of IBIT worth 78 million USD through two investment funds.
According to a report by Cryptobriefing, based on recent documents shared by MacroScope from the USA Securities and Exchange Commission (SEC), BlackRock has increased its shareholding in the iShares bitcoin trust (IBIT) for its two funds, amounting to a total of 78 million USD as of September 30. The BlackRock Strategic Income Opportunities Fund (BSIIX), which manages 39 billion USD in assets, disclosed that it added over 2 million shares of IBIT to its portfolio during the period ended September 30. Currently, the fund holds 2,140,095 shares of IBIT, worth approximately 77 million USD.
According to another document, the BlackRock Strategic Global Bond Fund (MAWIX), which manages 0.816 billion USD in assets, purchased over 24,000 shares of IBIT, increasing its total hold positions to 40,682 shares, valued at approximately 1.4 million USD. Both funds are managed by Rick Rieder, Chief Investment Officer of BlackRock Global Fixed Income. Since trading started in January, IBIT has rapidly grown, reaching approximately 48 billion USD in assets under management as of November 27.
The fund has surpassed its gold-focused counterpart, the iShares Gold Trust Fund (IAU), which manages about 33 billion USD in assets. IBIT has attracted a diverse group of investors including hedge funds, retirement funds, and institutions. In the latest form 13f filing, Millennium Management ranked first with approximately 0.848 billion USD in IBIT shares, followed by Goldman Sachs with 0.461 billion USD, and Capula Management with 0.308 billion USD.
The bitcoin scaling solution Stacks announced the sBTC deployment plan, which is expected to open deposit functionality on December 16.
Bitcoin scaling solution Stacks announced the phased deployment of sBTC, with the first phase set to support Bitcoin deposit functionality on December 16, 2024; the second phase is expected to launch 6-8 weeks after the first phase, allowing for Bitcoin withdrawal functionality. This plan is implemented by Bitcoin L2 Labs.
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