💠WHAT HAPPENED IN THE #Crypto# INDUSTRY THE OTHER DAY? ⏬

💠Positive Development in Spot ETFs

"We've seen a very rapid rise in the price of #Bitcoin in the last few days, and this is a direct result of the increased expectation for # Bitcoin ETFs this year," said Lucy Hu, senior investor at Metalpha, a Hong Kong-based digital platform, before adding, "Another major reason could be that institutional investors are adding #Bitcoin to their portfolios for risk diversification, and the Middle East conflict is continuing."

The price moves came after BlackRock's Spot #Bitcoin ETF iShares # Bitcoin Trust was listed on a list held by the Depository Trust and Clearing Corporation.

💠Grayscale Receives Court Approval

In the Grayscale case, the court allowed the company to proceed with its #Bitcoin Spot ETF application and send the application back to the SEC. The court instructed the SEC on how to proceed with Grayscale's #Bitcoin Spot ETF application. Other major asset managers, such as # BlackRock and #Fidelity, are also awaiting approval from the SEC for their spot # Bitcoin ETFs.

💠Over $100 Million Withdrawn from #LINK Exchanges

Chainlink's native token, #LINK, has been one of the best-performing tokens, gaining 35% in the past week. This rise was the highest weekly close for #LINK in more than 18 months. # LINK broke through critical resistance levels, reaching highs not seen since May 2022. While the reasons behind the rise were initially unclear, the launch of Chainlink Staking v0.2 later this year has created tremendous excitement and optimism for the project's future potential.

💠The Wait for Corporate Funds Continues

Ernst & Young (EY) Global Blockchain Leader Paul Brody discussed a number of topics related to the #kripto money market on # CNBC's "Street Signs" program earlier yesterday. Brody started his speech by emphasizing that there is a significant demand for cryptocurrencies, especially from institutional investors. Family offices, which are known for their flexibility, are already investing in cryptocurrencies, while other institutional funds are restricted unless they can invest through a #ETF or other regulatory-approved vehicle.

💠Chinese Digital Yuan Used for the First Time

The Shanghai Oil and Gas Exchange (SHPGX) has announced that the digital yuan has been used to execute an oil transaction for the first time. PetroChina International bought 1 million barrels of crude oil. The transaction is a response to the Shanghai Municipal Party Committee and the Municipal Government's call to implement the People's Bank of China digital currency (CBDC), also called the e-CNY, to international trade, the exchange said in a statement.

💠Inflow into Digital Asset Funds Continues

Digital asset investment products saw inflows of US$66 million for the 4th week in a row. While the latest inflows are likely linked to the excitement of the Spot #Bitcoin ETF launch in the U.S., they have remained relatively low compared to ETF announcements in June, suggesting that investors are more cautious this time around. Solana saw an additional $15.5 million in inflows last week, bringing the year-to-date inflow to $74 million.

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