Crypto
"Girl with bitcoin"
“Girl with bitcoin” by Street Artist Sonrie (John Keeble/Getty Images)

Bitcoin ETFs snap losing streak, price rises amid reports of executive order

Cryptos are rallying on reports that President Trump’s executive order will allow crypto to be included in retirement plans.

Bitcoin ETFs have turned a corner and are finally seeing inflows, following four consecutive days of outflows. On August 6, these ETFs brought in $91.6 million, according to Farside Investors data, with BlackRock’s iShares Bitcoin Trust taking the lion’s share, amassing $41.9 million.

bitcoin rose above $116,000 for the first time this month, buoyed by reports that President Trump will sign an executive order today allowing crypto to be included in retirement plans like 401(k)s.

In other bitcoin news:

  • Bakkt Holdings Inc., which announced its pivot to bitcoin last month, said it had acquired 30% of the Japanese Company Marusho Hotta. The company will be renamed bitcoin.jp in a deal “expected to kick off Bakkt’s multinational bitcoin treasury strategy,” according to a press release.

  • Digital asset management platform Parataxis Holdings announced it will go public via a SPAC with SilverBox Corp IV, to launch a $640 million “yield-enhanced bitcoin treasury strategy” in US and South Korean markets. The company will trade on the New York Stock Exchange under the ticker “PRTX.”

  • UK-based The Smarter Web Company said it raised $21 million via the launch of a bitcoin-denominated bond.

  • ZOOZ, a Nasdaq and TASE dual-listed Israeli company, announced it raised $5 million as part of a larger $180 million private placement to launch a strategic bitcoin treasury. 

  • Japanese company ANAP acquired 82.33 bitcoin, bringing its total to 913.45.

More Crypto

See all Crypto
$1T

Painvember is real — the crypto market has lost more than $1 trillion in overall market cap since early October and now sits at $3.2 trillion, down from $4.3 trillion on October 6, when bitcoin hit its all-time high.

Bitcoin dipped below $90,000 for the first time since April late Monday night. The asset is roughly flat from one year ago, shortly after the US presidential election.

“The longer bitcoin stays under $100k, the more the sense of imminent doom intensifies. But amid all this panic, there are reasons to be optimistic. We’ve seen BTC ETF ownership jump from 20% to 28% this year, institutional demand remains high, and the biggest Bitcoin whale — Michael Saylor — has just scooped up more BTC,” Nic Puckrin, cofounder of Coin Bureau, told Sherwood News.

  • The Bitcoin Fear and Greed Index is now at 11, reflecting “extreme fear.”

  • Bitcoin ETFs saw $254.51 million in outflows on Monday, bringing total outflows to $2.59 billion in November. BlackRock’s iShares Bitcoin Trust, the most successful bitcoin ETF, saw a whopping $1.26 billion exit its fund so far this month.

  • Meanwhile, ethereum ETFs suffered $182.8 million in outflows — $1.42 billion so far this month, according to SoSoValue.

  • Crypto liquidations reached $801 million in the past 24 hours, Coinglass data shows. Bitcoin suffered $433 million in liquidations, with the bulk of them — $390.89 million — in long positions.

“Bitcoin and crypto are trading much more like classic risk assets right now. Everything is moving with broader risk sentiment and growing anxiety around credit,” Greg Magadini, director of derivatives at Amberdata, told Sherwood.

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.