Bitcoin Value Increases with Growing Net Inflows into BTC Spot ETFs and Additional Cryptocurrency Updates

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In this edition:

• Bitcoin Price Surges as Net Inflow into BTC Spot ETFs Increases
• COCA Introduces Virtual Cards Following Significant Enrollment in Early Access Program
• Fine Wine and Spirits Community Crurated Unveils Metaverse Launch

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Bitcoin Price Surges as Net Inflow into BTC Spot ETFs Increases

Making headlines in the crypto news today, Bitcoin (BTC) concluded the week at around $48,300, reflecting a 13.4% rise from the prior week’s closing figure of $42,600.

The surge in inflow into BTC Spot ETFs was the main factor driving this price increase, as noted by Matteo Greco, Research Analyst at the publicly traded digital asset and fintech investment firm Fineqia International.

The outflow from the Grayscale Bitcoin ETF (GBTC) was anticipated to decrease after the initial weeks of trading. This expectation came to fruition. GBTC outflows experienced a notable decline towards the end of January and continued to diminish throughout February, Greco stated in an email.

The daily outflow from GBTC during the first two weeks post-ETF approval averaged approximately $500 million. However, total outflows from GBTC last week were around $415 million, resulting in a daily average of about $83 million – nearly an 85% drop compared to the initial two weeks of trading.

“The clear correlation between the declining outflows from GBTC and the rising price trend is also apparent when analyzing the total daily flows into BTC Spot ETFs.”

The significant reduction in outflows began on January 26, coinciding with a steady influx into BTC Spot ETFs. This led to eleven consecutive days of net inflows starting on January 26.

“Moreover, there is a strong relationship between the size of the inflows and the decrease in GBTC outflows.”

GBTC recorded a total outflow of $415 million last week, while BTC Spot ETFs experienced a net inflow of approximately $1.2 billion – marking the highest weekly inflow since their inception.

In the meantime, Blackrock (IBIT) continues to lead among the ETFs with around $4.2 billion in assets under management (AUM), followed by Fidelity ETF (FBTC) with roughly $3.5 billion.

“Importantly, a third ETF surpassed $1 billion in AUM last week, as the BTC ETF offered by Ark & 21Shares (ARKB) now has $1.02 billion in AUM.”

Last week also marked the first daily outflow from a BTC ETF other than GBTC. The Galaxy & Invesco ETF (BTCO) saw approximately $17.5 million in outflows on Friday.

Trading volumes “remain exceptionally high,” Greco noted. The total volume for the week is about $5.5 billion, translating to a daily trading volume of around $1.1 billion.

Since inception, cumulative trading volumes have reached $35.6 billion, with an average daily trading volume of approximately $1.7 billion.

COCA Introduces Virtual Cards Following Significant Enrollment in Early Access Program

The crypto wallet application COCA has revealed the initial launch of its Virtual Cards following the success of its Early Access Program in Europe.

COCA is a wallet featuring a non-custodial debit card that utilizes Multi-Party Computation (MPC) cryptography. The introduction of the non-custodial debit card incorporates Wirex’s card infrastructure.

According to the press release, the card launch bridges traditional banking with cryptocurrency, enabling users to conduct crypto transactions online at over 40 million merchants across more than 200 countries.

“The COCA non-custodial Virtual Card enables users to spend their cryptocurrency similarly to traditional fiat currency.”

This eliminates the necessity for complex exchanges or transfers, simplifying the integration of cryptocurrency into daily transactions.

COCA’s Early Access Program has drawn thousands of participants, as stated.

Consequently, following the successful launch in Europe, COCA intends to broaden the availability of its Virtual Cards to additional regions in the upcoming months. This includes APAC, the USA, and LATAM. The product is not designed for UK residents.

Fine Wine and Spirits Community Crurated Unveils Metaverse Launch

In other crypto news today, the digital fine-wine community Crurated announced its new metaverse for wine collectors “of all ages,” describing it as a novel spatial experience. Crurated claims to be the first company to launch a real-world asset blockchain-backed metaverse.

It will initially debut with a virtual cellar experience this spring. Owners will have the opportunity to display their bottles, enhance their knowledge, and guide guests through their fine wine collection, according to the press release.

Using a VR headset, owners can access a portal on the Crurated website and enter their private wine cellar in the metaverse.

By the end of 2024, Apple users will also be able to experience the metaverse using Vision Pro.

“The first blockchain-based fine-wine community, each bottle owned by Crurated community members is authenticated with an NFT.”

The wine’s journey from vineyard to collector is documented on the blockchain, providing a complete account of the bottle’s history. It also narrates the entire story within the asset-backed, redeemable non-fungible token (NFT).

The Crurated Metaverse is built on Unreal Engine 5, known for its hyper-realistic 3D virtual production, as demonstrated in Epic Games’ Fortnite.

The team added that development has already commenced on the next phase of the metaverse, incorporating new features, enhancing existing ones, and exploring new ways to enrich the enjoyment of fine wine.

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