Crypto Daily | Bitcoin Tops $116K, Ether Gains as Fed Rate Cut Bets Firm Up; Crypto Exchange Gemini Raises $425M In Heavily Oversubscribed IPO

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Bitcoin Tops $116K, Ether Gains as Fed Rate Cut Bets Firm Up

Bitcoin briefly rose above $116,000 on Friday after fresh US inflation data fueled expectations of a Fed Reserve interest rate cut, lifting risk assets across the board.

Ether rose 2.5% to $4,519, while the overall crypto market added 1.5% to $4.1 trillion. The gains followed a week of closely watched economic releases that reinforced a shift in market sentiment.

Producer price index data earlier this week showed wholesale inflation unexpectedly declined 0.1%, against forecasts for a 0.3% increase.

Winklevosses’ Crypto Exchange Gemini IPO Raises $425 Million

Gemini Space Station Inc. raised $425 million in an initial public offering, pricing its stock above a marketed range and shrinking the number of shares.

The cryptocurrency firm led by the billionaire Winklevoss twins sold about 15.2 million shares Thursday for $28 each, it said in a statement confirming an earlier Bloomberg News report. The stock was marketed for $24 to $26 apiece.

BlackRock Seeks to Tokenize ETFs After Bitcoin Fund Breakthrough

BlackRock Inc. is exploring how to give one of Wall Street’s biggest investment products a digital makeover.

The world’s largest asset manager is weighing ways to make exchange-traded funds available as tokens on the blockchain, according to people familiar with the matter, who declined to be identified citing confidential information. The New York-based firm is working on tokenizing funds tied to real-world assets, such as stocks, subject to regulatory considerations, the people said.

Solana Treasury Firms Boost Holdings to 6.5M SOL

Solana treasury firms are rapidly expanding their holdings, with total reserves climbing to 6.49 million SOL, as institutional interest in the network shows no signs of slowing.

The latest disclosures from BIT Mining Limited and Upexi Inc. show the growing momentum behind corporate Solana treasuries, reflecting both long-term conviction and short-term gains from the token’s price rally.

BIT Mining Limited, a cryptocurrency infrastructure company preparing to rebrand as SOLAI Limited, announced the purchase of an additional 17,221 SOL this week.

FTX, Alameda Redeem $45 Million in Solana From Staking

Bankrupt crypto firms FTX and Alameda have withdrawn approximately 192,000 Solana (SOL) tokens, worth around $44.9 million, from staking, according to blockchain analytics provider EmberCN.

The move follows a consistent pattern observed over the past year, with the estate redeeming Solana assets on a near-monthly basis.

Since November 2023, FTX and Alameda have unstaked and transferred nearly 9 million SOL, valued at $1.2 billion, averaging $134 per token.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Thursday was $552.78 million. The total net asset value of Bitcoin spot ETFs is $149.64 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.57%.

Source: SoSo Value

The Bitcoin spot ETF with the highest net inflow on Sep 11 was iShares Bitcoin Trust ETF, with a net inflow of $366.20 million. Following that was Fidelity Wise Origin Bitcoin Fund, with a net inflow of $134.71 million.

Source: SoSo Value