This Week in Crypto: US-Listed Bitcoin and Ethereum ETFs Process $35B Net Inflows in 2024
Several crypto-related stories have made headlines over the past seven days. Here at Tokenhell, we take a look at five topics that prompted discussions within the crypto walls this week. Stay tuned!
American Bitcoin and Ethereum ETFs Achieve Massive Milestone
Bitcoin spot exchange-traded funds (ETFs) have processed $33.35 billion in net inflows since going live in January 2024, according to Farside Investors data. BlackRock’s ETF, known as iShares Bitcoin Trust, handled the most inflows ($19.02 billion), while Fidelity Wise and ARK 21 Shares ETFs took the second and third positions after processing inflows worth $10.83 billion and $2.27 billion, respectively.
Notably, the total net inflows surpassed the estimations of Galaxy Digital head researcher Alex Thorn, who had earlier said that the twelve Bitcoin ETFs would only record $14 billion in net inflows this year.
It is worth highlighting that these ETFs are not having a strong finish toward the end of the year, given that they have witnessed a combined $1.32 billion in net outflows since December 19th.
Ethereum ETFs, on the other hand, are finishing strong, with $349 million worth of net inflows processed in the past seven days. Farside Investors’ data shows these products have seen $2.64 billion in net inflows since launching in July.
IRS Publishes Rules on Crypto Reporting
US tax agency IRS (Internal Revenue Service) issued new rules this week requiring brokerage firms to report crypto transactions. When these policies take effect at the start of 2027, brokers that list cryptocurrencies will be required to disclose proceeds obtained from trading crypto assets and the information of the taxpayers participating in the markets.
Yat Siu’s X Account Hacked
On Boxing Day, blockchain gaming company Animoca Brands reported that the X, formerly Twitter, account of its Chairman Yat Siu had been compromised, with the hacker using it to promote a scam token deployed on Solana via PumpFun.
On-chain observer ZachXBT revealed that the same hacker had gained unauthorized access to 14 other X accounts in December and promoted more scams, pocketing over $500,000 from victims.
MicroStrategy Holds Shareholder Meeting to Fund More BTC Purchases
On Monday, software firm MicroStrategy held a special shareholder meeting seeking to increase the number of shares for preferred stock and Class A Common Stock. This move will allow the company to issue extra shares, enabling it to raise funds to buy more Bitcoin.
If the US Securities and Exchange Commission approves MicroStrategy’s proposal, the company will raise shares under its Class A Common Stock to 10.3 billion from 330 million, and those under preferred stock will be increased to 1 billion from 5 million shares.
Crypto Hackers Stole $2.3 Billion in 2024
In other news, onchain security company Cybers shared a report on Wednesday, which showed that hackers pocketed $2.3 billion from crypto users in 165 incidents this year. The stolen money in 2024 represents a 40% surge compared to last year when bad actors made away with $1.69 billion.
Researchers at Cyvers say the rising hack incidents could slow down mainstream adoption.
This Week’s Top Winners and Losers
Bitcoin is ending the week with a 2.2% loss. The largest coin by market cap is currently priced at $94,894. Ethereum, on the other hand, has managed to rise by 0.4% to $3,388 as of this writing.
Regarding the top winners among the largest 100 digital currencies by market valuation, Bitget Token has posted the most gains (89.76%), followed by Virtuals protocol (27.16%), and GateToken (23.93%), now trading at $6.57, 3.57, and 15,88, respectively.
As for leading losers this week, Ethena takes the top spot after plummeting 23.5% in the past seven days. It’s now trading at $0.9547, according to data from CoinGecko. Meanwhile, Ondo and Aptos come in second and third, with 7-day losses of 21.42% and 20.18%, respectively. Ondo is valued at $1.45, while Aptos is changing hands for $9.03.
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