BitcoinBites: 5 BTC stories you should know – September 30th, 2021
Institutional investors buy $50M worth Bitcoin after China-induced crash
China recently issued a ban on Bitcoin and cryptocurrency transactions causing the market to take a hit. Although the news was old, the FUD caused Bitcoin and altcoins to dive. However, institutions on the sidelines made most of this opportunity, adding more to their bags.
According to CoinShares’ latest report, digital asset investment products saw inflows rounding up to $95 Million as of September 24, bringing the total weekly capital influx over the last six weeks to a whopping $320 Million.
Bitcoin rode the charge with inflows of $50 Million, placing itself on top of the list. Despite it suffering not one but two fatal setbacks over the last two quarters. Last week marks only the 4th week of inflows out of the previous 17.
First ETF combining Bitcoin and Ethereum launches in Canada
The new ETF from Evolve ETFs trades under the ticker ETC on the TSX and is Canada's first multi-currency ETF.
It will hold the world's two largest cryptocurrencies weighted by their market capitalization, which is around 67 per cent bitcoin and 33 per cent Ethereum. For now, Evolve will do this by holding its Bitcoin ETF (EBIT) and Ether ETF (ETHR) and rebalanced monthly.
Bitcoin and Ethereum make up around 65 per cent of the cryptocurrency market.
Morgan Stanley doubles exposure to Bitcoin through Grayscale shares
Major U.S. investment bank Morgan Stanley has more than doubled its shares of Grayscale Bitcoin Trust since April.
According to a report from the United States Securities and Exchange Commission, or SEC, filed Sept. 27, the Morgan Stanley Europe Opportunity Fund, which invests in established and emerging companies throughout Europe, owned 58,116 shares of the Grayscale Bitcoin Trust, or GBTC, as of July 31. At the time of publication, the price of GBTC is $34.28, making the investment bank’s exposure to Bitcoin (BTC) roughly $2 million — Morgan Stanley reported that the shares cost $2.4 million.
Previous filings show that Morgan Stanley has increased its shares of GBTC by more than 105% since April.
Twitter enables tipping with Bitcoin, plans to let users authenticate NFTs
Twitter is turning on the ability to ask for tips in Bitcoin through its app, making it the first major social network to encourage use of the cryptocurrency as a method of payment. The company also plans to let users connect their crypto wallets and authenticate the ownership of NFTs they tweet with a special badge.
Twitter has been testing tipping for a few months now, but the company hasn’t made tips widely available until Thursday, when the feature is rolling out globally on iOS with Android to follow. Besides Bitcoin, Twitter will let users connect nine traditional payment providers, including Venmo and Cash App, to their profiles to accept tips. Twitter isn’t processing the payments itself.
Bitcoin Lightning nodes and channels hit record highs
The node count for Bitcoin’s leading layer-two solution, the Lightning Network (LN), has spiked to record levels following a surge of adoption.
According to on-chain analytics provider Glassnode’s Monday “Week On-chain” report, the number of Lightning Network nodes increased by 160% during September to tag a record high of 15,600. At the end of August, just 6,000 LN nodes were live.
The number of channels, or connections between different nodes, on the LN has also hit a peak of 73,000, representing an average of 4.6 channels per node, the report added. Bitcoin Visuals is currently reporting an average of 9.3 channels per node as of Sunday.
The Lightning Network has recently been in the headlines as a result of the popular social media network Twitter integrating LN for tipping in addition to the network’s national roll-out across El Salvador amid the country’s digital asset embrace.
Bonus Bite: Bitcoin Addresses Holding at Least 1 BTC Reach 811,530
Bitcoin adoption has jumped substantially in September after a sharp increase in the total number of active BTC addresses. According to recent data published by Glassnode, one of the most prominent crypto analytics platforms, the overall number of Bitcoin addresses holding at least 1 BTC has reached its highest level in 4 months.
Glassnode highlighted that more than 811,000 Bitcoin addresses are holding 1+ coins. Most of the holders are holding the world’s largest cryptocurrency since 2018. Yesterday, Finance Magnates reported that long-term Bitcoin holders own more than 80% of the circulating supply of BTC.
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