[News Brief] Apr 22, morning | $635 million net outflow from spot Bitcoin ETFs

$635 million net outflow from spot Bitcoin ETFs

PANews, citing SoSoValue data, reported on the 13th (U.S. Eastern Time) that spot Bitcoin ETFs posted total net outflows of $635 million.

By product, BlackRock’s IBIT saw the largest net outflow, with $285 million withdrawn. IBIT’s cumulative net inflows stand at $65.773 billion.

It was followed by Ark Invest and 21Shares’ ARKB, which recorded net outflows of $177 million. ARKB’s cumulative net inflows total $1.451 billion.

Total net assets of spot Bitcoin ETFs amount to $105.01 billion, and the ratio of ETF net assets to Bitcoin’s total market capitalization stands at 6.58%. Cumulative net inflows were tallied at $58.499 billion.

Strategy estimated to have purchased more than 4,708 BTC through STRC

According to Bitcoin Magazine, Michael Saylor’s Strategy is estimated to have purchased more than 4,708 BTC through STRC on the day.

This represents more than 10.5 times the daily newly mined BTC supply. Strategy, which has held Bitcoin as a primary treasury reserve asset, is viewed as boosting market supply-demand expectations through such large-scale purchases.

U.S. Senate CLARITY Act talks collapse over BRCA provision disagreements

Bipartisan negotiations in the U.S. Senate over the CLARITY Act failed to reach an agreement due to differences over the BRCA provision. Some Democratic senators raised concerns about provisions related to ethics and conflicts of interest involving the president’s family, as well as protections for non-custodial software developers.

According to Odaily, crypto journalist Eleanor Terrett, citing sources, said a small bipartisan group of U.S. senators discussed the CLARITY Act the previous night but ultimately failed to reach a final agreement.

Senator Cynthia Lummis said that agreement had been reached on 99% of the bill and expressed hope that Democrats would continue resolving the remaining issues after committee review. She added that lawmakers would have difficulty avoiding responsibility if another FTX-like incident were to occur.

Reports said Democratic Senators Adam Schiff and Ruben Gallego had been seeking a compromise on ethics standards and conflict-of-interest provisions involving the president’s family before committee review.

Some Democratic lawmakers also voiced concerns about the Blockchain Regulatory Certainty Act (BRCA) provision. The clause would prohibit prosecuting non-custodial software developers under laws governing money transmission businesses.

Sources said both sides had made significant progress on ethics and conflict-of-interest issues, but negotiations ultimately broke down over disagreements surrounding amendments to the BRCA.

Charles Schwab begins direct Bitcoin and Ethereum trading for eligible U.S. retail clients

U.S. financial services firm Charles Schwab has gradually launched its “Schwab Crypto” service for eligible U.S. retail clients, according to Odaily.

The new service supports direct trading in Bitcoin and Ethereum. Users can view and manage their crypto assets within their existing Schwab accounts.

Custody is handled by Charles Schwab Premier Bank, while Paxos provides sub-custody and trade execution services.

The trading fee is 0.75% of the transaction amount. External wallet deposits and withdrawals are not currently supported, and residents of New York and Louisiana are not eligible to use the service.

Charles Schwab oversees about $12 trillion in client assets. Its clients are said to hold about 20% of the assets in U.S. spot crypto ETFs.

Coinbase designated official USDC treasury distributor on Hyperliquid

Coinbase has become the official treasury distributor for USDC on Hyperliquid, according to Odaily.

Coinbase said the move is part of an effort to align USDC as Hyperliquid’s base quote asset. Native Markets agreed to grant Coinbase the right to purchase USDH-branded assets.

The USDH market will be phased out. During this period, users can convert USDH to USDC or fiat currency without fees.

USDC holdings on Hyperliquid currently total about $5 billion, double the level from a year earlier. The integration is aimed at increasing USDC utility in on-chain capital markets and improving capital efficiency.

Tether, Tron DAO, and TRM Labs joint task force freezes over $450 million in illicit-linked crypto

The T3 Financial Crime Unit (T3 FCU), jointly established by Tether, Tron DAO, and TRM Labs, announced that it has frozen more than $450 million in crypto assets linked to cases around the world.

According to PANews, T3 FCU has tracked illicit fund flows related to drug trafficking, exchange hacks, North Korea-linked activities, terrorist financing, and kidnapping for ransom. It is currently cooperating with regulators and law enforcement agencies across 23 jurisdictions, including the United States, Spain, Germany, Brazil, and the United Kingdom.

T3 FCU also said it supported the freezing of crypto assets worth more than 3 billion Brazilian reais, including 4.3 million USDT, in Brazil’s “Lusocoin Operation.”

Whale Alert detects transfer of 28,297 ETH from anonymous wallet to Coinbase

According to Whale Alert, 28,297 ETH was transferred from an anonymous wallet to Coinbase. The transfer was worth about $63.693 million.

Large inflows of assets to exchanges are generally interpreted as a possible sign of selling preparation, and are often viewed as a short-term supply overhang for the market.

New Hyperliquid address deposits 1.868 million USDC and buys 4,638 XMR

According to Odaily, Onchain Lens reported that a newly created address deposited 1.868 million USDC into Hyperliquid and then purchased 4,638 XMR at $403 per coin.

The address later moved the purchase funds to another newly created address. This transaction marks a large-scale XMR purchase by a single address observed on-chain.

GSR chief legal officer sees less than 50% chance of CLARITY Act reaching presidential signature

According to Odaily, GSR Chief Legal Officer Joshua Riezman said in an interview that the chances of the CLARITY Act reaching the president’s desk for signature during the current congressional session are below 50%.

This contrasts with Coinbase Chief Legal Officer Paul Grewal’s view that the bill could pass this summer. Riezman cited disagreements in Congress over stablecoin yield and ethics controversies related to the president’s family as major obstacles.

He added that the stablecoin market could eventually grow to between $1 trillion and $3 trillion, and that a significant share of companies listed on the S&P 500, Nasdaq, and the New York Stock Exchange may adopt tokenization over the coming years.

Hyperliquid ranks first with 43% share of blockchain fee revenue last week

According to Odaily, Hyperliquid ranked first in blockchain fee revenue last week, accounting for about 43% of the total with roughly $11 million.

Hyperliquid’s fees are mainly generated from perpetual futures trading. Users pay related fees when opening, holding, and liquidating positions.

On-chain fees are considered a metric that shows a network’s actual value capture ability more clearly than trading volume.