[News Brief] Apr 22, morning | $233 Million Net Outflow from U.S. Spot Bitcoin ETFs

$233 Million Net Outflow from U.S. Spot Bitcoin ETFs

U.S. spot Bitcoin ETFs saw a total net outflow of $233 million on May 12, according to PANews, citing SoSoValue data.

The largest net outflow came from Fidelity's FBTC, which recorded a single-day net outflow of $86.1294 million. FBTC's cumulative net inflow stood at $11.045 billion.

On the same day, the largest net inflow was recorded by Morgan Stanley's ETF MSBT, which attracted $6.0195 million. MSBT's cumulative net inflow reached $226 million.

As of the time of reporting, total net assets of spot Bitcoin ETFs stood at $107.312 billion, accounting for 6.64% of Bitcoin's total market capitalization. Cumulative net inflows reached $59.134 billion.

$131 Million Net Outflow from U.S. Spot Ethereum ETFs

According to SoSoValue data, U.S. spot Ethereum ETFs recorded a total net outflow of $131 million on May 12 (U.S. Eastern Time), PANews reported.

BlackRock's ETHA posted the largest outflow of the day at $102 million. ETHA's cumulative net inflow was tallied at $11.897 billion.

Meanwhile, BlackRock's staked Ethereum ETF ETHB saw a net inflow of $11.7469 million. ETHB's cumulative net inflow stood at $517 million.

Total net assets of spot Ethereum ETFs were $13.393 billion, representing 4.86% of Ethereum's total market capitalization. Cumulative net inflows reached $11.939 billion.

U.S. Senator Proposes Amendment to Stablecoin Bill Banning the Use of Crypto as Legal Tender

U.S. Senator Jack Reed submitted an amendment ahead of deliberations on the stablecoin bill that would explicitly ban the use of cryptocurrency as legal tender, according to PANews.

The amendment also includes a provision prohibiting the use of crypto assets for tax payments. Senator Elizabeth Warren submitted more than 40 amendments, including one that would bar the Federal Reserve from issuing master accounts to crypto firms.

A separate amendment jointly introduced by Senators Reed and Smith proposes adding limits on banks' stablecoin yields to the bill. The amendments are seen as part of a broader push to restrict the use of cryptocurrencies as official means of payment during the stablecoin bill review process.

Wells Fargo Expands Holdings of Spot Bitcoin and Ethereum ETFs in Q1

Wells Fargo increased its holdings of spot Bitcoin and Ethereum ETFs in the first quarter, according to filings submitted to the U.S. Securities and Exchange Commission, Odaily reported.

Wells Fargo raised its holdings of the BlackRock iShares Ethereum Trust ETF from 672,600 shares to 1.1 million shares, an increase of 63.5%. It also expanded its holdings of the Bitwise Ethereum ETF from 186,800 shares to 257,000 shares, up 37%.

Despite roughly $769 million in net outflows from spot Ethereum ETFs during the first quarter and a decline in Ethereum's price, Wells Fargo held about $21.5 million worth of Ethereum ETFs, of which approximately $17.6 million was in BlackRock products.

For Bitcoin ETFs, the bank increased its holdings of the Bitwise Bitcoin ETF and Grayscale Bitcoin Mini Trust by about 24% and 41%, respectively. Its holdings in the BlackRock iShares Bitcoin Trust were the largest, at around $250 million.

Wells Fargo also adjusted its crypto-related equity holdings. It reduced its stake in Galaxy Digital from 2.5 million shares to 78,600 shares, a drop of about 97%, while increasing its stake in Strategy from 322,700 shares to about 726,000 shares, up 125%.

Charles Schwab Gradually Opens Crypto Accounts for Retail Clients

Charles Schwab has begun gradually opening cryptocurrency accounts for retail clients.

According to Odaily, the first group of clients can directly trade Bitcoin and Ethereum on the Schwab platform and manage them alongside traditional investment products such as stocks.

Charles Schwab is a major U.S. traditional financial institution, and the move is seen as broadening retail investors' access to cryptocurrencies.

Block Subsidiary Square Automatically Enables Bitcoin Payments for About 1 Million U.S. Merchants

Square, the payments company under Block, has automatically enabled Bitcoin payment functionality for about 1 million merchants in the United States, PANews reported, citing Bitcoin Magazine.

Through this feature, customers can pay in Bitcoin via the Lightning Network, while merchants receive settlement in U.S. dollars. Currency conversion is handled by the system in real time.

The feature has been enabled by default for eligible U.S. merchants since March 30. Block said that during peak times, a new merchant activates the feature every eight seconds.

Miles Suter, Bitcoin product lead at Block, said Bitcoin needs to circulate as an actual means of payment, arguing that if it remains idle, its value as peer-to-peer cash weakens.

JPMorgan to Launch Ethereum-Based Tokenized Money Market Fund

JPMorgan plans to launch an Ethereum-based tokenized money market fund, according to Watcher.Guru.

The product is part of the broader trend of issuing and trading traditional financial assets on blockchain networks. Global financial institutions have already been expanding tokenization efforts across payments, bonds, and funds.

BlackRock Files New Tokenized Fund Structure with the SEC

Asset manager BlackRock has filed a new tokenized fund structure with the U.S. Securities and Exchange Commission, according to Odaily. BlackRock again selected Securitize as its technology and issuance infrastructure provider.

According to the filing, the fund records ownership on blockchain and is integrated with regulated transfer agent services and investor access systems. Securitize Transfer Agent manages the official registration of fund shares and ownership records across multiple public blockchains.

The filing follows the expansion of BlackRock's first tokenized fund, BUIDL. Since its launch in 2024, BUIDL has grown to about $2.3 billion, while the real-world asset (RWA) tokenization market has surpassed $30 billion in size.

U.S. Spot SOL ETFs Record $19.069 Million Net Inflow

U.S. spot Solana (SOL) ETFs recorded a net inflow of $19.069 million in a single day, led by the Bitwise Solana Staking ETF.

According to PANews, citing SoSoValue data, total net inflows into U.S. spot SOL ETFs reached $19.069 million on May 12 (U.S. Eastern Time).

Among individual products, the Bitwise Solana Staking ETF (BSOL) led with $15.9772 million in net inflows. BSOL's cumulative net inflow reached $899 million.

Fidelity Solana Fund ETF (FSOL) recorded a net inflow of $3.0918 million. Its cumulative net inflow stood at $168 million.

As of the time of reporting, total net assets of U.S. spot SOL ETFs stood at $1.057 billion, with the SOL net asset ratio at 1.93% and cumulative net inflows at $1.103 billion.

U.S. Spot XRP ETFs Record $5.3098 Million Net Inflow

U.S. spot XRP ETFs recorded a total net inflow of $5.3098 million on May 12 (U.S. Eastern Time).

PANews, citing SoSoValue data, reported that total net assets of spot XRP ETFs stood at $1.161 billion, while cumulative net inflows reached $1.356 billion.

By product, the Bitwise XRP ETF posted the largest net inflow at $4.1867 million, followed by the 21Shares XRP ETF with $1.1231 million in net inflows.