[News Brief] Jun 29, morning | $1.79B Net Outflow From U.S. Spot Bitcoin ETFs

$1.79B Net Outflow From U.S. Spot Bitcoin ETFs Last Week

U.S. spot Bitcoin ETFs recorded net outflows of $1.79 billion last week, PANews reported, citing SoSoValue data.

The data covers the period from June 22 to 26, U.S. Eastern Time. The product with the largest net outflow was BlackRock’s IBIT, which saw $1.303 billion leave the fund. Fidelity’s FBTC also posted net outflows of $315 million.

Meanwhile, Grayscale Bitcoin Mini Trust BTC recorded net inflows of $71.701 million. As of the time of writing, total net assets of U.S. spot Bitcoin ETFs stood at $72.82 billion, representing 6.08% of Bitcoin’s market capitalization.

U.S. and Iran Agree to Halt Mutual Attacks, Doha Talks Planned

The United States and Iran have agreed to halt mutual attacks and are scheduled to hold talks in Doha, Qatar, on Tuesday, PANews reported, citing Axios.

According to the report, a senior U.S. official said both sides had agreed to stop all military actions. The talks are expected to focus on resolving tensions surrounding the Strait of Hormuz.

Tensions had escalated after both sides resumed attacks 11 days after signing a ceasefire memorandum. Talks that had originally been planned in Switzerland to discuss Iran’s nuclear program were moved to Doha, with the agenda shifted to the Strait of Hormuz issue.

$273M Net Outflow From Spot Ethereum ETFs Last Week

Spot Ethereum ETFs recorded net outflows of $273 million last week on a trading-day basis, PANews reported on the 29th, citing SoSoValue data.

Based on data from June 22 to 26, U.S. Eastern Time, the product with the largest net outflow was BlackRock’s ETHA, which saw $236 million leave the fund over the week. ETHA’s cumulative net inflows stand at $11.08 billion.

Grayscale Ethereum Mini Trust ETH recorded net outflows of $22.2239 million. In contrast, Bitwise ETHW posted net inflows of $557,000.

As of the time of reporting, total net assets of spot Ethereum ETFs stood at $8.38 billion, equal to 4.42% of Ethereum’s market capitalization. Cumulative net inflows were tallied at $10.9 billion.

EBA Releases Consultation on Standardized Penalty Framework for MiCA Violations by Crypto Asset Issuers

The European Banking Authority (EBA) on June 26 released a consultation paper outlining a standardized penalty framework for crypto asset issuers that violate MiCA rules, PANews reported, citing Cointelegraph.

Under the proposal, issuers of significant tokens that breach the rules could face fines of up to 12.5% of annual turnover or twice the profits gained from the violation. For significant e-money tokens, the cap would be 10% of annual turnover.

The EBA plans to calculate penalties through a two-step process: first assessing the seriousness of the violation, then applying aggravating and mitigating factors. The move signals that MiCA is entering a phase of practical enforcement.

The European Union previously introduced the MiCA framework, under which crypto firms must obtain formal authorization from national regulators in order to operate across the bloc’s 27 member states. Firms that fail to secure authorization may face the risk of being forced to suspend operations.

Kiwoom Securities Pursues Acquisition of Stake in Bithumb

Kiwoom Securities is reportedly pursuing the acquisition of a stake in South Korean crypto exchange Bithumb, according to a report by Odaily citing Chosun Biz.

According to the report, Kiwoom Securities and Bithumb are discussing a third-party allotment capital increase, though the specific stake size and investment amount have not yet been determined.

The move comes as major securities firms including Samsung Securities, Mirae Asset Securities, and Korea Investment & Securities have been reviewing entry into the crypto exchange sector or expanding related business lines, with Kiwoom now joining the competitive trend.

One factor behind the deal is reported to be discussion around shareholder ownership caps in South Korea’s upcoming second-phase digital asset legislation. The Financial Services Commission is reportedly reviewing a proposal to limit exchange controlling shareholders to 20% in principle, and up to 34% under exceptions.

Bithumb Holdings, the largest shareholder of Bithumb, currently holds a 73.56% stake, meaning a stake adjustment could become necessary if the rule is implemented.

Bill Containing Temporary U.S. CBDC Ban Heads to Trump for Signature

A U.S. bill containing a temporary ban on central bank digital currency (CBDC) measures is set to be sent for President Trump’s signature.

Source: Wu Blockchain. According to Cointelegraph, U.S. House Speaker Mike Johnson said a housing-related bill containing the temporary CBDC ban provision would be delivered to President Trump on Monday for signing into law.

The provision would restrict CBDC-related actions through 2030. Trump had previously declined to sign a bill that included a U.S. CBDC ban provision.

BIS: Stablecoins Lack Core Monetary Characteristics

The Bank for International Settlements (BIS), in its Annual Economic Report, said stablecoins lack key monetary attributes such as singleness, resilience, interoperability, and integrity.

The BIS said stablecoins can deviate from their reference price in secondary markets and face frictions in the redemption process, making them more akin to ETF shares than payment instruments.

The report argued that even if stablecoin market capitalization reaches $1 trillion to $3 trillion, the net effect on economic output could be minimal, while higher bank funding costs could constrain lending.

The BIS also warned that rising holdings of dollar-denominated stablecoins in emerging markets could lead to 'stablecoin dollarization,' weakening local monetary sovereignty.

According to the report, about 99% of fiat reserve-backed stablecoins are pegged to the U.S. dollar, with USDT and USDC dominating the market. Total market capitalization was estimated at roughly $320 billion.

As an alternative, the BIS once again proposed a 'unified ledger' model integrating tokenized central bank money and commercial bank deposits within a regulated framework.

HYPE Spot ETFs Record $111M Net Inflow Last Week

HYPE spot ETFs posted net inflows of $111 million last week on a trading-day basis.

PANews, citing SoSoValue data, reported that HYPE spot ETFs recorded total net inflows of $111 million between June 22 and 26, U.S. Eastern Time.

The fund with the largest inflow was Grayscale’s HYPG ETF, which drew $114 million over the week. HYPG’s cumulative net inflows total $123 million.

By contrast, 21Shares’ THYP ETF saw net outflows of $1.4604 million during the same period. THYP’s cumulative net inflows stand at $60.01 million.

As of the time of writing, total net assets of HYPE spot ETFs were $324 million, while cumulative net inflows reached $294 million. ETF net assets account for 2.28% of HYPE’s total market capitalization.

American Express Hiring Executive to Lead Stablecoin and Blockchain Payments Strategy

American Express is hiring a vice president-level executive to oversee strategy for stablecoins and blockchain-based payment infrastructure.

According to Odaily, American Express is recruiting a Vice President of Stablecoin and Blockchain Partnerships and Strategy. The role will be responsible for executing the company’s participation strategy in next-generation programmable money, stablecoin payments, and blockchain financial infrastructure.

As global payment firms explore the potential use of stablecoins, the hiring move is being interpreted as part of American Express’s effort to strengthen its positioning in next-generation payment infrastructure.

Loopring Immediately Shuts Down Loopring DEX Operations

According to Wu Blockchain, early Ethereum zk-rollup project Loopring has announced the immediate shutdown of Loopring DEX operations and the discontinuation of its relayer.

Loopring said that despite being an early example of zero-knowledge-proof-based scalability, cumulative issues including its non-EVM architecture, limited adoption, weak business development, and the delisting of LRC from major exchanges led to the service shutdown.

Loopring said it will publish final user balances and directly distribute assets worth more than $10 to the corresponding Ethereum L1 addresses. Gas fees related to the distribution will be covered by the Loopring team.