Bitcoin Holds $98K Despite 5-Day ETFs Outflow Streak

Bitcoin Holds $98K Despite 5-Day ETFs Outflow Streak

US spot Bitcoin ETFs recorded $564.87 million in net outflows over the last five days, with total withdraws from 12 ETFs reaching 12,162 BTC. This follows a 15-day period that had previously drawn in $6.7 billion. Despite the recent inflows decline Bitcoin is trading above $98,000.

BlackRock’s IBIT led with 1,933 BTC in outflows on the most recent day, followed by Grayscale’s GBTC with 421 BTC and Grayscale’s Bitcoin Mini Trust with 67 BTC. In contrast, Invesco’s BTCO and Bitwise’s BITB saw inflows of 105 BTC and 87 BTC, respectively.

Spot Ether ETFs, however, showed resilience with over $40 million in net inflows for the second day in a row, mostly due to BlackRock’s ETHA 12,721 ETH buy. Ethereum ETFs have now reached $2.51 billion in cumulative inflows, with trading volume totaling $268.27 million on Wednesday.

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Over 30% of South Koreans Invest in Crypto Assets

South Korea’s crypto user base surged to 15.6 million in November, representing over 30% of the nation’s 51.7 million population. The data, shared by Representative Lim Kwang-Hyun, covered users across five major exchanges, including Upbit and Bithumb. The country’s crypto holdings totaled 102.6 trillion Korean won ($70.3 billion), with volumes rivaling the local stock market.

The increase followed the implementation of the Virtual Asset User Protection Act in July, strengthening user protections on Korean exchanges. The US election victory of Donald Trump is believed to have fueled investor optimism about favorable crypto policies. November saw a 610,000 increase in crypto users, according to Yonhap News.

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Six Bitcoin Mutual Funds Set to Launch in Israel

Israel will debut six Bitcoin mutual funds on December 31 following regulatory approval from the Israel Securities Authority. The funds, offered by firms including Migdal Capital and Phoenix Investment, will have management fees ranging from 0.25% to 1.5%. Five funds will passively track Bitcoin’s performance, while one will aim to outperform it.

The approval comes nearly a year after the US introduced spot Bitcoin ETFs, which have since accumulated $35.6 billion in net inflows. The mutual funds will initially transact once daily, with plans to expand trading frequency in future products. The simultaneous launch condition was imposed to maintain fair competition among the six funds.

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Turkey Implements Stricter Crypto AML Regulations

Turkey announced new crypto Anti-Money Laundering (AML) rules set to take effect on February 25, 2025. Transactions exceeding 15,000 Turkish lira ($425) will require users to provide identification to crypto service providers. Providers must also verify wallet addresses and may categorize insufficiently verified transactions as “risky.”

Users with unverified wallet addresses may face halted transactions, according to the new guidelines. The regulations align with the EU’s upcoming MiCA framework and aim to curb illicit financial activities. The market for crypto exchanges in Turkey ranks as the fourth-largest globally, with a staggering $170 billion in trading volume recorded in 2023.

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Data of the Day

Meme coins led crypto narratives in 2024, capturing 30.67% of global investor interest across 25 trends, according to CoinGecko. The main meme coin narrative alone claimed 14.36%, up from 8.32% in 2023, while Solana meme coins ranked fourth with a 7.65% share. Base meme coins followed in 11th place with 2.13%, with cat-themed and AI meme coins earning 1.19% and 1.49%, respectively.

AI-related narratives ranked second overall, accounting for 15.67% of interest, with the core AI category at 12.58%. The real-world assets (RWA) trend surged to third place, capturing 8.64% of attention, while decentralized physical infrastructure networks (DePIN) rose to eighth place. Solana and Base ecosystems gained prominence, representing 14.3% and 4.87% of investor focus.

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More Breaking News

• Russia's finance minister confirmed the legal use of Bitcoin and other digital financial assets for international trade, saying, "That is the future".
• Montenegro’s Court dismissed Do Kwon's appeal, upholding his extradition ruling; the Terraform Labs co-founder faces fraud charges in South Korea or the US.
• ZachXBT exposed a $500,000 phishing scheme targeting Solana meme coin investors, leveraging 15 compromised social media accounts for scams.
• Crypto OTC trading volumes surged post-election, with firms like Kraken reporting a 220% year-over-year increase due to institutional interest in altcoins.
• Bitcoin mining companies like Argo Blockchain and Greenidge suffered steep stock declines, with some losing over 80% year-to-date.

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