First Mover Americas: Investors Pull Coins From Bitcoin Funds
16 Mar 2023 12:28 PM
The latest price moves in crypto markets in context for March 16, 2023....
- Bitcoin funds are losing coins despite expectations of Federal Reserve pivot in favor of liquidity easing.
- The number of coins held by close-ended funds, spot and futures-focused exchange-traded funds in Europe, the U.S. and Canada has declined by 16,560 BTC ($409 million) this month, reaching a 17-month low of 826,113 BTC.
- Bankrupt cryptocurrency exchange FTX transferred $2.2 billion to founder Sam Bankman-Fried through various entities, with a total of $3.2 billion paid to Bankman-Fried and other key employees.
- U.S. Securities and Exchange Commission Chairman Gary Gensler believes proof-of-stake tokens could meet the definition of securities under the Howey Test, thus bringing them under his agency’s regulatory authority.
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The article presents a mix of negative and neutral sentiment. The decline in Bitcoin funds and FTX's collapse are negative, while the discussion of regulatory authority is neutral.
What is the current state of Bitcoin funds?
How much money did FTX transfer to its founder and key employees?
Who is Gary Gensler and what is his opinion on proof-of-stake tokens?
What is the Howey Test and how does it relate to securities regulation?
How are ETFs considered a proxy for institutional activity in the cryptocurrency market?