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<p class="is-style-lead">This week, spot Bitcoin ETFs recorded impressive inflows as the digital currency continued to battle the bears at the $41,000 mark. Meanwhile, the crypto scene witnessed updates on the Coinbase vs. SEC case.</p>
<h2 class="wp-block-heading" id="first-week-of-trading-spot-bitcoin-etfs">First week of trading: spot Bitcoin ETFs</h2>
<ul>
 <li>This week marked the first trading week for the recently-approved spot Bitcoin exchange-traded funds. Most products saw massive inflows, with BlackRock’s IBIT recording $500 million and Fidelity’s FBTC seeing $421 million inflows, per a Jan. 16 <a href="https://crypto.news/grayscale-bitcoin-etf-sees-579m-in-daily-net-outflows/" rel="noopener noreferrer nofollow">report</a>.</li>
</ul>
<ul>
 <li>The Grayscale Bitcoin Trust (GBTC), which already commanded investments before its pivot to an ETF, was the only spot Bitcoin ETF to see net daily outflows, totaling $579 million as of Jan. 16. This was attributed to its high fees, which stands at 1.5%.</li>
</ul>
<ul>
 <li>In another interesting metric, <a href="https://crypto.news/bitcoin-etfs-surpass-triple-the-combined-daily-volume-of-500-etfs-launched-in-2023/" rel="noopener noreferrer nofollow">data</a> confirmed that, as of Jan. 16, all the spot Bitcoin ETFs commanded a combined volume of $1.8 billion. This figure was nearly four times the combined volume of all 500 ETFs launched last year, which stood at $450 million on the same day.</li>
</ul>
<ul>
 <li>A Jan. 18 <a href="https://crypto.news/spot-bitcoin-etfs-net-inflow-approaches-3b/" rel="noopener noreferrer nofollow">report</a> highlighted that the fourth day of trading saw these products attract $2.9 billion overall, with the exclusion of GBTC. The products from BlackRock, Fidelity and Bitwise saw the highest inflows, while GBTC recorded outflows.</li>
</ul>
<ul>
 <li>By the fifth day of trading, GBTC witnessed an outflow of 10,824 BTC worth an average of $445 million. However, other ETFs <a href="https://crypto.news/spot-bitcoin-etfs-secure-another-10600-btc-in-fifth-day-trading-surge/" rel="noopener noreferrer nofollow">saw</a> another batch of inflows and the entire market recorded inflows of 10,667 BTC valued at $439 million.</li>
</ul>
<h2 class="wp-block-heading" id="thailand-singapore-and-korea-on-spot-bitcoin-etfs">Thailand, Singapore and Korea on spot Bitcoin ETFs</h2>
<ul>
 <li>Amid the growing market, countries in Asia disclosed their stance on spot Bitcoin ETFs this week. On Jan. 17, Thailand’s Securities and Exchange Commission (SEC) <a href="https://crypto.news/spot-bitcoin-etfs-turned-down-by-thai-sec-investors-eye-global-markets/" rel="noopener noreferrer nofollow">barred</a> investors from trading the ETFs on the international market, citing the market’s nascence.</li>
</ul>
<ul>
 <li>Also, Singapore’s central bank, the Monetary Authority of Singapore, on Jan. 18 <a href="https://crypto.news/singapores-mas-cautions-investors-against-buying-spot-bitcoin-etfs/" rel="noopener noreferrer nofollow">warned</a> investors in the city-state against purchasing or trading the spot Bitcoin ETF products on the international market.&nbsp;</li>
</ul>
<ul>
 <li>Meanwhile, South Korea’s presidency <a href="https://crypto.news/south-korea-to-revisit-stance-on-spot-bitcoin-etfs/" rel="noopener noreferrer nofollow">charged</a> the country’s Financial Services Commission (FSC) to reconsider its stance on the spot ETF products. Recall that the FSC previously advised investors against trading the products.&nbsp;</li>
</ul>
<h2 class="wp-block-heading" id="sustained-discussions">Sustained discussions</h2>
<ul>
 <li>Amid the impressive performances of the new spot BTC ETF products, discussions surrounding the investment vehicles spilled into this week. Grayscale CEO Michael Sonnenshein <a href="https://crypto.news/grayscale-ceo-most-spot-bitcoin-etfs-will-not-survive/" rel="noopener noreferrer nofollow">predicted</a> this week that less than five of the existing 11 spot BTC ETFs would survive in the long term.</li>
</ul>
<ul>
 <li>The market might soon see options trading for the ETF products go live, as the U.S. SEC <a href="https://crypto.news/sec-acknowledges-nasdaqs-spot-bitcoin-etf-options-request/" rel="noopener noreferrer nofollow">acknowledged</a> Nasdaq’s 19b-4 filing to open derivatives trading for the investment products. The agency has now opened a window for public feedback spanning 21 days.</li>
</ul>
<ul>
 <li>While the discussions have focused mainly on spot Bitcoin ETFs, this week Fidelity expected a decision from the SEC on its spot Ethereum ETF filing. In its typical fashion, the SEC <a href="https://crypto.news/sec-postpones-decision-on-fidelitys-spot-ethereum-etf/" rel="noopener noreferrer nofollow">deferred</a> a decision on the filing, setting a new deadline for March 5.</li>
</ul>
<h2 class="wp-block-heading" id="dimon-s-advice-for-bitcoin-investors">Dimon’s advice for Bitcoin investors</h2>
<ul>
 <li>Despite JPMorgan Chase &amp; Co. being one of the authorized participants for BlackRock’s IBIT, Jamie Dimon, the bank’s CEO, continues to blast Bitcoin and the entire cryptocurrency industry.</li>
 <li>Dimon, 67, <a href="https://crypto.news/jamie-dimon-on-bitcoin-dont-get-involved/" rel="noopener noreferrer nofollow">told</a> CNBC that his advice for investors is not to get involved in BTC.</li>
</ul>
<ul>
 <li>Meanwhile, Bitcoin continued to struggle this week following the drop from $48K on Jan. 11. As the market turbulence lingered, miners started selling off their bags, <a href="https://crypto.news/bitcoin-miners-offload-over-10000-btc-in-single-day-largest-drop-in-over-a-year/" rel="noopener noreferrer nofollow">offloading</a> 10,233 BTC on Jan 17. This marked the biggest daily drop in miners’ reserves in over a year.</li>
</ul>
<h2 class="wp-block-heading" id="btc-battles-41-000">BTC battles $41,000</h2>
<ul>
 <li>Since collapsing from the $48,969 high, Bitcoin has been battling to hold against pivotal psychological price thresholds. However, the asset has failed to hold off the bears in this regard.</li>
</ul>
<ul>
 <li>Despite this colossal failure, BTC has continued to defend the $41,000 territory, hedging against any drops below this level. The asset recorded a breach on Jan. 19, dropping to $40,280. However, a quick recovery saw it reclaim the $41,000 level.</li>
</ul>
<ul>
 <li>Amid the drop to $40,280, the broader cryptocurrency futures and perpetual market saw massive <a href="https://crypto.news/traders-liquidate-over-250m-amid-bitcoin-price-decline/" rel="noopener noreferrer nofollow">liquidations</a> to the tune of $252 million on Jan. 19, with Bitcoin and Ethereum (ETH) accounting for most of this figure.</li>
</ul>
<ul>
 <li>IntoTheBlock released a <a href="https://crypto.news/intotheblock-explains-why-bitcoins-price-fell-after-etf-approval/" rel="noopener noreferrer nofollow">report</a>, aiming to highlight factors behind the BTC downturn. They cited increased long-term holders’ movements, an influx of BTC in centralized exchanges, selloffs from long-term holders and a shift in BTC among wallets.</li>
</ul>
<ul>
 <li>However, this drop triggered a “buy-the-dip” campaign from Bitcoin miners. After offloading 10,233 BTC on Jan. 17, miners <a href="https://crypto.news/bitcoin-miners-enter-482m-buying-spree-amid-btc-price-slump/" rel="noopener noreferrer nofollow">accumulated</a> 12,058 BTC worth $494 million on Jan. 19 amid the Bitcoin collapse.&nbsp;</li>
</ul>
<h2 class="wp-block-heading" id="trueusd-depegs-from-the-dollar">TrueUSD depegs from the dollar</h2>
<ul>
 <li>Meanwhile, this week witnessed the first case involving the depeg of a mainstream stablecoin as the market turbulence lingered. The latest victim was TrueUSD, which <a href="https://crypto.news/trueusd-depegs-to-0-985-amid-massive-340m-sale/" rel="noopener noreferrer nofollow">dropped</a> to $0.985 on Jan. 16, per CoinGecko data.</li>
</ul>
<ul>
 <li>Reports suggested that one of the factors behind the de-pegging event was a case of massive outflows involving the stablecoin.&nbsp;</li>
</ul>
<ul>
 <li><a href="https://crypto.news/trueusd-depegs-to-0-985-amid-massive-340m-sale/" rel="noopener noreferrer nofollow">Data</a> confirmed that market participants were offloading their TrueUSD bags to pivot to USDT, with $340 million worth of sales in 24 hours as of Jan. 16. TrueUSD trades for $0.9872 at the time of this report.</li>
</ul>
<h2 class="wp-block-heading" id="coinbase-vs-sec">Coinbase vs. SEC</h2>
<ul>
 <li>Coinbase’s legal battle with the U.S. SEC also made headlines this week. Coinbase seeks a dismissal of the SEC’s case, with a hearing scheduled for Jan. 17. In a <a href="https://crypto.news/coinbases-one-third-revenue-at-stake-as-sec-battle-faces-dismissal-challenges/" rel="noopener noreferrer nofollow">report</a> on Jan. 16, the Wall Street Journal asserted that its request for a dismissal might not be granted.</li>
</ul>
<ul>
 <li>During the hearing, Judge Katherine Polk Failla, who presided over the case, <a href="https://crypto.news/coinbase-vs-sec-judge-scrutinizes-90-year-old-securities-act/" rel="noopener noreferrer nofollow">criticized</a> the SEC’s usage of the Securities Act of 1933 – a 90-year-old legislation – for the regulation of nascent technologies such as crypto and Bitcoin.</li>
 <li>Shortly after the hearing, Elliott Stein, a prominent litigation analyst, <a href="https://crypto.news/analyst-coinbase-poised-to-win-dismissal-over-sec-lawsuit/" rel="noopener noreferrer nofollow">argued</a> that the judge is likely to grant Coinbase’s request to dismiss the case. Recall that the SEC’s lawsuit alleges that Coinbase offered unregistered securities on its exchange platform.</li>
</ul>
<p>Read more: <a href="https://crypto.news/autonomous-worlds-are-shaping-the-new-web3-narrative-opinion/" rel="noopener noreferrer nofollow"> Autonomous worlds are shaping the new web3 narrative </a></p>

Spot Bitcoin ETFs record flows, BTC battles at $41k, TrueUSD depegs, Coinbase vs. SEC | Weekly Recap

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