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Bitcoin ETFs reverse course with $744M in positive flows

Bitcoin markets rallied over the weekend, reclaiming $87K as crypto investments witnessed positive net inflows for the first time in 5 weeks.

According to CoinShares, US and global-based ETFs saw $644 million in total inflows last week, with Bitcoin leading at $724 million–a strong reversal after five consecutive weeks of outflows totaling $5.4 billion.

It’s likely much of the demand comes from traditional markets, following a pickup in stocks as well, market research firm QCP noted Monday.

“This marks a sharp reversal after several consecutive weeks of net outflows and signals early signs of liquidity rotating back into crypto markets,” the firm said.

“With perp OI still subdued and funding rates flat, the rally appears driven by genuine spot demand rather than leverage, a critical distinction given that leverage-fuelled moves tend to unwind abruptly on liquidations.”

Despite the recent surge, year-to-date Bitcoin inflows stand at just $490 million, as heavy outflows in February and March erased much of January’s $5.25 billion in gains.

Coinbase in talks to acquire options exchange Deribit

Bloomberg reports the exchange is in advanced talks to acquire the largest options marketplace for crypto, including its license to operate in Dubai - link

Riot enters into non-binding LOI for Rhodium’s assets

The Texas-based Bitcoin miner hosted Rhodium, which recently filed for bankruptcy amidst members of its executive team leaving the company - link

Strategy Bitcoin purchase kicks HODL over 500K BTC

The software firm has acquired 6,911 BTC for $584.1 million at $84,529 per bitcoin – link

Haun Ventures seeks $1 billion for crypto investments

The Former Federal prosecutor and A16Z general partner Katie Haun raised $1.5 billion for her first fund in 2022 - link

OFAC deletes Tornado Cash addresses from sanctions list

The Ethereum mixing service was first added to the sanctions list in August 2022 - link

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