Bitwise: Bitcoin sent to ETF wallet to benefit fund investors

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Bitwise: Bitcoin sent to ETF wallet to benefit fund investors
bitwise-bitcoin-sent-to-etf-wallet-to-benefit-fund-investors
By Bralon Hill
January 26, 2024 at 8:15 pm
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Edited by Brian Stone
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Bitwise: Bitcoin sent to ETF wallet to benefit fund investors
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Bitwise has publicly disclosed its Bitcoin ETF fund wallet, attracting unsolicited Bitcoin from ETF supporters.


Bitwise, a prominent player in the field, became the first issuer of a spot Bitcoin ETF to reveal the wallet address for its fund publicly. Shortly after this disclosure, the wallet began to receive an array of unsolicited contributions.

Unexpectedly, individuals began sending small quantities of Bitcoin to the wallet, with amounts such as 0.00042069 BTC. Additionally, the wallet received various BRC-20 tokens, Bitcoin domain names, and a collection of Bitcoin NFTs. The total value of these unsolicited assets exceeded $5,000.


Bitwise Chief Investment Officer Matt Hougan explained that these assets would ultimately benefit the shareholders of the BITB fund. Bitwise’s policy, as detailed in its S-1 filing, indicates that involuntarily received assets may be converted into cash and distributed proportionally among shareholders.

Previous iterations of the S-1 filing suggested the possibility of in-kind distributions, but this option was omitted in the final approved version.

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Spot Bitcoin ETFs see $80m net outflows on Thursday
A critical concern raised in the crypto community relates to handling funds from OFAC-sanctioned addresses. The U.S. Treasury has blacklisted certain Bitcoin wallet addresses, requiring any recipient wallet to block and report any transactions from these addresses to the Office of Foreign Assets Control. This presents a unique challenge, given that Bitcoin wallets cannot refuse incoming funds.

Hougan addressed this issue, stating that it is managed at the custodian level. Bitwise utilizes Coinbase as its custody provider, and a spokesperson from Coinbase affirmed that the exchange actively blocks OFAC-sanctioned addresses.

Bitwise’s process indicates collaboration with clients to ensure that funds are blocked and reported in compliance with legal requirements. Coinbase’s approach is further detailed in a blog post, clarifying that funds from sanctioned addresses are transferred to and securely held in a Coinbase internal account.

Read more:
Tokens surge double digits as Bitcoin shrugs GBTC stream
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Analyst projects Ethereum potentially to $2k amid market consolidation

By Mohammad Shahidullah
January 26, 2024 at 7:30 pm

Edited by Brian Stone
MARKETS
Analyst projects Ethereum potentially to $2k amid market consolidation
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FxPro senior analyst Alex Kuptsikevicha projects Ethereum’s price could further dip towards $2,000, as the altcoin is down by over 8% weekly.

The crypto market is experiencing a period of subdued volatility, with the total market capitalization hovering around $1.6 trillion for the third consecutive day. Simultaneously, equity indices in the stock market have also significantly declined in the past 24 hours.

However, the impact on cryptocurrency investors has been minimal. Kuptsikevich thinks that the fall in stock values is seen more as a result of individual corporate stories rather than an indication of a global shift in market sentiment.

Bitcoin is benefiting from this consolidation phase, with its market share exceeding 50% once again. On the other hand, Ethereum has found itself at the lower end of the consolidation range, which it has been in for most of December. Kuptsikevich predicts that Ethereum is showing signs of possibly dropping to the $2,100 area, a level that marked the upper end of its November consolidation phase.

Ethereum
ETH 7-day market performance | Source: CoinMarketCap
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Kuptsikevich suggests that a further decline towards the $2,000 mark is possible, citing the cryptocurrency market’s inherent volatility. This potential dip could mirror a similar retracement in Bitcoin to the $37,500 level.

The SEC has also delayed its decision on BlackRock’s application for a spot Ethereum ETF until March 10. While some experts remain optimistic about the ETF’s approval by May, with a probability of 50-to-70%, others are wary of regulatory resistance.

The introduction of spot Bitcoin ETFs in the U.S. has broadened the appeal of cryptocurrencies to a wider audience. According to the head of institutional at Coinbase, this marks a potential shift towards mainstream adoption of digital currencies.

However, the influx of new capital into new cryptocurrencies is expected to be a gradual process, unfolding over months or even years.

Read more: Spot Bitcoin ETFs see $80m net outflows on Thursday

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Analyst backs Kelexo, Solana and Litecoin sliding
January 26, 2024 at 7:06 pm
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Analyst backs Kelexo, Solana and Litecoin sliding
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Solana (SOL) and Litecoin (LTC) holders are looking for new investment opportunities to diversify their portfolios. Some are considering Kelexo (KLXO).

Kelexo is a new decentralized finance protocol that has launched a peer-to-peer (P2P) lending marketplace. Market analysts are bullish about the potential of its presale, which could attract new web3 users before the next bull run.

Solana corrects
Solana rose to $123 in December 2023 before correcting.

You might also like: Solana’s WEN memecoin nears $100m market cap following launch

It fell to $79.50 in early January but rebounded to $86.50.

It may continue to drop to $50 if bears press on.

Litecoin stable despite increasing adoption
Litecoin became a popular cryptocurrency for online payments in 2023, with high transaction counts and hash rates.

You might also like: Litecoin emerges as top gainer with 7.23% increase ahead of halving

However, despite its growing use, LTC prices failed to rally.

LTC is trading at around $65, capped between $60 and $70.

Kelexo presale milestone
Kelexo is a decentralized finance platform whose presale is ongoing.

Over 4,000 individuals have signed up, buying KLXO for $0.022 in the current stage.

Kelexo makes it easy for lenders to loan their assets and earn passive income. At the same time, borrowers will gain access to crypto loans anytime, anywhere—without the hassle of KYC, account restrictions, or endless processing times.

Read more: Dogecoin, Shiba Inu, and PEPE holders exploring Kelexo in ongoing presale

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

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