Bitcoin ETFs See Largest Outflow in Six Weeks as Token Stagnates
ETPs
“Spot Bitcoin exchange-traded funds recorded their largest outflows last week since the end of June, reversing a strong start to August. The 13 US-listed funds saw a net $389.7 million drained in the week of Aug. 10, after pulling in $853.5 million the previous week, according to data compiled by Bloomberg. The first week of the month marked the largest weekly inflows for the funds since April, coming on the heels of a rare hack of a brand of so-called cold wallets that renewed interest in safeguarding digital assets through traditional finance. 'Last week’s ETF net outflows reflect the subdued mood in the Bitcoin market,' said Esme Pau, head of capital markets and policy at blockchain security firm CertiK. 'The inflows seen shortly after the Coldcard hack now appear to have been an aberration, with broader institutional sentiment remaining cautious, bordering on pessimistic.'”
Source: Bloomberg
US Treasury Seeks Public Comment on GENIUS Act Stablecoin Rule
Stablecoins
“The U.S. Treasury Department on Monday will begin seeking public comments on the GENIUS Act, the landmark crypto legislation signed into law last year. The Treasury issued a Notice of Proposed Rulemaking on Monday seeking public comment on how it plans to implement Section 3 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act. The GENIUS Act is expected to take effect on Jan. 18, 2027. Under the law, entities generally cannot issue payment stablecoins in the U.S. without obtaining an appropriate federal or state license. Digital asset service providers will also face restrictions on offering or selling foreign-issued payment stablecoins unless the foreign issuer can comply with U.S. legal orders and applicable reciprocal arrangements.”
Source: The Block
Saylor’s Strategy Sells More Stock to Repurchase Preferred
Treasury Companies
“Michael Saylor continues to run his Bitcoin accumulation flywheel in reverse. Strategy Inc. sold $333.7 million of common stock over the past week to fund the repurchase of preferred shares and a cash reserve rather than making fresh purchases of the cryptocurrency. No Bitcoin was bought or sold in the seven days ended Aug. 16, the company said in a filing Monday. Strategy hasn’t bought any Bitcoin since the middle of June. At the end of June, Saylor — the executive chairman on Strategy — announced that the company was pivoting from the Bitcoin accumulation blueprint he pioneered to a capital management approach. Over the last five weeks, the company has sold about $2.1 billion of common stock while buying back about $347 million of its STRC preferred shares. Strategy has also sold $213.3 million of Bitcoin during that period.”
Source: Bloomberg
Binance Gave Moscow Client Details Used to Charge Russian Over Ukraine Donations, Documents Show
Exchanges
“Binance last year handed Russian authorities details of cryptocurrency donations to Ukrainian fundraising campaigns that were used as evidence to bring terrorism financing charges against a Russian IT specialist, law enforcement documents show. While it is normal for companies like Binance to comply when law enforcement agencies in countries where they operate make legitimate requests to see client information, the world's largest crypto exchange said in 2023 it had fully exited Russia. Many Russian citizens have in the past few years used such exchanges to support causes that Moscow subsequently labelled extremist or terrorist. Several dozen people who made such donations have been prosecuted and convicted in Russia, rights activists who track the cases said. Reuters could not establish the precise number.”
Source: Reuters
Bitpanda Fined 70,000 Euros in Austria’s First Published MiCA Enforcement Case
Regulation
“Austria’s Financial Market Authority fined Bitpanda GmbH 70,000 euros ($81,150) for breaches of the European Union’s Markets in Crypto-Assets (MiCA) regulation in the regulator’s first penalty over the rules. The FMA said Bitpanda failed to submit a cryptocurrency white paper at least 20 working days before publishing it. The regulator did not identify the cryptocurrency involved. Bitpanda also circulated a marketing communication before publishing the required white paper. Another communication omitted a statement that regulators had not reviewed or approved the document and that the provider was solely responsible for its contents, as well as a telephone number and email address.”
Source: CoinDesk
