Grayscale's Bitcoin Trust (GBTC), the world's largest publicly traded Bitcoin investment vehicle, has shown signs of stabilization after experiencing significant outflows in recent months.

Carson Group, a registered investment advisory firm with $30 billion in assets under management, has announced its approval of only four out of the ten newly launched spot Bitcoin ETFs.

U.S. forex giant OANDA is entering the UK's cryptocurrency trading scene with the launch of OANDA Crypto, a London-based platform registered with the Financial Conduct Authority (FCA).

Top stories in the Crypto Roundup today:

• GBTC Outflows Reach Lowest Level Since ETF Conversion
• $30 Billion Investment Advisory Firm Selects Just Four Spot Bitcoin ETFs For Its Offerings
• Forex Giant OANDA Enters UK Crypto Market with FCA-Registered Platform
• FDUSD Market Share Rises Following Surge in BTC Trading Volumes

GBTC Outflows Reach Lowest Level Since ETF Conversion

Grayscale's Bitcoin Trust (GBTC), the world's largest publicly traded Bitcoin investment vehicle, has shown signs of stabilization after experiencing significant outflows in recent months.

According to data from BitMEX Research, GBTC saw its lowest daily withdrawal volume since converting to an exchange-traded fund (ETF) in January, with $44.2 million exiting the trust on February 23. This marks a notable slowdown compared to late January, when the trust witnessed a single-day withdrawal of $640 million, pushing the month's total outflows to $5.64 billion.

Despite February's lower outflows of $1.8 billion so far, the cumulative withdrawals since inception remain significant, reaching $7.4 billion. BlackRock's IBIT spot Bitcoin ETF, in contrast, has attracted over $6.6 billion in investments. Fidelity's FBTC and ARK 21Shares follow with $4.7 billion and $1.4 billion, respectively.

GBTC has seen significant outflows since its conversion into an ETF, allowing holders to redeem their shares. Previously, GBTC holders had to sell on the secondary market to exit their positions.

$30 Billion Investment Advisory Firm Selects Just Four Spot Bitcoin ETFs For Its Offerings

Carson Group, a registered investment advisory firm with $30 billion in assets under management, has announced its approval of only four out of the ten newly launched spot Bitcoin ETFs.

The approved list includes BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC), both of which have attracted significant investor interest, with IBIT currently boasting over $6.6 billion and FBTC exceeding $4.8 billion in assets under management.

Grant Engelbart, Carson Group's vice president and investment strategist, cited "significant asset growth" and trading volume as key factors in selecting these leading funds.

The firm also included spot Bitcoin ETFs from Bitwise and Franklin Templeton in its offerings, which stand out for their competitive fees. The Bitwise Bitcoin ETF carries a projected expense ratio of 0.2%, while the Franklin Bitcoin ETF is expected to charge 0.19%, making them some of the most cost-effective options available.

According to Hunter Horsley from Bitwise, platform approvals could significantly boost fund growth, considering that financial advisors manage trillions of dollars.

Forex Giant OANDA Enters UK Crypto Market with FCA-Registered Platform

U.S. forex giant OANDA is entering the UK's cryptocurrency trading scene with the launch of OANDA Crypto, a London-based platform registered with the Financial Conduct Authority (FCA).

OANDA Crypto is being launched following its acquisition of a majority stake in Coinpass,  allowing it to offer trading in over 63 cryptocurrency pairs, including major ones like Bitcoin, Ether, and Ripple. The company also plans to expand its offerings with additional tokens and features throughout the year, aiming to cater to both seasoned crypto traders and newcomers.

While OANDA Crypto caters specifically to the UK, the company already offers cryptocurrency access in the U.S. through a partnership with a New York-regulated firm.

The company consolidated its European presence by shifting its mainland operations from Malta to Warsaw, Poland, after acquiring Polish broker Dom Maklerski TMS Brokers, which rebranded to OANDA TMS.

FDUSD Market Share Rises Following Surge in BTC Trading Volumes

In January, trading volume for stablecoins on centralized exchanges (CEXs) increased by 4.54%, reaching $1.05 trillion. This marked the highest trading volume for stablecoins on CEXs since December 2021, with USDT remaining the leading stablecoin in terms of trading activity on CEXs, holding 75.3% market share among the top 10 stablecoins.

Additionally, FDUSD's market share among the top 10 stablecoins has reached a new all-time high of 15.6% as of the latest data in February. The surge in FDUSD's popularity, particularly the BTC-FDUSD trading pair on Binance, can be attributed to the recent approval of spot Bitcoin ETFs, further boosting the stablecoin's prominence

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

State of the Crypto by Top Tier Exchange Volume

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