BlackRock's spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), experienced its second consecutive day of robust trading on Tuesday, after recording over $1.3 billion in trading volume.

Popular cryptocurrency exchange Kraken has announced the launch of Kraken Institutional, a new solution consolidating its existing offerings for institutional investors.

Nasdaq-listed cryptocurrency exchange Coinbase is expanding its asset recovery tool to include BNB Chain and Polygon, following the initial launch of the tool in December 2022 focusing on the Ethereum blockchain.

Top stories in the Crypto Roundup today:

• BlackRock’s Bitcoin ETF Sees Record Trading Volume as Fidelity and Ark Lead in Inflows
• Crypto Exchange Kraken Unveils New Institutional Solution
• Coinbase Expands Asset Recovery Tool to BNB Chain, Polygon

BlackRock’s Bitcoin ETF Sees Record Trading Volume as Fidelity and Ark Lead in Inflows

BlackRock's spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), experienced its second consecutive day of robust trading on Tuesday, after recording over $1.3 billion in trading volume.

As Bitcoin’s price climbed past $57,000, IBIT saw $1.357 billion in trading volume, according to data from Bloomberg ETF analyst Eric Balchunas, with the figure eclipsing its previous record of $1.3 billion set on Monday. Nearly 42 million shares changed hands, double the average since the fund's launch in January.

While IBIT dominated in terms of volume, it took third place in net inflows on Monday. Fidelity's Wise Origin Bitcoin Fund (FBTC) saw the highest inflows at $243 million, followed by Ark and 21Shares' ARKB at $131 million. IBIT garnered $111 million, a relatively low number compared to its average since its debut.

Meanwhile, Grayscale’s Bitcoin Trust (GBTC), which was converted to a Bitcoin ETF on January 11, has seen $7.4 billion of outflows and hasn’t yet seen a single day of inflows since the conversion.

Monday's elevated volume was accompanied by significant inflows, with the funds collectively attracting $520 million, according to BitMex Research. This suggests that despite some outflows from Grayscale's GBTC, there is a net positive flow of investment into the newer spot-based ETFs.

Crypto Exchange Kraken Unveils New Institutional Solution

Popular cryptocurrency exchange Kraken has announced the launch of Kraken Institutional, a new solution consolidating its existing offerings for institutional investors.

Kraken Institutional will bundle services like spot and over-the-counter trading, along with crypto staking for clients outside the United States, as it aims to cater to asset managers, hedge funds, and high-net-worth individuals seeking exposure to the digital asset industry.

Tim Ogilvie, co-founder of Stake, a firm acquired by Kraken in December 2021, will head Kraken Institutional. The platform plans to offer a "qualified custody" service backed by Kraken Financial, a Wyoming-based Special Purpose Depository Institution, according to a blog post.

The service is set to compete with established players like Coinbase Institutional and Coinbase Prime, both launched in 2021 to serve institutional investors. Additionally, they will face competition from Binance Institutional, which launched in mid-2022 and provides customized solutions for a range of institutional users.

Coinbase Expands Asset Recovery Tool to BNB Chain, Polygon

Nasdaq-listed cryptocurrency exchange Coinbase is expanding its asset recovery tool to include BNB Chain and Polygon, following the initial launch of the tool in December 2022 focusing on the Ethereum blockchain.

The tool addresses a common issue for users who accidentally send unsupported tokens to their Coinbase address, resulting in a loss of funds. It allows users to recover these mistakenly sent tokens and transfer them to their Coinbase Wallet or any compatible self-custodial wallet.

Coinbase's asset recovery tool is built with proprietary technology and charges a 5% fee for recovering assets exceeding $100, along with a separate network fee. Users require two pieces of information to utilize the tool: the transaction ID of the lost asset and the corresponding inbound Coinbase address.

The tool, according to Coinbase spokesperson Ramya Muralidharan, has already helped over 10,000 users recover more than $160 million since its launch. He added that the service is currently unavailable for Coinbase Prime or institutional customers.

State of the Crypto by Top Tier Exchange Volume

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