U.S.-listed spot Bitcoin exchange-traded funds (ETFs) extended their streak of net inflows to 15 consecutive trading sessions yesterday, with the inflows coinciding with a rise in the price of Bitcoin and propelling BlackRock's iShares Bitcoin Fund (IBIT) to surpass $20 billion in assets under management (AUM) for the first time.

The U.S. Securities and Exchange Commission (SEC) announced the closure of its Salt Lake City office this week citing "significant attrition" among staff in a decision that comes on the heels of a high-profile loss for the SEC in a crypto-related fraud lawsuit against Utah-based DEBT Box.

A new partnership between cryptocurrency exchange Bitpanda and Deutsche Bank is set to allow German cryptocurrency traders to make real-time inbound and outbound payments to the leading European cryptocurrency trading platform.

Top stories in the Crypto Roundup today:

• Spot Bitcoin ETFs Maintain 15-Day Inflow Streak
• SEC Announces Closure of Salt Lake City Office After Crypto Case Fallout
• Bitpanda and Deutsche Bank Team Up for Real-Time Cryptocurrency Payments
• Stablecoin Volumes Dip on CEXs; USDT Dominates Market Share

Spot Bitcoin ETFs Maintain 15-Day Inflow Streak

U.S.-listed spot Bitcoin exchange-traded funds (ETFs) extended their streak of net inflows to 15 consecutive trading sessions yesterday, with the inflows coinciding with a rise in the price of Bitcoin and propelling BlackRock's iShares Bitcoin Fund (IBIT) to surpass $20 billion in assets under management (AUM) for the first time.

According to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, these spot Bitcoin ETFs have attracted roughly $2.4 billion in new investments over the past month, a figure that represents the third-largest amount of net inflows across the entire ETF market.

On social media, Balchunas noted IBIT became the fastest ETF to hit the $20 billion in assets mark in such a short amount of time, doing so just 144 days after launch. The second-fastest ETF to reach $20 billion in assets under management was the JPMorgan Equity Premium Income ETF (JEPI), at 985 days.

Following the initial excitement surrounding the launch of spot Bitcoin ETFs, inflows slowed considerably in April, even turning negative for brief periods. Since May 16, inflows have average around $140 million per day.

SEC Announces Closure of Salt Lake City Office After Crypto Case Fallout

The U.S. Securities and Exchange Commission (SEC) announced the closure of its Salt Lake City office this week citing "significant attrition" among staff in a decision that comes on the heels of a high-profile loss for the SEC in a crypto-related fraud lawsuit against Utah-based DEBT Box.

In April, two SEC lawyers, Michael Welsh and Joseph Watkins, resigned after a federal judge sanctioned them for "gross abuse of power" in their attempt to freeze DEBT Box's assets. The judge ultimately dismissed the entire case last week, ordering the SEC to reimburse DEBT Box $1.8 million in legal fees.

The SEC's press release attributed the closure to budgetary and organizational efficiency concerns, emphasizing that no other regional offices are slated for shutdown.

Bitpanda and Deutsche Bank Team Up for Real-Time Cryptocurrency Payments

A new partnership between cryptocurrency exchange Bitpanda and Deutsche Bank is set to allow German cryptocurrency traders to make real-time inbound and outbound payments to the leading European cryptocurrency trading platform.

The collaboration grants Bitpanda access to German International Bank Account Numbers (IBANs) through an application programming interface (API)-based account solution offered by Deutsche Bank.

By leveraging this service, Bitpanda intends to enhance the efficiency and security of fund movements for its German users who will receive dedicated German IBANs for deposits and withdrawals.

Through the partnership, fiat currency deposits and withdrawals from Bitpanda will go through Deutsche Bank for real-time settlements.

Beyond real-time settlements, Deutsche Bank will provide Bitpanda safeguarding accounts and optimized payment solutions, streamlining Bitpanda's treasury operations and reconciliation processes.

Stablecoin Volumes Dip on CEXs; USDT Dominates Market Share

Centralized cryptocurrency exchanges are likely to report lower monthly trading volumes for stablecoins in May, with data showing only $829 billion traded as of May 23, a decline that coincides with the historical trend of decreased trading activity on these exchanges in the two months following a Bitcoin halving event.

Despite the overall downturn, Tether’s USDT maintained its dominance as the most-traded stablecoin on centralized exchanges, capturing roughly 77% of the market share among the top 10 stablecoins by market capitalization.

However, there were some shifts within the stablecoin landscape as the market share of FDUSD dipped to 14.5%, while trading for USDC pairs increased to 8.27%, marking its highest level in four months.

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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