The spot bitcoin exchange-traded funds (ETFs) in the United States saw a resurgence in investor interest, attracting nearly $1.9 billion in fresh capital on Jan. 3 and Jan. 6 and contrasting with subdued demand seen in late December.

Canadian Prime Minister Justin Trudeau has recently announced he is stepping down, in a move that could clear a path for a less crypto-resistant government in the country as the frontrunner to lead the country has once vowed to make the country a “crypto capital.”

American bitcoin miners are amassing BTC reserves in a bid to fortify themselves against tightening margins in an increasingly competitive landscape. 

Top stories in the Crypto Roundup today:

• Spot Bitcoin ETFs Attract $1.9 Billion Inflow in Two Days
• Canadian Prime Minister’s Resignation Paves Way for Crypto-Friendly Government
• Bitcoin Miners Stockpile BTC Reserves to Fortify Against Tightening Margins

Spot Bitcoin ETFs Attract $1.9 Billion Inflow in Two Days

The spot bitcoin exchange-traded funds (ETFs) in the United States saw a resurgence in investor interest, attracting nearly $1.9 billion in fresh capital on Jan. 3 and Jan. 6 and contrasting with subdued demand seen in late December.

On Jan. 6, spot bitcoin ETFs attracted $978.6 million inflows and Fidelity’s Wise Origin Bitcoin Fund led the charge with $370.2 million. Ahead of BlackRock’s iShares Bitcoin Trust and the ARK 21Shares Bitcoin ETF, which brought in $209 million and $153 million, respectively.

These two days of significant inflows nearly offset the $1.9 billion in net outflows seen between Dec. 19 and Jan. 2, and brought the total net inflows of these funds since launch to $36.9 billion.

BlackRock’s iShares Bitcoin Trust is leading the pack with $37.4 billion in net inflows, followed by Fidelity’s Wise Origin Bitcoin Fund, which saw $12.4 billion inflows so far. Grayscale’s Bitcoin Trust, which was converted into an ETF in January of last year, has seen $21.4 billion in outflows.

Canadian Prime Minister’s Resignation Paves Way for Crypto-Friendly Government

Canadian Prime Minister Justin Trudeau has recently announced that he is stepping down, in a move that could clear a path for a less crypto-resistant government in the country as the frontrunner to lead the country has once vowed to make the country a “crypto capital.”

Trudeau announced his intention to leave his 11-year position as leader of the country’s Liberal party and as Canada’s prime minister, which he has been since 2015, citing “internal battles.”

Trudeau has been widely criticized in the cryptocurrency community following government sanctions on crypto wallets during the 2022 Freedom Convoy protests.

The general election in Canada is set for October, and the Conservative Party’s Pierre Poilievre is currently sitting on a strong advantage. Poilievre has been a vocal cryptocurrency supporter that at one point vowed to make the country a “crypto capital,” but has lately been relatively quiet on the topic.

In Canada, there’s no national securities regulator, and these are seen as a provincial affair. This means that the Canadian Securities Administration, an umbrella regulatory body made up of provincial regulators, will have significant influence over crypto in the country, rather than its PM.

Bitcoin Miners Stockpile BTC Reserves to Fortify Against Tightening Margins

American bitcoin miners are amassing BTC reserves in a bid to fortify themselves against tightening margins in an increasingly competitive landscape. 

Since November, firms including Mara Holdings, CleanSpark, and Riot Platforms have raised more than $3.7 billion from investors, which they have used to buy additional BTC. These funds were often raised through zero or near-zero coupon convertible notes.

This aggressive stockpiling comes after Donald Trump’s election victory, with the Republican candidate having called for the remaining BTC to be mined within the United States and pointed to the creation of a strategic bitcoin reserve.

To various miners, the primary motivation to adopt bitcoin as a primary treasury reserve asset is to hedge against the financial strain imposed by high energy costs as well as competition from large-scale AI developers for energy.

State of the Crypto by Top Tier Exchange Volume

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