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SEC approves in-kind redemptions for BTC & ETH ETFs

The SEC has lastly authorized in-kind redemptions for Bitcoin and Ethereum ETFs, boosting effectivity and decreasing prices.

• SEC has formally authorized: In-kind redemptions for spot Bitcoin and Ethereum ETFs.

The U.S. Securities and Alternate Fee has voted to greenlight in-kind redemptions for Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs).  

• What it means. ETF shares can now be created/redeemed utilizing precise crypto.

Which means that it is going to now be potential to create and redeem shares of spot-based cryptocurrency ETFs with the assistance of precise underlying belongings as an alternative of money. Previous to this, crypto ETFs had been solely in a position to deal with cash-based transactions.  

The crypto business has been actively advocating for enabling in-kind redemptions since they may improve effectivity and decrease prices.  

Coinbase slashes XRP holdings 

Why did main US alternate Coinbase simply pull 40% of its XRP out of chilly storage?

• Main outflow noticed. Coinbase’s XRP chilly pockets rely dropped from 52 to 35.

An intriguing shift is going down beneath the floor of XRP’s on-chain footprint, and this time it’s tied to one of many largest U.S. crypto exchanges. Coinbase, which was beforehand holding an estimated 970 million XRP throughout 52 chilly wallets, now not has that very same stockpile, in keeping with XRPWallets.  

As of this week, solely 35 of these addresses stay funded, marking a shocking 40% drop in simply weeks. 

• Tracked in actual time. On-chain analysts monitoring the shift intently.

Again in June, 10 of Coinbase’s wallets contained 26.8 million XRP every, whereas 42 others held 16.8 million every.  

Quick ahead to July 29, and most of these wallets have been left with just a few XRP or have been emptied fully, as massive outbound transfers are being tracked in actual time by on-chain watchers. A notable transaction concerned the switch of 16.8 million XRP from a pockets labelled “Chilly Pockets 400” to a Coinbase scorching pockets.

SHIB sees 8,866% spike in whale outflows 

Well-liked meme coin Shiba Inu (SHIB) sees an irregular 8,866% improve in on-chain whale exercise.

• Huge whale outflow. On July 27: solely 9.27B SHIB left massive wallets.

One thing modified within the Shiba Inu (SHIB) market in a single day, but it surely was not the worth. On July 27, outflows from massive holder wallets barely registered at 9.27 billion SHIB, in keeping with IntoTheBlock. Simply someday later, that determine had exploded to 798.22 billion SHIB, marking a staggering 8,866% improve in outflow quantity.  

Surprisingly, nevertheless, the token’s worth didn’t observe swimsuit, discovering itself between $0.000014 and $0.000013. 

• Who’re the “massive holders”? Wallets holding lower than 0.1% of SHIB provide.

Right here is the place it will get attention-grabbing: these “massive holders,” as outlined by IntoTheBlock, are wallets holding greater than 0.1% of SHIB’s complete provide. This consists of institutional whales and heavyweight traders, however most of the time, it additionally consists of centralized exchanges.  

A fast take a look at the highest holders confirms this: Coinbase, Binance, Robinhood and Upbit collectively maintain tens of trillions of SHIB, accounting for a major proportion of the full circulating provide. This implies that the latest spike is probably not an indication of panic-selling, however reasonably retail customers pulling their tokens off exchanges.