U.S. spot Bitcoin ETFs have recently attracted substantial capital, with over $192 million pouring into these funds. BlackRock’s IBIT led the pack with $157.6 million in inflows, as reported by public sources on Friday.
This influx underscores the increasing confidence and interest from institutional investors in crypto, even amid the sector’s volatility. Such a trend could be pivotal in driving further adoption and potentially stabilizing Bitcoin’s price in the long term.
In another development, Ripple has initiated testing of its new stablecoin, RLUSD, on both the XRP Ledger and Ethereum blockchain. This move is a strategic expansion for Ripple, signaling its ambitions to broaden its offerings beyond XRP.
Mirroring the momentum, the combined supply of Tether’s USDT and Circle’s USDC stablecoins has surged by $3 billion, reflecting heightened demand for digital assets as investors respond to the crypto market’s recent rebound.
Lastly, the U.S. Internal Revenue Service (IRS) has rolled out a new tax form specifically designed for crypto transactions and is actively seeking industry feedback. This initiative is part of the IRS’s broader effort to improve compliance and tackle the challenges posed by crypto investors.
