BlackRock’s Bitcoin ETF Bleeds Over $500 Million In Its Biggest One-Day Outflow

Bitcoin's base layer is facing challenges with low throughput, high fees, and limited programmability, leading to a shift of DeFi activities to alternative Layer-1s and Ethereum rollups. Bitcoin Hyper has introduced a modular Bitcoin Layer-2 utilizing SVM technology, which promises low-latency smart contract execution and performance akin to Solana, while maintaining Bitcoin's security. Recent whale purchases have pushed the presale past $28 million, indicating renewed interest in Bitcoin.

Bitwise's Chief Investment Officer, Matt Hougan, anticipates a significant increase in cryptocurrency exchange-traded funds (ETFs) in the United States, with over 100 new funds expected to launch in 2026. This surge is linked to the recent reopening of the government and the emergence of pro-crypto regulations from the Trump administration, along with support from crypto-friendly regulators.

An XRP analyst has projected that spot ETFs could rapidly consume available tokens if significant inflows continue. The model suggests that a single XRP ETF could see daily inflows averaging $90 million, leading to a potential demand for over 229 million XRP in just one day. This scenario raises concerns about the limited public supply of XRP amidst increasing ETF interest.

XRP price is currently consolidating within a breakout pattern as traders anticipate the impact of the Bitwise XRP ETF launch scheduled for November 20. At the time of reporting, XRP was trading at $2.13, reflecting a 1.1% decline over the past 24 hours amid a mixed crypto market.

An Asian Ethereum DAT project valued at $1 billion has been cancelled due to a downturn in the cryptocurrency market, as reported by Wu Blockchain. The initiative was initially backed by influential investors in Asia, but the bearish price trajectory has led to its shelving.

BlackRock has initiated the process to launch a Staked Ether ETF, marking its first step into this segment of the cryptocurrency market. This move reflects the company's ongoing commitment to expanding its cryptocurrency offerings and adapting to evolving market demands.

The Aztec Network has launched its Ignition Chain on the Ethereum blockchain, focusing on enhancing privacy features for users. This development aims to provide a more secure environment for transactions and data management within the cryptocurrency space.

Bitwise's new XRP exchange-traded fund (ETF) is scheduled to launch on Thursday under the ticker 'XRP'. This marks a significant expansion of Bitwise's cryptocurrency offerings, which previously focused primarily on Bitcoin. The launch is anticipated to attract institutional investors and enhance market participation in the cryptocurrency sector.