Ether ETFs Surge with Record Inflows
Ether (ETH) continues to show impressive growth in the exchange-traded fund (ETF) market, surpassing Bitcoin (BTC) in recent inflows. CoinShares reported a record $634 million in inflows for Ether in the last week of November, bringing its total ETF inflows for 2024 to $2.2 billion. As regulatory clarity improves in the U.S., institutional investors are increasingly turning to Ether as a stable and profitable asset. Analysts speculate that Ether ETFs may soon include staking yields, further boosting their appeal.
Meta’s Diem Shutdown: Political Pressure Blamed
Meta’s decision to shut down its stablecoin project, Diem, has sent shockwaves through the crypto industry. David Marcus, the project’s former leader, blamed political interference for the project’s failure. Despite the initial excitement surrounding Diem, Meta’s exit underscores the challenges tech giants face when launching blockchain-based initiatives. As the regulatory landscape for digital currencies continues to evolve, Meta’s exit raises questions about the future of corporate-backed stablecoins.
BitGo Expands Into India’s Crypto Sector
BitGo is eyeing India’s rapidly expanding cryptocurrency market, which is expected to generate $6.6 billion in revenue by 2024. The company plans to offer institutional-grade services, including crypto custody and trading platforms, to meet the growing demand for digital assets in the country. As India’s crypto market continues to mature, BitGo’s strategic expansion into the region represents a significant opportunity, despite the challenges posed by the country’s evolving regulatory framework.
