Top Three Crypto News Stories from U.Today: ETFs officially approved in Hong Kong, Germany’s major federal bank embraces crypto for institutional players, and SHIB skyrockets in multi-million whale activity
In the world of cryptocurrency, big news has been making waves in Hong Kong, Germany, and the world of Shiba Inu. Here are the top three crypto news stories over the past day:
1. ETFs officially approved in Hong Kong:
According to @WuBlockchain X handle, several spot Bitcoin and Ethereum exchange-traded fund (ETF) applications received official approval from the Hong Kong Securities and Futures Commission. Issuers like HashKey, Bosera Capital, and China Asset Management were given the green light. This news comes after spot Bitcoin ETFs were approved in the U.S earlier this year, with BlackRock’s product attracting $10 billion in assets in record time. However, the U.S. SEC is still hesitant to approve Ethereum ETFs.
2. Germany’s major federal bank embraces crypto for institutional players:
Germany’s largest federal bank, Landesbank Baden-Württemberg (LBBW), announced plans to offer cryptocurrency custody services to institutional and corporate clients in partnership with Bitpanda. This move is expected to provide more access to digital assets for institutional investors. Deutsche Bank is also getting into the crypto space with its digital asset custody service and involvement in a euro-denominated stablecoin consortium.
3. SHIB skyrockets in multi-million whale activity, but there’s a twist:
Shiba Inu whales accumulated 2.85 trillion tokens in just 24 hours, with a 208% increase in Large Holders Inflow. However, this spike in accumulation was accompanied by a significant outflow of over three trillion tokens, resulting in a net decrease of 150 billion Shiba Inu tokens. Despite this setback, on-chain data suggests that Shiba Inu usually bounces back quickly.
These developments highlight the ever-evolving world of cryptocurrency and the growing interest from institutional players. Stay tuned for more updates on the crypto market.
