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Bitcoin Recovery Ahead of Halving Event

Bitcoin recovered slightly as its halving event approaches, adding 5% over 24 hours. This uptrend is expected to continue for U.S. markets before readjusting back to earlier levels, according to Laurent Kssis, a crypto ETP specialist at CEC Capital. Bitcoin had reached a weekly low of $58,800 earlier in the week but is now approaching the $65,000 mark. The halving, predicted to occur late Friday or early Saturday UTC, will slow the rate of growth in bitcoin supply by 50%. In addition, altcoins like dogwifhat (WIF), Ethena Labs’ ENA, and Sei Networks’ SEI saw significant gains, with WIF jumping 18%, ENA rising by 16%, and SEI increasing by 14%.

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Outflows in U.S.-Based Bitcoin Exchange-Traded Funds

U.S.-based spot bitcoin (BTC) exchange-traded funds (ETFs) registered outflows totaling $4.3 million on Thursday, extending a four-day run of withdrawals ahead of the supposedly bullish mining-reward halving. Since April 12, the ETFs have witnessed a cumulative net outflow of over $319 million, with Grayscale’s GBTC accounting for a large share of the withdrawals, provisional data published by Farside Investors showed. On Thursday, GBTC lost $90 million in outflows, which was partially offset by inflows into Fidelity’s FBTC and BlackRock’s IBIT. The Grayscale ETF has experienced outflows since day one for several reasons, including the fund’s relatively costly fees. So, while GBTC outflows may not be a cause for concern, the recent slower inflows into other ETFs might be.

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Kraken Acquires TradeStation Crypto

Cryptocurrency exchange Kraken is acquiring TradeStation Crypto, the digital asset-focused division of online brokerage TradeStation, to expand its regulatory licensing in the U.S. “We can confirm Kraken has recently purchased TradeStation’s crypto business,” a Kraken spokesperson said via email. “The transaction is part of our efforts to accelerate our U.S. presence and will unlock further growth and new product opportunities for Kraken in the U.S.” The company declined to disclose the amount paid. The takeover hasn’t previously been disclosed publicly. Florida-based TradeStation Crypto has acquired money transmitter and other types of regulatory licenses in most U.S. states over the past few years.

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