KEYTAKEAWAYS
- Institutional presence in spot Bitcoin ETFs reaches 25.4% of total AUM ($26.8B), with BlackRock's IBIT showing dominant growth in Q4 2024.
- El Salvador accelerates Bitcoin accumulation with daily purchases of 1.6 BTC, bringing total holdings to 6,081 BTC worth $579.9 million.
- Global regulatory landscape evolves with Hong Kong exploring gold tokenization and Russia proposing dedicated mining power stations.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Tether Signs MoU with Republic of Guinea for Blockchain Exploration
Tether has announced a memorandum of understanding with the Republic of Guinea to explore blockchain technology and promote digital transformation. The partnership aims to support Guinea’s “Innovation City” project, positioning the country as a leader in Africa’s digital transformation through technology, research, and entrepreneurship initiatives.
2. Argentina’s President Milei Addresses LIBRA Token Controversy
In his first public response to the cryptocurrency scandal, President Milei confirmed meeting with individuals behind the LIBRA token but maintained that his social media posts were meant to raise awareness about crypto adoption in Argentina, not to encourage purchases. During a television interview, he acknowledged his limited expertise in cryptocurrency while emphasizing his focus on economic growth.
3. MEMX Files for 21Shares XRP ETF Approval with SEC
The Members Exchange (MEMX) has submitted an application to the SEC requesting approval to list 21Shares XRP ETF as a “Commodity-Based Trust.” This move represents another attempt to list spot XRP ETFs in the U.S. and highlights the SEC’s evolving stance on cryptocurrency regulation.
4. Institutional Investors Hold 25.4% of Spot Bitcoin ETF Assets
As of December 31, 2024, institutional investors held 25.4% of spot Bitcoin ETF assets under management (AUM), totaling $26.8 billion. K33 Research reports a 113% growth in institutional holdings between Q3 and Q4 2024, with BlackRock’s IBIT emerging as a dominant player in the space.
5. SOL Long/Short Ratio Drops Amid Memecoin Concerns
Following increasing memecoin scandals, market sentiment has turned bearish on Solana, with the SOL long/short ratio dropping from 4 to 2.5 on February 17, according to Coinalyze data. This shift indicates growing market skepticism toward SOL amidst broader concerns about memecoin activity on the network.
NOON NEWS
1. Analysis: ETH/BTC Ratio May Have Found Bottom
Market analysts provide mixed views on Ethereum’s recent performance. While CoinPanel CEO Aran Hawker suggests ETH is merely catching up to expected levels, LMAX Group strategist Joel Kruger sees potential signs of a major bottom forming in the ETH/BTC ratio after its downtrend since 2021.
2. Base Protocol Lead Comments on Industry Recovery
Base protocol head Jesse Pollak addressed recent celebrity memecoin incidents, stating that the industry’s only path forward relies on long-term builders creating a better future, rather than short-term promotional schemes.
3. Russia Proposes Dedicated Power Plants for Crypto Mining
State Council Energy Commission Chairman Aisen Nikolaev has proposed building dedicated power stations for cryptocurrency mining operations, separate from the public grid. This initiative aims to address “uncontrolled” mining activities that are currently straining public power supplies in some regions.
4. Crypto Lawyer: LIBRA Token Caused $286M in Losses
According to data shared by wassielawyer, the LIBRA token incident resulted in losses for 74,698 traders, totaling approximately $286 million. The breakdown shows 25 traders lost over $1 million each, 52 traders lost between $500,000 and $1 million, and 71,369 retail traders lost less than $10,000.
5. Chainalysis: Sanctioned Entities Received $15.8B in Crypto Last Year
A new Chainalysis report reveals that sanctioned entities received $15.8 billion in cryptocurrency during 2024, representing nearly 39% of all illicit crypto transactions. Sanctioned jurisdictions reached a record share of almost 60% in sanctions-related activity by year-end.
EVENING NEWS
1. Market News: Tether Plans to Acquire Majority Stake in South American Energy Company Adecoagro Adecoagro S.A. has received an unsolicited proposal from Tether Investments S.A. de C.V. to purchase a majority stake at $12.41 per share. Tether currently holds 19.4% of shares and aims to reach 51% ownership. The offer represents a premium to Adecoagro’s current $987 million market cap, with the company’s board now seeking expert advice to evaluate the proposal.
2. Hong Kong Considers Gold Tokenization Initiative
Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, announced at the Consensus conference that Hong Kong is exploring gold tokenization to combine physical gold with blockchain technology. The initiative aims to provide investors with greater flexibility and enhanced security while promoting financial market innovation through tokenization.
3. Robinhood Plans Crypto Product Launch in Singapore for 2025
Robinhood is planning to launch crypto products in Singapore by late 2025 through its acquired European digital asset exchange Bitstamp. The expansion follows Robinhood’s $200 million acquisition of Bitstamp in June 2024, partly motivated by Bitstamp’s Singapore licensing, which received principal approval from the Monetary Authority of Singapore.
4. Economist Responds to Senator Lummis on Bitcoin Reserve Auditing
In response to U.S. Senator Cynthia Lummis’s call for upgrading U.S. reserves with Bitcoin and claims about easy Bitcoin auditing, economist Peter Schiff argued that “Bitcoin doesn’t fix anything,” stating that auditing gold examines something tangible while auditing Bitcoin audits “nothing.”
5. El Salvador Accelerates Bitcoin Purchases with Daily Average of 1.6 BTC
Since December 22, 2024, El Salvador has significantly increased its Bitcoin acquisition rate to approximately 1.6 BTC daily. The country has purchased 93.417 BTC at an average price of $98,579, with daily purchases ranging from 1 to 11 BTC. El Salvador’s total Bitcoin holdings now stand at 6,081 BTC, valued at approximately $579.9 million.
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