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Bitcoin ETFs see record $2.4B weekly inflows

Bitcoin ETFs see record $2.4B weekly inflows

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Hello Crypto Briefers!

Bitcoin ETFs saw record weekly inflows of $2.4 billion last week, according to CoinShares. Demand accelerated for new spot Bitcoin ETFs from BlackRock and Fidelity, offsetting outflows from Grayscale. This indicates growing institutional interest in crypto as Bitcoin hit $52K.

The price of the Worldcoin token has rallied strongly over the past week, setting a new all-time high near $8. This comes on the back of the launch of OpenAI’s new text-to-video AI model called Sora on February 16th. As OpenAI CEO Sam Altman is also a co-founder of Worldcoin token backers Tools for Humanity, this OpenAI news has boosted sentiment around Worldcoin.

FTX creditors have filed a class action lawsuit against Sullivan & Cromwell, the law firm overseeing FTX’s bankruptcy case. The lawsuit alleges that Sullivan & Cromwell was closely involved with FTX prior to its collapse, and should be held partially responsible for FTX’s alleged fraudulent activities.

Today’s Newsletter

  • Bitcoin ETFs see record $2.4B weekly inflows; BlackRock’s IBIT leads
  • Worldcoin price sets all-time high on back of Sora AI launch
  • Sullivan & Cromwell accused of being FTX’s ‘partner in fraud’

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BITCOIN

Bitcoin ETFs see record $2.4B weekly inflows; BlackRock’s IBIT leads

Overall crypto funds took in $2.45 billion, with Bitcoin accounting for 99% of flows. The flood of inflows drove assets under management at crypto investment firms back to December 2021 levels, now totaling $67 billion.

Some analysts think robust ETF inflows could help cement Bitcoin’s status as the top digital store-of-value asset over the long term, possibly even challenging gold. The growth underscores institutional investors’ growing embrace of crypto as both a portfolio diversifier and an asset class coming into its own. [coindesk]

ALTCOINS

Worldcoin price sets all-time high on back of Sora AI launch

Other AI-focused tokens have also benefited from the recent OpenAI news and the broader positive sentiment in the sector. According to CoinGecko, their index of AI tokens has risen 25% over the last week. Some individual tokens like SingularityNet have seen gains of over 90% during that period.

It seems narratives around the promise of AI have driven renewed speculative interest in tokens connected to the space. WDL’s token price reacted similarly back in November when Altman news negatively impacted Worldcoin prices for a short period. Its iris-scanning “Orb” device generated some backlash last year, with several countries investigating or Worldcoin discontinuing operations. However, the project and its WDL token seem to have moved past that patch, instead currently benefiting from links to OpenAI. [theblock]

EXCHANGES

Sullivan & Cromwell accused of being FTX’s ‘partner in fraud’

Specifically, the lawsuit claims Sullivan & Cromwell gained insider knowledge of FTX’s operations and supported its misconduct. The lawsuit claims Sullivan & Cromwell represented various FTX entities over 20 times, gaining deep knowledge of its workings. The lawsuit also alleges that a former Sullivan & Cromwell lawyer who joined FTX as general counsel funneled legal work back to the firm.

In January 2023, senators and creditors questioned whether the firm could serve as an impartial party overseeing FTX’s bankruptcy. Former FTX CEO Sam Bankman-Fried also claimed the law firm pressured FTX into bankruptcy. An appeals court recently ruled that FTX must be investigated by an independent examiner, citing doubts about the bankruptcy probe’s independence. [cryptobriefing]

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