Overview:

• US spot Bitcoin ETFs recorded USD 229 million in weekly outflows, while Binance XRP futures open interest dropped 15.8% to USD 453 million.

• Revolut secured a Gibraltar DLT provider licence to support international crypto services.

• Ethereum co-founder Vitalik Buterin backed EIP-8288, which proposes more efficient verification of complex cryptographic operations through locally generated proofs.

The crypto market saw major developments as spot Bitcoin ETFs recorded USD 229 million in net inflows last week, while JPMorgan expanded the JPM Coin to Ethereum Mainnet. Additionally, XRP traders cut futures exposure after liquidation, and Revolut secured a crypto license in Gibraltar.

Bitcoin Witnessed USD 229 million in Outflows

According to SoSoValue, Bitcoin spot ETFs recorded a net outflow of USD 229 million during the previous week. The Bitcoin spot ETF with the largest weekly net outflow was BlackRock's ETF IBIT, with a weekly net outflow of USD 165 million; IBIT's cumulative historical net inflow has now reached USD 65.57 billion. 

The Second was Fidelity's ETF FBTC, with a weekly net outflow of USD 60.2797 million, and FBTC's cumulative historical net inflow has reached USD 10.45 billion. The Bitcoin spot ETF with the highest weekly net inflow was Morgan Stanley's ETF MSBT, with a weekly net inflow of USD 6.6699 million, and MSBT's cumulative historical net inflow has reached USD 769 million. 

The total net asset value of Bitcoin spot ETFs stood at USD 104.29 billion, with the ETF net asset ratio reaching 6.35%, and the cumulative historical net inflow has totaled USD 56.88 billion.

JP Morgan Expands JPM Coin

JPMorgan has brought its US dollar-denominated deposit token, JPM Coin (JPMD), to the Ethereum mainnet, the bank announced on October 19. The expansion widens the blockchain payment infrastructure available to institutional clients and opens another public network for on-chain dollar transfers.

JPMorgan already operates JPM Coin, a tokenized deposit product built on its Kinexys blockchain infrastructure. The latest move allows JPM Coin to support peer-to-peer transfers across the Ethereum Virtual Machine (EVM) ecosystem, including Ethereum and Base.

According to an official announcement, the USD-denominated deposit token (JPMD) expands the bank’s payment infrastructure for institutional clients, letting eligible accounts transfer money directly on a public blockchain.

Also Read: Bitcoin Whale Awakens After 13 Years, Moves USD 34 Million in BTC

XRP Traders Cut Futures Positions

XRP traders have sharply reduced their exposure to Binance futures, with outstanding positions declining by approximately USD 85.1 million over 13 days. This was followed by a wave of forced liquidations that disrupted leveraged bullish bets.

CryptoQuant analyst CryptoOnchain noted that Binance XRP open interest fell from USD 538.1 million on October 4 to USD 453 million on October 17, representing a 15.8% contraction. The decline followed USD 25.7 million in XRP long liquidations on October 7-8.

The figures suggest a significant reduction in derivatives positioning, although falling open interest cannot establish whether traders have turned bearish, voluntarily closed positions or simply reduced leverage during XRP's recent selloff.

Revolut Secures Gibraltar Crypto Licence

Global fintech Revolut has secured a Distributed Ledger Technology provider licence from the Gibraltar Financial Services Commission for a newly formed entity, the company said in a statement shared with The Block on Monday. The new entity, Revolut Global Digital Assets Limited, will support the company's international crypto operations, it said.

“Securing our DLT authorization from the GFSC reflects our commitment to operating at the highest standards of regulatory compliance,” Emil Urmashin, Revolut’s general manager for crypto and new bets, said in the statement. Revolut already offers crypto services in the UK through Revolut Ltd and across the European Economic Area through Revolut Digital Assets Europe Ltd, which operates under the EU’s MiCA rules.

Viralik Buterin Proposes New Ways to ETH Cryptography 

Ethereum co-founder Vitalik Buterin has backed EIP-8288 as a proposed way to support complex cryptography without repeatedly adding new verification functions to Ethereum, arguing that most heavy cryptographic work should happen outside the network’s main execution process.

In a series of October 19 posts on X, Buterin argued that Ethereum’s existing virtual machine and specialized cryptographic functions are unsuitable for supporting every new signature or proof system.  He instead favored a design that would let users generate proofs locally and submit them through an aggregation mechanism. The proposal, EIP-8288, would allow Ethereum to verify that cryptographic operations were performed correctly without including every original signature or proof in a block.

Also Read: JPMorgan Expands JPM Coin to Ethereum for Faster Institutional Payments

FAQs:

1. How much money flowed out of Bitcoin spot ETFs last week?

According to SoSoValue, US spot Bitcoin ETFs recorded USD 229 million in net outflows last week. BlackRock's IBIT led withdrawals with USD 165 million, followed by Fidelity's FBTC with approximately USD 60.28 million.

2. Why did JPMorgan expand JPM Coin to Ethereum?

JPMorgan expanded its USD-denominated deposit token, JPM Coin (JPMD), to Ethereum to support institutional blockchain payments. The expansion enables eligible clients to conduct peer-to-peer transfers across the Ethereum Virtual Machine ecosystem, including Ethereum and Base.

3. Why did XRP futures open interest decline on Binance?

According to CryptoQuant analyst CryptoOnchain, Binance XRP futures open interest declined 15.8% from USD 538.1 million to USD 453 million between October 4 and 17. The reduction followed USD 25.7 million in long liquidations, although lower open interest does not necessarily indicate bearish sentiment.

4. What does Revolut's Gibraltar crypto licence mean?

Revolut secured a Distributed Ledger Technology provider licence from the Gibraltar Financial Services Commission for Revolut Global Digital Assets Limited. The authorization will support its international cryptocurrency operations while strengthening its regulatory compliance framework.

5. What is Ethereum's EIP-8288 proposal supported by Vitalik Buterin?

EIP-8288 proposes a mechanism for verifying complex cryptographic operations without placing every original signature or proof directly on Ethereum. Vitalik Buterin supports performing computationally intensive cryptographic work outside the main execution process and submitting proofs for verification.