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Spot Bitcoin ETFs witnessed $225 million in net outflows, with BlackRock's IBIT accounting for over $202 million
Dogecoin's spot trading volume jumped 123%, while futures volume reached nearly $1.5 billion, highlighting increased speculative interest
Bitfinex secured a Digital Asset Service Provider licence in El Salvador, while former mining giant Poolin filed for Chapter 11 bankruptcy.
The crypto markets saw major developments as the spot Bitcoin ETF reported $225 million in net outflows, while DOGE trading volume increased sharply by 123%. Also, Samsung wallet to add stablecoin support, and once the largest BTC miner, Poolin, filed for bankruptcy.
According to SoSoValue, the spot Bitcoin ETF reported $225 million in net outflows. The Bitcoin spot ETF with the highest single-day net inflow yesterday was the Morgan Stanley ETF MSBT, with a net inflow of $5.0108 million, bringing its historical total net inflow to $400 million.
The Bitcoin spot ETF with the largest single-day net outflow yesterday was BlackRock's ETF IBIT, with a single-day net outflow of $202 million, bringing its historical total net inflow to $60.607 billion.
The total net asset value of Bitcoin spot ETFs stood at $78.817 billion, with the ETF net asset ratio reaching 6.03%, and the cumulative historical net inflow reached $51.626 billion.
Dogecoin (DOGE) has seen a significant increase in trading activity, with 24-hour spot volume rising by more than 123%. The recent market data shows that DOGE's spot trading volume has increased to about $219 million, and its futures volume has reached about $1.5 billion.
Open interest at over $1.1 billion shows that leveraged traders are still heavily exposed even though the asset is having difficulty making a notable comeback. After yet another rejection below the 26-day exponential moving average, which is now close to $0.074, Dogecoin is trading at about $0.069.
Samsung unveiled plans to add stablecoin support to Samsung Wallet, extending its mobile payment platform into blockchain-based digital value transfers.
During the company’s Galaxy Unpacked event, Samsung Electronics said Samsung Wallet will support stablecoins as part of its next phase of development, combining payments, rewards and digital assets within a single mobile experience.
Speaking at the event, Samsung product manager Lee Dinham said Samsung Wallet will expand beyond cash and savings to include stablecoins. He said the company intends to become one of the first major smartphone brands to offer native stablecoin functionality, allowing users to transfer digital value directly from their devices.
Also Read: Will New Clarity Act Language Ban Trump from Issuing Digital Assets?
Bitfinex has secured a Digital Asset Service Provider licence in El Salvador, completing a local regulatory structure covering spot trading, crypto derivatives and tokenized securities.
The exchange announced the approval on May 12, after the National Commission of Digital Assets registered two Bitfinex-linked operating entities on April 23.
The new approval brings the core Bitfinex trading platform alongside Bitfinex Securities El Salvador and Bitfinex Derivatives El Salvador. Bitfinex said the structure gives the group a regulated presence across its main businesses in the country, although product access will still depend on customer eligibility, location and the platform’s terms.
Poolin Technology Pte. Ltd., the Singapore-based parent company of what was once one of the world's largest Bitcoin mining pools, filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of New Jersey after its Texas Bitcoin mining and hosting operations ceased activity on July 10.
The filing includes two US affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC. Poolin's petition lists estimated creditors between 10,001 and 25,000, assets between $1 million and $10 million, and liabilities between $100 million and $500 million.
In a declaration accompanying the filing, Chief Restructuring Officer Michael DuFrayne placed the debtors' prepetition obligations at approximately $173.1 million. Roughly $163.7 million of that amount consists of unsecured IOUs issued to Poolin Wallet customers following the company's suspension of withdrawals during the 2022 cryptocurrency market downturn.
1. Why did Bitcoin ETFs record large outflows?
Spot Bitcoin ETFs experienced net redemptions as investors booked profits and adjusted their exposure amid volatile market conditions. Despite the outflows, cumulative historical inflows remain above $51.6 billion, indicating continued long-term institutional interest.
2. Why is Dogecoin's trading volume increasing?
Dogecoin witnessed a significant rise in spot and futures trading activity as traders positioned themselves for potential price movements. However, the token remains below key technical resistance levels, suggesting bullish momentum is still limited.
3. What does Samsung Wallet's stablecoin support mean?
Samsung plans to integrate stablecoins into Samsung Wallet, allowing users to transfer blockchain-based digital value directly from their smartphones. The move signals growing mainstream adoption of digital assets through consumer technology.
4. Why is Bitfinex's El Salvador licence important?
The new Digital Asset Service Provider licence allows Bitfinex to operate a regulated ecosystem covering spot trading, derivatives, and tokenized securities in one of the world's most crypto-friendly jurisdictions.
5. Why did Poolin file for Chapter 11 bankruptcy?
Poolin filed for bankruptcy after prolonged financial difficulties following the 2022 crypto market downturn. The company reported liabilities of up to $500 million, with most obligations linked to customer IOUs created after suspending wallet withdrawals.
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