Here is the top crypto news of the day curated by CoinChapter.com.
Hong Kong Bitcoin and Ether ETFs See Record Outflows
Hong Kong’s recently launched Bitcoin and Ether exchange-traded funds (ETFs) experienced their largest-ever single-day net outflows on Monday, May 13th. Investors pulled a record $39.3 million from the six crypto ETF funds. This erased all inflows since their launch just under two weeks ago on April 30th.
The three Bitcoin spot ETFs from Bosera, ChinaAMC, and Harvest Global saw combined net outflows of $32.7 million. ChinaAMC’s Bitcoin fund hit hardest with $15.5 million in redemptions. Additionally, the three Ether spot ETFs lost a total of $6.6 million, with Harvest Global and ChinaAMC tied for the largest Ether fund outflows at $3 million each.
Biden Orders Chinese Crypto Miner Removal Near Missile Base
President Joe Biden has signed an executive order forcing Chinese-owned crypto mining firm MineOne and its partners to divest a property operating near a sensitive U.S. Air Force base in Wyoming. The order cites potential national security risks and bars MineOne from accessing the site less than a mile from the Francis E. Warren Air Force Base.
MineOne, which acquired the land in June 2022 to mine cryptocurrencies nearby, must sell the property within 120 days and remove all installed equipment. Biden’s order prohibits any further Chinese access to or operation on the site housing intercontinental ballistic missiles, stating entities linked to China “might take action that threatens to impair the national security of the United States.”
Another Crypto News of the Day: CoinDCX Launches OKTO Token
Indian cryptocurrency exchange CoinDCX is expanding its Okto wallet into a full ecosystem. The firm announced plans to launch a new blockchain called Okto Chain and the OKTO token this year. The goal is to provide global users with an easy mobile experience across Web3.
Starting Tuesday, Okto will introduce a points rewards program to bootstrap adoption of the upcoming blockchain and token launch. Users can earn points through on-chain activity and by moving assets into the Okto Wallet. Additionally, Up to 7% of the OKTO token supply will be airdropped to early adopters.
Paradigm Offers Block Options Trading for MATIC, SOL, XRP
Crypto over-the-counter trading platform Paradigm has unveiled a block trading facility for linear options contracts tracking the cryptocurrencies Polygon (MATIC), Solana (SOL), and XRP. The options payouts will directly follow the price movements of the underlying assets.
Block trades are privately negotiated derivatives transactions exceeding certain size thresholds. Paradigm facilitates these large trades over the counter before submitting them to the leading derivatives exchange, Deribit, for execution and clearing.
Paradigm has already completed an inaugural block trade, with Singapore’s QCP Capital and Galaxy Digital executing a 500,000 unit MATIC call spread expiring May 31st. The new service allows institutional investors to execute large altcoin options trades with reduced market impact and slippage costs.
Philippines Approves Peso Stablecoin Pilot from Coins.ph
Another piece of news is the listing of PHPC, a Philippine Peso-backed stablecoin, on crypto exchange Coins.ph. The Philippine Central Bank has granted approval to Coins.ph to pilot PHPC. The pilot program will operate under the central bank’s Regulatory Sandbox and assess the benefits and impacts of the Peso-pegged stablecoin.
Coins.ph CEO Wei Zhou said the stablecoin will be backed by the company’s cash reserves in Philippine bank accounts. After receiving the green light in April, he expects PHPC to launch on the Coins.ph platform by early June.
If certain performance metrics are met during the pilot, Coins.ph anticipates receiving full approval to operate the Peso stablecoin outside the regulatory sandbox. The company plans to integrate PHPC into remittance platforms serving the Philippines’ $12 billion annual remittance market.
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