Here is the top crypto news of the day curated by CoinChapter.com.
Wintermute To Provide Liquidity For Hong Kong ETFs
Leading crypto trading firm Wintermute will serve as a liquidity provider for the recently launched spot bitcoin and ether exchange-traded funds (ETFs) in Hong Kong. The company announced this partnership on Wednesday with OSL Digital Securities and HashKey HK Exchange. These two are sub-custodians facilitating the ETF operations.
The market maker will assist OSL and HashKey with buying, selling, and delivering the BTC and ETH ETF.
South Korean Leadership Will Press For Bitcoin ETF Trading
South Korea’s newly elected Democratic Party plans to request the Financial Services Commission (FSC) reconsider allowing spot Bitcoin exchange-traded funds (ETFs). An unnamed party official told local media that this request will be made after the National Assembly’s June opening. The Democratic Party secured 175 of 300 legislative seats in April’s elections.
The FSC previously stated in January that listing foreign Spot BTC ETFs could violate capital market laws, contradicting the US SEC’s approval the same month. The prior administration had urged the FSC to revisit its stance.
Bitcoin Settles Into $63K-$64K Range, Altcoin Rotation Expected
Bitcoin fluctuated between $63,000-$64,000 on Tuesday, consolidating above $60,000 after last week’s dip below $57,000. Despite retreating from Monday’s $65,500 high, BTC appears settled in this range, trading at $64,114 – a 10% monthly gain offsetting April’s 16% slide.
Notably, Bitcoin exchange inflows have dropped to decade lows since BTC’s $73,800 all-time highs in April/May.
Another Crypto News of the Day: Ethereum Price Lags While Grayscale Withdraws ETH Futures ETF
Meanwhile, Ethereum has lagged Bitcoin’s 2024 performance due to “weaker capital rotation” from new speculative short-term holders. However, the crypto market’s overall uptrend remains intact.
In other crypto news, Grayscale withdrew its Ethereum futures ETF application ahead of the SEC’s late May decision deadline.
Read The Full Story Here — Grayscale Withdraws 19b-4 Filing for Ethereum Futures ETF
Bitcoin Startup Botanix Secures $8.5M
Botanix Labs has raised $8.5 million in a new funding round to build its layer-2 network Spiderchain. This brings Botanix’s total capital raised to $11.5 million after a $3 million pre-seed round last year.
The latest round was led by notable crypto investors including Polychain Capital, Placeholder Capital, Valor Equity Partners, and ABCDE Capital, Botanix announced on Tuesday.
Spiderchain is designed to be compatible with the Ethereum Virtual Machine (EVM). This would allow any Ethereum-based decentralized application (dApp) or smart contract to effectively run on the Bitcoin network.
Botanix has taken a significant step forward with Spiderchain’s testnet launch in November 2023. The project has already seen over 200,000 active addresses and more than 10,000 experimental token deployments. The startup is now gearing up for Spiderchain’s mainnet release in the coming months.
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