FameEX Morning Crypto News Recap | October 23, 2024

Institutions Hold Approximately 20% of US Spot Bitcoin ETFs

CryptoQuant CEO Ki Young Ju revealed on X that institutional investors account for about 20% of US spot Bitcoin ETFs. According to Form 13F filings, asset management firms collectively hold approximately 193,000 BTC.

US Presidential Election Expected to Have Minimal Impact on Stock Market

Bank of America strategist Subramanian predicts US stocks will grow in 2025, regardless of the November election results. She forecasts a 13% year-on-year increase in S&P 500 earnings per share, highlighting that profit growth is the key driver for market gains. Subramanian asserts that "corporate profits are more important than politics."

Michael Saylor Vows to Bequeath His Entire Estate to Civilization

In an interview with Markets with Madison, Michael Saylor revealed that, as a bachelor without children, he intends to bequeath his entire estate to civilization, akin to how Satoshi Nakamoto left a million bitcoins to the world. Saylor emphasized that his legacy aims to benefit future generations.

Tether CEO Anticipates Upcoming U.S. Cryptocurrency Regulation

At the DC Fintech Week conference, Tether CEO Paolo Ardoino expressed optimism for the prompt adoption of reasonable U.S. cryptocurrency regulations. He emphasized that Tether’s reserves are over 104% collateralized, with 84% backed by U.S. Treasury bonds, highlighting this as a key factor in the company's stability.

Argentina Issues Draft Regulation for Virtual Asset Service Providers

The Argentine Securities Regulatory Agency (CNV) issued a draft regulation for virtual asset service providers (VASPs), requiring crypto firms to disclose agreements with third parties and clients. It also mandates the creation of cybersecurity policies to combat money laundering and terrorist financing, aiming to boost transparency and security in the crypto industry.

BitFuFu Secures 80 MW Bitcoin Mining Facility in Ethiopia

BitFuFu, a Bitmain-affiliated cloud mining company, has acquired an 80-megawatt Bitcoin mining facility in Ethiopia, with electricity costs averaging below $0.04 per kWh. This acquisition will boost BitFuFu's hosting capacity to over 600 megawatts, with most of its current infrastructure located in the United States.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​