Overview:
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US spot Bitcoin ETFs recorded USD 229 million in weekly outflows, while Binance XRP futures open interest dropped 15.8% to USD 453 million.
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Revolut secured a Gibraltar DLT provider licence to support international crypto services.
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Ethereum co-founder Vitalik Buterin backed EIP-8288, which proposes more efficient verification of complex cryptographic operations through locally generated proofs.
The digital asset market experienced notable activity as spot Bitcoin ETFs posted USD 229 million in net outflows over the past week, while JPMorgan extended its JPM Coin to the Ethereum Mainnet. At the same time, XRP traders dialed back their futures exposure following recent liquidations, and Revolut obtained a new crypto licence in Gibraltar.
Bitcoin Witnessed USD 229 million in Outflows
Data from SoSoValue indicates that spot Bitcoin exchange-traded funds registered a net outflow of USD 229 million over the preceding week. BlackRock’s IBIT experienced the highest weekly net outflow at USD 165 million, bringing its cumulative historical net inflow to USD 65.57 billion.
Fidelity’s FBTC followed in second place with a weekly net outflow of USD 60.2797 million, elevating its cumulative historical net inflow to USD 10.45 billion. Conversely, Morgan Stanley’s MSBT captured the highest weekly net inflow among the funds at USD 6.6699 million, pushing its cumulative historical net inflow to USD 769 million.
Overall, the total net asset value of spot Bitcoin ETFs settled at USD 104.29 billion, giving an ETF net asset ratio of 6.35% and a cumulative historical net inflow totaling USD 56.88 billion.
JP Morgan Expands JPM Coin
On October 19, JPMorgan announced the introduction of its US dollar-denominated deposit token, JPM Coin (JPMD), to the Ethereum mainnet. This integration broadens the institutional payment infrastructure available on-chain and introduces a new public network for dollar transfers.
While JPMorgan already utilizes JPM Coin as a tokenized deposit product powered by its Kinexys blockchain infrastructure, this latest development enables JPM Coin to facilitate peer-to-peer transactions across the Ethereum Virtual Machine (EVM) framework, encompassing both Ethereum and Base.
An official announcement confirmed that the USD-denominated deposit token (JPMD) scales up institutional payment solutions, granting qualified accounts the ability to move funds directly on a public blockchain.
Also Read: Bitcoin Whale Awakens After 13 Years, Moves USD 34 Million in BTC
XRP Traders Cut Futures Positions
Derivative traders scaled back their exposure to XRP on Binance, with total open interest dropping by roughly USD 85.1 million across a 13-day period following a wave of leveraged bullish liquidations.
CryptoQuant analyst CryptoOnchain reported that open interest for XRP on Binance contracted by 15.8%, falling from USD 538.1 million on October 4 down to USD 453 million on October 17. This drop succeeded USD 25.7 million worth of XRP long liquidations that occurred on October 7 and 8.
While these metrics point to a substantial contraction in derivatives activity, falling open interest does not definitively signal whether traders have adopted a bearish stance, voluntarily wound down positions, or merely cut back on leverage amidst recent price dips.
Revolut Secures Gibraltar Crypto Licence
Fintech enterprise Revolut announced via a statement provided to The Block on Monday that a newly established subsidiary has been granted a Distributed Ledger Technology provider licence from the Gibraltar Financial Services Commission. The newly formed entity, Revolut Global Digital Assets Limited, is set to back the firm’s global cryptocurrency operations.
“Securing our DLT authorization from the GFSC reflects our commitment to operating at the highest standards of regulatory compliance,” stated Emil Urmashin, Revolut’s general manager for crypto and new bets. The company currently delivers crypto services in the United Kingdom via Revolut Ltd and throughout the European Economic Area via Revolut Digital Assets Europe Ltd under EU MiCA guidelines.
Viralik Buterin Proposes New Ways to ETH Cryptography
Ethereum co-founder Vitalik Buterin has thrown his support behind EIP-8288, a proposal aimed at accommodating complex cryptography without perpetually integrating new verification logic directly into Ethereum. He contends that resource-heavy cryptographic processing ought to take place outside the network’s core execution layer.
In a string of posts on X on October 19, Buterin pointed out that Ethereum’s current virtual machine and built-in cryptographic functions are not well-suited to support every emerging signature or proof architecture. Instead, he advocates for an approach where users create proofs locally and submit them via an aggregation system. Under EIP-8288, Ethereum would be able to validate the correctness of cryptographic tasks without needing every individual signature or proof embedded within 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.
