Key Takeaways
- Bitcoin is trading over $67,000 on Friday, rising as the Bitcoin 2024 conference continues in Nashville.
- The spot ether ETFs had $152.4 million of net outflows yesterday, while the spot bitcoin ETFs had $31.1 million of net inflows.
- Jersey City Mayor Steven Fulop revealed that the city’s pension fund will invest in bitcoin ETFs, while and the State of Michigan Retirement System reported owning $6.6 million of the ARK 21Shares Bitcoin ETF.
- Coinbase stock is up after it named three new board members.
Bitcoin, which traded near $65,000 yesterday, was recently back above $67,000 as the Bitcoin 2024 conference continues in Nashville.
Thursday was relatively quiet for spot bitcoin exchange-traded funds (ETFs), with $31.1 million of inflows, according to Farside Investors. Jersey City Mayor Steven Fulop announced on X that the city’s pension fund will soon invest in bitcoin ETFs, pointing to a potential 2% allocation. The State of Michigan Retirement System reported owning $6.6 million of the ARK 21Shares Bitcoin ETF (ARKB) in an SEC filing Friday morning.
In the spot ether ETF market Thursday, another $346.2 million flowed out of the Grayscale Ethereum Trust (ETHE), according to Farside Investors. That took the ETF’s three-day total outflows to $1.15 billion, with $7.4 billion worth of assets still under management.
Total net outflows for the spot ether ETF market as a whole now stand at $179.1 million. Ether is up about 2.5% over the past 24 hours, according to CoinDesk data.
Crypto exchange Coinbase Global (COIN) was up 5% following the announcement of three new board members, One of them, Clement & Murphy Partner Paul Clement, will advise Coinbase on its ongoing battle with the SEC.