Overview:
US spot Bitcoin ETFs recorded USD 635.49 million in daily outflows
The Smarter Web Company acquired 20 BTC for GBP 1.23 million, bringing its total holdings to 2,850 BTC.
Ethereum developers postponed the October 26 Hoodi testnet activation due to concerns surrounding EIP-8037 compatibility with existing smart contracts.
The crypto market saw major developments as spot Bitcoin ETFs recorded USD 635 million in net outflows, while Smarter Web Company added 20 BTC to its treasury for GBP 1.23 million. Meanwhile, HSBC launched RedCoin, a HKD-denominated stablecoin, and Bybit received a full VARA license in Dubai.
Bitcoin Witnessed USD 635 Million in Outflows
SoSoValue’s data shows that the Bitcoin spot ETF saw a total net outflow of USD 635.49 million yesterday. Morgan Stanley's ETF MSBT had the highest daily net inflow of USD 2.33 million, with the total historical net inflow at USD 771.38 million.
BlackRock's ETF IBIT recorded the highest net outflow of USD 254.05 million, while the total historical net inflow of IBIT currently stands at USD 66.24 billion. The total net asset value of Bitcoin Spot ETFs is USD 104.71 billion, with an ETF net asset ratio of 6.41%. The historical cumulative net inflow has reached USD 57.32 billion.
Smarter Web Company Bought 20 BTC
The largest public corporate holder of Bitcoin in the United Kingdom (UK), The Smarter Web Company disclosed on Friday, October 23, that it added 20 BTC to its treasury for about GBP 1.23 million. The firm also set the first weekly dividend on the MORE preferred shares, funding its Bitcoin purchases at GBP 0.2301 per share.
The 20 Bitcoin purchase that Smarter Web disclosed on October 23 came at an average price of GBP 61,733. That number helped push down the average price of its 2,850 BTC stack, which the firm built at an average price of GBP 81,837, for a net cost of GBP 233.2 million. Overall, Smarter Web’s Bitcoin position cost a gross GBP 242 million after adding about GBP 8.7 million of gross sales.
Also Read: Bitcoin & Ethereum Advance Separate Plans for Post-Quantum Wallet Security
Bybit Received Full VARA License
Bybit has received a Virtual Asset Service Provider licence from Dubai's Virtual Assets Regulatory Authority (VARA), allowing its local entity, Bybit Fintech FZE, to offer spot trading in the emirate where it has kept its international headquarters since 2022, the company announced Thursday.
VARA's public register lists the licence as active and covering Exchange Services only. Its conditions permit Bybit to serve institutional, qualified and retail investors.
The full licence follows two earlier, non-operational approvals. Bybit received a preliminary minimum viable product licence from VARA in June 2023, which did not allow it to offer trading, and a provisional licence in September 2024 that was likewise non-operational. This left the exchange based in Dubai but unable to serve Dubai customers on a fully licensed basis for more than three years
HSBC Launched RedCoin
HSBC has introduced RedCoin (RCHKD), its first Hong Kong dollar-denominated stablecoin, marking another step in the bank’s expansion into blockchain-based financial services. The token will become available through the PayMe platform starting Friday, allowing users to access a stablecoin wallet and use the asset for payments and transfers.
HSBC, one of Hong Kong’s three commercial banks authorized to issue HKD banknotes, said the launch is designed to bring digital money into everyday consumer use through an established payment network. Users will be able to activate a dedicated wallet within PayMe in the coming days, enabling peer-to-peer transfers and payments at more than 100,000 merchants connected to the platform.
Glamsterdam Upgrade Postpones
Ethereum developers have postponed the Glamsterdam upgrade on the Hoodi testnet over smart contract compatibility concerns, canceling its October 26 activation and a planned increase to a 200 million gas limit.
According to the Ethereum Foundation’s October 22 announcement, the decision followed discussions during the All Core Developers Execution meeting, where developers agreed to investigate how EIP-8037 interacts with existing mainnet contracts. The Foundation has not announced a replacement testnet activation date.
The upgrade was originally scheduled to activate on October 26, corresponding to Hoodi epoch 132,352. Developers have removed the Amsterdam execution-layer activation and the Gloas consensus-layer activation from the revised configuration.
Also Read: How do Zero-Knowledge Proofs Protect Ethereum Transactions?
FAQs:
1. How much money flowed out of Bitcoin spot ETFs?
According to SoSoValue, US spot Bitcoin ETFs recorded USD 635.49 million in daily net outflows. BlackRock's IBIT led withdrawals with USD 254.05 million, while Morgan Stanley's MSBT attracted USD 2.33 million.
2. How much Bitcoin did the Smarter Web Company purchase?
The Smarter Web Company acquired 20 BTC for approximately GBP 1.23 million at an average purchase price of GBP 61,733 per Bitcoin. The acquisition increased its total Bitcoin treasury to 2,850 BTC, accumulated at an average price of GBP 81,837.
3. What is HSBC's RedCoin stablecoin, and how will it work?
According to the supplied report, HSBC introduced RedCoin (RCHKD), a Hong Kong dollar-denominated stablecoin designed for payments and transfers through its PayMe platform. Users are expected to access dedicated stablecoin wallets and make peer-to-peer transfers or payments across PayMe's merchant network.
4. What does Bybit's full VARA licence mean for its Dubai operations?
Bybit received a Virtual Asset Service Provider licence from Dubai's Virtual Assets Regulatory Authority for its local entity, Bybit Fintech FZE. The licence covers Exchange Services and permits the company to serve retail, qualified and institutional investors under applicable regulatory conditions.
5. Why was Ethereum's Glamsterdam upgrade postponed?
Ethereum developers postponed the Glamsterdam upgrade's October 26 activation on the Hoodi testnet due to concerns about EIP-8037 compatibility with existing smart contracts. According to the Ethereum Foundation's October 22 announcement, developers will investigate the issue before confirming a revised activation date.