BTC ETFs See 3 Days of Inflows Post-Trump Victory, Topping $1B in Weekly Profits
It is no longer news that the long-anticipated United States presidential elections finally held on November 5, with former President Donald Trump emerging as the president-elect. Consequently, the crypto market experienced spontaneous positive market turnarounds, evidenced by Bitcoin’s (BTC) new price peak establishments within the week and BTC ETFs remarkable trading week. For context, BTC is changing hands at about $80,400, reflecting a 5.2% upswing in the past 24 hours. The flagship cryptocurrency recently attained a new peak price today when it struck $80,945.35. Like Bitcoin, its Exchange Traded Fund (ETF) commodities are experiencing significant market boosts. Despite registering losses two days before Trump’s victory, the entities witnessed massive inflows in the remaining three days to conclude the week with net profits worth over $1 billion. BTC ETFs Recently Concluded Week Flow Data According to SosoValue’s ETF flow statistics, the just concluded week, which began on November 4, started with BTC ETFs incurring roughly $541.07 million in net outflows. The over $500 million negative flow preceded another $116.9 million net outflows on November 5. From November 6, when the United States election body announced Trump’s victory, Bitcoin commodities rebounded massively, with about $621.9 million in net profits. Subsequently, it witnessed $1.38 billion in net gains and $293.47 million on the week’s last trading day. Eventually, BTC ETFs week ended with net profits valued at about $1.63 billion. Following its last market outing, Bitcoin ETF cumulative net inflows soared to about $25.79 billion. The total value traded and net assets also increased significantly. Both metrics reflected about $2.84 billion and $78.91 billion, respectively. Bitcoin ETFs’ total net assets valuation represents 5.21% of Bitcoin’s market capitalization. It is left to see how events unfold in the new week. However, with prevailing conditions, chances abound that next week will result in massively profitable outings for Bitcoin ETFs. Similarly, Bitcoin’s price surge will likely attain new heights, possibly hitting $90K.
Bitcoin Fog Founder Gets 12.5-Year Prison Sentence for Crypto Money Laundering.
The popular digital asset mixer Bitcoin Fog (Bitfog) founder Roman Sterlingov has finally received a prison sentence. The sentencing happened on November 8 in a court session presided over by U.S. District Judge Randolph Moss of the Washington federal court. According to the report, Sterlingov promoted crimes and illegal activities while using the cryptocurrency platform as a cover. He developed the Bitfog mixer, which served as a depot for hijacked assets and funds gotten from traditional criminal activities like money laundering, child exploitation, and drug and human trafficking. Sentencing and Other Punishment Details The Department of Justice (DOJ) noted that Bitcoin Fog remained in the illicit business for over a decade, from 2011 to 2021. According to records, the platform provided crime perpetrators an avenue to move approximately $400 million, equating to over 1.2 million BTC. Meanwhile, in defense, Sterlingov filed “not guilty” for the alleged crimes, stating his mere participation in the act. In addition, he apologized for any inconveniences his involvement with Bitfog might have incurred for victims. Unmoved by his pleas, the court delivered her judgments, which included about $400 million in fines. In addition, he will forfeit digital assets worth approximately $395.56 million. The forfeited valuables will cut across interests and other digital assets in custody. Considering the gravity of the offense, the court pronounced a 12.5-year jail term against prosecutors’ 20 – 30-year prison term proposals. Law Enforcement Agents Applauded For Tracking Down The Criminal Firm Following the successful operations to crack down on Bitcoin Fog, the law enforcement agents responsible for the case received cognizance from top officials, including U.S. Deputy Attorney General Lisa Monaco. He expressed satisfaction in bringing the 10-year criminal ally to justice amid strategic shadow operations. Moreover, it is worth noting that the Federal Bureau of Investigation (FBI) played a significant role in this arrest. Paul Abbate, FBI Deputy Director, disclosed the background efforts inputted by his team by discussing how the FBI collaborated with cross-border law firms to bring the notorious crypto mixer to paper.