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Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares

Crypto funds saw a third straight week of inbound investments last week. However, CoinShares’…

The post Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares appeared first on CoinJournal.

  • Crypto funds saw a third straight week of inbound investments last week. However, CoinShares’ James Butterfill says the low inflows suggest there’s “continued investor hesitancy.”

The crypto market has struggled to tag a positive sentiment, with September again proving a tricky month for bulls as prices remained largely within a long term downtrend going back to November 2021.

So while institutional investors continue to size up opportunities in the digital assets sector, flows into investment products have significantly remained low over the past few weeks.

James Butterfill, Head of Research at digital asset manager CoinShares, says the low inflows seen last week imply a “continued hesitancy” from investors.

Butterfill shared the outlook in the latest edition of the “Digital Asset Fund Flows Weekly Report”, which CoinShares published on Monday.

Crypto funds see third week of inflows

Fund outflows year-to-date are at more than $42 million, with the past three weeks seeing positive flows.

According to Butterfill, the low flows suggest institutional investors are still weighing up the market, particularly given the global macroeconomic environment.

Digital asset investment products saw inflows totaling $10.3 million last week representing the third week of inflows. The flows remain low implying continued hesitancy amongst investors, this is highlighted in investment product trading volumes which were $886 million for the week, the lowest since October 2020,” Butterfill wrote.

Bitcoin recorded minor inflows for a third week in a row, with $7.7 million (short bitcoin saw inflows of $2.1 million). Meanwhile, Ethereum registered $5.6 million in inflows last week to post a second positive week – but short Ethereum products hit outflows of $0.9 million.

Across the altcoin market, negative sentiment saw investors pull $3.5 million. Top outflows were in Polygon, Cardano and Avalanche.

The post Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Binance re-enters the Japanese market with purchase of SEBC exchange

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan. KEY TAKEAWAYS SEBC is a Japan Financial Services Agency (JFSA) regulated entity. By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange. At the time of the Binance acquisition, […]

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan.

KEY TAKEAWAYS

  • SEBC is a Japan Financial Services Agency (JFSA) regulated entity.
  • By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange.
  • At the time of the Binance acquisition, the Tokyo-based exchange supported 11 trading pairs; mainly cryptocurrency-Japanese Yuan pairs.

Despite the tense situation in the crypto market following the collapse of FTX which seems to be taking other crypto entities like BlockFi down with it, Binance seems to be spreading its wing further and further. The SEBC acquisition comes weeks after Binance pulled out of its planned FTX rescue plan citing issues with FTX’s financial book.

Expanding into Japan

In the past few years, Binance has been expanding its business across various countries as it stamps its authority within the crypto space. So far, the crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.

The acquisition of Sakura Exchange BitCoin marks the exchange’s first entry into East Asia. Most importantly, SEBC is already a regulated entity which means Binance will be able to offer regulated services in Japan, which is a major economy in East Asia.

In a press release announcing the acquisition of the Japanese exchange, the general manager of Binance Japan, Takeshi Chino, said:

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.” 

At the time of the acquisition, SEBC offered customer consultation services and crypto brokerage services supporting 11 crypto-Japanese Yuan trading pairs. The trading pairs include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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