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Stepn x Adidas Genesis Sneakers: A New Era in Fitness

The Stepn x Adidas Genesis Sneakers Collection: A Revolutionary Partnership The fusion of the digital and physical worlds is more than a trend; it is a burgeoning reality. The recent collaboration between Stepn and Adidas exemplifies this transformative shift. With the launch of the Genesis Sneakers collection, both companies are poised to redefine the boundaries of fitness, fashion, and technology in lifestyle rewards. This partnership is not only groundbreaking but also sets the stage for future innovations in the ever-evolving landscape of fitness applications and digital assets. A New Era of Phygital Experiences Stepn, a pioneering move-to-earn FitTech app, has taken a bold leap by teaming up with a global powerhouse like Adidas. This collaboration signifies a pivotal moment in the fitness and lifestyle sector, as highlighted by Stepn CEO Shiti Manghani: Phygital Partnership : The merging of physical and digital assets marks a new direction for lifestyle rewards. Enhanced...
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Produced by Daniel Aharonoff & Mogul Media AI

Cryptocurrency Market Shift: Bitcoin ETF Launch Impact and Fund Movement

Cash is moving away from high-profile crypto funds in the wake of the recent launch of spot Bitcoin exchange-traded funds (ETFs). According to a report by digital asset fund manager CoinShares, investors withdrew $21 million from crypto fund issuers just last week. Since the long-awaited Bitcoin ETFs started trading on January 11, a substantial $2.9 billion has been pulled out of major funds like Grayscale, CoinShares, and 21Shares.

Outflows and Inflows in the Crypto Market

  • Short Bitcoin products, which take a bearish stance on crypto prices, saw inflows as investors bet on price decreases.
  • Altcoin funds providing exposure to Ethereum and Solana experienced a combined outflow of $22.5 million.
  • Investors seeking digital asset exposure are favoring the newly launched Bitcoin ETFs over higher-cost incumbent issuers, resulting in $4.13 billion inflows to the new ETFs versus $2.9 billion outflows from established funds in the U.S.

Impact of Spot Bitcoin ETF Approval

On January 10, the U.S. Securities and Exchange Commission finally approved spot Bitcoin ETFs after a decade of rejections. These ETFs allow investors to gain exposure to the leading cryptocurrency by purchasing shares that mirror its price movements. Wall Street giants like BlackRock and VanEck, who had applied to launch their crypto investment products, received the green light this month, effectively bringing Bitcoin to mainstream investors.

Performance and Changes in the Market

  • Among the 10 trading ETFs, BlackRock's iShares Bitcoin Trust stands out as the best performer with $1.3 billion in assets under management.
  • Grayscale, a prominent crypto fund manager, has faced significant outflows. Its Bitcoin Trust (GBTC), which recently transitioned to a Bitcoin ETF, has seen investors rapidly cashing out.
  • Previously, GBTC operated as a closed-end fund with a 6-month lock-up period preventing share redemptions.

The shift towards Bitcoin ETFs and the subsequent outflows from traditional crypto funds mark a significant change in investor behavior following the approval of spot Bitcoin ETFs. As mainstream financial institutions like BlackRock embrace these investment vehicles, the landscape of digital asset investments continues to evolve rapidly.

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