This week’s Crypto Biz looks at BlockFi’s emergence from bankruptcy, BlackRock’s spot Bitcoin ETF developments, Worldcoin’s operator payment scheme upgrades and more.

On October 25th, Galaxy Research released a report stating that based on the total assets managed by the wealth management industry in the United States, the growth rate of various channels entering the Bitcoin spot ETF was classified and estimated. The conclusion drawn is that the expected inflow of funds in the first year after the launch of the Bitcoin spot ETF is expected to reach 14 billion US dollars, which will increase to 27 billion US dollars in the second year, and increase to 39 billion US dollars in the third year after its launch.

On October 25th, traditional financial and cryptocurrency investment company NextGen Digital Venture (NDV) announced that after launching the Next Generation Fund, the first cryptocurrency fund focused on GBTC, on March 23rd, it will soon launch a new cryptocurrency stock fund called the Disruptive Opportunity Fund I. The fund mainly invests in digital currency ETFs, digital currency trading platforms, Bitcoin mining companies, and stocks of companies in the digital currency field, providing customers with an investment solution that can exceed BTC returns and is safe and regulated.

Eric Balchunas, an ETF analyst at Bloomberg, wrote that ARK has submitted the 4th revised version of its 19b-4 document for its spot ETF, which appears to be a response to modifications made by the US Securities and Exchange Commission (SEC) regarding its S-1 feedback.

According to the Hong Kong Economic Daily, as the spot price of Bitcoin rose above $35,000, two Bitcoin futures ETFs listed on the Hong Kong Stock Exchange, namely Southern Eastern Bitcoin Futures ETF and Samsung Bitcoin Futures Active ETF, both reached new highs after listing, with gains of more than 15%. Among them, Southern Eastern Bitcoin Futures ETF reached a highest price of 14.9 yuan yesterday, and finally closed at 14.52 yuan, with a gain of 16.72%; Samsung Bitcoin Futures Active ETF reached a highest price of 14.28 yuan and finally closed at 13.95 yuan. In addition, the trading volume of Southern Eastern Bitcoin Futures ETF has reached 176 million yuan, exceeding the market value of the ETF of about 158 million yuan.

On October 25th, Gio Viciioso, the head of CME's cryptocurrency business, stated that the company was "already prepared" for the rebound of Bitcoin this Tuesday. He pointed out that the market has high expectations for the approval of spot Bitcoin ETFs, not only from retail investors but also from a diverse range of participants, including macro hedge funds and banks, who are also entering this field.

Eric Balchunas, an ETF analyst at Bloomberg, wrote that ARK has just submitted the 4th revised version of its 19b-4 file for its spot ETF, apparently to include changes made to its S-1 (aimed at responding to feedback from the SEC). The analyst said that the purpose of this document is only to keep the two documents consistent (the first issuer to do so), without any other substantive content.

On October 24th, Bloomberg senior ETF analyst Eric Balchunas stated that the revised version of the BlackRock iShares physical Bitcoin ETF mentions two things: first, it has obtained the CUSIP required to launch; second, it plans to seek seed capital in October, earlier than expected.

Investment products in the cryptocurrency market have seen four weeks of inflows, with $179 million added in the week ending October 20th, according to CoinShares' fund flows report. Bitcoin investment products received the majority of inflows, bringing year-to-date inflows to $315 million. However, the recent inflows are still lower than those seen earlier this year when BlackRock first filed for a spot Bitcoin ETF. Solana products also saw significant inflows, while Ether products experienced outflows. Interest in a spot Bitcoin ETF surged following positive signs of approval and a Bitcoin rally.

On October 24th, Bloomberg ETF analyst Eric Balchunas posted on social media that BlackRock's iShares Bitcoin Trust has been listed on the Depository Trust & Clearing Corporation (DTCC) with the stock code IBTC. This is a step in the ETF listing process and the first Bitcoin trust to be listed on DTCC.