CFA Report Pegs US Crypto Fraud Losses at $80.7B

Last week, global outflows from crypto exchange-traded products hit $2 billion, with BlackRock's Bitcoin ETF experiencing a record single-day withdrawal of $463.1 million. The market downturn led to a 27% decline in digital asset ETP assets under management, with the U.S. accounting for 97% of outflows.

Strategy purchased $835 million worth of Bitcoin, increasing its holdings to nearly 650,000 Bitcoin valued at around $61 billion. The company also introduced euro-denominated preferred shares to boost funding for Bitcoin acquisitions.

The FSA in Japan has finalized a plan to reclassify 105 cryptocurrencies as financial products under the Financial Instruments and Exchange Act, subjecting them to the same standards as traditional securities. This includes detailed disclosure requirements and the introduction of insider trading rules for the crypto sector.

The recent downturn in Bitcoin and Ethereum has negatively impacted digital asset treasury companies (DATs) like Saylor's Strategy and Metaplanet, with some experiencing losses of up to 90%. This has led to concerns about potential selling pressure among major players in the market.

Binance founder CZ Zhao addressed the possibility of seeking a refund for the $4.3 billion fine paid in the 2023 settlement with U.S. authorities. He mentioned that any potential refund would be invested in America to show appreciation.

Strategy has continued its Bitcoin buying spree, scooping up 8,178 BTC for $835.6 million. The Bitcoin treasury firm now holds 649,870 BTC worth just under $61 billion at current prices, and acquired for around $48.37 billion.

A wave of new XRP ETFs is expected to be approved by the US government, with Wall Street players like Grayscale and ProShares preparing to launch XRP funds. XRP's price is predicted to surge by 21% to $2.75 in November due to cross-border liquidity flows and stablecoin initiatives.

Bitcoin's recent drop to $93,029 led to $579 million in liquidations, triggering a 'Death Cross' signal. The market is in 'Extreme Fear,' with experts predicting heightened volatility and consolidation.

A Cardano user lost $6 million due to slippage when attempting to swap ADA tokens for USDA stablecoin. The low liquidity on the exchange caused the user to receive significantly less than expected, highlighting the risks of decentralized finance.

SGX Derivatives will introduce Bitcoin and Ethereum perpetual futures on Nov. 24, aiming to merge global derivatives market trust with crypto's flexibility. Perpetual futures, popular among crypto traders, offer non-expiring positions and generate over $187 billion in daily volumes worldwide.