Bitcoin ETF Flows Are Set To Accelerate

The FCA, UK's financial regulator, officially lifted its four-year retail ban on crypto exchange-traded notes (ETNs) today, expanding availability beyond professional investors for the first time. In parallel, the Bank of England is reportedly softening proposed stablecoin holding caps (earlier floated at ~£10k–£20k per individual and up to £10m per business) with exemptions for corporates that need larger balance. TLDR? Policy is converging – access for retail via ETNs, and clearer rails for institutions via stablecoin settlement. Read more →

On-chain gold tokens Pax Gold (PAXG), Tether Gold (XAUT), and Kinesis (KAU) together hit ~$640M in 24-hour volume and surpassed the $3 billion market cap milestone on Monday as spot gold briefly topped $4,000/oz. Meanwhile, with a BTC/gold ratio sitting at ~31.6 (down from >40 in Dec 2024, gold has outperformed bitcoin this year – yes, even with BTC up ~30% YTD. Tokenized gold, on the other hand, appears to be maturing into a meaningful, liquid proxy for the yellow metal. Read more →

At the start of the year, Bitwise CIO Matt Hougan predicted that the bitcoin ETFs would attract more inflows in 2025 than their $36 billion debut year. So far, they've drawn in around $22.5 billion, on pace for about $30 billion by year-end — falling just short. However, in a memo to clients yesterday, Hougan said he's not worried, expecting a strong Q4 to push flows to new all-time highs. The three catalysts he points to are: wealth manager approvals, bitcoin’s recent price surge, and the “debasement trade” narrative. Read more →

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