Bitcoin ETFs Have Erased a $5.8 Billion Hole | CoinDesk Daily

Uyen Truong (0:00)

Bitcoin ETFs flip back into the green, and New York sues Polymarket over illegal gambling. This is CoinDesk Daily.

Want trusted crypto research? Check out the Stagg, Grayscale's blog. Visit grayscale.com/thestagg. RealFi, a smarter stablecoin backed by real world assets. Join the testnet now at realfi.co. US-spot Bitcoin ETFs are back in the black for the year, now sitting on nearly $800 million in net inflows, according to SoSoValue. That's a full reversal from July 13th, when the same funds were down $5.8 billion, the low point of the year. The turnaround tracks Bitcoins climbed back to $85,000 from under $58,000 in early June. Nearly $4 billion has come in since Treasury Secretary Scott Besson announced increased bond purchases in August. The Federal Reserve proposed two rules to set up its part of stablecoin oversight under the Genius Act. The first covers capital and reserve requirements, meant to guarantee that stablecoins are fully backed by liquid assets and can be redeemed at par, even under market stress. The second lays out how Fed regulated banks can start issuing their own stablecoins. Both proposals echoed the OCC's approach on the law's ban against paying yield for simply holding stablecoins. And New York is suing Polymarket, alleging it's running an illegal gambling operation in the state. Attorney General Letitia James and Governor Kathy Hochul filed against the company's US business, asking a court to shut it down without a gambling license. They also want Polymarket to give up its gains, pay restitution and face fines equal to three times those gains. Get more updates on coindesk.com. Want trusted crypto research? Check out The Stack, Grayscale's blog. Visit grayscale.com/thestack.

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