Weekly Crypto Roundup: Bitcoin ETF Countdown, MicroStrategy’s BTC Holdings, and Top Stories of 2023

As we inch closer to the end of 2023, the world of cryptocurrency continues to make waves with major developments and big moves. This past week was no exception, with some significant events taking place that are sure to have a lasting impact on the market. Let’s take a look at some of the top stories that unfolded in the world of crypto this week.

One of the most notable developments was the significant outflow of Bitcoin from centralized exchanges, resulting in the lowest Bitcoin balance since 2018. This move suggests that investors are opting to hold onto their Bitcoin for the long-term, rather than keeping it on exchanges. This shift in behavior has also had an impact on altcoin rankings, with some coins falling while others, like BNB, surged in value.

MicroStrategy, a company known for its aggressive accumulation of Bitcoin, added over 14,000 BTC to its holdings in December. The move helped bolster the company’s stock price and further solidified their commitment to using Bitcoin as a reserve asset. This strategy has paid off handsomely for MicroStrategy, with their stock price seeing a significant increase over the past year.

Another major story that has been unfolding is the countdown to the potential approval of Bitcoin ETFs. BlackRock and Valkyrie are among the companies seeking approval for these ETFs, with both disclosing their authorized participants. This move could have a significant impact on the market, as it would provide investors with a new way to gain exposure to Bitcoin.

However, not everyone is on board with the idea of Bitcoin ETFs. Former SEC official John Reed Stark has criticized spot Bitcoin ETFs as potential “fee-driven Wall Street scams,” calling the concept laughable. It will be interesting to see how this debate plays out in the coming weeks.

In other news, India has taken action against major crypto exchanges, deeming them non-compliant with anti-money laundering laws. This move comes as India continues its efforts to integrate crypto into traditional finance, with exchanges like Binance and Kraken facing potential URL blocking if they do not comply.

As we look back on the year that was, some of the biggest crypto stories of 2023 include the rise of spot Bitcoin ETF applications, the emergence of new Bitcoin inscriptions, and the conclusion of scandals involving prominent figures in the industry. It has certainly been a rollercoaster of a year for crypto, but one thing is for sure – the industry shows no signs of slowing down.

That’s a wrap on this week in crypto. Stay tuned for more updates as the world of cryptocurrency continues to evolve and change.