The Daily: Crypto ETPs log record $6 billion weekly inflows, Galaxy launches new crypto and stock trading platform, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Monday! Bitcoin just hit a fresh all-time high of $125,930, confirming the “Uptober” trend, according to analysts, with more than 10% in weekly gains.

In today’s newsletter, crypto investment products log record weekly inflows, Galaxy launches a new U.S. crypto and stock trading platform, Grayscale enables staking for its spot Ethereum ETFs, and more.

Let’s get started!

P.S. CryptoIQ is now available to everyone. Take the test for a chance to win $20,000!

Crypto ETPs log record weekly inflows of nearly $6 billion

Global crypto exchange-traded products saw record inflows of $5.95 billion last week, pushing total assets under management to an all-time high of $254 billion, according to CoinShares data.

• “We believe this was due to a delayed response to the FOMC interest rate cut, compounded by very weak employment data, as indicated by Wednesday’s ADP Payroll release, and concerns over U.S. government stability following the shutdown,” CoinShares Head of Research James Butterfill wrote in a Monday report.
• U.S.-based funds dominated with a record $5 billion in weekly inflows alone. Crypto investment products in Switzerland also broke their weekly record, attracting $563 million, while funds in Germany saw their second-largest weekly inflows totaling $312 million.
• Bitcoin products led the week with $3.55 billion in inflows — another record — including $3.2 billion into the U.S. spot Bitcoin ETFs led by BlackRock’s IBIT.
• Ethereum funds added $1.48 billion, lifting year-to-date inflows to a new peak of $13.7 billion, again driven by BlackRock’s ETHA product.
• Solana and XRP funds also generated substantial inflows, pulling in $706.5 million and $219.4 million, respectively, while other altcoins saw limited activity.

Galaxy launches new crypto and stock trading platform

Galaxy Digital has launched GalaxyOne, a consumer platform and app that combines a 4% cash account, crypto custody, and trading, and zero-commission trading on U.S. equities and ETFs.

• Users can buy, hold, and transfer Bitcoin, Ethereum, Solana, and Paxos Gold at launch, with support for more tokens planned.
• Accredited investors can also access Galaxy Premium Yield, an 8% APY investment note powered by Galaxy’s institutional lending business, but not FDIC-insured.
• The rollout marks Galaxy’s expansion from institutional services into retail, building on its 2024 acquisition of the finance “super-app” Fierce.

Grayscale enables staking for its spot Ethereum ETFs in the US

Grayscale has enabled staking for its U.S. spot Ethereum ETFs (ETHE and ETH), allowing investors to earn additional yield on their holdings.

• Grayscale said the new staking feature will earn investors network rewards while supporting protocol security through its institutional validator partners.
• The firm also activated staking for its Solana Trust (GSOL), which could become one of the first spot Solana ETFs with staking, pending SEC approval of its conversion.
• Several issuers — including Grayscale, VanEck, Franklin Templeton, Fidelity, Invesco, Canary Capital, and Bitwise — have filed for spot Solana ETFs in the U.S., with the SEC largely expected to approve the products shortly after the resolution of the current government shutdown.

Standard Chartered estimates $1 trillion could exit emerging market banks for US stablecoins

Standard Chartered projects that up to $1 trillion could exit emerging market bank deposits for U.S. dollar stablecoins by 2028, as users seek safer, more liquid alternatives to local banks.

• Standard Chartered analysts expect the global stablecoin market value to reach $2 trillion by late 2028 from around $300 billion today, with emerging markets driving most of the growth via savings use cases.
• Egypt, Pakistan, Colombia, Bangladesh, and Sri Lanka rank among the most exposed to deposit flight, while countries like Turkey, India, Brazil, and South Africa also face high adoption risk, the analysts said.
• The trend could pressure EM banking revenues but also create opportunities if banks integrate or custody stablecoins, as adoption broadens despite new U.S. regulations, they added.

Aster’s token drops amid wash trading claims

Aster’s token fell over 10% on Sunday after DefiLlama delisted its perpetuals data amid concerns of potential wash trading.

• DefiLlama founder 0xngmi highlighted a sudden correlation between Aster’s trading volumes and Binance’s in recent days, which does not appear on rival Hyperliquid.
• The delisting came as Aster, advised by Binance co-founder Changpeng “CZ” Zhao, briefly topped DefiLlama’s perp DEX rankings before the delisting.

In the next 24 hours

• U.S. FOMC members Raphael Bostic, Michelle Bowman, and Neel Kashkari are due to speak at 10 a.m., 10:05 a.m., and 11:30 a.m. ET, respectively, on Tuesday. ECB President Christine Lagarde will speak at 12:10 p.m.
• Merge Madrid gets underway in Spain.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

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