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Spot Bitcoin exchange-traded funds (ETFs) influenced miners’ Bitcoin reserves, with more than $1 billion of BTC flowing from miner wallets to exchanges in the first 48 hours of trading. There’s a new service creating fake identification documents that others claim can bypass crypto exchange KYC. Meanwhile, the launch of spot BTC ETF has enhanced BTC futures trading, not hindered it, according to a ProShares executive.
Bitcoin ETFs lead to record miner reserve BTC outflows
The launch of Bitcoin exchange-traded funds (ETFs) in the United States has directly influenced miners’ Bitcoin reserves, with more than $1 billion of BTC flowing from miner wallets to exchanges in the first 48 hours of trading.
According to the latest Bitfinex Alpha market report reflecting on-chain data, the second day of trading of Bitcoin ETFs on Jan. 12 saw a significant increase in Bitcoin miners’ outflow to exchanges. Citing data from Glassnode, the report highlights over $1 billion of Bitcoin being sent to exchanges from miner-associated wallets on the same day, marking a six-year high in miner outflow.
Bitfinex analysts suggest that a net outflow of 3,500 BTC over a single day marks the highest value of the metric observed since May 2023. Additionally, the Bitcoin miner reserve has decreased to 1.826 million BTC, its lowest point since June 2021.
‘Generated’ fake IDs claimed to pass crypto exchange KYC are selling for $15
A new service claiming to use artificial intelligence “neural networks” and “generators” to create fake driver licenses and passports has reportedly succeeded in passing Know Your Customer (KYC) checks on multiple crypto exchanges.
The cost? Only $15 a pop.
The site, OnlyFake, generates realistic fake driver’s licenses and passports from 26 countries, including the United States, Canada, Britain, Australia and multiple European Union countries and takes payment in multiple cryptocurrencies through Coinbase’s commercial payments service.
A Telegram channel seen by Cointelegraph also shows the site’s users sharing their apparent success in using the IDs to bypass verification at various crypto exchanges and financial service providers, including Kraken, Bybit, Bitget, Huobi and PayPal.
The service could be a boon for crypto scammers and hackers who could use fake documents to open exchanges and bank accounts, protecting their real identity and making them more difficult to track.
ProShares “pretty darn happy” with spot BTC ETFs
Fund issuer ProShares sees no negative side effects to its business from the recently approved spot Bitcoin ETFs.
ProShares operates the Bitcoin Strategy ETF (BITO), a futures-based product that began trading in 2021. Despite the rapid rise in spot ETF trading, the company’s futures product continues to see “very efficient” trading volumes, according to its global investment strategist, Simeon Hyman.
“We’re pretty darn happy with the commercial impact so far,” he said, adding that spot Bitcoin products will actually enhance the futures market.
“With the entrance of spot ETFs, the futures market is getting better — even better,” he said. “It was already a well-functioning and regulated place, but it’s actually gotten a little better when with the spot guys because there’s just more people around Bitcoin again.”
Source: Cointelegraph.com
