The Daily: US bitcoin ETFs hit record $1.4 billion daily inflows, Ethereum Foundation report $789 million in crypto holdings and more

It's Friday! In today's Daily, U.S. spot bitcoin ETFs hit record $1.4 billion in daily inflows, the Ethereum Foundation reports crypto holdings of $789 million, Binance Labs ventures into the DeSci sector and more.

Meanwhile, a Republican sweep of the House and Senate could see the crypto market cap triple by the end of 2026, according to Standard Chartered analyst Geoff Kendrick.

Plus, stablecoin and tokenized gold issuer Tether enters the oil market.

Let's get started.

US spot bitcoin ETFs hit record daily net inflow of $1.4 billion

• BlackRock's ETF, IBIT, accounted for $1.1 billion of the net inflows alone, surpassing its individual record of $872 million on Oct. 31.
• The unprecedented inflows into IBIT come a day after the fund set a new record daily trading volume of over $4 billion.
• Following the latest inflows, IBIT's $33.2 billion assets under management have now  surpassed  BlackRock's gold ETF (IAU), which sits at around $32.9 billion.
• IBIT began trading in January 2024 and IAU in January 2005.
• "This surge reflects strong investor confidence, driven by BlackRock's reputation, bitcoin's recent rally and favorable market conditions," BTCMarkets analyst Rachael Lucas said.
• "Donald Trump's victory, combined with the Fed rate cut on Thursday, spurred institutions to make the plunge into crypto markets," BTSE COO Jeff Mei noted.
• Trump's win on Wednesday triggered both the equities and crypto markets to rally as bitcoin soared to break its all-time high.

Ethereum Foundation reports crypto holdings of $789 million

• "We choose to hold the majority of our treasury in ETH. The EF believes in Ethereum's potential, and our ETH holdings represent that long-term perspective," the foundation said.
• However, to manage risks, the foundation noted it periodically sells ether in bull markets to increase fiat reserves, ensuring funding stability during downturns.
• The information follows scrutiny from the Ethereum community in response to several large, unexplained transactions and ether sales by the foundation without prior notice, prompting calls for greater transparency.
• Responding to additional concerns related to EF researchers' roles at other crypto projects, the foundation has also tightened its conflict of interest policy, restricting staff from accepting illiquid assets as outside compensation.

Binance Labs makes first foray into DeSci sector with investment in BIO Protocol

• BIO Protocol, described as an "onchain Y Combinator for science," uses Blockchain technology and DAOs to enable global collaboration on drug development, addressing gaps in traditional scientific funding, especially in areas like rare diseases, longevity and emerging health challenges.
• BIO's existing network comprises seven "BioDAOs" on the Ethereum blockchain, with plans to expand to Solana and other networks in Q1 2025, a BIO spokesperson told The Block.
• The protocol has raised over $13 million to date, the spokesperson said, with the latest capital being used to grow its ecosystem and current team of 11 full-time members.

Jack Dorsey's Block to prioritize bitcoin mining and wind down TBD

• Consequently, Block said it will scale back investments in the music streaming app Tidal and wind down TBD — its business arm focused on developing a decentralized web platform the firm dubbed "Web5."
• The company highlighted strong demand for its bitcoin products, announced progress on its mining chip development and reaffirmed its commitment to the open-source community.
• Meanwhile, JPMorgan analysts maintain a  positive outlook  on Block despite it reporting $5.98 billion in revenue for the quarter, falling short of analysts' estimate of $6.24 billion, as well as a disappointing Q4 forecast.

'See you in hell': Cobie burns gifted 60% supply of Pump.fun Solana memecoin 'UPONLY'

• Cobie previously hosted the UpOnly crypto podcast alongside fellow trader Brian Krogsgard, also known as Ledger.
• "See you in hell," Cobie responded to a community member promoting UPONLY before burning all the tokens he received — meaning they are permanently removed from circulation.
• "This was 'worth' $17 million when I burned it lol," Cobie said on X. "Please leave me out of this stuff in the future."

Looking ahead to next week

• The latest U.S. CPI inflation figures are released on Wednesday. UK and Eurozone GDP data are out on Thursday, alongside U.S. jobless claims and PPI numbers.
• U.S. Federal Reserve Chair Jerome Powell and Bank of England Governor Andrew Bailey will speak on Thursday.
• Devcon, the WOW Summit and Adopting Bitcoin all get underway over the next seven days.

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