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Stepn x Adidas Genesis Sneakers: A New Era in Fitness

The Stepn x Adidas Genesis Sneakers Collection: A Revolutionary Partnership The fusion of the digital and physical worlds is more than a trend; it is a burgeoning reality. The recent collaboration between Stepn and Adidas exemplifies this transformative shift. With the launch of the Genesis Sneakers collection, both companies are poised to redefine the boundaries of fitness, fashion, and technology in lifestyle rewards. This partnership is not only groundbreaking but also sets the stage for future innovations in the ever-evolving landscape of fitness applications and digital assets. A New Era of Phygital Experiences Stepn, a pioneering move-to-earn FitTech app, has taken a bold leap by teaming up with a global powerhouse like Adidas. This collaboration signifies a pivotal moment in the fitness and lifestyle sector, as highlighted by Stepn CEO Shiti Manghani: Phygital Partnership : The merging of physical and digital assets marks a new direction for lifestyle rewards. Enhanced...

Continued Growth: Institutional Crypto Investments for Fourth Consecutive Week - CoinShares Report

Investments into institutional crypto products have continued to show positive growth for the fourth consecutive week, as stated in a recent report by CoinShares. The report focuses on exchange-traded products that track cryptocurrencies, such as those offered by Grayscale, 21shares, and Proshares, among others. Last week, a total of $66 million was invested, with the majority of $55.3 million directed towards Bitcoin.

Key Highlights:

  • Swiss-based firm 21SharesAG saw the largest inflow of $45.5 million, followed by German digital securities provider ETC Group with $12.2 million in inflows.
  • However, the ProShares Bitcoin Strategy ETF, based in the U.S., experienced outflows of $10.7 million, resulting in a net monthly total of $20.1 million in outflows.
  • In 2023, the futures-based Bitcoin product took the lead in terms of total inflows, with a significant investment of $238 million.
  • James Butterfill, the head of research at CoinShares, suggests that the positive inflows may be linked to the anticipation of a spot bitcoin ETF launch in the U.S.

Comparing the recent four-week investments to those observed in June, following BlackRock's spot Bitcoin application announcement, there has been a decline in inflows. In June, investments amounted to approximately $807 million, whereas the past four weeks saw only $179 million in inflows. Butterfill notes that this decrease in inflows indicates a more cautious approach from investors this time around.

In the past two weeks, several Bitcoin ETF applicants in the U.S., including BlackRock, Fidelity, and Ark Invest, have made amendments to their filings. Experts interpret these amendments as a positive development in the industry. Additionally, Grayscale has recently filed a new registration application on October 19 to convert its Bitcoin Trust Shares (GBTC) into an ETF. This move came shortly after the asset management firm won a court case against the Securities and Exchange Commission (SEC) regarding the Commission's earlier rejection.

These recent developments in the institutional crypto investment landscape highlight the growing interest and potential for cryptocurrency-based products. While there has been a decrease in overall inflows compared to previous months, the positive growth for the fourth consecutive week indicates sustained investment activity. The anticipation of a spot bitcoin ETF launch in the U.S. and the amendments made by key applicants further contribute to the positive sentiment surrounding the industry. As the regulatory landscape continues to evolve, it will be interesting to see how these investments and product offerings develop in the coming months.

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