Cryptocurrency exchange-traded products (ETPs) posted another strong performance last week, following US President Donald Trump’s executive order proposing a strategic crypto reserve.
Trump’s executive order sparks $1.9B of inflows to crypto ETPs
Crypto ETPs posted another successful week amid US President Donald Trump signing a pro-crypto executive order and Bitcoin reaching a new high.
Australia has recorded the most consistent growth of crypto ATMs for nearly three years. The country joined the 1,000+ Bitcoin ATM club alongside the US and Canada in April 2024.
Roughly 38,100 crypto ATMs are currently active globally, spread across 65 countries and powered by 356 operators.
While crypto ATMs have no direct impact on local Bitcoin adoption, they provide grassroots exposure to citizens and help serve the unbanked.
Check out Cointelegraph’s beginners’ guide to learn more about Bitcoin ATMs, how they work and how to use them.
In contrast, Poland has installed 12 new ATMs in January alone, with more expected before the end of the month.
However, the country has not increased its existing capacity — a move contrasting other major economies. Cointelegraph reached out to a Salvadoran authority to learn more about the nation’s plan for driving further Bitcoin adoption.
Poland added 24 crypto ATMs in its ongoing four-month-long installation spree that began in October 2024. Numerous other countries, including current leaders Canada, Spain and Australia, continue to see an uptick in local active crypto ATMs month over month, according to Bitcoin ATM Radar data.
Poland added 10 new Bitcoin ATMs on Jan. 27, bringing its total to 219 active machines and surpassing El Salvador as the fifth-largest cryptocurrency ATM network globally after the US, Canada, Australia and Spain.
Historically, altcoin seasons have been marked by significant price rallies for non-Bitcoin cryptocurrencies.
Cryptocurrency analysts and traders are debating whether an altcoin season — a period when alternative cryptocurrencies outperform Bitcoin in the market — is over.
Too many tokens? Analysts argue oversupply could end altcoin season
With 36.4 million tokens flooding the market, analysts question whether altcoin seasons are a thing of the past.
Ripple CEO Brad Garlinghouse later confirmed the lobbying efforts but said that any digital asset reserve would also include BTC.
Rochard accused Ripple of aggressively lobbying the US government to establish a digital asset reserve comprised of many different altcoins as opposed to a Bitcoin strategic reserve.
"The biggest obstacle for the strategic Bitcoin reserve is not the Fed, Treasury, banks, or Elizabeth Warren. It’s Ripple and XRP," Pierre Rochard, the VP of research at mining company Riot Platforms argued.
"Trump has nothing to do with Bitcoin, but he can destroy America by embracing shitcoins," Bitcoin evangelist Max Keiser wrote in a Jan. 26 X post.
However, Bitcoin maximalists slammed the potential inclusion of other digital assets in the US strategic reserve.
The executive order drew mixed reactions from the crypto community, with some arguing that President Trump has kept his promises to the crypto industry.
On the same day as the announcement, the price of Bitcoin fell from a daily high of $106,848 to a low of $101,233.
He said that this is not the case, as it “primarily benefits” Authorized Participants and “helps maintain the liquidity of the ETF.”
Bitseeker Consulting chief architect Chris J Terry emphasized in a Jan. 24 X post the confusion many have had, thinking this means individuals can now deposit and redeem Bitcoin.
However, individual investors won’t have access to the in-kind creation and redemption model and will need to stick with the cash model.
“Individuals won’t be able to do “in-kind” creations and redemptions,” Seyffart added.
Pseudonymous crypto analyst MartyParty told their 143,600 X followers on Jan. 24, “This means more transparency and onchain record of flows.”
This model is more efficient for ETFs, as it avoids bid/ask spreads and broker commissions from selling the basket to raise cash for issuing shares. However, cash creation provides more flexibility for fund participants.
The filing stated that Authorized Participants — institutions that facilitate the creation and redemption of fund shares — would be able to use either cash or Bitcoin to create shares or receive cash or Bitcoin when redeeming shares.
In-kind redemption limited to Authorized Participants
Nasdaq proposed “to allow for in-kind transfers of the Trust’s Bitcoin,” as per a Jan. 24 filing with the US Securities and Exchange Commission (SEC).
Bloomberg ETF analyst James Seyffart said in a Jan. 24 X post that BlackRock “should have been allowed to do this from the get-go” when the BlackRock iShares Bitcoin Trust (IBIT) launched alongside the other ten US spot Bitcoin
BTC
$104,606
ETFs in January 2024.
Nasdaq has submitted a filing on behalf of asset manager BlackRock, seeking a rule change to permit in-kind creation and redemption for its spot Bitcoin exchange-traded fund (ETF).
Nasdaq seeks amendment to BlackRock’s Bitcoin ETF for in-kind redemptions
The in-kind redemption model is seen as a more efficient option for the spot Bitcoin ETF and should have been allowed from “the get-go,” says an ETF analyst.
