A relatively flat week for crypto markets as the Nasdaq Crypto Index (NCI) was down 2.0%, with bitcoin (BTC) down 2.3% and ether (ETH) falling 1.3%.

Bitcoin ETFs net $1.2B as GBTC outflows offset new inflows

BlackRock and Fidelity led net inflows for bitcoin ETFs in their first week. Notably, Grayscale's GBTC experienced considerable outflows of $2.8B. Grayscale, BlackRock, and Fidelity have dominated trading, with almost 90% of the spot ETF market volume. 

Bitcoin mining sustainable energy usage hits all-time high of 54.5%

According to the Bitcoin ESG Forecast, bitcoin mining has reached a historical peak of 54.5% utilization of sustainable energy, marking a 3.6% overall increase in sustainable mining throughout 2023. According to the data, bitcoin mining currently stands as the foremost consumer of sustainable energy compared to other global industries.

Blackrock and Moody's endorse tokenization

CEO Larry Fink asserted that "Bitcoin surpasses any government" and is a potential long-term store of value, particularly in countries where citizens fear their government's actions or currency devaluation. Fink also highlighted the significance of crypto ETFs on CNBC, envisioning a future where assets are increasingly tokenized. His comments came out not long before credit rating giant Moody’s released their own report highlighting the benefits of tokenization.

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