Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Crypto Exchange-Traded Products (ETPs) Reach $67 Billion AUM: Crypto ETPs reach a combined assets under management (AUM) of $67 billion, the highest level since December 2021.

2. Forbes Establishes Permanent Metaverse Presence: Forbes establishes a distinguished Web3 presence within the Sandbox Metaverse, offering visitors a meticulously crafted virtual experience.

3. Y Combinator Seeks More Stablecoin Startups: Y Combinator lists stablecoin finance as one of the key areas it wants to see more innovation in, recognizing the potential of stablecoins to revolutionize financial services.

4. Backpack Exchange Surpasses $1 Billion in Trading Volume: Cryptocurrency exchange Backpack surpasses $1 billion in 24-hour trading volume and partners with Banxa to enhance its digital asset services.
   
   All this and more in today’s headlines!

📰 News Highlights:

💼 Crypto Exchange-Traded Products (ETPs) Reach $67 Billion AUM [Source]

Crypto-derived exchange-traded products (ETPs) have surged to a combined assets under management (AUM) of $67 billion, marking the highest level since December 2021. Record inflows of $5.2 billion year-to-date, coupled with positive market price action, have propelled this growth.

The week ending February 16 witnessed a record $2.45 billion inflow into crypto ETPs, with 99% attributed to United States-listed ETPs, notably including the 10 approved spot Bitcoin ETFs. BlackRock and Fidelity's ETFs garnered the lion's share of last week's inflows, with over $1.6 billion and $648 million, respectively.

Moreover, outflows from incumbent players have significantly decreased, with Grayscale's products experiencing $623 million in weekly outflows. Despite some investors anticipating a price decline, short-Bitcoin products attracted $5.8 million in inflows.

Altcoin ETPs based on platforms like Avalanche, Chainlink, and Polygon have seen consistent weekly inflows, contrasting Solana products, which faced $1.6 million in outflows attributed to sentiment impact from the network's recent downtime in early February.

🌐 Forbes Establishes Permanent Metaverse Presence [Source][Source][Source]

Forbes, the renowned business magazine, has established a distinguished Web3 presence within the Sandbox Metaverse, offering visitors a meticulously crafted virtual experience.

Nestled amidst notable landmarks like "Dracula's Castle" and "HODL Island," Forbes' virtual space features a luxurious pool, an elegant bar, and a gallery honoring the 2024 Under 30 recipients.

QR codes scattered throughout the space lead visitors on a scavenger hunt to discover exclusive content. The move underscores Forbes' embrace of the metaverse, joining other corporations in leveraging digital worlds for brand presence and engagement.

💱 Y Combinator Seeks More Stablecoin Startups [Source][Source][Source]

Y Combinator, a prominent startup incubator, has listed stablecoin finance as one of the key areas it wants to see more innovation in.

Stablecoins, pegged to fiat currencies like the US dollar, offer seamless cross-border transactions and yield opportunities, making them a pivotal component of the future of money.

Venture capital activity in the crypto space has rebounded, with Q4 witnessing $1.9 billion in funding across 326 deals. Y Combinator's endorsement of stablecoin startups underscores the growing recognition of stablecoins' potential to revolutionize financial services.

💼 Backpack Exchange Surpasses $1 Billion in Trading Volume [Source][Source]

Cryptocurrency exchange Backpack has surpassed $1 billion in 24-hour trading volume and forged a partnership with Banxa to enhance its digital asset services.

The collaboration enables Backpack users in over 130 countries to access seamless on- and off-ramp solutions for crypto-fiat transactions.

Backpack's rapid growth underscores its commitment to providing a robust trading platform, with its SOL/USDC trading pair emerging as the most traded Solana spot trading pair globally.

💡 Feature of the Day:: 

🎮 PIXEL Token Tops $1.2 Billion Trading Volume in Debut [Source]

PIXEL, the Ethereum token associated with the popular blockchain game Pixels, has recorded over $1.2 billion in trading volume since its launch, making it one of the top 10 most-traded cryptocurrencies.

The token's debut success highlights the growing demand for gaming-related tokens within the crypto market.

PIXEL's strong performance reflects the broader trend of increasing engagement and adoption of blockchain-based gaming platforms, with players actively participating in play-to-earn campaigns and airdrops.

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😂 Crypto Meme of the Day: 

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com