Good Morning Crypto Enthusiasts!

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

1. Record Trading Volumes for Spot Bitcoin ETFs: Trading volumes for the recently launched "new nine" spot Bitcoin exchange-traded funds (ETFs) surged to a new daily high, surpassing $2.4 billion on Feb. 26 with Bitcoin approaches $57,000.

2. FSB Proposes Global Incident Reporting Standard for Crypto Institutions: The Financial Stability Board (FSB) proposed plans to standardize global incident reporting for financial institutions dealing with cryptocurrencies, aligning with the G20's crypto asset roadmap. The proposed reporting format aims to enhance international cooperation and information sharing to address challenges posed by cyber or operational incidents.

3. MicroStrategy Acquires 3,000 BTC More: MicroStrategy expanded its Bitcoin holdings with the acquisition of an additional 3,000 BTC for $155 million, bringing its total Bitcoin holdings to 193,000 BTC. The move follows optimistic projections of Bitcoin ETFs potentially surpassing gold ETFs in assets under management within two years.

4. Saudi Arabia Launches Cultural Metaverse: The Saudi Arabian Ministry of Culture unveiled a metaverse dedicated to preserving the nation's cultural heritage, commemorating its founding day. The Cultural Universe metaverse offers users a virtual journey through Saudi Arabia's rich history, aiming to foster cultural appreciation and global engagement.

5. 💡Feature of the Day - KyberSwap Hacker Bridges Stolen Funds to Ethereum: The hacker responsible for the KyberSwap decentralized exchange (DEX) exploit transferred millions in stolen funds to Ethereum. Despite negotiations between the hacker and KyberSwap, which offered a bounty for the return of stolen funds, the situation escalated, leading to significant losses for the exchange and its users.

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   All this and more in today’s headlines!

📰 News Highlights:

📈 Record Trading Volumes for Spot Bitcoin ETFs [Source][Source][Source]

Trading volumes for the recently launched "new nine" spot Bitcoin ETFs surged to a new daily high, surpassing $2.4 billion on Feb. 26. This milestone, achieved as Bitcoin approached $57,000, reflects heightened investor interest in cryptocurrency ETFs. BlackRock's iShares Bitcoin Trust (IBIT) dominated trading, accounting for over 50% of the daily volume and setting its own record with $1.29 billion in trades. Fidelity's FBTC followed with $576 million in volume.

The surge in ETF volumes signals a significant shift in investor behavior, with Bloomberg analysts noting heightened activity, particularly on Mondays. The total daily trading volume for spot Bitcoin ETFs, excluding Grayscale's converted Bitcoin ETF product (GBTC), reached $3.2 billion on Feb. 26, the second-highest on record.

Year-to-date inflows into spot Bitcoin ETFs have surpassed $5.5 billion, with IBIT, FBTC, ARKB, and BITB leading in inflows, while GBTC has experienced outflows totaling $7.4 billion.

🌐 FSB Proposes Global Incident Reporting Standard for Crypto Institutions [Source][Source][Source]

The Financial Stability Board (FSB) unveiled plans to standardize global incident reporting for financial institutions dealing with cryptocurrencies, aligning with the G20's crypto asset roadmap. In a letter to G20 finance ministers and central bankers, FSB chair Klaas Knot outlined the agency's priorities, including digital innovation and asset tokenization.

The proposed reporting format aims to enhance international cooperation and information sharing, addressing challenges posed by cyber or operational incidents that transcend borders. This initiative underscores the FSB's commitment to promoting financial stability amidst the growing digitalization of finance.

The FSB will release progress reports on the implementation of the G20 crypto asset roadmap and propose incident reporting frameworks to facilitate information exchange among financial institutions and agencies.

💼 MicroStrategy Acquires 3,000 BTC More [Source][Source][Source]

MicroStrategy, led by Michael Saylor, expanded its Bitcoin holdings with the acquisition of an additional 3,000 BTC for $155 million. This acquisition, made between Feb. 15 and 25 at an average price of $51,813, brings MicroStrategy's total Bitcoin holdings to 193,000 BTC, acquired for $6.09 billion.

The move follows optimistic projections from Bloomberg analysts, who anticipate Bitcoin ETFs potentially surpassing gold ETFs in assets under management within two years. The successful launch of Bitcoin ETFs could intensify competition for traditional assets like gold, according to Bloomberg's research report.

While Bitcoin ETFs have attracted over $5 billion in net assets since their launch, gold ETFs accumulated $3.6 billion during the same period. Saylor reaffirmed his commitment to Bitcoin, emphasizing its technical superiority over traditional assets like gold and real estate.

🕌 Saudi Arabia Launches Cultural Metaverse [Source][Source][Source]

The Saudi Arabian Ministry of Culture unveiled a metaverse dedicated to preserving the nation's cultural heritage, commemorating its founding day. The Cultural Universe metaverse offers users a virtual journey through Saudi Arabia's rich history, incorporating elements of art, history, and tradition.

Built on Oracle's Hyperledger Fabric 2.5 blockchain technology and developed by droppGroup's Generative Media Intelligence AI system droppPhygital, the metaverse provides an immersive experience for users. It features historical events, music, art, and interactive games, aiming to foster cultural appreciation and global engagement.

With cross-platform compatibility and user-friendly interfaces, the Cultural Universe invites a diverse global audience to explore Saudi Arabia's rich cultural tapestry.

💡 Feature of the Day: 

💼 KyberSwap Hacker Bridges Stolen Funds to Ethereum [Source][Source]

The hacker responsible for the KyberSwap decentralized exchange (DEX) exploit has transferred millions in stolen funds to Ethereum.

Blockchain analytics firm PeckShield reported movements from the hacker's wallet address, revealing the transfer of $2.5 million worth of Ether from Arbitrum to Ethereum.

The KyberSwap hack, one of the largest in 2023, saw nearly $49 million in digital assets taken during the exploit.

Despite negotiations between the hacker and KyberSwap, which offered a bounty for the return of stolen funds, the situation escalated, leading to significant losses for the exchange and its users.

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📜 Your Daily Thread:

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com