In today's crypto news, Bitcoin ETFs experienced significant outflows totaling $812 million, marking their second-largest single-day loss in history. This reduction brought cumulative net inflows down to $54.18 billion, with total assets under management at $146.48 billion. Fidelity's FBTC and ARK Invest's ARKB led the withdrawals, losing $331.42 million and $327.93 million respectively. Ether ETFs saw a reversal after a 20-day streak of net inflows, suffering a $152.26 million outflow, now holding $20.11 billion in total assets. Additionally, crypto exchange Gate has commenced spot trading services in the U.S., citing regulatory clarity as a key reason for the expansion. They will initially offer crypto trading pairs, with future plans for fiat on- and off-ramps. Furthermore, venture capital firm Andreessen Horowitz expressed concerns over potential loopholes in a draft U.S. crypto regulation bill, which they believe could undermine investor protections and fail to address critical issues in the crypto market.

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