Here’s what happened in crypto today
Need to know what happened in crypto today?
Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, Kalshi is facing another state-level lawsuit after the state of Washington on Friday filed allegations that the prediction market operator violated state gambling laws with its products, spot Bitcoin ETFs posted $296.18 million in weekly outflows, and Morgan Stanley sets a 0.14% fee for its spot Bitcoin ETF, potentially forcing competitors to cut fees to stay competitive.
Kalshi is facing another state-level lawsuit after the state of Washington on Friday filed allegations that the prediction market operator violated state gambling laws with its products.
The Washington Attorney General’s complaint cites the Pacific Northwest state’s existing ban on online gambling and otherwise strict oversight of the gaming market, in claiming Kalshi violated the Washington Consumer Protection Act, Gambling Act, and Recovery of Money Lost at Gambling Act.
"Kalshi’s website and app show consumers a range of events that they can bet on and the odds for those various events, which dictate how much the bettor will be paid out if the event occurs," an announcement from Attorney General Nick Brown said.
"This is exactly how sportsbooks and other gambling operations function.
Kalshi advertises that they allow consumers to 'bet on anything' by simply calling their service a 'prediction market' rather than 'gambling.'" Kalshi immediately sought to move the case to federal court, saying in its filing that the issues raised by the Washington suit are already being litigated in other federal courts and that there had been "no warning or dialogue" from Washington state prior to the lawsuit.
Spot Bitcoin exchange-traded funds (ETFs) snapped a four-week inflow streak, posting $296.18 million in net outflows for the week ending Friday.
The reversal follows a sustained run of inflows totaling more than $2.2 billion across four consecutive weeks, including $787.31 million, $568.45 million and $767.33 million in early March, before slowing to $95.18 million in the prior week, according to SoSoValue data.
The weekly outflow followed back-to-back daily withdrawals on Thursday and Friday totaling more than $396 million, including a $225.48 million outflow on Friday alone, their biggest day of redemptions since March 3, when they posted $348 million in outflows.
Notably, cumulative net inflows into spot Bitcoin ( BTC ) ETFs stand at $55.93 billion, while total net assets have slipped to $84.77 billion from over $90 billion a week earlier.
Trading activity also moderated, with weekly volume falling to $14.26 billion from $25.87 billion earlier in March.
Investment bank Morgan Stanley is seeking to launch its spot Bitcoin exchange-traded fund with a 0.14% fee , which would make it the cheapest in the US market and potentially force rivals to cut fees to stay competitive.
The 0.14% fee, proposed in Morgan Stanley’s latest S-1 registration statement on Friday, would be one basis point below the Grayscale Bitcoin Mini Trust ETF ( BTC ), currently the cheapest in the US market, and 11 basis points below the BlackRock-issued iShares Bitcoin Trust ETF (IBIT).
