Strategy has slowed down its Bitcoin acquisition strategy with smaller buys this month, while the number of crypto millionaires grows closer to a quarter million.
Analysis
Bitcoin’s () price has slumped in September, but that didn’t stop Michael Saylor’s Strategy from scooping up over 7,000 BTC.
Inflows into Bitcoin exchange-traded funds (ETFs) totalled over $240 million in September. This is proving to be a boon for some firms, such as BlackRock, which has generated $260 million in revenue from its ETF offerings in the last two years.
In the US, progress on crypto laws has slowed down; many legislatures are out of session or on recess. Still, crypto laws moved forward in five states this month, and Wisconsin introduced a bill regarding data centers and Bitcoin mining.
Meanwhile, stablecoin growth isn’t slowing down. The total stablecoin market capitalization has surpassed $295 billion over the last month.
Here’s September by the numbers:
Strategy stacks 7,378 BTC worth over $837 million
Strategy, the software company-turned-Bitcoin investment vehicle headed by Michael Saylor, purchased over 7,378 BTC worth $837.5 million at an average price of $113,520 per Bitcoin this month. Strategy has now made 80 Bitcoin purchases, according to Strategy .
While stacking nearly $1 billion in Bitcoin over a month may seem like a lot of money, for Strategy, it represents somewhat of a slowdown. In August, the company , a significant decrease from July’s
Saylor said that Bitcoin is in a growing stage, and therefore, may be a bit “boring.” Institutions will want to enter while the price is less volatile, he said, which could make markets seem a bit bearish before further gains.
Stablecoins cross $295 billion
The total valuation of stablecoins has passed $290 billion in September after several months of steady growth. Stablecoins grew by nearly $5 billion in the week ending Sept. 26.
Some jurisdictions are providing clarity for stablecoins. In the US, the Commodity Futures Trading Commission is , including stablecoins, to be used in derivatives markets as collateral. In Australia, the Securities and Investments Commission has to intermediaries distributing stablecoins.
Other jurisdictions are less liberal, at least regarding certain types of stablecoins. A senior Bank of Italy official recently and in different countries can pose a risk to the European Union’s financial system.
241,700 crypto millionaires now on the loose
The number of crypto millionaires in the world is at record levels, now standing at 241,700. According to the Crypto Wealth Report from wealth and citizenship advisory firm Henley & Partners, this .
Crypto centimillionaires — i.e., millionaires worth over $100 million — rose 38% to 450, while the number of crypto billionaires rose 29% to 36.
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According to the advisory firm, the increase in the crypto-rich results from a “watershed year for institutional adoption.”
BTC ETFs have seen $241 million in inflows in September.
Bitcoin ETFs marked $241 million in inflows in September, while Ether () saw net outflows of $73 million. This brings total crypto net inflows to $167.8 million, according to from CoinMarketCap.
For some crypto ETF issuers, the financial instruments have proven to be a boon. BlackRock’s crypto ETFs have in under two years. This includes $218 million from Bitcoin ETFs and $42 million from Ether.
Crypto bills move ahead in five US states
As crypto adoption gains ground in the US, individual states are taking it upon themselves to regulate the industry. Crypto bills moved ahead in five states in September, with Wisconsin introducing one crypto bill.
On Sept. 2, lawmakers in the Wisconsin State Assembly, the lower house of the state’s legislature, introduced a bill that would exempt data centers from sales and use tax, except those used for cryptocurrency.
The bill, completely by Republicans, would amend a to support data center development in the rural state. Critics and observers have already raised concerns over the electricity and water requirements of the data centers in Wisconsin.
Seven EU member states oppose Chat Control
Seven member states of the European Union now oppose the proposed Chat Control law. Furthermore, the number of EU members supporting the law is at the beginning of the month to 12. This is according to Fight Chat Control, which monitors support for the measure.
Chat Control would effectively neuter encrypted messaging in the European Union, requiring services like WhatsApp, Signal and others to screen messages before they are sent. The law was introduced to the EU Council several years ago, but did not receive the necessary support. Denmark reintroduced the measure at the beginning of its six-month EU Council presidency in July.
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