Odaily Planet Daily reports that investors withdrew over $500 million from BlackRock's iShares Bitcoin Trust, marking the largest single-day outflow since the fund's inception. Data shows that the exchange-traded fund saw a net outflow of $523 million on Tuesday, marking the fifth consecutive day of net redemptions and setting a new all-time high. (Jinshi)

Odaily Planet Daily reports that despite significant divisions among Federal Reserve policymakers ahead of their December meeting, Standard Chartered Bank says this is unlikely to prevent the Fed from continuing to cut interest rates, warning that weak expectations for the labor market will continue to dominate monetary policy. Steve Englander, Global Head of G10 FX Research and North American Macro Strategy at Standard Chartered, stated in a recent report: “We maintain our view that the FOMC will cut rates in December, primarily because we believe that the employment data for September-November is likely to be very weak, which should be enough to push Fed centrists towards the rate-cutting camp.” (Jinshi)

According to two sources familiar with the matter, Apex Group, a financial services provider with over $3 trillion in assets under management, is set to acquire Globacap, a London-based investment platform with a US-regulated brokerage license. This acquisition would help Apex advance its regulated fund tokenization project in the US, as professional investors' interest in blockchain-based real-world assets (RWAs) continues to grow. In March, UK-based cryptocurrency exchange Archax announced its intention to acquire Globacap's US division. However, according to a recent report citing sources, that deal fell through, and new bidders have emerged. (CoinDesk)

According to Berenberg economist Atakan Bakiskan, stablecoins are unlikely to grow to a level sufficient to absorb significant amounts of US government debt or compete with bank deposits. Because the Genius Act prohibits issuers from paying interest, stablecoins cannot compete with interest-bearing bank accounts, thus reducing their attractiveness. Furthermore, if funds flow from deposits to government-backed stablecoins, banks' ability to lend or purchase government bonds may decline.

According to Reuters, US senators are scheduled to question Michael Selig on Wednesday about his reform plans regarding cryptocurrency regulation and election prediction. Selig is President Trump's nominee for chairman of the CFTC. Selig is currently the chief legal counsel for the SEC's cryptocurrency task force and an advisor to Paul Atkins, the Republican chairman of the Securities and Exchange Commission appointed by Trump. If Congress passes a bill called the CLARITY Act, the Commodity Futures Trading Commission, which regulates the commodity derivatives market, will play a more active role in the regulation of the cryptocurrency industry. Selig is expected to be questioned about the CLARITY Act, as well as how the CFTC will cooperate with the SEC and how it will regulate markets that allow Americans to bet on election results and other events. The CFTC is traditionally led by five bipartisan commissioners nominated by the president. Currently, the agency has only one commissioner, Republican Caroline Pham, who also serves as acting chairman. Pham has stated that she will leave the agency once Trump's nominee for chairman is confirmed.