Finance

Here’s what happened in crypto today

Authorities in Germany have seized roughly 50,000 Bitcoin (BTC) as part of an investigation into pirated materials going back to 2023. Meanwhile, Coinbase will start charging conversion fees for monthly volumes above $75 million starting Feb. 5, and daily inflows into Fidelity’s spot Bitcoin exchange-traded fund (ETF) outstripped the Grayscale Bitcoin Trust’s outflows on Jan. 29 in a sign of potential “shifting” tides for the newly launched Bitcoin ETFs. 

Germany seizes 50,000 BTC

German state authorities have confiscated roughly 50,000 BTC as part of a broader investigation into alleged copyright violations.

In a Jan. 30 announcement, the Saxony police said the seizure was connected to two German and Polish nationals, who purchased the Bitcoin with proceeds from pirated material. The seized funds are worth more than $2.1 billion at current prices.

“The Bitcoin were seized after the accused voluntarily transferred them to official wallets provided by the [police],” the authorities said. “This means that a final decision has not yet been made about the utilization of the Bitcoin.”

Germany isn’t the only government to seize Bitcoin. According to data from Glassnode, the United States has seized a total of 210,429 BTC connected to various crimes.

Coinbase to soon charge conversion fees above $75 million monthly volume

The largest United States-based crypto exchange, Coinbase, has introduced commission fees for conversions from USD Coin (USDC) to U.S. dollars exceeding $75 million. An exception will be made for Tier 1 and Tier 2 Coinbase Exchange Liquidity Program members.

The announcement of conversion fees appeared on the Coinbase help page on Jan. 30. According to the page, Coinbase will begin assessing the fees based on a rolling 30-day period, starting Feb. 5

Coinbase’s revised net conversion fee structure. Source: Coinbase

As explained in the announcement, net conversion is calculated by subtracting the total dollars-to-USDC conversion volume from the total dollars-to-USDC conversion volume over the past 30 days.

Fidelity Bitcoin ETF inflows offset GBTC’s softening outflows

Fidelity’s spot Bitcoin ETF reportedly managed to pull in $208 million in daily inflows on Jan. 29, outstripping outflows from the Grayscale Bitcoin Trust (GBTC) for the first time outside their launch day.

According to Farside Investors, the Fidelity Wise Origin Bitcoin Fund raked in $208 million in inflows on Jan. 29, compared with the $192 million outflowed from the GBTC — the lowest daily outflows outside of its relaunch, according to BitMEX Research.

The latest GBTC outflows mark a nearly 25% drop from $255 million on Jan. 26 and a 70% drop from the fund’s peak daily outflows of $641 million on Jan. 22.

It’s also the second-lowest outflow day for Grayscale’s fund, besides the $95 million that left the fund on Jan. 11 — the day it was converted to a spot ETF.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.