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The initial trading day for the new spot Bitcoin ETFs witnessed an impressive $4.5 billion in volume, exceeding initial forecasts. BlackRock's iShares Bitcoin Trust was a major player but ended the day 4.6% lower. Grayscale's Bitcoin Trust experienced a historic trading volume, reaching 56 million shares. Hashdex's Bitcoin ETF, which is set to transition from a futures to a spot BTC fund, will increase the total count of U.S. Bitcoin ETFs to 11 upon completion. This article serves as informational content and should not be considered financial advice.
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The Aave community is voting to integrate PayPal's PYUSD stablecoin into its Ethereum pool, with 99.98% of AAVE token holders currently in favor. The stablecoin, issued by Paxos Trust Company, has a market cap of $289 million. Aave, a major decentralized finance protocol with nearly $5 billion in crypto assets, seeks to enhance its offerings and build a stronger relationship between PYUSD and its own stablecoin, GHO. Trident Digital, which proposed this integration and incentivizes the PYUSD/USDC pool on Curve, plans to contribute $5-10 million in liquidity for PYUSD on AAVE. They aim to generate organic borrowing demand for PYUSD on AAVE through high yields on Curve, without direct incentives on AAVE.