The Daily: Bitcoin ETFs' longest 2025 inflow streak exceeds $1 billion, CoreWeave nets $1.5 billion in below-target IPO and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

It's Friday! With just a few days to go, and despite the hopes and dreams of a banner year coming into 2025, bitcoin still looks set to suffer its worst Q1 close since 2020 as the latest inflation data weighs heavy on market sentiment.

In today's newsletter, U.S. spot Bitcoin ETFs' 10-day inflow streak surpasses $1 billion, former crypto miner CoreWeave nets $1.5 billion in a below-target IPO, HashKey and Bosera are set to launch tokenized money market ETFs in Hong Kong and more.

Meanwhile, our Editor-in-Chief, Tim Copeland, takes a look at 25 key crypto hires, promotions and exits in March's hiring roundup , brought to you by Campus , The Block’s newest crypto hiring tool.

Let's get started.

Bitcoin ETFs' longest yearly inflow streak exceeds $1 billion

U.S. spot Bitcoin ETFs extended their positive streak to 10 days on Thursday — the longest this year and since 15 consecutive days of net inflows across November and December.

• The ETFs added another $89 million on March 27 to a run that now totals over $1 billion, albeit a far cry from the peak period of demand when they were registering that amount in just a day.
• Fidelity's FBTC led the daily inflows, adding $97.1 million, while BlackRock's usually dominant IBIT brought in a more modest $4 million.
• However, Invesco's BTCO and WisdomTree's BTCW attracted net outflows of $7 million and $5.1 million, respectively, according to data compiled by The Block.
• "This suggests that while institutions are not aggressively risk-on, there is still demand for bitcoin exposure in the market," Presto Research analyst Min Jung said.

• Investors have regained some confidence in the belief that President Trump's tariffs won't be as strong as feared, though the unfolding policy drama continues to weigh on the market.

• Meanwhile, the U.S. spot Ethereum ETFs witnessed a further $4.2 million in net outflows on Thursday. "This contrast highlights a clear difference in investor conviction between Bitcoin and Ethereum," Jung said.

CoreWeave nets $1.5 billion in below-target IPO

AI hyperscaler CoreWeave raised $1.5 billion in a downsized initial public offering , Bloomberg reported Thursday, citing an anonymous source with knowledge of the matter, well below its previous $2.7 billion target.

• The New Jersey-based company sold 37.5 million shares at $40 each, down from its prior plan to sell 49 million shares at $47 to $55 a piece following the stock market decline and worsening volatility.
• The firm originally eyed an even higher target of raising $4 billion at a $35 billion valuation via the IPO.
  CoreWeave's shares debuted on the Nasdaq on Friday under the ticker CRWV, with a valuation of around $23 billion on a fully diluted basis.
• Founded in 2017, CoreWeave transitioned from crypto mining to AI after Ethereum's shift to proof-of-stake in 2022. It also has a 12-year, multi-billion dollar deal with bitcoin miner Core Scientific to use some of its infrastructure for AI operations.

HashKey and Bosera to launch tokenized money market ETFs

Crypto financial services firm HashKey and asset manager Bosera plan to launch tokenized shares of two existing money market ETFs in April under the Hong Kong Monetary Authority's "Project Ensemble" sandbox initiative — in what they claim to be a world first.

• The tokenized shares of Bosera's HKD Money Market ETF and USD Money Market ETF were approved by the Hong Kong Securities and Futures Commission ahead of the announcement.
• HashKey will use its exchange as the primary distribution channel for the tokenized ETFs, offering direct exposure to high-quality money market instruments, the company said, giving DeFi investors another tool to balance their yields to mitigate market risk.
• The firms previously teamed up to launch spot Bitcoin and Ethereum ETFs in Hong Kong in April 2024.

NYAG and Galaxy Digital settle LUNA lawsuit for $200 million

New York Attorney General Letitia James and Mike Novogratz's Galaxy Digital have agreed to a $200 million settlement over alleged violations in promoting the doomed LUNA cryptocurrency.

• Galaxy agreed to pay the $200 million figure over three years to end the case — but the firm neither admitted nor denied the alleged violations.
• The crypto asset manager allegedly masked its multi-million dollar exit strategy while publicly promoting LUNA as a promising investment to U.S. persons, contributing to the token's collapse.
• "While Novogratz posted pictures of his [LUNA] tattoo and expressed his Luna bullishness to the public, Galaxy sold millions of tokens into the market at many multiples of its initial cost without disclosing that it was selling," the settlement said.
• The Terra ecosystem, including LUNA and algorithmic stablecoin UST, collapsed in May 2022, leaving behind a $40 billion hole and bankrupting several crypto firms like BlockFi and 3AC.

Terraform Labs to open crypto creditor claims portal on March 31

Terraform Labs, the defunct blockchain company behind that $40 billion collapse of TerraUSD and LUNA in 2022, will open its crypto creditor claims portal on March 31 , with a deadline for submissions set for April 30.

• To file a claim, creditors must provide proof of ownership of their crypto holdings, including wallet addresses for natively held assets and read-only API keys for crypto held on centralized exchanges.
• The company previously estimated it could repay between $185 million and $442 million to creditors as part of its reorganization plan after filing for bankruptcy protection in January 2024.

Looking ahead to next week

• Eurozone CPI inflation figures are released on Tuesday. U.S. jobless claims data are due on Thursday. U.S. nonfarm payroll numbers follow on Friday.
• ECB President Christine Lagarde will speak on Tuesday. U.S. Federal Reserve Chair Jerome Powell speaks on Friday.
• Celo, Optimism, 1inch, Sui and dYdX are all set for token unlocks.

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