News

BlockBeats News, November 27, according to Cointelegraph, holders of BlackRock's spot bitcoin ETF IBIT have returned to profitability after bitcoin rebounded above $90,000, indicating that the sentiment of one of the key investor groups driving the market this year may be shifting. Arkham data shows that the cumulative profit of holders of BlackRock IBIT, the largest spot bitcoin fund, has recovered to $3.2 billion. Arkham stated: "At the peak of their profits and losses on October 7, holders of BlackRock IBIT and ETHA were collectively almost $40 billion in profit, but this figure dropped to $630 million four days ago. This means that the average cost of all IBIT purchases is now nearly at break-even." As ETF holders are no longer under pressure, the pace of bitcoin ETF sell-offs may continue to slow down. Since the recorded net outflow of $903 million on November 20, the situation has significantly improved.

BlockBeats News, November 27, Aave founder and CEO Stani.eth posted that "HM Revenue & Customs has published the results of its consultation on the taxation of DeFi activities (including lending and staking) in the UK. A particularly interesting conclusion is that when users deposit assets into Aave, the deposit itself is not considered a disposal for capital gains tax purposes, thus creating a no gain, no loss approach. This is a major victory for UK DeFi users who wish to borrow stablecoins using cryptocurrency as collateral." We advocate for DeFi and ensure that the tax treatment of interactions with lending protocols reflects economic reality: users who borrow against collateral to meet liquidity needs do not intend to dispose of their assets. We fully support this approach and hope these changes will be reflected in UK tax law as soon as possible."