Spot Bitcoin ETFs See Record $1B in Net Inflows; Ethereum's 'Dencun' Upgrade Goes Live

Bitcoin reverses its decline and the US government deems that no NFT specific legislation is needed for now. You're watching Coin Desk Daily. I'm your host, Jen Sasi Bitcoin reversed Tuesday's decline to climb up above $73,000. Today. Some observers saying that Bitcoin's price behavior suggests that institutional investors are leading market activity. The gains followed a record day of ETF inflows in terms of dollars and Bitcoin data tracked by bit. Research shows that spot Bitcoin ETF S took in over a billion dollars worth of net inflows on Tuesday, surpassing the February record. Bitcoin is at around $72,000 as of 10 a.m. Eastern time and the Coin Desk 20 index is relatively flat at 2736 Ethereum Blockchain has successfully completed the DCU upgrade. The upgrade is designed to usher in a new era of cheaper fees for the growing array of auxiliary networks that operate on top of Ethereum known as layer two roll ups. The DK upgrade has been planned for years but it was delayed due to some engineering concerns. Since then, developers have tested the package on three separate networks and most of those ran smoothly. Ether is at just below $4000 as of 10 a.m. Eastern time. And the US government has concluded that no NFT specific legislation is needed. A 112 page government study found that current intellectual property laws are adequate to deal with concerns about copyright and trademark infringement associated with FTS. The stakeholders said they don't believe changes are needed at this time and that any NFT specific legislation might be premature. That's a wrap for coin desk daily today. Get more updates on coindesk.com and we'll see you next time.