Bitcoin Price Hands Profit to Short-Term Holders Amid Key Market Movements

 BitFlyer Acquires FTX Japan to Launch Crypto-Based ETFsBitFlyer Holdings has acquired 100 per cent of the outstanding shares of FTX Japan, hence making it a fully-owned subsidiary. On the other hand, the acquisition is expected to enhance BitFlyer’s plans for the launch of crypto-based ETFs and crypto custody solutions targeting institutional investors, as stated on July 26 by CEO Yuzo Kano.FTX Japan was previously a sister company of the infamous exchange FTX that collapsed in November 2022, wiping out $8.9 billion worth of users’ funds. BitFlyer aims to promote itself as an industry infrastructure player, touting security technology to hold the physical BTC backing the ETFs safely.He further went on to add that Japan is on the verge of launching its first crypto ETFs, citing how ETFs drove investment into Bitcoin in the United States. Institutional funds started pouring in at an accelerated pace after the listing of the Bitcoin ETFs, and such a trend could play out in Japan.On the other hand, Franklin Templeton is establishing a new crypto ETF management firm via its partnership with SBI Holdings. It plans to launch Japan’s first spot crypto ETF if regulators allow this diversified array of investment products. This is weeks following the launch of the United States’ first spot of Ether ETFs on July 23.

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