PAC FINANCE suffered a liquidation of $24 million due to a sudden change in parameters. The Hong Kong Bitcoin and Ethereum ETFs are expected to be approved as early as April 15th. The governments of the United States, United Kingdom, Germany, and El Salvador hold billions of dollars worth of cryptocurrency assets. Leading blockchain investment research institution, Top Warehouse, announced the closure of its Chinese operations. The Bitcoin spot ETF saw a total net inflow of $91.27 million, while the Grayscale ETF GBTC experienced a net outflow of $124 million in a single day.

ARKM

1. Pac Finance was liquidated due to a sudden change in parameters, resulting in a loss of $24 million. On April 11th at 9:06, a Pac Finance developer wallet called a function on its PoolConfigurator-Proxy contract to set the LTV of ezETH to 60%. Pac Finance responded by acknowledging that the parameter modification caused the liquidation issue and is currently contacting affected users. To adjust the LTV, they have entrusted a smart contract engineer to make the necessary changes. However, Pac Finance discovered that the liquidation threshold was unexpectedly changed without prior notification to the team, leading to the current problem.

2. Bloomberg: Hong Kong Bitcoin and Ethereum ETFs expected to be approved as early as April 15th. Hong Kong is expected to approve exchange-traded funds (ETFs) that directly invest in Bitcoin and Ethereum as early as Monday (April 15th). Informed sources indicate that issuers such as CSOP Asset Management and Bosera Funds are expected to obtain approval for these types of physically-backed crypto ETFs. It is worth noting that the timetable is yet to be confirmed and may still change at the last minute.

3. Arkham: The US government holds approximately $15.27 billion worth of crypto assets, including 212,847 BTC (approximately $15.07 billion) and 45,654 ETH (approximately $161 million), among others. The UK government holds 61,245 BTC, valued at approximately $4.34 billion. The German government holds 49,859 BTC, valued at approximately $3.53 billion. The Salvadoran government holds 5,718 BTC, valued at approximately $405 million. Except for El Salvador's active purchase, the mentioned countries' crypto assets are mostly seized.

4. Blockchain investment research firm Top Warehouse announces closure of its Chinese operations. Top Warehouse, a blockchain investment research firm, has announced the closure of all its Chinese operations. Subscribers who have subscribed and are still within their subscription period can submit withdrawal requests through the official website until March 29, 2024. Top Warehouse stated that due to policy changes and perennial financial losses, they have made the decision to fully withdraw from the Chinese market and seek overseas development.

5. Bitcoin spot ETFs had a total net inflow of $91.27 million yesterday. Grayscale's ETF GBTC experienced a net outflow of $124 million in a single day, bringing its historical net outflow to $16.11 billion. The Bitcoin spot ETF with the highest net inflow in a single day was BlackRock's ETF IBIT, with a net inflow of approximately $192 million.

Major Events in Cryptocurrency: PAC FINANCE Liquidation, Approval of Hong Kong Cryptocurrency ETF, and Disclosure of Government-held Assets