Fintonia Launches Two Bitcoin Funds For Professional Investors in Singapore

To cater to the rising demand for digital asset funds, the Singaporean fund manager Fintonia Group has announced the launch of two institutional-grade funds tracking the performance of the world’s largest cryptocurrency.

Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund are the two new products offered by the financial services firm regulated by the Monetary Authority of Singapore (MAS).

Fintonia’s New Bitcoin Offering

According to the report, the two institutional-grade products essentially focus on professional investors exploring long-only, passive exposure to Bitcoin (BTC). The Fintonia Bitcoin Physical Fund is dedicated to institutional investors looking for direct exposure to the cryptocurrency.

It would enable this cohort of market players to purchase, store, and sell large amounts of BTC. As per Fintonia founder and chairman Adrian Chng, the fund in question “acquires physical Bitcoin.” This means that the firm will purchase the actual Bitcoin instead of a derivative instrument on the cryptocurrency.

On the other hand, the Fintonia Secured Yield Fund targets those investors who are looking for access to private loans secured by Bitcoin. Needless to say, Bitcoin is an asset that has not only managed to capture the imagination of investors, both big and small but has also positioned itself as an excellent form of collateral for loans. While citing some of its features such as 24/7 trading and high liquidity, the exec added,

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“If required, it can be quickly liquidated in comparison with, for example, commodities and real assets.”

Besides, it is important to note that the two funds depend on a third-party licensed custodian storing users’ crypto-assets on cold wallets. In this way, Fintonia aims to insure clients’ crypto investments against potential theft and hacking.

A Triple-Digit Million Score?

Fintonia is optimistic about the latest launch and expects both Bitcoin funds to hit “triple-digit millions” within the first year itself. Considering the current market scenario of increasing investor appetite for Bitcoin and crypto in general, Fitonia’s target may come true.

Additionally, the sentiment around digital asset funds dedicated to Bitcoin (BTC) and Ether (ETH) has remained unfazed despite the slew of corrections, according to CoinShares.

The weekly inflows for crypto investment products, including exchange-traded funds (ETFs), increased to $154 million for the week ending November 20. In short, institutional investors do not seem particularly concerned about the pullbacks in the market. Instead, they are exploring more ways to engage with Bitcoin safely and effectively.

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Market Analysts Explain Why This Correction Is Good For Bitcoin

The recent bitcoin correction down from its all-time high has had the market in a panic in the past week. However, not everyone has seen it as a bad omen. The digital asset’s price had gone down below $60,000 causing investors to believe the bear market had arrived. Mostly, small-time investors had been hit the most by panic as sell-offs happened through the space.

Nevertheless, the correction was bound to happen following the incredible run that bitcoin had. Market corrections are always normal and expected after a bull rally but market analysts have pointed out that this particular correction could have some positive implications for the digital asset going forward.

Related Reading | Bitcoin Whale Wallet Containing 1,299 BTC Activates After Eight Years

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Be Grateful For The Slump

Analysts at BOOX Research recently released their analysis of the market and shared thoughts surrounding current market conditions. The analysts explained that the correction was good for the digital asset. This type of slump is important for a “healthy” market and bulls should be grateful for it, the analysts said.

The recent sell-off has not been bad for the market and although bears believe that bitcoin had already seen its top, this is not true. BOOX Research analysts further explained that the market is nowhere near the “crypto winter” despite its 20% downward retracement. Further stating that the fact that the digital asset had held above $50,000, which is an important psychological level for bitcoin, shows that it is still going strong.

Bitcoin price chart from TradingView.com

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BTC dip continues | Source: BTCUSD on TradingView.com

The analysts pointed out that a major pullback would have been witnessed if the price had broken below $50,000, leading to a $30,000 retest. However, it would take something impactful, like an “unforeseen major regulatory setback” for the asset to break below this level.

Bitcoin Headed For $100,000

Analysts at BOOX Research have echoed a widely held prediction in the crypto space. That is, bitcoin at $100,000. The analysts put the digital asset at this price point in 2022 but not without a bit of a hurdle. In their report, they state that the digital asset would have to first break above $60,000, which would set it up for an all-time high retest. Additionally, the asset is expected to accelerate towards $75,000 until it touches $100,000 next year.

“Bitcoin has made several key pivots around $50,000 going back to February of this year. We expect the bulls to put up a strong fight and hold that line if it gets down there, which could be a good spot to add to positions.”

Related Reading | JPMorgan Lists Ethereum As A Better Investment Than Bitcoin

For the pioneer digital asset, the pullback has done for good for it. Prices have stabilized somewhat – as stable as they can be for the highly volatile crypto market – setting the asset up for another bounce above $60,000. Bitcoin had recovered back up to $59,000 on Thursday and indicators point to a continuation of the bull rally.

Featured image from Republic World, chart from TradingView.com

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El Salvador Buys the Dip—Again

Key Takeaways

  • El Salvadorean president Nayib Bukele revealed that the country purchased 100 BTC (worth roughly $5.4 million) today.
  • The purchase brings the country’s total holdings up to 1,220 BTC, or roughly $66 million at current prices.
  • While El Salvador has many plans for Bitcoin, it has also attracted backlash from international finance leaders.




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Nayib Bukele, President of El Salvador, announced Friday that the country had purchased another 100 BTC. President Bukele made the announcement on Twitter on a day that crypto prices were down across the board.

“Buying the Dip”

“El Salvador just bought the dip,” Bukele wrote in a tweet. “100 extra coins acquired with a discount.”



The price of Bitcoin fell today by almost 8% to $54,239, a low not seen since early October. At that price, El Salvador’s 100 BTC purchase would be worth more than $5.4 million.

El Salvador declared Bitcoin legal tender in September and purchased it in several batches, beginning with 200 BTC on Sep. 6. Weeks later, it bought another 150 BTC. It then bought 420 BTC on Oct. 28, citing bargain prices each time. Other intermittent additions brought its total holdings up to 1,120 BTC, an amount that is currently worth over $66 million.


The State of Bitcoin in El Salvador

Bitcoin became legal tender on Sept. 7, allowing citizens to download El Salvador’s official wallet and receive $30 of free Bitcoin. El Salvador now aims to build the world’s first Bitcoin city using Bitcoin-backed bonds, a plan announced earlier this week. The country also has plans to spend Bitcoin profits on building schools.

However, the country has attracted criticism from various finance leaders. The International Money Fund (IMF) warned El Salvador against using Bitcoin earlier this month. Yesterday, Bank of England governor Andrew Bailey expressed similar concerns.

Disclosure: At the time of writing, the author of this piece owned less than $100 of Bitcoin, Ethereum, and altcoins.



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Hackers Are Breaking into Cloud Accounts to Mine Crypto: Google

A Google Threat Horizon Report published earlier this week has raised concerns over hacked cloud accounts being used to mine cryptocurrency

“Malicious actors were observed performing cryptocurrency mining within compromised Cloud instances,” the report said. It added that of 50 recent examples, 86% of cases showed that hackers were mining cryptocurrencies with the accounts. 

The report, published by the Google Cybersecurity Action Team, intends to “provide actionable intelligence that enables organizations to ensure their cloud environments are best protected,” Google said. 

According to the report, the two common goals behind this activity involve “obtaining profit” and “traffic pumping.” 

Other cyberthreats that were identified included malware, hosting unauthorized content on the internet, spam, and launching DDoS bots. 

Google, crypto, and the “threat horizon” 

Google’s Threat Analysis Group sounded similar alarms last month when it warned of hackers breaking into YouTube accounts to spread cryptocurrency scams. 

“The channel name, profile picture, and content were all replaced with cryptocurrency branding to impersonate large tech or cryptocurrency exchange firms,” Google said at the time. 

The Group added that hackers would live stream videos that promised cryptocurrency giveaways in exchange for contributions first. 

These malicious actors were also Russian speakers, according to Google. 

“The actors behind this campaign, which we attribute to a group of hackers recruited in a Russian-speaking forum, lure their target with fake collaboration opportunities,” Google added. 

If Russian, this would not have been the first time Russia was embroiled in a crypto-related scandal either. 

Earlier this year, Russia’s world-famous skyscraper—Vostok—was found to house a plethora of cybercriminal activity in the heart of Moscow.

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OKEx shared insights on trading, regulation, DeFi and more during recent Markets Pro AMA

Founded in 2017, OKEx is a centralized cryptocurrency exchange based in Seychelles. According to CoinGecko, OKEx is the world’s third-largest cryptocurrency brokerage, with nearly $12 billion in trading volume within the past 24 hours. The exchange lists 312 coins and 518 cryptocurrency trading pairs.

It’s often difficult for new cryptocurrency enthusiasts to navigate the complex world of trading and finance. OKEx seeks to bring such sophisticated trading methods to everyday users’ disposal by building simple user interface. During an exclusive ask me anything, or AMA, session with Cointelegraph Markets Pro Users, OKEx staff discussed trading tools, financial regulation, the OKExChain (OEC) blockchain, meme coins, and DeFi offerings on the OKEx platform.

Cointelegraph Markets Pro User: How can someone benefit from bots / API [Application Programming Interface] trading with no coding experience? Does OKEx have any partnerships fully integrated?

OKEx Staff: TLDR [Too Long, Didn’t Read], you do NOT need to have any coding experience to automate trades with the trading bot on OKEx. We make it really easy for you to set the trading bot up — it’s integrated into the OKEx trading dashboard. you can basically go fully automated by choosing the AI option and just setting the order amount in USDT. OR you can manually set your parameters, including the upper and lower price limit for the asset you want to trade.

So the bot is essentially an auto-trading tool with pre-set parameters. Trading bots can maximize profit potential, especially in times of range-traded market. So with a trading bot, like the one we have on OKEx, it will be more profitable if the market you choose goes up (selling), then down (buying), then up, down, etc. rather than just up, up, up. The trading bot on OKEx is available for all spot trading pairs, which means you can buy and sell ETH, in and out of BTC, for example. A trading bot video tutorial is coming soon! next week likely but here’s the written tutorial. And Here’s what it looks like in the UI [User Interface]. You don’t need to API/coding experience in order to execute such a powerful and automated strategy. 

OKEx trading interface | Source: OKEx

Trading bot profit and loss | Source: OKEx

CT Markets Pro User: How do you think the India crypto ban will impact the crypto space?

OKEx staff: I think for India, the regulator would like to have a more comprehensive framework in regulating crypto instead of banning it. History told us when crypto is allowed and regulated – it can even be stronger. The India ban is unlikely to have any major impact on the market. Crypto has become quite resilient to such news developments over the past couple of years. 

CT Markets Pro User: Cryptocurrencies have pretty high beta [volatility]. Do you guys use the same financial model (I.e. Black Scholes) as stocks to price crypto derivatives?

OKEx staff: Our option market uses the Black Scholes model to compute mark price (fair value of the specific contract). And for risk management, we are using a SPAN-like scenario stress-tester (like CME) to calculate the max loss of the client’s portfolio.

CT Markets Pro User: I recently heard some developments with the OKExChain; what’s going on with that?

OKEx staff: Yes, the rumors are true! [The trading chain] It’s called OEC, the mainnet was launched this summer. a little bit about OEC — it’s an EVM [Ethereum Virtual Machine] compatible public blockchain that uses Cosmos / Tendermint architecture. OKEx has been quietly developing OEC for several years to make it as robust as possible and to address the blockchain trilemma . As opposed to being an Ethereum clone, it’s being built from the ground up . For more in-depth info on OEC, you can read this, but it’s not light reading.

CT Markets Pro User: What is the OKEx DeFi Hub? What products and services are currently offered and the best staking opportunities?

OKEx staff:  DeFi is a new mode on OKEx. You can toggle between “Exchange” mode and “DeFi” mode on okex.com or in the app. It’s basically like a bridge between the worlds of CeFi and DeFi — OKEx brings DeFi to you in one cohesive interface. First of all, you don’t have to have an OKEx account to use the DeFi mode. You connect your Web 3.0 wallet, you can track wallets and see all your DeFi assets in one place. At the moment, DeFi mode (which launched this fall) currently consists of our very own NFT Marketplace, GameFi center, and Dashboard, where you can view all of your decentralized assets, including your NFTs. But there’s more coming soon! OKEx provides a bespoke Web 3.0 wallet that you can conveniently use via the browser extension (Chrome or Firefox) or directly in the OKEx app. Currently, staking, savings, and yield-farming offers are only available on OKEx Earn, via our centralized platform, that’s all I can say for now:)

CT Markets Pro User: I’d appreciate your views on multi billion $$ meme coins and whether they serve as a viable source of inflow to crypto, or are they ticking time bombs ready to destabilize the market if and when they pop. Meaning is there truly room in a rational crypto market for these coins?

OKEx staff: Good question! Yes, meme coins are definitely acting as gateways for non-native crypto investors/traders due to their accessibility. There is a definite possibility of these coins sliding sharply in the future, but I wouldn’t go so far as to say they can destabilize the market at this point. Their speculative nature is out there for all to know, and these coins don’t take themselves too seriously, which means investors are somewhat aware of the risks. Moreover, the top meme coins, such as DOGE and SHIB, have actually cemented themselves reasonably well by now. We actually did an episode on meme coins on our podcast. Here is a link to that for the full discussion.

CT Markets Pro User: How does OKEx integrate with the play-to-earn games? 

OKEx staff: At the moment, the GameFi center on okex.com is a play-to-earn game aggregator. So you can find all the latest and most popular blockchain games there. You can easily filter by blockchain network and we feature games on over 20 different networks, including games exclusively built on OEC (the public blockchain developed by OKEx, which i explained above). Each game listed on OKEx GameFi has its own page the tells you all about the game, the price history of the in-game asset(s) and other key info. We also include the link directly to the game’s site so you can go play it — most play-to-earn games are played in-browser. Here’s a fun spacey game built on OEC.

CT Markets Pro User: How would you comparecontrast Okex with, say, Coinbase? What makes OKEX stand out in a world with so many exchange choices?

OKEx staff: OKEx is an advanced trading platform that offers derivatives (options, futures, perp swaps), trading bots, margin trading, and a vast number of tokens. Plus, we recently launched a DeFi mode with decentralized offerings, such as NFTs and crypto games, and a handy dashboard to manage all your DeFi assets. Our line of services, ranging from highly liquid trading markets to staking/farming options, are aimed at catering to traders and investors of all levels.

Other than DeFi mode, the trading bot mentioned earlier and our new portfolio margin mode are a couple of examples of how we continue to push forward with services and tools that facilitate crypto market participants. OKEx is the first platform to offer true portfolio margin with multi-currency collateral risk offset — this is a huge plus for professional traders trading large portfolios, specifically options/other crypto derivatives because it lets them heavily reduce margin requirements.

CT Markets Pro User: Where do you see the total crypto market cap going in one year, five years? What market segment is undervalued right now? Identity? Meta? Layer1?

It’s hard to say any exact numbers, but it seems like the charts go up and to the right! However, market participants will do well to keep tabs on monetary policy changes in the next year. Personally, I think that Web 3.0/digital identity/metaverse projects are undervalued compared to where they (or at least some) will be in a few years. We talked a lot about this with some great guests on last week’s episode of our podcast.

Disclaimer: The following market predictions were made before of onset of news of a novel coronavirus variant negatively impacted capital markets worldwide on Nov. 26. They may not be applicable in today’s environment and should not be regarded as investment advice.

CT Markets Pro User: Do you guys think that [Bitcoin price] $69K was the top? Is there still a chance for another alt season in the next couple of months?

OKEx staff: $69k is the top or not is a matter of time frames, in my opinion. On-chain metrics, such as exchange flows and balances, indicate that the last all-time high ($69K) is very unlikely to be the top for this cycle. That being said, BTC is also not likely to move straight up, even if most metrics are bullish. This is because of the way the market has matured and the increasing diversity of market participants as well. Matured in the sense that there is a difference in market composition from 2013 to 2017 and 2021. A lot more “serious” investors and institutional involvement and futures from CME, for instance, and the ETF [Exchange Traded Funds]. 

The bigger a market gets, the slower it moves and the less volatile it becomes. However, the next few months, especially Q1 2022, should be interesting to observe as we may see this bullish cycle extend into the next year instead of ending in December. If that happens, we will definitely see another alt season.

I think we are already starting to see something of a meme season/metaverse season at the moment. Obviously the news from Facebook going all-in with the metaverse spurred on that side of things, but the decentralized metaverse is definitely seeing new capital inflow. In my view, the market cycles through sectors; for instance, we are currently seeing metaverse trending but could see other lagging categories start catching up as long as BTC remains bullish/doesn’t slide too sharply. Generally, if the market looks strong, everything is going to rise sooner or later. We can see there is a consistent inflow from institutional money. Equity balance on institutional flow is steadily increasing. Hard to tell with regards to buying Ethereum, though, since they trade everything and all have different types of strategies.

The BTC exchange net position change metric, for instance, is still not showing signs of the current price, or the last ATH [All Time High], being a top like the one we saw in May.

Bitcoin net trading position change | Source: OKEx