Today in crypto, cryptocurrency exchange-traded products (ETPs) experienced continued outflows for a fourth consecutive week, totaling $876 million. Leading the outflows were Bitcoin ETPs, which saw $756 million exit, while Ether ETPs lost $89 million. The negative trend in sentiment has raised concerns within the market. In regulatory news, Utah’s Senate passed a Bitcoin bill that allows citizens basic custody protections and the right to mine Bitcoin but removed a significant provision that would have established a state-controlled Bitcoin reserve. This bill is now awaiting the governor's approval. Additionally, Changpeng 'CZ' Zhao, co-founder of Binance, urged Elon Musk to ban automated bots on social media platform X, noting their disruptive influence on user interaction and potential for scams. Overall, the crypto ecosystem is feeling the impact of increasing outflows and evolving regulatory frameworks.

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