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Trump’s World Liberty Financial token crashed and burned

Former United States President Donald Trump’s token launch was something of a flop.

On Oct. 16, former United States President Donald Trump launched his World Liberty Financial (WLFI) token. The token’s website claimed it would allow investors to gain voting rights over a future decentralized finance (DeFi) protocol. 

However, after nearly a full day of trading, the token’s sales were tepid. As of 10:00 am UTC on Oct. 17, the token’s website showed that only 848.63 million WLFI ($12.7 million worth based on the presale price) had been sold, leaving an additional 19.1 billion coins ($287 million) unsold. The amount sold on the first day constituted just 4.24% of the total.

A few reasons may explain why the token flopped. Unlike most cryptocurrencies, WLFI cannot be transferred from one wallet to another. This means that accredited investors cannot sell the token to non-accredited ones, nor can anyone outside of the US sell it to a US resident.

Furthermore, despite selling only a few hundred million tokens, the website could not handle even this small amount of traffic. Some users reported that they were met with a “this page isn’t working message” when they attempted to buy tokens.

US spot Bitcoin ETFs see $556M inflows in biggest day since June

United States spot Bitcoin exchange-traded funds (ETFs) saw their biggest one-day inflow in over four months, with more than half a billion dollars in inflows. 

The 11 ETFs saw aggregate net inflows of $555.9 million on Oct. 14, their largest daily net inflow since early June, according to data from Farside Investors. The big day came as Bitcoin hit a two-week high of $66,500 in late trading. 

The ETF Store President Nate Geraci called it a “monster day” for spot BTC ETFs, adding that they were now approaching $20 billion in net inflows over the past 10 months. 

“Simply ridiculous and blows away every pre-launch demand estimate,” he said in an…

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