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💰 Bitcoin ETFs see $714.4 million outflow over four consecutive trading days
Farside data shows that Bitcoin (BTC) exchange-traded funds (ETFs) experienced another significant outflow on June 18, amounting to $152.4 million. This marks the fourth consecutive trading day of outflows; the record outflow streak is from April 24 to May 2, which spanned seven consecutive trading days. The current sequence has resulted in a cumulative outflow of $714.4 million.
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💰 Bitcoin hits one-month low as altcoin sell-off triggers $455 million crypto liquidation
Bitcoin’s (BTC) price dropped to a one-month low following three consecutive trading days of outflows from its spot exchange-traded funds (ETFs). The leading digital asset surged to $67,000 before falling to around $64,500 during early Asian trading hours. Other major cryptocurrencies like Ethereum (ETH), Solana (SOL), and Toncoin (TON) also saw significant declines, each losing over 3%.
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🪙 Tether Debuts New 'Synthetic' Dollar Backed by Tokenized Gold in Tokenization Push
Tether, the company behind the $110 billion stablecoin (USDT), debuted Monday a new token minting platform called Alloy on the Ethereum network that lets users create tokens collateralized by Tether's tokenized gold (XAUT). "Alloy by Tether is an open platform that allows to create collateralized synthetic digital assets and will soon be part of the new Tether digital assets tokenization platform, launching later this year, Paolo Ardoino, CEO of Tether," said in an X post.
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⚫️ Trezor launches new touchscreen hardware wallet with custom expert setup
Trezor has launched the Trezor Safe 5, a new flagship device with upgraded security features and a haptic color touchscreen, and the Trezor Expert, a personalized onboarding service for new users. The Trezor Safe 5 introduces enhanced security and usability for managing digital assets. This new device features a color touchscreen with the Trezor Touch haptic engine, providing a visually engaging interface.
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🟠 Binance 'relieved' as Nigeria drops tax charges against its executives
Crypto exchange Binance said it was “relieved” following news that Nigerian authorities had dropped tax charges against its executives Tigran Gambaryan and Nadeem Anjarwalla, with Binance now the sole defendant. Nigeria’s Federal Inland Revenue Service (FIRS) served and filed amended charges today, a Binance spokesperson confirmed, resulting in the tax charges being dropped. The pair still face money laundering charges in the country, alongside Binance.
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🇺🇸 CFTC Chair Rostin Behnam tells Senate agency can handle greater crypto responsibilities
CFTC chair Rostin Behnam said the agency is capable of handling additional crypto responsibilities during a hearing before the Senate Committee on Appropriations on June 13. Behnam denied the suggestion that the CFTC would be “biting off… more than it can chew” if it gained additional crypto authority. He asserted that crypto commodities fall under the agency’s responsibilities and described a gap in regulation that can be filled.
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📊 Bitwise Analysis: AI and Crypto Fusion Poised to Elevate Global Economy by $20 Trillion
Bitwise’s Senior Crypto Research Analyst, Juan Leon, predicts a transformative impact on the global economy as artificial intelligence (AI) and cryptocurrency converge, potentially adding $20 trillion to the global Gross Domestic Product (GDP) by 2030.
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💰 Polygon unveils 1 billion POL token program to boost developer engagement
Polygon, the Ethereum layer-2 blockchain, has unveiled a Community Treasury initiative funded with 1 billion POL tokens, which will be distributed over the next decade to drive developer engagement on the network. Polygon has launched the first season of its Community Grant Program (CGP), offering developers an initial 35 million MATIC valued at around $22 million. Future seasons will provide up to 100 million POL tokens as the network transitions from MATIC to POL.
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🪙 Ethereum futures funding rate volatility mirrors significant price movements
Ethereum’s futures perpetual funding rate across all exchanges has exhibited significant fluctuations, as observed in recent market trends. The perpetual funding rate, a key indicator for market sentiment and trader positioning, demonstrated volatility throughout the first half of 2024. Notably, spikes in the funding rate often coincide with notable price movements in Ethereum, suggesting shifts in market sentiment.
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🇺🇸 DOJ Charges Epoch Times Exec with Laundering $67M Using Cryptocurrency
The US Department of Justice (DoJ) indicted Bill Guan, the chief financial officer of Epoch Times, on Tuesday. The DOJ alleges that Guan was involved in an international scheme to launder around $67 million of illicit funds using cryptocurrency. From 2020 to May 2024, Bill Guan engaged in a large-scale international money laundering scheme, collaborating with others to launder approximately $67 million of illegal funds into the bank accounts of his media company and its related entities, according to the official press release by DOJ.
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JUST IN: 🇺🇸 Donald Trump calls himself a "crypto president" at San Francisco tech fundraiser.
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🪙 VanEck predicts Ethereum will hit $22,000 per token by 2030
VanEck believes Ethereum (ETH) will be worth roughly $22,000 by 2030, the asset manager said in a comprehensive analysis published on June 5. The forecast, developed by the firm’s Digital Assets Research team, led by Matthew Sigel, highlights Ethereum’s strong growth potential within both traditional and cryptocurrency-focused portfolios. VanEck’s analysis attributes the optimistic price target to Ethereum’s expanding role as a high-growth, internet-native commercial system that could disrupt traditional financial sectors and Big Tech platforms.
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🏦 Coinbase launches smart wallet with hopes of addressing crypto's 'pain points'
Coinbase is officially launching its new "smart wallet" with the hope of improving the user experience for its clients. "These next-generation wallets address the biggest pain points of the crypto experience today — complex onboarding, network fees, and recovery phrases — making the transition to onchain smoother than ever," the company said in a statement.
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💰 Bitcoin miner balances fall below 1.81 million BTC, lowest in years post-halving
Bitcoin miner balances have shown significant shifts in recent months. The balance in miner wallets has seen a steady decline since late 2023, reaching lows not seen in years, reflecting miners’ responses to the recent Bitcoin halving in April 2024. According to Glassnode data, the miner balance dropped from around 1.84 million BTC in early 2023 to close to 1.8 million BTC by May 2024. This reduction is indicative of increased sell-offs by miners to cover operational costs, likely exacerbated by the reduced block rewards post-halving.
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🟠 Ex-Binance CEO Changpeng Zhao Begins 4-Month Prison Term in California
Ex-Binance boss Changpeng Zhao (CZ) is now beginning his prison sentence after admitting guilt to charges related to facilitating money laundering through the cryptocurrency exchange he established. CNBC has verified through discussions with CZ’s legal team at Latham & Watkins that the former head of Binance has departed to serve his sentence at the federal prison known as FCI Lompoc in Lompoc, California.
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🪙 Ethereum ETF issuers working to address 'reasonable' comments from SEC by Friday: Sources
Prospective spot Ethereum ETF issuers received comments from the SEC last week regarding their S-1 forms with a deadline of this Friday to get them turned around, according to two sources. While the issuers saw their 19b-4 forms approved in May, they still need the S-1 forms to become effective before trading can begin — a process with no strict deadline. These forms are currently being reworked and sent back to the SEC for further comments before being reworked again until they’re ready.
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🇺🇸 US SEC pushes back against Ripple's efforts to lower its fines saying the firm 'is agreeing to nothing'
The U.S. Securities and Exchange Commission rebutted Ripple's push for lower fines in its case against the regulator and said circumstances were different when it set penalties for Terraform last week. Ripple, which has been in a legal battle with the SEC since 2020, compared the regulator's proposed $2 billion fine for selling to institutional investors to fines against Terraform Labs in a "notice of supplemental authority" filed to a New York district court on June 13.
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💰 T-Mobile owner Deutsche Telekom will soon mine Bitcoin in addition to running nodes
Deutsche Telekom, the German-based telecommunication provider that ranks as the largest in Europe, will soon mine Bitcoin, according to remarks made by the head of Web3 infrastructure and solutions at Deutsche Telekom-owned subsidiary T-Systems MMS at the BTC Prague conference on Friday. After Bitcoin influencer Joe Nakamoto pressed Röder for clarification, asking "So is T-Mobile mining Bitcoin?", Röder clarified, "We will."
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💰 "A government cannot operate with Bitcoin in the same way it operates with fiat… that is really the ultimate goal of Bitcoin is to just achieve that constraint on government where constitutions and voting have failed."
- Erik Voorhees
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💰 Bitcoin ETFs rebound with $100.8M in inflows
Bitcoin ETFs saw a significant turnaround on June 12, recording a $100.8 million inflow. This marks a notable recovery from two consecutive days of outflows. While inflows exceeding $100 million haven’t been a rarity for spot Bitcoin ETFs, these inflows are especially significant as they come after a substantial outflow of $200.4 million on June 11.
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💰 Cboe exec says Solana ETFs unlikely without futures market or regulatory clarity
Cboe Vice President and Global Head of ETF Listings Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely until the market and regulatory landscape changes. Marrocco said during an ETF Store podcast on June 11 that market expectations of a Solana (SOL) and XRP spot ETF are unrealistic in the short term since these cryptocurrencies do not have a futures market, which was a primary factor in the approval of spot Bitcoin and Ethereum ETFs.
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💰 Ripple acquires NYDFS-regulated custodian Standard Custody
According to a June 11 statement, Ripple has completed the acquisition of Standard Custody & Trust Company, a licensed digital asset custodian. Ripple said the acquisition brings a New York Department of Financial Services (NYDFS)-regulated trust company into its portfolio, further bolstering the number of licenses it has received in several countries, such as the US and Singapore.
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🪙 Ethereum (ETH) Emerges as Crypto Darling After SEC’s Spot ETF Nod
Ethereum witnessed its strongest week in terms of capital inflow since March, with total inflows amounting to $69 million over the past week, as per the latest stats by CoinShares. The latest influx can be attributed to the surprise decision by the US Securities and Exchange (SEC) to allow spot Ether ETFs. The improvement in investment products based on Ethereum had a significant impact on other digital asset products, attracting a staggering $2 billion. This subsequently resulted in the recent 5-week streak of inflows to $4.3 billion.
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🪙 Bloomberg analyst calls for FOIA request into SEC’s Ethereum ETF decision
Bloomberg ETF analyst James Seyffart called for freedom of information access (FOIA) requests regarding the SEC’s approval of spot Ethereum ETFs. In a June 5 KITCO interview, Seyffart said that public requests should search for “emails, calls, [and] anyone that had conversations with [SEC chair] Gary Gensler” to determine what happened during the SEC’s decision-making process. He said unused denial orders could exist due to the agency’s rapid change in stance.
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🇺🇸 SEC chair Gensler says spot Ethereum ETF launch timeline depends on applicants’ speed
SEC chair Gary Gensler said the timeline for spot Ethereum ETF launches depends on how quickly applicants respond to the regulator’s questions and comment on reasons for approvals. Past reports suggest that the SEC will comment on recently amended S-1 registrations from eight spot Ethereum ETF issuers. The applicants will then file further amendments before launching each product.
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🇨🇳 Bybit seems to open up registration and authentication to Chinese users: report
The crypto exchange Bybit seems to have enacted services in a previously restricted jurisdiction: the People's Republic of China. Bybit enabled registration and authentication services for users in China, allowing them to provide their ID, passport, driver's license, or resident permit to proceed with know-your-customer protocols on the platform, reports to social media-based news outlet Wu Blockchain. The Block reached out to Bybit for confirmation.
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💰 Bitfarms mining revenue drops 45% to $7 million in first full month after Bitcoin halving
Bitcoin miner Bitfarms released its latest monthly production data, which highlights the Bitcoin halving effect on the company’s bottom line and raises concerns about industry consolidation. In its monthly update, Bitfarms said it earned 156 BTC in May, a 42% drop from the previous month and down 66% year over year. Of that earned, it sold 136 BTC for total proceeds of $8.9 million (down from $16.1 million in April) as part of the company’s regular treasury management process.
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📊 Ethena's 'synthetic dollar' USDe crosses $3 billion supply just four months after launch
Ethena Labs USDe stablecoin, also known as a 'synthetic dollar' which maintains its peg through arbitrage mechanics and a yield-returning cash-and-carry trade, has reached a supply of $3 billion tokens just four months following its public launch in February. Now, it's on track to challenge DAI as the largest algorithmic or decentralized stablecoin, though it'll have to add another $2 billion in supply to get there, according to data from The Block.
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🪙 Franklin Templeton, VanEck and Invesco Galaxy file amended S-1 for spot Ethereum ETFs, Franklin lists 0.19% fee
Franklin Templeton, VanEck and Invesco Galaxy filed amended S-1 forms with the Securities and Exchange Commission on Friday for their spot Ethereum ETF applications. Those issuers, along with others, after successfully launching a spot Bitcoin ETF, are now trying to complete the necessary regulatory steps to launch a similar product that will allow investors to bet on the price of Ethereum without having to buy the cryptocurrency directly.
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