Apps and Flows - 6/7/2024

Flows- Bitcoin ETFs are averaging over $450M in daily net inflows this week, taking in a total of $1.8 billion in AUM through the market close on Thursday. Total BTC holdings for these funds is now approaching 1m BTC, which would be 5% of circulating BTC supply. The surge in flows may have led to an ecosystem-wide rally for other Bitcoin related projects. Stacks (STX), a smart contract platform built on Bitcoin, was up 31% over the last 7 days.

Bridging - The bridging sector (+18%) was one of the few sectors to outperform the majors (BTC and ETH) over the last 7 days. Across (ACX) has been a standout performer recently in both price and underlying fundamentals. The Across bridge has facilitated more volume than Circle’s native bridge, IBC on Cosmos, and native L2 bridges like Arbitrum. 

New Research from Runa Analyst Ned Menton on CoinDesk - Since its beginning, the crypto industry has been rightfully criticized for bringing limited real world use cases to bear. In the coming months, by leveraging the most recent round of infrastructure innovations that have made a critical mass of blockspace available, the industry is poised to experience a big bang of new applications. Read the full piece here.