Crypto Inflows Surge With $2 Billion in June
GLOBAL NEWS
Crypto Investment Products See $2 Billion Inflows in Early June
Global crypto investment products at major asset managers recorded $2 billion in net inflows during the first week of June, marking a fifth consecutive week of positive inflows, according to CoinShares. This brings the five-week total to $4.3 billion, with assets under management surpassing $1 billion for the first time since March. Trading volume also surged to $12.8 billion, a 55% increase from the previous week.
U.S. Bitcoin ETFs See Outflows, Ending 19-Day Inflow Streak
The 11 U.S. spot bitcoin exchange-traded funds experienced a daily net outflow of $64.93 million on Monday, halting a record-setting 19-day inflow streak. Grayscale's GBTC led the outflows with $40 million, while BlackRock’s IBIT and Bitwise’s BITB managed net inflows of $6 million and $8 million, respectively.
Mark Cuban Says Crypto Could Decide 2024 Election
Billionaire Mark Cuban emphasized that cryptocurrency will play a key role in the 2024 presidential race, criticizing President Biden’s loyalty to SEC Chairman Gary Gensler. Cuban believes Biden must choose between Gensler and crypto voters to avoid losing the White House.
Ethereum ETF Issuers Await SEC Comments
Prospective spot Ethereum ETF issuers are still waiting on the SEC to provide comments on their S-1 filings submitted on May 31. Despite expectations for feedback by June 7, issuers have not yet received comments. SEC Chair Gary Gensler indicated the approval process will take some time.
BlackRock's Bitcoin ETF Surpasses 300,000 BTC in AUM
BlackRock’s IBIT spot Bitcoin exchange-traded fund crossed 300,000 BTC ($21 billion) in assets under management on Thursday, just five months after launching. The ETF has now accumulated 302,534 BTC, with recent net inflows of 4,920 BTC. IBIT has overtaken Grayscale’s GBTC in terms of AUM, highlighting its lower fee structure of 0.25% compared to GBTC’s 1.5%. The combined assets of all U.S. spot Bitcoin ETFs now total nearly 883,000 BTC ($63 billion), representing 4.2% of Bitcoin’s total supply.
Arthur Hayes Sees Crypto Bull Market "Reawakening"
Arthur Hayes, former BitMEX CEO and current Maelstrom manager, predicts a crypto bull market revival following interest rate cuts by the Bank of Canada and the European Central Bank. These cuts, the first by major central banks this year, are expected to boost crypto markets. Hayes anticipates no rate cuts from the Bank of England or the U.S. Federal Reserve before the November U.S. presidential election.
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