As an experienced financial analyst, I’ve closely followed the cryptocurrency market over the past few months. The latest developments in the ETF sector have undeniably been a significant talking point, with Bitcoin ETFs taking center stage this week.
As a researcher studying the cryptocurrency market, I’ve observed a notable shift in focus during the past two weeks. Last week, Ethereum Exchange-Traded Funds (ETFs) took center stage with their news and developments. However, this week, my attention has been captured by Bitcoin ETFs.
As an analyst, I can’t help but observe that the launch of multiple US spot Bitcoin ETFs in early January set the stage for BlackRock’s product to outshine Grayscale’s GBTC, which was once derived from the BTC Trust. The trend became apparent as GBTC experienced significant outflows since its market entry, while BlackRock’s IBIT continued to rake in massive inflows of Bitcoin.
As an analyst, I’m excited to share that a significant milestone was reached earlier this week when the world’s largest asset manager surpassed Grayscale to become the biggest Bitcoin Exchange-Traded Fund (ETF) issuer. With only 96 days having passed since the former took the lead in assets under management, the competition between these two giants has intensified. Currently, Grayscale’s Bitcoin trust holds approximately $19.7 billion worth of Bitcoin, while IBIT boasts a slightly larger figure at $19.97 billion, according to SoSoValue.
As a crypto investor, I’m excited to share that there was a significant development in the Bitcoin Exchange-Traded Fund (ETF) scene on Tuesday. The collective holdings of all Bitcoin ETFs globally surpassed the milestone of 1 million Bitcoins.
The advancements in the ETF market haven’t led to significant price increases for bitcoin. Instead, Bitcoin has made several attempts to surpass the $70,000 threshold but hasn’t been successful. It managed to break above this level once, but it couldn’t sustain the rise and is now hovering around $67,000.
In simpler terms, the graphs of most alternative coins have been relatively uneventful compared to previous weeks. However, some meme coins like PEPE and WIF have experienced significant gains, with PEPE reaching new all-time highs and WIF increasing by over 20%. Furthermore, a celebrity has recently entered the meme coin sphere, but I’ll provide more details on that later.
Market Data
Market Cap: $2.667T | 24H Vol: $80B | BTC Dominance: 50%
BTC: $67,320 (+0.44%) | ETH: $3,773 (+2.5%) | BNB: $593 (-0.5%)
This Week’s Crypto Headlines You Can’t Miss
Large-scale Ethereum investors, holding over 10,000 ETH each, are increasingly buying up Ethereum. This trend emerges as Ethereum’s price stabilizes following the Ethereum ETFs news surge.
Since mid-May, U.S. Spot Bitcoin Exchange-Traded Funds (ETFs) have experienced a remarkable run. This impressive stretch now marks the longest inflow period in over three months, with a consistent daily increase for 13 consecutive days and continuing.
Caitlyn Jenner’s JENNER Meme Coin Sends Traders into a Tailspin. As mentioned above, a certain celebrity entered the meme coin ecosystem. Despite initial rumors about a hack, it turned out that Caitlyn Jenner has indeed launched a dozen meme coins on the Solana blockchain with the hope of making a quick buck.
Most Profitable Among Big Meme Coins: Over 96% of PEPE Holders in Profit. Even though PEPE retraced slightly after charting a few consecutive all-time highs, the number of token holders in profit skyrocketed to over 96% yesterday, as reported.
Gemini Earn Recovers 97% Of Customers’ Lost Crypto. Good news for Gemini Earn customers: After over a year of controversy and uncertainty, the bankrupt crypto lending arm announced that it had recovered almost all lost funds.
Former FTX Exec Ryan Salame Sentenced to 7.5 Years in Prison. One of the closest FTX execs to Sam Bankman-Fried – Ryan Salame – was sentenced to over seven years in prison. Previously, Salame’s lawyers asked for no more than 18 months.
Charts
This week, I’d like to share with you an in-depth examination of Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot prices. For a comprehensive look, please follow this link.
Read More
- Hades Tier List: Fans Weigh In on the Best Characters and Their Unconventional Love Lives
- Smash or Pass: Analyzing the Hades Character Tier List Fun
- Why Final Fantasy Fans Crave the Return of Overworlds: A Dive into Nostalgia
- Sim Racing Setup Showcase: Community Reactions and Insights
- Understanding Movement Speed in Valorant: Knife vs. Abilities
- Why Destiny 2 Players Find the Pale Heart Lost Sectors Unenjoyable: A Deep Dive
- W PREDICTION. W cryptocurrency
- How to Handle Smurfs in Valorant: A Guide from the Community
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- Destiny 2: How Bungie’s Attrition Orbs Are Reshaping Weapon Builds
2024-05-31 18:16