Markets
Big Week for Spot Bitcoin ETFs, Meme Coin Mania Hits Celebrities, and More: This Week’s Crypto Recap
The previous week was dominated by news and developments on the Ethereum spot ETF front, while the current week has been occupied by Bitcoin exchange-traded funds.
It seemed almost inevitable, after the launch of all spot Bitcoin ETFs in the US in early January, that BlackRock’s product would overtake that of Grayscale, which was actually converted from the former BTC Trust. Grayscale’s GBTC has seen substantial outflows since first hitting US markets, while BlackRock’s IBIT has continued to attract billions of dollars of the leading cryptocurrency.
This moment finally occurred earlier this week, as it took the world’s largest asset manager just 96 days to become the largest issuer of Bitcoin ETFs. Currently, Grayscale’s fund holds $19.7 billion in BTC, while IBIT holds $19.97. second at SoSoValue.
Another major event in the Bitcoin ETF landscape occurred on Tuesday, when all of these products, not just those in the US, attracted just over a million BTC.
These positive developments on the ETF front have not translated into substantial gains for the underlying asset. In fact, bitcoin has attempted to break the $70,000 mark on a few occasions, and while it has crossed it once, it has failed and is currently sitting about three thousand dollars away from that mark.
The weekly charts of most altcoins are less eventful than last time. However, some representatives of meme coins took to the main stage. PEPE, for example, hit some all-time highs this week, while WIF is up more than 20%. Additionally, the realm of meme coins has seen the entry of a celebrity, but more on that later.
Market data
Market cap: $2.667 trillion | 24 Hour Vol: $80 Billion | BTC Dominance: 50%
BTC: $67,320 (+0.44%) | ETH: 3,773 dollars (+2.5%) | BNB: $593 (-0.5%)
This week’s cryptocurrency headlines you don’t want to miss
Ethereum whales with over 10,000 ETH rising, signaling an accumulation trend. Although the price of ETH has consolidated over the past week, following the massive surge in Ethereum ETF news, the asset has been targeted by large investors who have been struggling accumulation madness.
US Spot Bitcoin ETFs See Longest Streak of Inflows Since February. In addition to the huge results on the Bitcoin ETF front, these products have been on an impressive streak since mid-May. In fact, I’m currently on the the longest streak of inflows in over three months, with 13 consecutive days and more.
Caitlyn Jenner’s JENNER meme coin sends traders into a tailspin. As mentioned above, a certain celebrity has entered the meme coin ecosystem. Despite initial rumors of a hack, it turned out that Caitlyn Jenner had actually done it launched a dozen meme coins on the Solana blockchain with the hope of making quick money.
The most profitable of the Big Meme coins: over 96% of PEPE holders in profit. Even though PEPE has recovered slightly after setting a few consecutive all-time highs, the number of profiting token holders skyrocketed to over 96% yesterday, as reported.
Gemini Earn recovers 97% of customers’ lost cryptocurrencies. Good news for Gemini Earn customers: After more than a year of controversy and uncertainty, the cryptocurrency lending arm is bankrupt announced which had recovered almost all the lost funds.
Former FTX Executive Ryan Salame Sentenced to 7.5 Years in Prison. One of the FTX executives closest to Sam Bankman-Fried – Ryan Salame – was condemned to over seven years in prison. Salame’s lawyers had previously asked for no more than 18 months.
Charts
This week we have a graphical analysis of Ethereum, Ripple, Cardano, Shiba Inu and Polkadot – click here for the complete price analysis.
SPECIAL OFFER (Sponsored)
Binance $600 Free (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 on Binance (all the details).
LIMITED LIMITED OFFER 2024 at BYDFi Exchange: Welcome Reward up to $2,888, use this link to register and open a 100 USDT-M position for free!
Disclaimer: The information found on CryptoPotato is that of the writers cited. It does not represent CryptoPotato’s views on whether to buy, sell or hold investments. You are advised to conduct your own research before making any investment decisions. Use the information provided at your own risk. For more information, please see the Disclaimer.
Cryptocurrency charts from TradingView.