Bitcoin
Bitcoin and Ethereum Funds Draw Another $185 Million Amid ETH ETF Hype
Bitcoin and Ethereum investment funds continue to attract a flood of capital as enthusiasm for upcoming ETH spot ETFs in the United States grows.
Global Bitcoin investment funds recorded net inflows totaling $148 million last week, according to a Monday publish from CoinShares, while short Bitcoin products saw outflows of $3.5 million.
Meanwhile, Ethereum funds absorbed $33.5 million, marking the second consecutive week of inflows after several months of little to no net activity for the asset.
“This represents a turnaround in investor sentiment in an asset that had experienced a series of outflows 10 weeks prior totaling $200 million,” the asset manager explained. The news also boosted Solana inflows last week to $5.8 million, now that potential ETFs for Solana and other altcoins appears to be on the table.
While most inflows have come from the United States, substantial cryptocurrency inflows have also been observed in Canada and Switzerland, where Ethereum’s institutional dominance alongside Bitcoin is relatively high.
Experts expect Ethereum ETFs to go live in July, with the potential to attract around 20% of the same demand as Bitcoin ETFs. “Grabbing 20% of what they got would be a huge win/successful launch by normal ETF standards,” Eric Balchunas, Bloomberg ETF analyst. he wrote last week.
In total, cryptocurrency investment fund flows across the world raised $185 million last week, bringing their total to more than $15 billion year-to-date. Volume for the week was $8 billion, down from $13 billion the previous week, per CoinShares.
As usual, most of the flows went into the biggest new Bitcoin spot ETFs, with BlackRock and Fidelity’s funds taking in $297 million and $176.98 million, respectively. That said, “historical” ETF issuers have recorded net outflows of $260 million, virtually all of which came from the Grayscale Bitcoin Trust (GBTC).
Last week marked a pivotal moment for GBTC, with the long-running fund losing its status as the world’s largest Bitcoin ETF to BlackRock, whose product charges a much lower management fee. Other ETFs established around the world have also lost heavily since BlackRock entered the scene, with European funds recording US$500 million in exits since the beginning of the year.
From May 27th, Bitcoin spot ETFs will also crossed the threshold of controlling 1 million BTC under management.
Edited by Ryan Ozawa.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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