Spot Bitcoin exchange-traded funds (ETFs) continued to lose money as the week began. The net investment inflows in the U.S. fell below $15 billion.
Data provided by Farside Investors shows that spot Bitcoin ETFs saw a net outflow on June of $145,9 million. 17. The majority of outflows were from the Fidelity 21Shares Bitcoin ETF and Fidelity Wise Original Bitcoin Fund, worth $92 and $50 million respectively.
Moreover, VanEck Bitcoin Trusts (HODL) & Grayscale Bitcoin Trusts (GBTC), both of which had outflows in the amount of $3.8 and $3 million, respectively, also saw smaller amounts.
Despite the bearish sentiment on the market and the continuous outflows of funds, the Bitwise Bitcoin ETF(BITB) recorded inflows of $2.9 million as recently as June. Farside Investors data shows that the market fell by 17. The remaining ETFs were neutral.
The net outflows for spot Bitcoin ETFs were $580.6 Million last week. These massive outflows followed four consecutive weeks of net inflows of approximately $4 billion.
According to Farside Investors, the latest outflows brought the net inflows into spot BTC ETFs up to $14.96 Billion.
BTC’s price has fallen below $66,000, causing increased FUD in the crypto market. According to the report, global cryptocurrency market cap has fallen by 2.6% in the last day. It is now $2.485 trillion.
ZKsync drops 21% after airdrop amid continued selling pressure
ZKsync’s token value has dropped by 21% since the recent airdrop. This is due to the increasing pressure of sellers.
Market data showed that the much-anticipated “ZK” distribution initially placed the asset’s market capitalization near an impressive $900,000,000. The excitement, however, was short-lived. Since then the value of the token has fallen by 21% and 26% since its peak at $0.3098.
The ZKsync airdrop was executed by the team on June. Binance announced the listing of the token on 17th June, following the initial controversy. This provided ample liquidity to facilitate trading.
ZKsync has fallen by 21.76% over the last 24 hours, and currently trades at $0.2245. The trade volume has risen 1,970% in the past 24 hours to $1.3 billion, a sign of booming trading activity. The token’s current market cap is $811 million.
This is due to airdrop recipients selling their tokens immediately. It’s a trend that we see in the crypto-market, where people are eager to sell for quick profits. The token’s value has been impacted by this rush to sell the token, especially when there is sufficient liquidity available on platforms such as Binance.
Notcoin (NOT), following its airdrop, followed a similar pattern. Due to an increase in selling pressure, NOT fell by almost 40% one week after its airdrop. The token recovered from the drop and is now up 134% in the last month.
There is no guarantee, however, that ZKsync will follow a similar path. Nearly half of ZK tokens have been claimed within a few hours after the airdrop began, despite technical problems and criticism regarding the token distribution strategy.
The event was overshadowed by the platform’s technical issues and fears over Sybil attacks, where a user creates multiple account to receive more tokens.
Initial response was enthusiastic, as pre-market prices on Aevo, a perpetual exchange, valued ZK at $0.67. This would have placed the airdrop’s FDV (fully diluted value) at over $2.41 billion. This sentiment changed quickly as the selling pressure began to take hold.
Bitcoin Whales switch to Raboo as Injective targets new ATH
Injective is expected to hit a new high, as Bitcoin whales turn their attention to Raboo’s presale token.
Two interesting, but opposite stories are making headlines in the crypto market. Injective’s (INJ) bull run could lead to the return of its all-time high.
The second, however, seems to attract investors more, as it indicates a shift in interest from BTC among whales or large crypto holders to Raboo (RABT), a token presale that has been predicted by many crypto experts to become one of the top altcoins for 2024.
Injective rallies past $30 after month-long struggle
Injective’s (INJ), a token that continues to show remarkable market strength and has experienced a 7.79% rise between May 15th and June 15th, is generating positive sentiments. Last week, INJ briefly broke through the $30 price barrier after struggling since April.
Injective is still a positive coin. The crypto community speculates that INJ could reach its previous high of $52.75. Injective is currently trading at $25 with a market cap of $2.3 billion.
Bitcoins plunge amid massive BTC sales
Bitcoin’s bull run, which began in April after the Bitcoin Halving, is now cooling down. The price of BTC is trading below $70,000, causing some to worry that the rally has ended. The sentiment was not popularized until whales, or large token holders began selling their BTC holdings.
Ali Martinez, a prominent cryptocurrency expert, revealed this massive sell-off. He said that these whales sold BTC worth over $4.1 billion. Bitcoin miners are said to have liquidated more than 1,200 BTC. This has led to BTC dropping by 8% in 8 days to its current value of $66,544.21. Some experts believe that the recent sell-off in BTC could lead to a rally of altcoins. They think those who have sold their Bitcoins are simply moving funds into altcoins which are bullish.
Raboo: 233% gain in presale and significant growth potential
Raboo, a unique meme-centric coin that has gained traction among crypto elites and is attracting the attention of Bitcoin Whales. They are believed to have shifted their investments from Bitcoins towards altcoins such as Raboo.
Raboo’s unique position as a vanguard for a meme revolution, using new technology and a self-evolving artificial intelligence to eliminate the shallow meme content while allowing the quality memes to flourish, is what has attracted these large crypto holders.
Bitcoin whales see Raboo as a unique opportunity to be part of the early stages of a project which could change the face of digital culture. Tokenomics is another major attraction for Bitcoin whales. This is especially true of the presale, which will take 63% of RABT tokens. Whales can then secure a significant stake in the future of the project.
Raboo is currently in the fourth stage of its presale. Each presale token sells for $0.0048. Analysts predict that RABT will appreciate remarkably. It could increase by up to 233% by the end of the presale and even by 100 times when it hits the market.
The conclusion of the article is:
Injective’s recent rally in price and the massive Bitcoin selling by whales is an interesting development on the crypto market. Injective is poised to reach potential new highs. However, the massive shift by whales from Bitcoin towards altcoins such as the Raboo token captured significant attention.
Raboo’s meme-focused platform, along with its presale pricing and platform, are being hailed as an opportunity for investors to witness a remarkable growth. The token has risen by 60% during its current presale, which is Stage 4.
Report: Uphold stops support for USDT GUSD TUSD due to new European law
Uphold, a cloud-based multi-assets platform, has started notifying its customers of its decision to discontinue support for Tether’s USDT and Gemini’s GUSD as well as other stablecoins.
Uphold, a multi-asset trading platform, will stop supporting a basket stablecoins in response to the new European regulatory framework called the Markets in Crypto-Assets Act.
According to an email from Uphold shared by Commercializing Blockchain Research Centre founder Antony Welfare in a X post, the New York based firm will stop supporting USDT, GUSD DAI, FRAX TUSD and USDP as of July. The move was attributed to the “new European Union regulations on stablecoins”, according to a statement made by CBRC founder Antony Welfare in an X post.
Uphold had not made any public statements about the issue as of the time of publication. Crypto.news has reached out to us for comment and we will update this article if they respond.
After the suspension, Uphold continues to support Circle stablecoins USDC, EURC, and PYUSD, issued by Paxos, for PayPal. The company encouraged customers to convert their stablecoin holdings before June. 27. On June 28, any remaining balance in these stablecoins is automatically converted into USDC. Uphold has added 28.
Regulation ‘Extremely Vulnerable’
MiCA came into effect in June 2023. However, the provisions relating to asset-referenced and emoney tokens are applicable from June. 30. According to the new regulation no stablecoins will be available to the public in the European Union or “admitted for trading on a platform that deals in crypto-assets” unless the issuer has been authorized in the area and published a “whitepaper” approved by a national competent authority.
Some crypto executives are concerned about the new regulatory landscape. In an interview with The Block’s Paolo Ardoino said that MiCA could “not only make the job of stablecoin issues extremely complex, but also make EU licensed stablecoins very vulnerable and riskier.”
Binance, the crypto exchange, announced in early June that it would not delist unauthorized Stablecoins but limit their availability for European Economic Area users to certain products and promote regulated stabilcoins.
Reports surfaced in mid-May stating that Kraken, an American crypto exchange with headquarters in New York, was “actively” reviewing plans to delist USDT, the stablecoin created by Tether. Mark Greenberg, Kraken’s global head for asset growth and management, denied the delisting reports. He said the exchange was still looking at “all options” to offer USDT in the new regime.
Exchange activity increases Bitcoin drops below $
After three days of consolidation Bitcoin (BTC), has seen a strong downward momentum, resulting in its price falling below $66,000.
Bitcoin has fallen by 0.9% over the last 24 hours, and currently trades at $65,600. For the second time in a month, the asset’s value has fallen below $1.3 trillion. Bitcoin’s daily trade volume increased however by 125% to $36.3 billion.
Santiment data shows that the BTC inflow has increased by 137% during the last day, from 19,172 BTC up to 45,356 BTC.
Market intelligence data shows that Bitcoin has been leaving exchanges in greater numbers. According to Santiment, BTC outflows from exchanges have increased by 119% over the last 24 hours, rising from 19,871 BTC up to 43,493 BTC.
According to Santiment, Bitcoin exchange supply also increased over the last day, from 937,240 BTC up to 939,230 BTC. The net exchange inflow is 1,863 BTC. As the cryptocurrency market continues to experience bearish momentum, increased inflows are expected.
According to CoinGecko, the crypto market capitalization has fallen by 2.6% over the last 24 hours, and currently stands at $2.485 trillion. According to data from the price aggregator 96% of the top 300 cryptocurrencies including meme coins are in the red zone.
Santiment data shows that the BTC relative Strength Index (RSI), at the time of the report, was 46. The indicator indicates that the top cryptocurrency is undervalued.
