Crypto Scoop: Bitcoin ETFs Enjoy a Record-Breaking Week as BTC Crosses $70k Again

In this week’s edition of Crypto Scoop, we delve into the remarkable developments in the Bitcoin and Ethereum markets, alongside other significant news shaping the cryptocurrency landscape.

• A record-breaking week for Bitcoin ETFs
• ETH ETFs updates

A record-breaking week for Bitcoin ETFs

In the past week, the Bitcoin market witnessed a series of remarkable developments, particularly concerning Bitcoin Exchange-Traded Funds (ETFs). This surge in activity has reignited bullish sentiments across the cryptocurrency landscape. Bitcoin’s price surged past the $70,000 mark for the first time in several weeks, reaching $71,000, reflecting renewed investor confidence and market momentum.

The week's highlight was the exceptional performance of Bitcoin ETFs, which attracted substantial investments. On June 4, Bitcoin ETFs saw an inflow of $887 million, marking the second-highest influx since their inception. This surge in investment underscores the growing interest and confidence in Bitcoin ETFs as a viable investment vehicle. Additionally, BlackRock’s IBIT saw a net flow of $340 million on Thursday, while Ark Invest’s ARKB garnered nearly $97 million, highlighting strong institutional interest in these financial products.

Over $5 billion in open interest has been added since Monday, reflecting increased trading activity and speculative interest in Bitcoin futures. The consistent inflow into spot Bitcoin ETFs signals positive market sentiments and heightened expectations for Bitcoin to achieve new all-time highs. Over an 18-day streak, these ETFs have continuously recorded net inflows, reflecting strong investor interest and optimism about Bitcoin’s future potential. The record-breaking $880 million in inflows is the highest since March, indicating a robust demand and a bullish outlook among investors.

Positive sentiments in the market are further fueled by expectations of favourable regulatory developments. Investors are exhibiting a growing risk appetite, driven by the anticipation of supportive regulatory changes that could enhance the appeal and accessibility of Bitcoin ETFs. These developments highlight the dynamic nature of the cryptocurrency market, where investors are closely watching these trends, anticipating further gains and broader adoption of Bitcoin ETFs as part of their investment portfolios.

In addition to the significant movements in Bitcoin ETFs this past week, Australia’s first spot Bitcoin ETF went live on June 4. This new ETF, which directly holds Bitcoin, represents a major milestone for cryptocurrency investment in Australia, expanding the accessibility and adoption of Bitcoin in the region. This launch aligns with the global trend of increasing institutional interest and investment in Bitcoin ETFs.

Ethereum Update: Market Stability and ETF Launches

Ethereum (ETH) has been maintaining its position around the $3800 mark as the market anticipates significant developments regarding Ethereum ETFs. The introduction of Ethereum ETFs is expected to bring substantial changes to the cryptocurrency landscape, with imminent launches poised to capture the market’s attention. ETH’s current stability around $3800 reflects a period of consolidation as investors await further market movements and upcoming economic data from the US, which could influence market sentiment and ETH’s price direction.

The cryptocurrency community is eagerly awaiting the launch of Ethereum ETFs. According to SEC Chairman Gary Gensler, the timing of these ETF launches largely depends on how quickly issuers can move rather than the SEC’s readiness. This statement has fueled speculation and excitement about the near-term introduction of Ethereum ETFs. Several major financial institutions are preparing to launch their Ethereum ETFs, following the recent successful trends in Bitcoin ETFs. The market is optimistic that these new financial products will attract significant investment, similar to the recent record inflows seen in Bitcoin ETFs.

The anticipation of Ethereum ETFs is fostering positive market sentiments, with investors exhibiting a growing risk appetite. This optimism is further bolstered by expectations of favourable regulatory developments, which could enhance the accessibility and appeal of Ethereum ETFs. The introduction of these ETFs is expected to drive increased institutional interest and investment in Ethereum, potentially leading to new all-time highs. This development is being closely monitored by the crypto community, as it could mark a significant milestone in the broader adoption and mainstream acceptance of Ethereum.

Other updates

In a significant development for African financial technology, Zone has launched Africa’s first blockchain-based point-of-sale (POS) payment gateway. This innovative system is designed to revolutionise payments across the continent by leveraging blockchain technology to enhance security, reduce transaction costs, and improve efficiency. The blockchain-based POS aims to provide a seamless payment experience for businesses and customers, integrating local mobile money and bank transfers into its operations. This launch marks a milestone in the digital transformation of African financial services, potentially setting a new standard for payment systems in the region.

Meanwhile, Binance executives are currently under legal scrutiny in Nigeria. US Prosecutors and agents are pushing for the release of Tigran Gambaryan, a prominent figure within Binance, as part of ongoing investigations. This situation underscores the complex regulatory landscape that cryptocurrency exchanges like Binance navigate, especially in emerging markets like Nigeria.

Furthermore, the NEAR Protocol has continued to experience a dip in its prices despite recent positive developments like the integration of USDC. This decline contrasts sharply with the recent mania surrounding GameStop stocks and Wolverine-themed memecoins, which have seen explosive growth fueled by social media hype and influential figures like “Roaring Kitty” returning to the spotlight.