25 Jun: Bounce Back

Price: $61,226 | Last Year: $30,545

"Bitcoin is the only game in the casino that we can all win." - Michael Saylor, 21 Rules for Bitcoin

The ongoing sell-off in the crypto ecosystem might be taking a breather as the price of Bitcoin ($BTC) has finally formed support at the $61,100 mark. An increasing number of traders entering new long positions was the “fuel” behind Bitcoin’s slump to $60,000, according to Bitcoin analyst Willy Woo. Meanwhile, according to cryptocurrency analytics platform IntoTheBlock, Bitcoin's largest wallets have recorded the highest amount of net inflows following the cryptocurrency market crash. Could this bull run end by summer? According to CryptoQuant Bitcoin's Supply in Profit indicator dropped to levels that might be signaling the ending of the bull market.

The German Federal Criminal Police Office (BKA) transferred $24 million in Bitcoin across two transactions to crypto exchanges Kraken and Coinbase. Another $30 million worth of BTC was moved to a new wallet, with previous transfers totaling $195 million in BTC sent to exchanges on June 19 and 20.

Institutional investors have been relentlessly selling U.S. spot Bitcoin ETFs. In the past five trading sessions, Bitcoin ETFs have seen net outflows of $714 million, according to data analytics platform SoSovalue.  A new regulatory filing from VanEck signals that the U.S. Ethereum ETFs could only be a week away from launch, according to one expert. Bitwise Inc CIO Matthew Hougan is bullish on launch and envisions $15 Billion Inflows.

Nu Holdings, known as Nubank, Latin America's largest fintech bank, has partnered with Lightspark to integrate the Bitcoin Lightning Network and UMA (Universal Money Addresses) into its platform.

Cloud computing provider CoreWeave has beefed up its deal with Bitcoin miner Core Scientific by exercising an option to receive additional infrastructure for its NVIDIA graphics processing units (GPUs) on top of capacity agreed to earlier in June. The decision adds another $1.225 billion to the income Core Scientific expected to receive under earlier agreements.

Bloomberg Technology

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Ether spot ETFs are expected to see less demand than bitcoin versions and the lack of a staking feature in ether ETFs means less spot conversion; AB Bernstein said that despite the recent pullback in crypto markets institutional adoption continues to grow. Meanwhile, Ethereum Foundation reported hack of their email service, which led to distribution of numerous phishing emails, containing links to questionable websites; so be careful folks.


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The Crypto Curator
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