Crypto Market Pulse Weekly – 💸US Spot Bitcoin ETFs had the strongest week of net inflows in eight weeks
Crypto Market Pulse Weekly – 💸US Spot Bitcoin ETFs had the strongest week of net inflows in eight weeksUS Spot Bitcoin ETFs had the strongest week of net inflows. DTCC and Chainlink corporate to bring TradFi fund data onto blockchains. Vitalik proposed EIP-7706 to include gas for transaction calldata.
Weekly Market IndexAll three crypto market indices increased last week. The price and volume indices increased by +8.17% and +18.94%, respectively. The volatility index increased more drastically by +102.81%. All three indices were led by Chainlink (LINK), after the Depository Trust and Clearing Corporation (DTCC) and LINK announced the Smart NAV pilot program with US banks to bring traditional finance fund data onto blockchains. Bitcoin (BTC) settled above US$66,000 over the weekend while Ethereum (ETH) stayed above $3,050. The U.S. announced lower-than-expected consumer price index (CPI) data, which increased 0.3% month-on-month in April, slightly below the Dow Jones estimate of 0.4%. In addition, retail sales were unexpectedly flat in April, despite a 0.4% increase estimate, which suggests potential slow down in consumer spending momentum. Finally, the latest CME FedWatch Tool suggests a close to 65% probability for a rate cut in September. Chart of the WeekUS Spot Bitcoin ETFs had a week of net inflow totalling US$948 million last week, the strongest in eight weeks. Grayscale Bitcoin Trust ETF’s (GBTC) saw a weekly net inflow of $12 million last week, the first week of net inflow since the ETF launched in January 2024. Last week, over 600 professional firms disclosed billions of holdings in US Spot Bitcoin ETFs, based on the firms’ 13F filings with the US SEC in Q1 2024. Among them, the largest investor was Millennium Management, which held a total of $1.9bn spread across five of the ETFs, the largest allocation being BlackRock’s IBIT. In addition, the State of Wisconsin Investment Board held a total of $163 million worth of Bitcoin in BlackRock’s IBIT and Grayscale’s GBTC as of Q1 2024, becoming the first US state to disclose Bitcoin holdings. Other firms include Morgan Stanley, JPMorgan, Wells Fargo, UBS and other hedge funds. In Asia, H.K. Spot Bitcoin ETFs had a week of net outflow of $48.3 million, while H.K. Spot Ether ETFs had a weekly net outflow of $6.7 million. Weekly PerformanceBTC and ETH both increased in the past seven days by +8.5% and +5.7%, respectively. The price action for most other selected top market cap tokens were also up. LINK led the increase. Most selected key categories were up in terms of market capitalisation in the past seven days, except for Layer-2. The artificial intelligence category led the increase. News Highlights
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Catalyst CalendarWe’re all ears.Your feedback helps make our reporting more insightful. Tell us how we can improve this newsletter by taking the survey below. It will take less than a minute of your time. Thank you! AuthorResearch and Insights Team Disclaimer:The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.The brands and the logos appearing in this report are registered trademarks of their respective owners.Thank you for reading! We hope you find Market Pulse, our new weekly market insights newsletter enlightening! Hungry for more? Visit our Research Hub and University to access other insightful crypto research! Share with a friend if you like our email! Crypto Trends from Crypto.com: Market, DeFi, NFT, Gaming is free today. But if you enjoyed this post, you can tell Crypto Trends from Crypto.com: Market, DeFi, NFT, Gaming that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments. |
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