$BTC Whales Push Bitcoin Into Narrow Consolidation Range: What To Expect Next

Analysts believe major Bitcoin stakeholders are influencing the cryptocurrency's price movements by strategically adjusting liquidity levels. This suggests a potential compression of Bitcoin's price range into a tighter band.
While the long-term outlook remains bullish, analysts are divided on the near-term trajectory. Technically, Bitcoin has struggled to confirm a bullish breakout above $69,000. However, order book data suggests potential support around $65,000-$66,000.
The key question is whether buyers can muster enough force to overcome the selling pressure and propel Bitcoin towards a new all-time high.

Grayscale’s Ethereum ETF could bleed $110M daily in first month: Kaiko

If Grayscale’s slated spot Ether ETF follows the same path as its Bitcoin one, there could be some short-term pressure on the price of ETH.

Grayscale’s yet-to-launch spot Ether
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exchange-traded fund (ETF) could bleed an average of $110 million per day if it follows a similar pattern to its Grayscale Bitcoin Trust in the first month.

The Grayscale Bitcoin Trust (GBTC) converted from a closed-end fund to an ETF on Jan. 11, which saw 23% of its assets under management at launch flow out in the first month — totaling $6.5 billion, Kaiko analysts wrote in a May 27 report.

ETHE has an AUM of $11 billion. If it has “a similar magnitude of outflows” as GBTC, “this would amount to $110 million of average daily outflows or 30% of ETH’s average daily volume on Coinbase,” according to Kaiko.

In the past three months, Grayscale’s ETHE traded at up to a 26% discount to its net asset value (NAV). Kaiko researchers noted that once it becomes a spot ETF, it’s “reasonable to expect” outflows or redemptions as that discount narrows.

GBTC’s discount to NAV — how much it traded below the value of the fund’s holdings — sharply narrowed after it converted to an ETF.

It traded at up to a 17% discount before its conversion but has narrowed over time, allowing many holders to exit GBTC at either the same price they got in or better.

According to YCharts, it’s now at a 0.03% discount for May 24, a level it has hovered around since then.

ETHE’s discount has already narrowed since the Securities and Exchange Commission gave the initial nod to spot Ether ETFs on May 23, though it has yet to begin trading as a spot ETF.

3 tips for protecting Bitcoin profits amid Ethereum ETF mania

Looking to protect the millions you've made from crypto during the Bitcoin-Ether ETF mania before this bull run comes crashing to an end? Here are a few ideas.

Cryptocurrency’s leading act has been knocked off the top spot. The much-hyped launch of exchange-traded funds (ETFs) for Ethereum in the United States has sent Ether
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$3,846

soaring more than 20% since May 20. Bitcoin’s
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performance looks lackluster by comparison. Opportunities to bet on crypto’s kingpin still abound — but not all are worth taking.

If you’re an inveterate Bitcoin maxi, stop here. You already know the U.S. dollar is on the brink of collapse, and $200,000 BTC is right around the corner. For everyone else, here are three practical tips for protecting your crypto profits after this bull run loses steam.

Realize Ether ETFs may not be bullish for Bitcoin

The greenlight for Ether ETFs is bullish for crypto as a whole, but not necessarily for BTC — especially not in the short-term. With Ethereum dominating the market’s narrative in the coming months, expect BTC to retest prior price support levels.

$$BTC

BlackRock adds own Bitcoin ETF to income and bond funds

One of the funds was BlackRock’s Strategic Income Opportunities Fund worth over $37.4 billion.

BlackRock’s income and bond-focused funds have bought shares of the asset manager’s own spot Bitcoin
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exchange-traded fund (ETF) in the first quarter, regulatory filings show.

BlackRock’s Strategic Income Opportunities Fund (BSIIX) snapped up $3.56 million worth of the iShares Bitcoin Trust (IBIT) while its Strategic Global Bond Fund (MAWIX) made a $485,000 purchase, according to May 28 Securities and Exchange Commission filings.

The IBIT shares are a fraction of BSIIX and MAWIX’s investment portfolios, respectively worth $37.4 billion and 776.4 million.

IBIT currently holds $19.61 billion worth of Bitcoin, according to BlackRock data from May 24.

It only trails the converted Grayscale Bitcoin Trust (GBTC), which holds $19.76 billion as of May 28, Grayscale data shows.

Spot Bitcoin ETFs globally now hold over 1 million Bitcoin worth over $68 billion — equating to nearly 5.10% of its over 19.7 million BTC circulating supply according to CoinGecko.

Related: Mt. Gox-labeled wallets move billions in Bitcoin amid hopes of payback

More than 600 United States investment firms have bought spot Bitcoin ETFs since they launched in January, recent SEC filings revealed.

Morgan Stanley, JPMorgan, Wells Fargo, Royal Bank of Canada, BNP Paribas, UBS and hedge funds including Millennium Management and Schonfeld Strategic Advisors were some of the firm’s buying up Bitcoin funds.

Millennium is the largest spot Bitcoin ETF accumulator, with $1.9 billion invested, including $844.2 million into IBIT and $806.7 million into the Fidelity Wise Origin Bitcoin Fund (FBTC).

On May 23, BlackRock was one of eight firms to have its spot Ether
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ETF bid approved in the U.S. but the SEC must approve the firm’s Form S-1 filings for the products to start trading.

Magazine: Hong Kong Bitcoin ETF launch in ‘top 20%,’ STRK scam suspect busted: Asia Express

Countdown to the future: Crypto Valley Conference 2024 unveils in 9 days

The Crypto Valley Conference 2024 is a conference about blockchain technology that will be held on June 6 and 7, 2024 in Zug, Switzerland. The conference will offer in-depth masterclasses, panel discussions, and presentations by experts from around the globe. Some of the speakers include Frederik Gregaard, CEO of the Cardano Foundation, and Andrej Majcen, CEO of Bitcoin Suisse.

Bitcoin Hashrate Futures, a new derivative product launched by Luxor Technology and Bitnomial, allows Bitcoin miners to hedge their income and offers investors exposure to the Bitcoin mining market. This first-of-its-kind regulated product trades under the code HUP on a monthly basis.

$BTC $BNB $ETH #Breaking News! Explosion at Chase Bank in Youngstown, Ohio!

A massive explosion rocked a JPMorgan Chase branch in Youngstown, Ohio on Tuesday. The cause remains unclear, but authorities are on the scene and thankfully, everyone has been accounted for .

Here's what we know so far:

The explosion occurred on the first floor of the building, likely due to a gas leak .

Injuries have been reported, with at least one person in critical condition .

JPMorgan Chase is working with local officials to investigate the cause and assess the damage to the building ️.

Stay tuned for updates!
Possible impact:
* Disruptions to banking services in the area.
* Questions about the safety of older buildings and gas infrastructure.
* Potential for lawsuits if cause is determined to be negligence.

#jpmorganbank #jpmorganexploit

$BTC $ETH $SOL

(Urgent update)

(Judge in the US has ordered the Securities and Exchange Commission (SEC) to pay $1.8 million in damages to cryptocurrency company DEBT Box. This is a significant development in the ongoing saga between the SEC and crypto businesses.)

Important to remember
This is not financial advice. Always do your own research (DYOR) before making any investment decisions.

JUST IN: 🇺🇸 Judge orders SEC to pay $1.8 million in damages for abusing its power against crypto company 'DEBT Box.'

#binancesquare #EarnFreeCrypto2024 #btc70k

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