U.S. spot bitcoin ETFs saw a daily net outflow of $64.93 million on Monday.Monday’s outflows ended their longest streak of inflows.Fidelity’s FBTC recorded outflows for the first time since May 2.
The 11 U.S. spot bitcoin exchange-traded funds saw a daily net outflow of $64.93 million on Monday, ending their longest inflow streak of 19 days. 
Grayscale's GBTC led the pack in outflows this week, totaling $40 million. Other funds also saw investor redemptions on Monday, with Invesco and Galaxy Digital's BTCO experiencing net outflows of $20 million, according to data from SosoValue. Valkyrie's bitcoin ETF also reported net outflows of $16 million. Fidelity's FBTC, saw $3 million in net outflows, marking its first negative flow since May 2.
BlackRock’s IBIT, the largest spot bitcoin ETF in terms of net assets, recorded net inflows of $6 million, while Bitwise’s BITB recorded $8 million of inflows. 
The record-setting 19-day inflow streak that ended last Friday accumulated over $4 billion in net inflows. Since their inception in January, the 11 spot bitcoin ETFs have logged a total net inflow of $15.62 billion.
Bitcoin’s price dipped last Friday after U.S. non-farm payroll data and unemployment data gave conflicting outlooks on the U.S. economy, causing uncertainty that led investors to move out from more risky assets, according to crypto trading firm QCP Capital. Bitcoin is currently changing hands at $68,311, The Block’s bitcoin price page showed.
Markets are anticipating the release of the U.S. Consumer Price Index (CPI), a key measure of inflation, as well as the Federal Open Market Committee meeting expected later this week. 
Meanwhile, U.S. ETF issuers are still awaiting feedback from the Securities and Exchange Commission on their S-1 registration statements, submitted around the end of last month. Issuers need to have the S-1 forms approved by the SEC to officially launch their spot ether funds.
When launched, spot ether ETFs may capture as much as 20% of the current flows directed towards spot bitcoin ETFs, Bitfinex head of derivatives Jag Kooner recently commented.
So, no more big selling in the near future and I'm bullish from the current market condition!
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Bitcoin 's volatility recently hit record low levels, with the period from May 24 to June 7 falling in the bottom 6% for volatility historically.
The price ranged between $66,936 and $71,656 during this time. Swan Bitcoin's CIO, Rapha Zagury, noted the 15-day rolling volatility was just 23%, close to historical lows. Despite this, Bitcoin's price dropped 3.33% on June 7 due to stronger-than-expected US job growth.

Ethereum-based exchange-traded funds (ETF) that can directly hold ether (ETH) are soon arriving in the U.S. and could attract $4 billion of inflows in the first five months, crypto analytics firm K33 Research said in a report.
The company based its forecast by comparing the assets under management in existing ETH-based exchange-traded products around the globe to similar bitcoin (BTC) products and the amount of open interest (OI) in futures contracts on the Chicago Mercantile Exchange (CME), the go-to marketplace for institutional investors.
Ether's OI on CME currently stands at 23% of the size of BTC futures, but it has seen an average share of 35% of BTC futures since ETH futures started trading on CME in 2021, indicating significant institutional demand for ETH in the U.S., per K33.
Ether ETPs and CME futures open interest compared to bitcoin products (K33 Research)
Ether ETPs and CME futures open interest compared to bitcoin products (K33 Research)
Applying these ratios to the nearly $14 billion inflows so far into the spot BTC ETFs, K33 puts the estimated ETH ETF inflows between $3 billion and $4.8 billion within the first five months. This estimate is slightly higher than JPMorgan's $3 billion forecast for this year.
Read more: Ether Spot ETFs to See Much Lower Demand Than Bitcoin Versions, JPMorgan Says
Based on current prices, this would equal 800,000 to 1.26 million of ETH accumulated in the ETFs, or roughly 0.7%-1.05% of the total supply of tokens, creating a supply crunch for the asset, according to the report. Unlike futures-based products, the issuers of spot ETFs will need to buy tokens in the spot market as investors buy ETF shares.

"As seen in BTC, this monumental supply absorption shock should lead to price appreciation in ETH," said Vetle Lunde, senior analyst at K33 Research.
Bitcoin, after an initial correction in late January, rallied nearly 60% to record highs following the introduction of U.S. spot ETFs. K33 analysts predicted that with the start of ether ETFs, the price of ETH would start outperforming BTC after almost two and a half years of the ETH-BTC pair's downtrend.
Last month, the U.S. Securities and Exchange Commission (SEC) approved key filings for spot ETH ETFs in a move that surprised most market participants. This move paved the way for greenlighting the funds to trade in the U.S. After working through the necessary documentation, market observers expect the ETFs to start trading as soon as late June or early July, the K33 report said.
Notably, applicants deleted the parts of their filings that would have allowed staking the assets in the fund, likely to appease the regulator.
K33 said that the omission of staking would not negatively impact inflows to the ETFs, contradicting JPMorgan's stance, as 99% of assets under management in Canadian ETH ETFs and 98% of European products are held in funds without staking.
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#BnbAth already! So, next one is #EthAth

FTX settled the Internal Revenue Service’s $24 billion claim for a fraction of what the agency said it owed, clearing the way for the crypto exchange to pay out significant customer recoveries.

The IRS will receive a $200 million claim in FTX’s bankruptcy to be paid within 60 days of when the company’s proposed restructuring plan goes into effect. The agency will also receive a $685 million lower priority claim, “payable on a subordinated basis to customers and other creditors” and “to the extent funds are available,” according to a Monday filing in the US Bankruptcy Court for the District of Delaware.

The settlement clears a significant hurdle in FTX’s bankruptcy, resolving what could have been protracted and unpredictable litigation between the fallen crypto exchange and its largest creditor. If a judge had upheld the IRS claim, it could have prevented customers from behind paid, FTX previously argued.

The settlement “provides much needed certainty as to the magnitude of the IRS Claims and allows these Chapter 11 Cases to move to swiftly toward resolution, thereby enabling the prompt distribution to the Debtors’ other creditors and customers,” FTX said in the Monday filing.

FTX has said it will pay back its customers completely.

FTX disputed the $24 billion claim, but acknowledged that it “could have significant tax liability to the IRS,” and that the agency’s claims raised novel legal questions.

The settlement will become effective after it is approved by a bankruptcy judge and its broader restructuring plan becomes effective.

FTX Trading Ltd. is represented by Sullivan & Cromwell LLP and Landis Rath & Cobb LLP.

The case is FTX Trading Ltd., Bankr. D. Del., No. 16558, 6/3/24.
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Colombia-based stablecoin protocol El Dorado said Tuesday it completed a $3 million seed venture capital investment round to build a crypto payments "superapp" for the Latin American region.
Multicoin Capital was the lead investor, with crypto exchange Coinbase's venture capital arm Coinbase Ventures, UC Berkeley Skydeck and Awesome People Ventures also participating in the round.
Stablecoins are a $160 billion asset class within crypto, with their prices anchored to an external asset, predominantly to the U.S. dollar. They are increasingly popular in developing regions such as Latin America with less developed banking systems and history of currency devaluations.
Dollar-pegged stablecoins are also a cheaper option than traditional banking and remittance rails to send money abroad.
"The Latin American economy is reeling due to decades of inflation," Guillermo Goncalvez, co-founder and CEO of El Dorado, said in a statement. "Making matters worse, local cross-border exchanges charge excessive fees – an astonishing 6% for a normal, run-of-the-mill currency swap. The combination of these two forces makes it almost impossible for the people of Latin America to retain or grow their wealth,” he added.
El Dorado, which is available in Argentina, Brazil, Colombia, Panama, Peru and Venezuela, provides a cheaper way to send, exchange and pay using blockchain as payment rail. The platform charges 0.6% fee for cross-border payments, significantly less than the industry average, while in-app payments are free.
The app is connected to more than 70 local payment methods to facilitate on-ramp and off-ramp to fiat currencies. It supports Tether's USDT, Circle's USDC and Celo Dollar (cUSD) stablecoins on the Tron, Polygon and Celo networks, while also allows bitcoin (BTC) transactions.
The app processed about one million transactions over the past year, the company said.
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Euro-pegged stablecoin issuer Lugh appears to be throwing in the towel ahead of the European Union's Markets in Crypto-Assets Regulation (MiCA) coming into effect.

"Due to the upcoming entry into force of MiCA and in accordance with its commitment to compliance, LUGH announces the cessation of the issuance of its stablecoin EURL and guarantees the redemption of existing EURLs until August 30, 2024," the Paris-based company posted on its website and on X.

Lugh's announcement comes on the heels of Binance, the world's largest cryptocurrency exchange by trading volume, saying it will soon restrict availability in the EU to stablecoins that are considered "unregulated." While Binance did not single out major stablecoins like Tether's
USDT -0.0059%
and Circle's
USDC -0.14%
, there is concern that European nationals could have their access to the two popular tokens restricted due to MiCA.

In the case of Lugh, the euro-pegged stablecoin's meager circulation has been shriveling in recent months. Circulation for Lugh's EURL token has plummeted from about $2.8 million in March to about $32,000 as of Tuesday, according to DefiLlama, suggesting most holders may have already redeemed their tokens.
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