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BIT's weekly market review indicates the crypto market continued its weakness last week. BTC fell from approximately $73,400 on June 1st to around $63,100 on Monday morning this week, dipping to about $61,400 during trading on June 4th. ETH faced similar pressure, dropping to around $1,680.BIT stated that the core factor behind this adjustment remains financial pressure. The BTC spot ETF experienced net outflows for 13 consecutive trading days, totaling approximately $4.4 billion. Meanwhile, whale sell-offs and expectations surrounding the transfer of Mt.Gox-related wallets further exacerbated market selling pressure.The report points out that as BTC approached the key support level of $60,000, the market has seen a preliminary rebound in the past 24 hours. Going forward, key areas to monitor include whether ETF capital continues to flow back, whether the $60,000 support level can hold, and the impact of this week's U.S. CPI data on market risk appetite.
Zach Pandl, Head of Research at Grayscale Research, stated that the market experienced a new wave of volatility following Strategy's disclosure on June 1st of selling 32 Bitcoin. Although the sale is negligible compared to its holdings of approximately 840,000 Bitcoin (worth about $55 billion), this rare reduction move still impacted market sentiment.Pandl pointed out that the more noteworthy development is the performance of Strategy’s Variable Rate Preferred Stock STRC (Stretch). The product has a design target price of around $100 and currently offers a dividend yield of 11.5%. When the stock price falls below $100, it indicates that investors are demanding a higher rate of return, which may force the company to increase dividend levels. This would increase future cash flow pressure and potentially compel it to sell more Bitcoin for fundraising, further weighing on BTC prices. Strategy's leveraged Bitcoin reserve model is facing challenges. At current STRC and MSTR share price levels, the company's ability to continue large-scale Bitcoin accumulation may be constrained.However, Pandl noted that in the long term, the migration of Bitcoin holdings from highly leveraged digital asset reserve companies to more diversified corporate balance sheets will help enhance market resilience and improve Bitcoin's long-term value support. He expects Bitcoin to resume its upward trend in the coming months, but its near-term performance may lag behind crypto asset sectors that benefit more directly from regulatory clarity.
According to Lookonchain monitoring, data updated on June 1st shows that Bitcoin ETFs recorded a single-day net outflow of 1,947 BTC, approximately $139.42 million, and a 7-day net outflow of 19,351 BTC, approximately $1.39 billion; Ethereum ETFs recorded a single-day net outflow of 27,948 ETH, approximately $55 million, and a 7-day net outflow of 125,288 ETH, approximately $246.57 million; Solana ETFs recorded a single-day net inflow of 15,902 SOL, approximately $1.27 million, and a 7-day net inflow of 35,374 SOL, approximately $2.82 million.
according to Lookonchain monitoring, a whale has been consistently buying HYPE over the past two months. Since March 1st, this address has withdrawn 472,700 HYPE from Bybit and Kraken, with a cumulative value of approximately $18.96 million and an average purchase price of around $38.The address is currently sitting on unrealized profits exceeding $1 million.
Coinbase has announced it will list Wrapped Ronin (WRON) for spot trading. If liquidity conditions are met, the WRON-USD trading pair is expected to open after 00:00 Beijing time on May 1st. Simultaneously, Coinbase will support MegaETH (MEGA). Users can now generate deposit addresses, but deposits can only be made after the project team enables transfers. The specific listing time for trading will be announced separately.Additionally, Coinbase has listed Gensyn (AI) and Virtuals Protocol (VIRTUAL), allowing users to buy, sell, swap, and transfer these tokens on the platform.
According to a report from CoinShares' research department, digital asset investment products recorded net inflows of $1.2 billion this week, marking the fourth consecutive week of positive inflows. Total assets under management (AuM) rose to $155 billion, the highest level since February 1st. Bitcoin led the way, recording $933 million in inflows, bringing its year-to-date total to $4 billion. Ethereum saw inflows exceeding $190 million for the third consecutive week. XRP returned to net inflows after a week of outflows. On a regional basis, the United States dominated this week's inflows ($1.1 billion), while Germany, Switzerland, and Canada also recorded positive inflows, indicating broadening demand. Additionally, blockchain equity ETFs attracted a total of $617 million over the past three weeks, setting a new weekly inflow record, reflecting growing institutional investor interest in the sector. The market is currently focused on the FOMC meeting on April 28-29, which could create some short-term volatility in sentiment.