Bitcoin ETF Outflows
Last week saw substantial outflows from spot Bitcoin ETFs, amounting to nearly $600 million over five days. This significant sell-off led to a notable decline in BTC prices, exacerbated by further selling from Bitcoin miners and whales. The pressure pushed BTC prices down by about 5%, although overall market sentiment remains bullish as many investors continue to accumulate BTC.
Ethereum ETFs Imminent
Bloomberg analysts anticipate that spot Ethereum ETFs could be approved early next month. The approval is expected to significantly impact ETH prices, though the absence of staking in these ETFs might limit their immediate attractiveness to institutions compared to Bitcoin ETFs.
Trump’s Bitcoin Bet
Former President Donald Trump has made bold pro-crypto statements, including proposing that all remaining Bitcoin be mined in the US. While this reflects strong support for the crypto industry, such centralization could pose risks to Bitcoin’s decentralized nature and overall health.
Biden’s Crypto Redemption
President Joe Biden is reportedly planning a pro-crypto event to garner support from the crypto community. This move appears politically motivated, aiming to attract voters and donations. Biden’s event is scheduled for early July, coinciding with anticipated developments in Ethereum ETF approvals.
Fed Doubles Down
Fed Chairman Jerome Powell indicated that interest rates would remain higher for longer, contributing to market volatility. Despite weakening economic data, the Fed’s hawkish stance suggests a challenging environment for risk assets, including cryptos.
Top Performing Cryptos
Last week’s top-performing cryptos included Uniswap (UNI), Toncoin (TON), Oasis Network (ROSE), and Leo Finance (LDO).
- Uniswap (UNI): UNI rallied due to the deployment of its ZK rollup layer 2 solution, enhancing its scalability and transaction efficiency.
- Toncoin (TON): TON experienced a price surge driven by the booming GameFi sector on its Telegram-related layer one blockchain.
- Oasis Network (ROSE): ROSE’s gains were likely linked to a live stream featuring collaborations with prominent projects like Polkadot and Flare Network.
- Lido Finance (LDO): LDO pumped following a significant website upgrade, which attracted increased investor interest and activity.
