Market Overview (Jun 3 – Jun 9): Bitcoin ETFs Surge As Trump Fosters Crypto World

Key Points:

• Bitcoin ETFs gathered $2.4B in a month, boosted by Trump’s crypto stance.
• One Asset Management is Thailand’s first licensed Spot Bitcoin ETF firm.
• DMM Crypto Exchange compensates for a $300M hack loss.

Bitcoin ETFs, amassing $2.4B in a month, made history. Trump’s crypto presidency announcement might boost this uptrend.

Last week’s highlights big news (Jun 3 – Jun 9)

The financial market has witnessed some major movements over the same last week. As BlackRock’s Bitcoin ETF made a $20 billion history in less than five months, a milestone achievement was seen by ETFs.

Generally, Bitcoin ETFs have witnessed a stable inflow over the past three weeks, amassing $2.4 billion in the last month.

Data from CryptoQuant found that after the Ether ETF was approved, over $3 billion USD of ETH was withdrawn from exchanges to make only 10.6% of the total ETH supply available on exchanges, marking the lowest historical level since several years.

In political involvement, Coinbase followed Ripple and a16z’s lead and made significant donations to the Fairshake Political Action Committee. An additional $25 million redundant is made by the company to the Fairshake Political Action Committee to be used in the coming general election.

In other news, the Thai Securities and Exchange Commission (SEC) has given the nod to One Asset Management (ONEAM). This is the first company licensed to launch a Spot Bitcoin ETF in Thailand. The product is offered to rich investors and institutional investors.

Compliance-related reports include Binance announcing it will begin to restrict the access of “illegal” stablecoins from the end of June. It is urging its European users to start using regulated stablecoins. This move is now in line with the new regulations out of the MiCA law.

Appointment terms include Mo Shaikh, Co-founder and CEO of Aptos Labs, joining the Digital Asset Committee of the U.S. Commodity Futures Trading Commission (CFTC) effective in May 2024.

In strategic partnership, German giant bank Deutsche Bank has teamed up with Austrian cryptocurrency exchange Bitpanda in a quest to provide payment solutions to the machine’s German customers.

After a recent hack, the Japanese Crypto Exchange, DMM, set plans to compensate for lost money, amounting to over $300 million.

Their roadmap, which has already raised $32 million through loans on June 3, looks forward to recovering up to $307.6 million as planned on June 7, and a second loan of $12.8 million set to be attained on June 10 to have their total capital at $352.4 million.

VanEck has also increased its revised target for Ethereum prices to $22K by 2030 with a market capitalization of 2.2 trillion dollars, pointing towards its potential to earn revenues, thus attracting the world’s biggest tech companies.

Robinhood also confirms plans to buy the UK-based exchange Bitstamp for $200 million in cash, a move that is likely to enhance Robinhood’s scale Global crypto trading activities, increasing the number of tradeable assets for its institutional customer base.

Readmore: Market Overview (May 27 – Jun 2): MT Gox News, Bitcoin’s Future, and Big Predictions

Macroeconomics (Jun 3 – Jun 9)

The macroeconomic stage saw the U.S unemployment rate move to 4%, its highest since January 2022. This contemplates the non-farm employment rate that grew by 272K for the month of May; a substantial increase from the 165K in April and significantly higher than the Dow Jones’ estimated 190K. This thus implies that the majority of the cohort will likely have to look for multiple part-time jobs.

Key Economic Events This Week

WEDNESDAY, JUNE 12 – IMPORTANT DAY

• CPI inflation data: Estimate 3.4% | Last month 3.4%
• Core CPI: Estimate 3.5% | Last month 3.6%
• FED meeting and interest rate announcement

THURSDAY, JUNE 13

• PPI inflation data (Producer Price Index)

Prediction Market Crypto (Jun 3 – Jun 9)

In brief, market sentiment expects it to be on the uptrend since the news released on Trump introducing himself as the president of crypto at a tech industry fundraiser in San Francisco. He managed to raise $12 million in donations. Imagine how large the uptrend would be if Trump is elected.