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Fidelity’s FBTC leads as spot Bitcoin ETFs see $226 million in net outflows
- Fidelity’s FBTC sees $106 million in outflows, nearly half of the $226 million spot bitcoin ETF outflows on June 13.
- BlackRock’s IBIT only fund to see net inflows on the day with $18 million.
- Bitcoin price continues to struggle, down 5.8% this past week.
The US spot Bitcoin exchange-traded fund (ETF) market recorded yet another day of net outflows on June 13, with Fidelity Investments’ FBTC seeing the most outflows on the day.
While BlackRock’s IBIT reported net inflows of $18 million, data by SoSoValue shows the spot ETFs cumulatively recorded net outflows of $226.21 million.
Fidelity’s FBTC slumped to $106 million – the second-largest outflow for the ETF since its trading debut, to account for nearly half of the net outflows. Grayscale recorded net outflows of $62 million for its GBTC ETF, while Ark Invest’s ARKB and Bitwise’s BITB saw $53 million and $9.8 million exit the funds respectively.
VanEck’s fund HODL also saw net outflows, with $11.3 million moving out, while about $2.7 million exited Invesco and Galaxy Digital’s BTCO.
Bitcoin ETFs total inflows at $15.3 billion
The outflows on June 13 came after Wednesday has seen the US spot Bitcoin ETFs market snap a two-day streak of outflows with $100.8 million worth of inflows.
Data shows the total net inflows to all US spot Bitcoin ETFs reached $15.5 billion on the day before yesterday’s $206 net outflows pulled it back to about $15.3 billion.
On Wednesday, SEC chair Gary Gensler told lawmakers that he sees the agency finally approving S-1 filings for spot Ethereum ETFs “in the summer.”
Both BTC and ETH prices hovered below key levels amid this news and the spot BTC ETFs outflows.
The price of Bitcoin retreated from highs near $70,000 to about $66,450 and is currently around $66,900 at the time of writing, down 5.9% this past week.
Ethereum price remains around $3,500, down nearly 8% this past week.
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Ethena (ENA) investors turn to Oasis (ROSE) and Bitbot for potential gains
- Ethena (ENA) struggles with bearish trends, eyes set on $0.65 support.
- Oasis (ROSE) showcases bullish resilience driven by robust technology.
- Bitbot presale investors eyes token claiming via Telegram ahead of plans DEX listing.
Ethena (ENA), recently a darling of many crypto investors with an impressive bullish rally, is facing a prolonged bear trend, prompting investors to seek alternative opportunities in assets like Oasis (ROSE) and innovative platforms such as Bitbot.
While Ethena declines, Oasis stand as compelling alternative for its sustained gains and Bitbot’s native token, $BITBOT, is projected to surge upon exchange listing.
Ethena price falls as analysts point to further decline
Market analysis of Ethena (ENA) reveals a downtrend marked by failed attempts at bullish reversals and significant price retracements.
Despite initial optimism, the token struggled to maintain key psychological levels, notably failing to sustain the $1 mark.
While some traders anticipate a potential bullish comeback if critical support levels around $0.65 hold firm, technical indicators, including the MACD and EMA charts, highlight ongoing bearish pressures.
The death cross formation on the 4-hour chart underscores the substantial influence of bearish sentiment, suggesting that Ethena may face further challenges in reclaiming previous highs without significant market shifts.
Oasis (ROSE) captures investors’ attention with its sustained rally
In contrast to Ethena’s struggles, Oasis (ROSE) has emerged as a beacon of optimism in the cryptocurrency market.
The native asset of Oasis Network, ROSE, has defied broader market trends with a notable uptrend characterized by a rounding bottom pattern and a golden cross of the 50-day and 200-day EMAs—a bullish signal highly regarded in technical analysis.
Investor sentiment towards ROSE has been bolstered by its resilience amidst market volatility. The token recently saw a significant rebound from support levels around $0.080, reclaiming key thresholds like $0.10 and nearing the billion-dollar market capitalization mark.
Analysts speculate that ROSE could potentially reach the psychological milestone of $1 within the near future, buoyed by robust technical indicators and growing investor confidence.
The integration of privacy-focused technologies and scalable solutions within Oasis Network, including Sapphire and native rollup support, further positions ROSE as a promising contender in sectors spanning decentralized finance (DeFi), artificial intelligence (AI), and beyond.
Bitbot investors eagerly await token claiming and exchange listing
While Oasis (ROSE) offers an alternative investment opportunity for Ethena investors, Bitbot, the pioneering AI-powered Telegram trading bot, has garnered significant attention following the successful conclusion of its public presale, which raised over $4.3 million.
Designed to democratize access to institutional-grade trading tools, Bitbot offers features such as real-time market data integration, non-custodial wallet capabilities, and a user-friendly interface accessible directly through Telegram.
Following the successful presale, Bitbot investors are now eagerly anticipating the commencement of token claiming via its Telegram bot in the coming weeks. This feature will allow users to secure their tokens and participate in the platform’s ecosystem, which includes earning incentives through trading fees and token taxes.
Looking ahead, Bitbot’s roadmap outlines ambitious plans, including listing on decentralized exchanges (DEXes), launching its native mobile app, and expanding to support multiple blockchain networks.
These developments are set to further enhance Bitbot’s functionality and accessibility, catering to a global community of crypto enthusiasts seeking innovative trading solutions.
Conclusion
While Ethena (ENA) faces challenges amidst a bearish market sentiment ROSE’s impressive performance and technological advancements make it a compelling option for those seeking growth.
On the other hand Bitbot’s upcoming developments promise to revolutionize how traders engage with digital assets.
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Terraform Labs to shut down following the SEC settlement
- Current CEO Chris Amani announced that Terraform Labs will wind down.
- Terraform Labs will sell its remaining assets to various digital asset management firms.
- More information about Terraform Labs’ dissolution and the distribution of its assets will be released in the coming weeks.
The CEO of Terraform Labs, the blockchain protocol founded by Do Kwon, has announced that it is ceasing operations after reaching a settlement with the U.S. Securities and Exchange Commission (SEC).
The $4.5 million fine settlement, which reached on Wednesday June 12, marked the end of a tumultuous period for the company, which has faced significant legal and financial challenges since the TerraUSD (UST) stablecoin collapsed in 2022. The UST collapse wiped out wiped out almost half a trillion U.S. dollars from the crypto markets.
Terraform Labs had a shutdown plan just in case
Terraform Labs’ decision to cease operations comes after a settlement with the SEC, which had initially sought a $5.3 billion penalty.
The $4.5 billion fine, while substantial, reflected a compromise between the federal regulator and the company’s legal representatives.
The settlement was intended to serve as a deterrent against misconduct in the crypto industry, highlighting the SEC’s commitment to enforcing federal securities laws.
In his announcement on X, the CEO Chris Amani stated that the company had always planned to dissolve if necessary and is now proceeding with that course of action. Amani expressed pride in the company’s efforts to innovate despite the numerous challenges it faced.
As the firm winds down, the remaining assets of Terraform will be sold to several entities, including Pulsar Finance, wen3 interface Station Wallet, and DAO management firm Enterprise Protocol. This distribution aims to ensure that the valuable components of Terraform Labs’ technological and financial ecosystem continue to benefit the broader digital asset community.
Implications of Terraform Labs’ dissolution
The SEC’s case against Terraform Labs and Do Kwon has been a significant event in the crypto world and the $4.5 billion fine is a part of a broader legal strategy to regulate and oversee the rapidly evolving cryptocurrency market.
Do Kwon’s involvement in the collapse of Terra Luna and the UST stablecoin, which led to a loss of billions from the crypto market, has been central to the SEC’s case against Terraform.
After evading authorities for months by hiding in various countries, Kwon was eventually apprehended in Montenegro. He now faces potential extradition to either the United States or South Korea, where he could face further legal consequences.
The outcome of the case sends a clear message to the crypto industry that regulatory compliance is crucial, and those who attempt to circumvent federal laws will face significant penalties.
After Terraform Labs’ shutdown, the legal proceedings against Kwon will likely influence future regulatory approaches and enforcement actions in the crypto space.
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SEC chair says S-1 approvals for spot Ether ETFs in the summer
- SEC Chair Gary Gensler told lawmakers on Thursday that he sees spot Ethereum ETFs’ S-1 filings approval in the summer.
- The SEC Chair’s comments however did not offer much information, an ETF analyst noted.
Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), sees the recently approved spot Ethereum exchange-traded funds (ETFs) getting the final nod for trading in the summer.
The SEC chair shared the outlook during a hearing with US lawmakers on Thursday, June 13.
Gensler’s remarks came during the Senate Banking Committee hearing that’s considering the US government’s 2025 budget for the Commission.
Asked about the spot Ethereum ETFs, Gensler noted that he expects the SEC will have a final approval via the S-1s “sometime over the course of this summer.”
Summer it is, but
While the crypto community has known of the upcoming listing and trading since the regulator approved 19b-4 filings in May this year, Gensler’s comments now have a timeline in place. In this case, the industry is looking at the next three months, with the latest it could happen going by the SEC chair’s remarks being in September.
Bloomberg ETF analyst James Seyffart says the SEC chair has not really offered much information when commenting that the ETH spot ETFs will launch “by the end of summer.”
Highlighting his earlier prediction that the SEC would probably finalize the approvals in early July, the analyst said:
“July was and is a complete guess. But I was more confident in saying that ETH ETFs will launch at some point this summer. That was sort of a given. Gensler not really giving us much of any info in his comments that Ethereum ETFs will launch “by the end of summer””
Ethereum surged in May after the initial SEC nod to 19b-4s, but with the broader crypto market struggling and the approvals likely already priced in, the latest comments had little upside impact on Ether.
The cryptocurrency trades around $3,470, nearly 10% down this past week.
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