U.S. Federal Trade Commission warns of crypto romance scams

The United States Federal Trade Commission (FTC) has warned the public of the rise in romance scams that often involve cryptocurrencies.

In a Monday notice, the FTC advised Americans on how they can handle the situation if their online romantic interest is offering them investment advice.

“No one thinks their online love interest is going to scam them, but scammers are good at what they do,” the FTC noted.

Romance scams, often dubbed as pig butchering scams, involve attackers befriending victims under the guise of their potential love interest. Ultimately, the victims are tricked into making fraudulent cryptocurrency investments, and the scammers disappear.

Such scams have become a norm in the cryptocurrency sector. A recent study by the University of Texas revealed that over billion was lost to these schemes in between January 2020 and February 2024.

As such, the advisory, authored by Colleen Tressler of the Division of Consumer and Business Education, delved into the detective tactics employed by bad actors to execute these scams.

According to the FTC, the attackers “establish an emotional connection” to convince victims into believing that they are “experts in cryptocurrency.”

The commission noted these scammers often promise high returns that are possibly risk-free. However, it added that all such investments carry risks and the guarantees on profits are false.

Further, the FTC stressed that these scammers usually do a background check on the victims. This helps them convince the victim and allows them to “say the right things” to gain their trust, “and before you know it, your new friend is talking money,” the FTC added.

The regulator also advised against transferring any funds, be it fiat or crypto, if requested by such parties, “if you think someone you met on social media is a scammer, cut off contact.”

The notice also urged users to file a report with the FTC if affected by such a scam.

Romance scams have made the headlines on several occasions. 

Back in February 2024, a Philadelphia woman lost 0,000 in cryptocurrency to these bad actors. Scammers befriended the woman and pitched a fraudulent crypto trading app, ultimately convincing her to drain her savings.

The growing prominence of these attacks has prompted regulatory intervention from the likes of the Federal Bureau of Investigation (FBI) and the Commodity Futures Trading Commission (CFTC).

The CFTC charged crypto exchange Debiex on Jan. 20, alleging the firm’s insiders of duping its customers by establishing amicable and “intimate” relationships. These individuals were then tricked into opening trading accounts with the exchange.

Debiex allegedly solicited .3 million from five customers.

Meanwhile, the FBI had also issued a warning before the 2023 Valentine’s day about the surge in romance scams. 

In April 2024, the Brooklyn District Attorney’s Office managed to crack down on a similar scam that duped several individuals across the United States. 

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Theo Crypto News

AKT gains 9% as Akash Network unveils future roadmap at decentralized AI event

Akash Network, a leading player in the decentralized cloud computing sector, has seen its native token, AKT, emerge as one of the top gainers among the top 100 cryptocurrencies,

At the time of writing, AKT is still up 9% in the last 24 hours, trading at around .48 per coin. In the same time frame, the token experienced a daily trading volume of .7 million, up 495%. The crypto asset’s market cap has also climbed to .07 billion, making it the 76th-largest cryptocurrency.

AKT 24-hour price chart | Source: CoinMarketCap

Despite the recent price rally, AKT is still down by 40% from its all-time high of .41 reached on April 8, 2021.

AKT’s price surge comes as Akash Network hosted its inaugural full-day summit, Akash Accelerate, focusing on the expansion of permissionless computing and decentralized AI (DeAI).

The event, held in Austin, TX, gathered hundreds of participants from across the decentralized computing space, spotlighting the network’s growth and its evolving ecosystem of projects, companies, and protocols.

The summit featured key collaborations and presentations that highlighted the capabilities and advantages of using Akash’s Supercloud for high-performance computing.

Prominent institutions like the University of Texas at Austin and leading AI companies such as Nous Research, Brev.dev, and Morpheus participated in the summit, discussing the practical applications of decentralized infrastructures.

The University of Texas at Austin, for example, is leveraging Akash’s decentralized infrastructure to provide researchers with access to high-performance GPUs, which are essential for cutting-edge research in AI, without the limitations and high costs associated with traditional cloud providers.

Further, the event unveiled a roadmap for Akash’s development over the coming years, presented by CEO Greg Osuri.

His keynote addressed the strategic direction and anticipated enhancements to Akash’s platform, which are expected to further improve its infrastructure and solidify its position in the decentralized cloud market.

This announcement has likely contributed to the renewed investor interest and optimism surrounding AKT, as it showcases Akash’s commitment to scaling and improving its services.

AKT’s surge comes at a time when the global cryptocurrency market is experiencing a downturn, with a 3% drop bringing its market cap to .45 trillion.

Bitcoin, the pioneering cryptocurrency, has also experienced a similar drop, currently exchanging hands at ,206.

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Theo Crypto News

Thai regulators revoke Zipmex’s crypto license

Beleaguered crypto exchange Zipmex has lost its business license after the Thai authorities found that the exchange had repeatedly failed to comply with orders.

Thai cryptocurrency exchange Zipmex has lost its business license after the Securities and Exchange Commission (SEC) found that the exchange had repeatedly failed to comply with regulatory orders.

In a Jun. 11 press release, the SEC announced that Zipmex’s license revocation followed concerns over the company’s financial instability and inadequate management. Despite several directives to rectify these issues, Zipmex failed to comply within the given timeframe, prompting the SEC to recommend that Thailand’s Ministry of Finance revoke the company’s license.

The Ministry’s decision requires Zipmex to cease crypto operations immediately and transfer customers’ assets back to them within 15 days. If customers don’t claim their assets within the period, Zipmex must store the assets within 30 days and report each step of the process to the SEC. As of press time, Zipmex made no public statements on the matter.

Founded in 2018, Singapore-headquartered Zipmex halted its trading business in Thailand in November 2023, facing penalties from the SEC for alleged misuse of a crypto custodian service and for funneling customers to the Singapore-based exchange Zipmex Pte, creating a conflict of interest. Zipmex also operates in Australia and Indonesia.

Beyond its regulatory difficulties in Thailand, Zipmex’s rehabilitation plan has stalled following significant losses exceeding million due to its exposure to the bankruptcies of Babel Finance and Celsius Network in 2022.

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Theo Crypto News

NOT plunges 15% while the contract owner revoked privileges 

The TON-based meme coin and clicker game on Telegram, Notcoin (NOT), has emerged as the top loser among the leading 100 cryptocurrencies despite its bullish announcement.

NOT is down by 15% in the past 24 hours and is trading at .016 at the time of writing. The asset’s market cap is currently hovering at .64 billion, making it the 58th-largest cryptocurrency.

NOT price, open interest, funding rate and RSI – June 11 | Source: Santiment

Moreover, Notcoin’s daily trading volume also declined by 14%, reaching the 0 million mark. 

According to an official announcement on X, the owner of the Notcoin smart contract has revoked their ownership. Many users have shown bullish sentiment in the same X thread, calling NOT a “community token.”

At this point, per the X post, no one can add any Notcoins to its circulating and total supply — locking the total supply at 102,701,033,769 NOT.

According to data provided by Santiment, the NOT total open interest dropped from .6 million to .4 million over the past 24 hours. The decline in the asset’s open interest comes as it witnessed over million in liquidations, per Coinglass data

Moreover, the total funding rate aggregated by NOT has been sitting close to 0.01% over the past two days. The indicator shows that long-position holders are still slightly dominating short-positioned traders despite the price downturn.

Data from the market intelligence platform shows that the NOT relative strength index (RSI) plunged from 96 on June 2 — when the token reached an all-time high of .028 — to 74 at the reporting time. 

The indicator shows that the heat around NOT has been constantly declining while the token is still overbought. 

Thanks to the declining open interest and RSI, lower price volatility would be expected for Notcoin.

On June 10, the TON-based token recorded a 12% rally after announcing new incentives and a surge in its user base. 

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Theo Crypto News

Australia implements sweeping ban on credit and crypto for online betting

The Australian government is banning the use of credit cards and cryptocurrencies for online betting in its latest bid to mitigate gambling problems troubling the nation.

According to a local report on June 11, the ban extends to credit cards linked to digital wallets, cryptocurrencies like Bitcoin, and any other novel forms of credit. This means Australians can no longer place bets through borrowed funds or anonymous digital currencies.

The latest regulation for online betting aligns with that of physical casinos, which have also banned the use of credit cards. However, the regulations do not apply to online lotteries, which still allow credit card payments.

Kai Cantwell, CEO of Responsible Wagering Australia, is urging the government to expand this ban to include forms of gambling that are currently exempted.

“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior,” said Cantwell.

Last year, lawmakers voted to approve the amendment to the Interactive Gambling Act 2001. The act prohibits gambling providers from offering certain online services to people in Australia.

Following this, gambling service providers were given a six-month transition period to comply with the changing regulations. Companies that fail to comply with the ban risk fines of up to AU4,750 (around 5,000).

The communications regulator has also been granted greater authority to enforce these restrictions.

Additionally, the federal government is mulling over a proposal that will see the elimination of gambling advertisements over three years. This suggestion was one of 31 recommendations floated during a parliamentary inquiry on gambling issues plaguing the nation.

Communications Minister Michelle Rowland mentioned that the government would announce more rules it plans to implement to prevent gambling in the future.

“Australians should not be gambling with money they do not have,” she said.

In the past, Australia had a flourishing market for online casinos accepting payments via digital currencies like Bitcoin. The fast and anonymous transactions offered by these cryptocurrencies were appealing to gamblers.

One study even revealed that in 2019, a substantial 30.7% of Australian gamblers engaged in online gaming using cryptocurrencies.

Recently, tax officials from the land Down Under have been targeting millions of crypto investors, seeking their personal information and details from crypto exchanges.

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Theo Crypto News

Crypto deposits to Chinese precursor makers surge 600% in 2023

Blockchain intel firm TRM Labs says China-based precursor manufacturers received over million in crypto in 2023, with around 60% of payments were made in Bitcoin.

Cryptocurrency appears to be becoming a more preferred payment method for Chinese drug manufacturers as the amount of crypto deposited into wallets linked to these entities soared sixfold from 2022 to 2023, according to TRM Labs, a blockchain intel firm backed by JPMorgan Chase, Visa, Citi, and PayPal among others.

In a recent research report shared with crypto.news, analysts at TRM Labs revealed that deposits into addresses linked to Chinese drug producers more than doubled in the first four months of 2024 compared to the same period in 2023. In 2023, Chinese precursor networks received over million, with 11 manufacturers accounting for “over 70% of all crypto-denominated sales of drug precursors.”

“Crypto funds sent to Chinese precursor manufacturers primarily come from unhosted wallets, cryptocurrency exchanges, and payment services; the manufacturers’ wallets are most commonly hosted at exchanges.”

TRM Labs

Approximately 60% of crypto payment volume to Chinese precursor manufacturers occurred on the Bitcoin blockchain, followed by 30% on the TRON blockchain and about 6% on the Ethereum blockchain, the data shows. Despite the surge in crypto payments, Chinese manufacturers also appear to be comfortable with accepting payments in fiat currencies via PayPal, MoneyGram, Western Union, and bank transfers.

Drug sales by blockchain | Source: TRM Labs

According to TRM Labs’ study, Chinese drug precursors mainly target Canada, the Netherlands, Australia, Germany, and the U.S., as their top countries for shipping. However, there are also advertisements targeting Russia and neighboring countries for mephedrone precursors.

In April, a U.S. congressional committee reported that China subsidizes the production of illicit fentanyl precursors, fueling the U.S. opioid crisis. The committee reportedly found that China provides value-added tax rebates to companies manufacturing fentanyl analogs, precursors, and other synthetic narcotics, provided they sell them outside China.

As another blockchain intelligence firm, Elliptic, earlier noted, fentanyl is favored by drug cartels due to its lower production cost compared to heroin and its potency, which is 50 times stronger, making it the leading cause of death for Americans aged 18-45.

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Theo Crypto News

The $800,000 Bitcoin price prediction: clues point to a massive upsurge

Could Bitcoin’s price hit 0,000 soon? Uncover the hidden clues and expert forecasts predicting a massive upsurge.

Bitcoin (BTC) once again made headlines last week as it crossed the ,000 mark due to a surge in buying pressure. 

On June 7, BTC reached a high of ,907, just shy of the elusive ,000 mark. This price level has proven to be a strong resistance point, as shown by a similar peak of ,900 on May 21.

Despite these impressive gains, BTC has struggled to maintain its momentum, trading at ,400 as of June 10, marking a 6% decline from its all-time high of ,750, achieved on March 14.

What’s driving these fluctuations? According to a CoinShares report, crypto investment products saw nearly billion in inflows last week, extending a five-week run to over .3 billion. 

This surge in investment activity is reflected in the trading volumes of exchange-traded products (ETPs), which rose to .8 billion for the week, up 55% from the previous week. Notably, Bitcoin led this investment frenzy, with inflows of over .97 billion.

The regional data is equally telling. The U.S. dominated the inflow scene with .98 billion last week. Remarkably, the first day of the week recorded the third-largest daily inflow on record. 

Meanwhile, short-Bitcoin products experienced outflows for the third consecutive week, totaling .3 million.

The substantial inflows and rising trading volumes suggest strong investor interest and confidence in Bitcoin’s potential. However, the resistance at the ,000 mark indicates that the market is still testing the waters.

Where is Bitcoin headed next? Will it finally surpass the ,000 resistance, or will we see more of the same volatility? Let’s delve deeper into this analysis and see what Bitcoin price predictions say.

Factors affecting Bitcoin price prediction

Macroeconomic triggers

External triggers, particularly from U.S. macroeconomic data, have shown they can flip Bitcoin’s path in an instant. 

Hence, this week is crucial, with two key events dominating the scene: the Federal Reserve’s interest rate decision and the release of the May Consumer Price Index (CPI).

Why are these events such big deals? Well, the CPI release and the Federal Open Market Committee (FOMC) meeting are both scheduled for the same day. This creates what traders call a “double whammy” for market volatility.

Last week gave us a taste of how jittery the market can be. U.S. employment data came in much stronger than expected, and Bitcoin’s price dropped nearly 2% almost immediately. 

Popular trader CrypNuevo outlined two possible scenarios for Bitcoin’s reaction to the upcoming data. 

In Scenario 1, Bitcoin might recover from last week’s drop at the start of this week, consolidate until the FOMC announcement, and finally adjust based on what the Fed says. 

In Scenario 2, the FOMC might directly counteract last week’s drop, with Bitcoin simply consolidating and sweeping lows until then.

Despite the buzz, market expectations for Fed policy changes have remained consistent. 

According to CME Group’s FedWatch Tool, it’s widely believed that the FOMC won’t cut rates this month. It might take several more meetings before the Fed follows other central banks in cutting rates.

June 13 is another day to mark on your calendar. The U.S. will release the Producer Price Index (PPI) along with weekly jobless claims. 

As CrypNuevo pointed out, economic data often causes immediate market reactions, but these moves tend to get retraced later on, just like we saw with last week’s employment data.

Ricardo Salinas Pliego’s endorsement

Ricardo Salinas Pliego, a Mexican entrepreneur with a fortune worth over billion and owner of Salinas Group, has long been a vocal supporter of Bitcoin. 

Recently, he advised his followers on X to buy Bitcoin and capitalize on its appreciating value. 

His advice comes at a time when the Nigerian currency has become the worst-performing against the U.S. dollar, prompting government measures to stabilize it, including crackdowns on crypto operators.

Salinas Pliego’s endorsement is not new. Back in 2021, he declared his allegiance to Bitcoin, describing it as “gold for the modern world” and advocating its “extraordinary properties.” 

He even mentioned working towards making Banco Azteca, his bank, the first institution in Mexico to accept Bitcoin. 

Moreover, in 2022, he hinted that Elektra Group, a chain of department stores under Salinas Group, might start selling Bitcoin merchandise.

Spot BTC ETFs absorbing new supply 

Another key factor currently shaping Bitcoin’s price is the surge in demand driven by spot BTC ETFs in the U.S.

According to data from HODL15Capital, in the first week of June, these ETFs acquired 25,729 BTC, equivalent to about two months’ worth of newly mined Bitcoin. 

This purchase volume, totaling approximately .83 billion, is nearly eight times the 3,150 BTC mined during the same period.

The substantial inflows into Bitcoin ETFs, which have amassed .69 billion in net inflows since their January launch, suggest the strong demand and growing institutional interest in Bitcoin. 

Remarkably, Bitcoin ETF assets under management (AUM) have already reached about 60% of the AUM of gold ETFs, despite Bitcoin ETFs being in existence for only five months compared to gold ETFs’ two decades. 

Something big is cooking up

Amid this recent bull market, the current buzz is all about the massive billion worth of Bitcoin shorts up to ,000, as highlighted by Oliver L. Velez in his recent X thread. 

Other analysts on X have also shared the same opinion, and are expecting a big move.

According to Oliver, Wall Street firms are diving into the Bitcoin market with large short positions, but this isn’t necessarily a bearish move. Instead, it’s a strategic play involving hedging and capturing premium spreads by selling Bitcoin futures while buying spot Bitcoin.

So, what does this mean for the market? To understand, let’s break down the mechanics. 

When institutional investors short Bitcoin, they sell futures contracts, betting that the price will drop. However, they simultaneously buy spot Bitcoin, hedging their risk. 

This dual strategy allows them to profit from the price difference between the futures and the spot market. But here’s where it gets interesting: Oliver predicts that these strategies might lead to the bankruptcy of some major Wall Street firms. 

Why? Bitcoin doesn’t conform to traditional market rules, such as upper and lower circuits. In traditional stock markets, upper and lower circuits are mechanisms that halt trading if a stock’s price moves beyond a certain percentage in a day, preventing extreme volatility. 

However, Bitcoin lacks these controls, allowing for unrestricted price movements. The high leverage often used in Bitcoin trading means that even slight market fluctuations can result in substantial losses.

If Bitcoin’s price surges instead of dropping, these firms will face enormous losses, potentially leading to a short squeeze—a situation where short sellers are forced to buy back Bitcoin at higher prices to cover their positions, driving the price even higher.

Historically, short squeezes have led to dramatic price increases. For example, in early 2021, GameStop’s short squeeze saw its stock price skyrocket from to over 0 within weeks. A similar scenario in the Bitcoin market could send prices soaring, creating wild volatility.

The bottom line is that while Wall Street firms are engaging in sophisticated trading strategies, Bitcoin’s unique nature makes it a risky game. The potential for massive gains exists, but so does the risk of catastrophic losses. 

What to expect next and Bitcoin price prediction

As we look ahead, the buzz around Bitcoin isn’t just about its current state but where it’s headed. 

With Bitcoin consolidating between crucial levels, a breakout at .7K could be massive, as suggested by Michaël van de Poppe, a prominent crypto analyst. However, it’s standard to be conservative during CPI week, as macroeconomic factors play a key role in price movements.

Meanwhile, according to Ali, another known analyst, short-term holders are enjoying a profit margin of 3.35%, indicating minimal risk of a significant sell-off and hinting that Bitcoin might be gearing up for a substantial move. 

Another analyst suggests that historically, Bitcoin has exhibited similar patterns to those observed between 2018 – 2021 and even 2014 – 2017, suggesting a BTC price prediction of ,000 in the short term.

Other Bitcoin price predictions suggest that Bitcoin could outperform any other asset in the next 12-18 months, with a conservative target of 0-180K in the worst-case scenario. 

When we extend our horizon to the long term, the Bitcoin crypto predictions become even more fascinating. PlanB’s Stock-to-Flow (S2F) model, a widely followed forecasting tool, provides a bullish scenario for Bitcoin over the next few years. 

According to this model, Bitcoin’s price prediction for 2024 is 0,000, with a potential Bitcoin price prediction for 2025 at 0,000. The model suggests a more moderate correction in subsequent years, with Bitcoin stabilizing around 0,000 by 2026-2028.

In the short term, it’s essential to watch for a breakout above .7K, which could signal a key upward move. Hence, you should remain informed and cautious and keep in mind that these predictions and forecasts often go wrong.

As always, thorough research and a balanced approach are crucial. While the future of Bitcoin looks promising, the journey will likely be filled with ups and downs. Stay informed and never invest more than you can afford to lose.

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Theo Crypto News

3 projects that show the metaverse isn’t dead

While the buzz surrounding the metaverse has definitely died down, some big brands are still rolling out exciting new virtual worlds.

Back in October 2021, Mark Zuckerberg made a huge announcement: Facebook was going to rebrand as Meta.

This was driven by his vision that the metaverse represented the tech giant’s future — virtual worlds where people would work and play.

But it’s been a turbulent journey for the social network, which also owns Instagram and WhatsApp. Billions upon billions of dollars have been poured into building its metaverse, with little to show for it. That aggressive investment continues. Reality Labs, the division of Meta responsible for bringing this technology to life, lost .8 billion in the first quarter of this year — and there’s been a much greater focus on artificial intelligence.

Countless other companies have also made big bets on the metaverse, with mixed success. Disney was especially bullish, with ex-CEO Bob Chapek declaring it to be “the next great storytelling frontier.” But last year, the entire department tasked with making this happen was abruptly shut down in a brutal round of layoffs. 

The House of Mouse doesn’t appear to have given up on this dream entirely. Back in February, Disney invested .5 billion in Epic Games in a bid to create a “new persistent universe.” Tellingly, the word “metaverse” didn’t appear once in the press release.

You could argue that buzz surrounding virtual worlds has been overshadowed by the rise of AI. But reports of the metaverse’s death have been hugely exaggerated, and pretty big projects continue to be announced on a regular basis.

McMetaverse

Earlier this month, McDonald’s Singapore unveiled a brand-new virtual world called My Happy Place, found directly within the fast food giant’s app. Users have been promised a chance to win “exclusive prices and merchandise” — as well as a year of free meals. Some of the games on offer invite players to build a burger or design their dream restaurant.

There are also perks for the lucky owners of NFTs based on McDonald’s famous purple character Grimace, which was released last year. Why? Because they’ll be able to unlock special wearables available to no one else.

Source: IKEA

IKEA

Later in June, the Swedish home furniture retailer IKEA is also launching a virtual universe on Roblox which has been heralded as “the brand’s first foray into mainstream gaming.” 

The Co-Worker Game will allow players to experience what it’s like to work at IKEA, and move across departments. Levels have been inspired by the real-life roles performed by staff — and include rearranging showrooms and serving up meatballs. In a surreal twist, a small number of gamers will also be paid £13.15 an hour for getting involved… equivalent to the living wage paid to workers in London.

Some of the questions on the application form are surreal to say the least, including how you would feel if you were turned into pixels — and what you would do if the store ran out of pixelated hot dogs in the bistro.

IKEA has said its goal is to “attract a new generation of co-workers” and show that there are ample opportunities for career progression within its business.

Source: Visit Wales

Wales in the metaverse

Skeptics dismissing virtual worlds as a fad have also been proven wrong by the government of Wales in the United Kingdom, which has become the first European country to establish a presence in the metaverse. Hosted on Spatial and created by the national tourism board, it’s hoped the platform will offer visitors a taster of the destinations and attractions available if they decide to come in real life.

Players can roam around a historic castle to look for a hidden map, take a cable car ride from one side of the metaverse to the other, and admire an amphitheater where authentic Welsh music is performed. Crucially, you don’t need a VR headset to get involved, as it’s also available on smartphones, tablets, and laptops. Tourism minister Hannah Blythyn said:

“The Wales metaverse has been created to reach new audiences — wherever they may be in the world — and inspire them to visit our awesome nation for real. By showcasing some of the best Wales has to offer visitors in this incredibly innovative way, we’re putting Wales in an online sphere where millions of people already meet every day.

Hannah Blythyn

With each of these three projects announced in the past couple of months, it’s clear to see that there’s still a lot of enthusiasm for building in the metaverse. And as virtual reality headsets become cheaper and more efficient, there’s a decent chance that curious consumers will be more enthusiastic about taking the plunge.

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Theo Crypto News

Spot BTC ETFs record first day of outflows in 4 weeks

The constant inflows of the spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have come to an end after four weeks.

According to data provided by Farside Investors, spot BTC ETFs in the U.S. recorded .9 million in net outflows on June 10 — ending their four-week winning streak. The majority of the outflows belong to Grayscale Bitcoin Trust (GBTC) — registering .5 million in outflows.

The Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR) and Fidelity Wise Origin Bitcoin Fund (FBTC) each saw .5 million, .8 million and million in outflows, respectively. 

On the other hand, only Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) recorded inflows of .6 million and .3 million, respectively. 

It’s important to note that the total net inflows of spot BTC ETFs in the U.S. have surpassed the .6 billion mark, thanks to the four weeks of constant inflows — recorded over billion in net inflows between May 13 and June 7.

The bearish sentiment comes as investors take a cautious approach ahead of the U.S. CPI data release, scheduled for June 12. Last month, the CPI came at 3.4%, as expected, which eventually brought market-wide bullish sentiment.

Consequently, the global crypto market capitalization declined by 2.8% in the past 24 hours and is hovering at .59 trillion, according to data from CoinGecko.

Bitcoin plunged to ,600 and Ethereum (ETH) is closing down to the ,500 mark. At this point, 94 of the leading 100 cryptocurrencies are wandering in the red zone.

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Theo Crypto News