Bitcoin

BTC ETF outflows reach $200m ahead of crucial Fed inflation data

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Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have recorded their second consecutive day of net outflows ahead of the Fed’s FOMC meeting and key U.S. inflation data out Wednesday.

According to data provided by Farside Investors, BTC ETFs in the U.S. saw 0.4 million in net outflows on June 11. Most of the outflows come from Grayscale Bitcoin Trust (GTBC) and ARK 21Shares Bitcoin ETF (ARKB), amounting to 1 million and .5 million, respectively.

Following the recent outflows, the total amount of net outflows from the GBTC spot Bitcoin ETF has surpassed the billion mark, per Farside Investors’ data. 

Moreover, the Bitwise Bitcoin ETF (BITB), Fidelity Wise Origin Bitcoin Fund (FBTC) and VanEck Bitcoin Trust (HODL) recorded .7 million, .4 million and .8 million in net outflows, respectively.

Other spot Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust (IBIT), remain neutral.

On June 10, spot Bitcoin ETFs recorded their first day of net outflows after four weeks of constant inflows — reaching .9 million. 

The leading cryptocurrency, Bitcoin, also briefly plunged to the ,000 mark as investors have been trying to minimize their investment risks. However, crypto trader and analyst, known as Max on X, says “we’ve seen this before” — pointing out the downward momentum before the U.S. CPI data release. 

It’s important to note that the U.S. inflation data is scheduled to be released today, at 12:30 UTC, and typically a decline in the U.S. inflation rate means bullish winds for crypto.

According to Santiment’s X post, experts expect a 3.4% year-over-year (YoY) increase in the country’s inflation between May 2023 and 2024. 

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Bitcoin

Brazil’s largest bank opens crypto trading for all customers

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Itaú Unibanco has opened crypto trading to all users of its Íon investment platform, allowing clients to buy and sell Bitcoin and Ethereum directly through the app.

The largest financial institution in Latin America, Itaú Unibanco, has expanded access to crypto trading on its investment platform Íon, making Bitcoin (BTC) and Ethereum (ETH) available to all users who download the platform’s app.

In an interview with Brazilian newspaper Valor Econômico, Guto Antunes, head of Itaú Digital Assets, revealed that the bank’s decision followed weekly surveys with an initial group of clients, which showed strong support for crypto-related products. Antunes emphasized that Itaú opted to develop the security for clients’ crypto wallets internally rather than outsourcing it.

“We have a participation and partnership with Liqi, but nothing regarding custody. The entire custody solution was designed and implemented within Itaú with our fiduciary duty in mind.”

Guto Antunes

While the bank didn’t disclose the number of Íon users, the report notes that the app has surpassed 3.5 million downloads across Android and iOS devices, which Antunes described as “significant for the crypto space and surprising.”

Despite the high acceptance, the offering to all users will be limited to BTC and ETH at first. Antunes admitted that clients are requesting additional tokens, which are under consideration pending a thorough regulatory risk assessment. Regarding stablecoins, Antunes said that Itaú is waiting for clear regulations from Brazil’s central bank without elaborating on the timeframe.

Itaú Unibanco first entered the crypto market in late 2023, launching services for select customers. The bank aims to compete with local entities like crypto exchange MB, BTG Pactual’s digital assets unit Mynt, and global players like Binance in the Brazilian market.

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Phân tích

SOL and DOGE are bearish but there’s “good news”: Analyst

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Solana (SOL) and Dogecoin (DOGE) are struggling with bearish pressure as the broader crypto market mirrors Bitcoin’s price decline.

As Bitcoin (BTC) hovers near the ,000 threshold, Solana price is flirting with a key level while Dogecoin is trading lower inline with the broader altcoin sector.

Solana price today

After dipping nearly 9% in the past 24 hours, Solana price is below 0. The tumble to lows of 5 for the 5th-ranked altcoin by market cap has an analyst saying that SOL price is at a “make or break” zone.

Solana’s daily trading volume has increased 113% in the last 24 hours as the crypto crash handed initiative to the bears. The coin’s market cap was down 8% to .6 billion at the time of writing.

Dogecoin price today

Dogecoin, the original dog-themed memecoin, is also similarly poised as price revisited support levels below .14. Trading data shows DOGE reached lows of .134 amid a 6% decline.

According to CoinMarketCap, DOGE has a 24-hour trading volume of .26 billion, up 78%, while market cap has shrunk more than 5% to .9 billion.

SOL and DOGE price: analyst shares outlook

While the increase in volume signals increased network activity, the notable price declines indicate the potential for bears to seize control short term.

Crypto analyst CrediBULL Crypto says:

“$SOL, like $DOGE is also at the make it or break it level I outlined a couple weeks ago. This is the last thing stopping us from a meltdown to the range lows at 5.”

The last time Solana traded at these levels was in February when it broke from below the 0 level. A retest towards the end of the month allowed bulls to above 0 in March.

CrediBULL Crypto believes SOL dipping to the buffer zone formed earlier this year is the most likely scenario before a relief materializes.

Despite the bearish perspective in the short term, the analyst sees SOL and DOGE bouncing amid a bullish flip for BTC. He shared on X:

“The good news is that both $SOL and $DOGE have hit their respective “make it or break it” levels at the same time that $BTC has hit our range lows- the confluence is nice to see and if $BTC reverses here DOGE and SOL will too.”

Bitcoin price also slips

Earlier in the day, crypto analyst Willy Woo noted that Bitcoin price is likely to dump to lows of .5k before a reversal likely pushes it to a new high.

“Liquidations have started… if the next cluster of long liquidations provide more fuel to downward momentum, we could go down to 62.5k to purge them all,” Woo said.

As highlighted, Bitcoin price slipped to lows of k on Tuesday as the market awaits Fed Chair Jerome Powell’s speech.

Powell will speak after the two-day FOMC meeting on Wednesday.

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Bitcoin

Bitcoin price dives to $66k ahead of FOMC decision; bullish analyst says “we’ve seen this before”

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Bitcoin price slumped nearly 5% on Tuesday, hitting lows of k as the crypto market turned negative ahead this week’s FOMC meeting.

BTC price dropped to lows of ,018 on Coinbase to wipe out gains seen when prices reached highs of ,974 last Friday.

CoinGecko data showed Bitcoin traded nearly 5% down in 24 hours. The flagship cryptocurrency has pared weekly gains and was down 6% during this period at the time of writing.

Why is Bitcoin price down on Tuesday?

The benchmark cryptocurrency’s struggles this week come after spot Bitcoin ETFs snapped a decent 19-day streak of net inflows on Monday. Data showed the sector recorded outflows of about million.

Also on Tuesday, a Bitcoin wallet that had been dormant for more than 5 years, suddenly woke up and transferred 8,000 BTC worth more than 5 million to several addresses, including Binance.

According to Lookonchain, this wallet received 8,000 BTC on December 6, 2018. The price of Bitcoin was ,810 at the time.

Risk-off mood ahead of CPI and FOMC

While price remains well above the psychological ,000 level, the upcoming FOMC minutes and Fed Chair Jerome Powell’s commentary has investors keenly watching.

It ties in with the overall macro environment, including the economic reports expected this week, and market experts have signaled this as a scenario that could feature highly on investors’ list of factors to consider.

“Markets are risk-off mode ahead of CPI and FOMC tomorrow. This month’s FOMC will also release the Dot Plot, which informs the market how many cuts the Fed anticipates for the rest of 2024,” analysts at QCP Capital, a global digital asset trading firm and market maker, said.

Analyst: ‘we’ve seen this before’

Although prices could dip further ahead of these macroeconomic reports and Fed’s interest decision, pseudonymous crypto analysts Moustache and Max say FOMC has historically been bullish for Bitcoin.

“FOMC tomorrow and $BTC forms a bullish inverse head & shoulders pattern here. The past FOMC meetings have already marked the low of the left shoulder + head. Right shoulder next?” crypto trader Moustache pointed out to his 123,000 X followers.

Sharing a Bitcoin price chart with FOMC meetings mapped on it, Max notes the last three have coincided with a dip and then a bullish flip. “We’ve seen this before,” the analyst posted on X.

“Bitcoin loves to rebound after every FOMC meeting,” another crypto analyst Ali Martinez noted.

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Theo Crypto News

DeFi

ZkSync community reacts to airdrop debacle

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Ethereum scaling solution zkSync will airdrop 3.6 billion ZK tokens to users next week, but the crypto community said the distribution list is unfair.

A year after users first anticipated a governance token, zero-knowledge (ZK) layer-2 network zkSync confirmed an airdrop for active on-chain participants. Following a snapshot in March, over 695,000 users are set to receive 17.5% of ZK’s total supply of 21 billion tokens. 

The project also allocated two-thirds of its token supply to the community. zkSync designated around 33.3% of all ZK tokens to team members and investors over a four-year lock period.

Community decries zkSync allocations to Sybil wallets

While its 3.6 billion token airdrop is the largest among major rollups to date, users expressed discontent with the protocol’s eligibility data. In a rare occurrence, the project released the CSV containing all eligible wallet addresses on GitHub.

Sybil accounts, which are defined by a single entity controlling multiple accounts, were found to have accumulated thousands of tokens. Meanwhile, some single-account users were reportedly inelgible for the airdrop, further fueling community scrutiny.

One user, self-described as “Artemis the Sybil Hunter,” claimed Sybial accounts could receive up to two million ZK tokens from the airdrop. Several of the same addresses are disqualified from LayerZero’s distribution, as the protocol launched a campaign against Sybil clusters. 

Polygon Labs CISO Mudit Gupta said zkSync used almost no Sybil filtering. “Anyone who knew the criteria could’ve easily farmed the sh*t out of it”, Gupta said as the broader defi community reacted to the latest airdrop debacle. 

Data provider Nansen clarified that the firm did not provide “anit-Sybil” support to zkSync’s parent Matter Labs. Although the details are public, the project reserves the right to decide who could receive the airdrop, leaving room for criteria changes in the near future.

This year’s airdrops have been contentious, to say the least. Users who spent several months to multiple years engaging with protocols were sometimes left disappointed with distribution plans and tokenomics. As crypto.news reported, Starknet marked a sharp drop in user activity after its token announcement. The pattern is not strange during crypto airdrop, but users were more frustrated with the allocation. 

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DeFi

Polygon launches new grants program with 1 billion POL

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Polygon, the layer-2 scaling network, has announced a new Community Grants Program, with 1 billion POL tokens (rebrand of current MATIC) allocated to ecosystem developers over the next ten years.

Polygon Labs revealed on Tuesday its program is now live. Polygon Labs said in a blog post: “Following community consensus, the Community Treasury has been created, with 1B POL unlocked over 10 years, with ~100M POL per year—all for builders.”

Accordingly, Season 01 of the program is now open, with 35 million MATIC set for distribution to projects building on the L2 network. At current MATIC prices, that’s about million set to benefit builders looking to expand Polygon’s ecosystem.

Distribution of the funds lies with “the neutral Community Treasury Board” the platform announced.

Polygon will also follow an open, community-aligned funding model, with professional Grant Allocators helping to allot the Season 01 funds.

Who is eligible?

Projects looking to benefit from the grants program have to meet at least two conditions:

One, they must be building on Polygon or if not, be willing to migrate their projects to the blockchain platform. Also important is that the projects must be in the business of building for the long term.

Polygon has opened two avenues for participating projects – the “General Grant Track,” targets builders eyeing developer tooling and infrastructure on Polygon.

Meanwhile, the “Consumer Crypto Track,” will focus on consumer-focused projects, including gaming, decentralized social, gamified commerce, AI/blockchain integration and NFT innovations.

Why the Community Grants Program?

According to Polygon Labs, CGP’s primary objective is to support developers. The best time to do this is as they build, not long after projects go live.

“Waiting until a project has finished building and produces results misses a key piece of true innovation: The opportunity to take chances. With Polygon CGP, dynamic early-stage builders can get the funding they need when they need it,” Polygon Labs wrote in the blog post.

Applications for Season 01 opened today, June 11 and will close on August 31, 2024.

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Theo Crypto News

Phân tích

Binance Coin (BNB) price outlook as futures open interest slips

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Binance Coin (BNB) price has suffered a harsh reversal this week as sentiment in the crypto and stock industries worsened. The BNB token dipped to a low of 0 on Tuesday, down from an all-time high of 4.

Binance Coin token sold off this week as investors embraced a risk-off sentiment following last week’s strong nonfarm payrolls (NFP) data.  The downturn coincides with Bitcoin gravitating towards the ,000 level while Ethereum dipped below ,500. The total market cap of all digital coins crashed by over 3% in the past 24 hours while the crypto fear and greed index has dropped to 60.

This decline is in part due to anticipation of Wednesday’s Federal Reserve decision. In it, analysts expect that the Federal Reserve will leave interest rates unchanged between 5.25% and 5.50%.

The central bank is also expected to hint that it will remain being data-dependent when deciding to cut interest rates. In his previous statements, Jerome Powell has said that the bank wants more evidence that inflation is moving towards its target of 2.0%.

Record high was brief

Binance Coin’s recent crash is a big reversal from what happened last week when it jumped to a record high of 5. At its peak, the token had a market cap of over 6 billion, making it bigger than well-known companies like Deere, KKR, Palo Alto Networks, and ADP. 

BNB token’s plunge has coincided with a drop in futures open interest, which have slumped from last week’s high of billion to 6 million. 

Binance Coin price forecast

Binance Coin chart

The daily chart reveals that the BNB token price has dived from last week’s 4 to the psychological level of 0. It has moved to the 23.6% Fibonacci Retracement point and crossed the key support level at 5, its highest point on March 16th.

Binance Coin has remained above the 50-day and 100-day Exponential Moving Averages (EMA) while the two lines of the MACD have formed a bearish crossover. The histogram has also dropped below the neutral level.

Therefore, the token will likely go through this shakeout for a while and then resume the bullish trend. If this happens, it will likely retest the all-time high of 5 either by the end of this week or next week.

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Theo Crypto News

Công nghệ

Biconomy ship DAN stack for AI on-chain delegation

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Web3 infrastructure startup Biconomy has launched a solution that supports the safe delegation of on-chain operations to artificial intelligence agents. 

According to the firm’s co-founder, Aniket Jindal, Biconomy’s Delegated Authorization Network (DAN) will address the absence of autonomy for artificial intelligence (AI) agents in crypto. The blockchain builder also touted DAN as a mitigating tool against security concerns stemming from AI’s potential complete control over wallet keys. 

As crypto intersects with artificial intelligence, users have espoused doubts about these models’ ability to withstand compromises or to execute complicated tasks connected to on-chain activity. 

Jindal said its collaboration with Silence Labs for DAN solves this by enabling AI agents to optimize and authorize blockchain transactions without jeopardizing self-custody practices. Biconomy’s delegated protocol grants AI agents access to keys stored on EigenLayer’s Actively Validated Services (AVS).

The so-called “Delegated Auth” keys allow AI-powered parameters to “securely navigate complex on-chain tasks” and unlock new use cases in the crypto space, per Jindal in a statement on June 11. 

Biconomy’s DAN stack promises to support what some experts have described as a key feature for mass adoption – delivering automated processes for handling transactions and other blockchain-related efforts.

The idea complements account abstraction, a development trend sweeping through on-chain communities, especially on Ethereum (ETH). Biconomy is also building on this innovation, boasting over three billion in volume, five million onboarded users, and 1.2 million smart accounts, per details from the firm’s website.

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