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🎢 Bitcoin Price Rally Pauses Despite $1B ETF Inflow

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Inflows to institutional crypto products have tagged a new all-time high of $14.9 billion for 2024 after jumping by $1 billion in a single week. However, the recent bullish momentum in the crypto markets paused amid wholesale transfers from Mt Gox.

Ethereum loyalists and Bitcoin maxis are doing battle over ETH’s prospects after the SEC approved spot Bitcoin ETFs. While Ethereum supporters anticipate all-time highs, Bitcoin backers claim BTC will reign supreme.

The combined TVL of Layer 2 networks is posting new all-time highs, but analysts warn that the proliferation of L2s threatens to fragment liquidity. However, Uniswap and Across Protocol have joined forces to propose a new standard for cross-chain trading to overcome fragmentation.

Plus, Gnosis Pay teams up with Visa to offer real-world payments, ENS plots a Layer 2 migration, Avara targets Aave Network deployment for 2025, and top AI projects schedule merger for June.

And don’t miss our deep dive into Donald Trump’s crypto pivot.

✍️ In today’s newsletter:

  • Weekly ETF inflows surpass $1B
  • Mt Gox transfers billions in crypto
  • Ethereum and Bitcoin maxis do battle
  • L2 TVL tags new highs
  • Uniswap and Across target cross-chain swaps
  • Gnosis Pay partners with Visa on card
  • ENS announced L2 pivot
  • Aave Network to launch next year
  • ASI Alliance merger scheduled for June
  • Trump seeks support from crypto community

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📈 Markets in the last 24 hrs:

TickerValue24h
Bitcoin$69,122-1.52 %
Ethereum$3,742 -1.32 %
Gold 1st Future$2,389 -1.34 %
S&P 5005307.01 -0.27 %
Arch Web32.36 -2.69 %
Learn more about Arch Indices ,[object Object]%

🎬WATCH

Check out our conversation with Ansem, a Solana-focused crypto influencer and analyst. Plus, watch our interview with Robert Viglione, co-founder of Horizen Labs, to discover how the project is driving down the costs associated with zero-knowledge proofs.

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💰Institutional Crypto Inflows Hit 2024 High

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Spot Bitcoin ETFs enjoyed an inflow of $1 billion last week. The market action propelled inflows to institutional crypto products to a yearly high of $14.9 billion.

📉Crypto Markets Decline Amid Mt. Gox Jitters

Crypto markets are retracing after enjoying a surge of bullish momentum amid the SEC abruptly approving spot Ether ETFs. The market action comes amid $9 billion worth of transfers from Mt Gox, the failed pioneering crypto exchange, ahead of its distributions to creditors later this year.

🥊Ethereum Loyalists Say ETF News Isn’t Priced in but Bitcoin Maxis Push Back

Ethereum and Bitcoin maxis are divided as to whether the recent spot Ether approvals will lead to ETH outperforming BTC. “Bitcoin will still win regardless against lesser assets like Ethereum because Bitcoin has compelling utility,” said Terrence Yang, Managing Director at Swan Bitcoin.

“Ethereum is not just a crypto but a versatile platform for decentralized applications, smart contracts, and various decentralized finance projects,” Ishita Pandey, a web3 influencer told The Defiant.

⚠️Rising Ethereum Layer 2 Usage Raises Fragmentation Concerns

The combined TVL of Ethereum Layer 2s tagged a new all-time high of roughly $47 billion. However, the growing number of L2s has some analysts worried about the increasing fragmentation of liquidity within the Ethereum ecosystem.

SPONSORED POST

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As Bitcoin enters its fully programmable era, layer 2 solutions are paving the way for countless new use cases for the world’s most secure, decentralized, and widely adopted cryptocurrency. Builders are writing the next chapter for Bitcoin with Stacks, the leading Bitcoin Layer 2. While exchanges such as ALEX, Bitflow, and Velar provide decentralized ways to swap tokens and trade assets, other protocols like Zest and Hermetica bring lending, borrowing, and stablecoins to Bitcoin. Stacks is currently anticipating its largest upgrade to date: the Nakamoto Release, which is introducing Fast Blocks and Bitcoin Finality to Stacks.

Check out the top 8 DeFi apps on Stacks and learn how you can take advantage of these new use cases on Bitcoin.

🦄Uniswap and Across Team Up On Standard For Cross-Chain Trades

Uniswap and Across Protocol have teamed up to propose a new standard for cross-chain swaps. ERC-7683 seeks to establish a “universal filler network” for both traders and liquidity providers.

💳Gnosis Pay Partners With Visa to Expand Web3 Payments

Gnosis Pay has partnered with Visa to promote real-world payments powered by on-chain assets. Gnosis Pay’s Visa debit card allows users to make payments at more than 130 million locations worldwide from their Safe smart accounts or on-chain spending accounts provided by third-party businesses.

🚀ENS Rallies on Layer 2 Migration Plan

Ethereum Name Service announced plans to deploy its forthcoming v2 iteration on Layer 2. The shift to L2 is intended to reduce transaction fees and costs associated with domain registrations and renewals.

SPONSORED SHOUTOUT

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The conference was held by smart account infrastructure provider Safe during Berlin Blockchain Week 2024 and saw new announcements from Safe, Scroll, WalletConnect, Rhinestone, and others.

Read More: Safe{Con}2 Unveils Groundbreaking Advances in Account Abstraction and Smart Accounts

🆕Aave to Launch Own Blockchain After V4 Upgrade

Stani Kulechov, the founder of Avara, announced that both Aave v4 and the leading DeFi lender’s bespoke Layer 2 are set to go live next year. “This is not a drill, Aave Network is planned to come after V4,” Kulechov said.

🤖Fetch AI, SingularityNET, and Ocean Protocol Schedule ‘ASI Alliance’ Merger For June 13

Three leading web3 AI projects are scheduled to merge in two weeks time. Both the networks and native tokens of Ocean Protocol, Fetch AI, and SingularityNET are set to merge to create the ASI Alliance on June 13.

🐘Trump’s Suddenly All About Crypto. What Changed?

Donald Trump’s abrupt pro-crypto pivot has grabbed the attention of the web3 community. Just three years ago, Trump described Bitcoin as a “scam,” but now the Republican presidential nominee is pledging to ensure the United States is a hub of crypto innovation.

🌍 ELSEWHERE

  • Leveraged Ethereum futures ETF to debut on CBOE before spot ETFs launch (CryptoSlate)
  • Gemini Earn users will get back $2.18 billion of their crypto in-kind, Winklevoss-owned exchange says (The Block)
  • Crypto Bridge LayerZero Connects to Solana Blockchain (CoinDesk)
  • Has Michael Saylor, Bitcoin Maximalist-In-Chief, Pivoted? (Unchained)

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