Bitcoin Weakness Continues Amid Strong Corporate Adoption in Crypto
The cryptocurrency market has seen a pause following bitcoin's recent peak above $110,000. However, corporate adoption remains strong.
- Norwegian Block Exchange saw shares increase over 100% after announcing the purchase of six BTC, valued at $633K.
- Classover Holdings Inc entered a $500 million agreement to acquire Solana's native token, SOL.
- Ripple's stablecoin, RLUSD, gained regulatory approval in Dubai for use in real estate tokenization.
- Robinhood completed a $200 million acquisition of Bitstamp, enhancing its European presence.
- U.S.-listed spot bitcoin ETFs experienced a $268 million outflow, while Ethereum spot ETFs had a $78 million inflow.
In traditional markets, the Japanese yen weakened amid central bank policy changes, and the dollar index faced pressure due to trade uncertainties. Upcoming economic data is expected to influence market conditions.
What to Watch
- June 3: Pocket Network hard fork activation.
- June 4: U.S. House hearing on digital assets.
- June 6: Sia V2 hard fork Phase 1 activation.
- June 9: SEC Crypto Task Force roundtable.
- June 10: U.S. House markup hearing on crypto legislation.
Market Movements
- BTC: $105,291.98 (up 0.33%)
- ETH: $2,618.49 (up 3.03%)
- CoinDesk 20: $3,117.05 (up 1.71%)
ETF Flows
- Spot BTC ETFs: -$267.5 million daily net flow, total holdings ~1.20 million BTC.
- Spot ETH ETFs: +$78.2 million daily net flow, total holdings ~3.66 million ETH.
Overall, the cryptocurrency space remains active with significant developments in corporate acquisitions and regulatory approvals, despite current market fluctuations.