A trip to bountiful
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 6 a.m. 5th June 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
What’s up
Bitcoin ETF Inflows Grease Crypto Skids
Bitcoin ETFs on Tuesday enjoyed their largest inflow totals since March, injecting an octane boost into the morning combustion.
The entire crypto landscape seems high on the fumes.
At of 7 a.m. (EST), the largest crypto was $70,873 following a gain of 2.9% in the past 24 hours, according to CoinGecko. Total crypto assets are $2.77 trillion, up 3.3%.
Fidelity's FBTC raked in $378M to lead the pack of spot BTC ETFs with BlackRock's IBIT coming in second with $270M; even Grayscale, a name synonymous with the term outflow, had a net positive flow of $28M. ETFs have hauled in $3.3B in the past month. Net YTD combined totals crossed $15B. (CoinDesk).
What's down
Floki Peaks Out, Peels Back
For those keeping track, Dogecoin (DOGE) stemmed from a meme that featured a Shiba Inu dog. Shiba Inu (SHIB), created in 2020, seven years after DOGE, was inspired by DOGE's mascot. Elon Musk named his Shiba Inu dog "Floki," and that pet name ultimately, in 2021, inspired the Floki ecosystem with its native FLOKI token which earlier today reached a new all-time high of $0.0003449 after a 23% price surge in 24 hours.
FLOKI, 42nd-largest digital asset, per CoinGecko, has a market capitalization of nearly $3.2 billion, and it last tasted this per-token price level (seemingly trifling, at a fraction of a cent, but that's relative to the total supply, astronomical) circa November of 2021, back when crypto at large was nearing its apex.
Since hitting the ATH in the wee hours of Wednesday, FLOKI has shed about 5%.
What's next
ETH’s Time Is Gonna Come
Get ready to be shocked.
A team of crypto analysts have forecasted that Ethereum ETFs, once they start trading, possibly later this month, will attract $4 billion in their first five months. The estimate involved a good faith crunching of data sets connected with ETH-related futures and options activity.
So let us extrapolate. ETH at last check was $3,805 (+1.1%). That $4B inflow would represent at least one million ETH tokens, or about 1% of total supply, not insignificant.
As investors buy ETH ETF shares, issuers will need to buy tokens.
It actually would represent a "monumental supply absorption shock," Vetle Lunde, senior analyst at K33 Research, told CoinDesk.
Lunde and fellow K33 analysts predicted that once the ETH ETF train pulls out of the station, the price of ETH would start outperforming BTC.
