ARP’s Crypto Digest

ARP’s Crypto Digest

General Digital Asset Market View:

GBTC experienced significant outflows throughout the week, starting with a $105M outflow on Tuesday. The trend continued with smaller outflows, including a $31M on Wednesday, and culminated in a notable $124M outflow as the month ended on Friday.

On Tuesday, BlackRock recorded a substantial $102M inflow, while Fidelity and Bitwise saw more modest inflows of $34M and $3M, respectively. IBIT also performed strongly on Wednesday and Friday, with inflows of $24.5M and a significant $169M, respectively.

Fidelity demonstrated consistent strength, with an impressive $119M inflow on Thursday. Conversely, ARKB faced significant challenges, with Thursday marking its worst day on record, experiencing a $100M outflow.

More Crypto:

USDe is now the fastest USD asset to reach $3b.

USDe, from Ethena Labs, has become the fastest-growing stablecoin in crypto history. While it took the stablecoin titans USDT and USDC, which together demand 90% of the market, years to reach a $3 billion market cap, USDe needed just five months.

Ethena’s rapid rise is due to its impressive annual yields, updated weekly and deposited back to investors. Yields peaked at 113% in March and 37% in early April but have now stabilized around 12% as markets cooled.

If we consider the current demand trends in the market by examining the accumulation addresses for Bitcoin and Ethereum, it is evident that over the past month, despite stable prices and relatively modest growth compared to previous months, there has been a notable increase in the number of new participating accumulation addresses.

This behavior indicates that even with Bitcoin and Ethereum experiencing price stability, investor sentiment remains elevated. More investors are eager to join the ranks of buyers and invest in Bitcoin and Ethereum.

What Happened This Week:

• Uniswap postponed voting to implement fee mechanism.

• 48B YEN [$300M] in #Bitcoin illegally leaked [stolen] from DMM Bitcoin, a Crypto exchange after a possible hack.

• Trump found guilty of falsifying business records in hush money scheme. $Trump memecoin dumps then pumps nearly 2x.

• Terraform Labs and Do Kwon Have Tentatively Agreed to Settle SEC Fraud Case.

• Starknet Foundation has announced the launch of the Catalyst ecosystem program with 20M STRK for grants.

• Binance’s founder Changpeng Zhao has reported to a low-security federal prison in Lompoc, California.

What to Look Out For:

• OpenAI’s Sam Altman and Argentinian President Javier Milei discuss Worldcoin investment.

• Maple has announced syrupfi , a new protocol for Institutional Yield. MPL holders can migrate 1:1 to $SYRUP. Roadmap and timelines will be revealed on June 4.

• Galxe has announced its own Layer-1 blockchain called GravityChain, the first version of the network will start in June.

• Uniswap Foundation has announced Uniswap v4 will be released later this year. 

What we enjoyed reading and listening to:

• Cal Newport: How to eliminate distractions and stay focused — Link

• BlackRock’s $20 Billion ETF Is Now the World’s Largest Bitcoin Fund — Link

• Tether’s next big bet is on AI — Link

• Bitcoin ETF BTC Holding Race Over Time — Link

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