Bitcoin Falls Below $67K as ETFs’ Inflows Streak Ends

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(CoinDesk)

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Bitcoin continued its decline from $72,000 that started on Friday, falling below $67,000 on the European morning. This drop follows a $65 million cumulative outflow from U.S.-listed spot Bitcoin ETFs on Monday, according to provisional data published by Farside Investors; This is the first loss since at least May 23. Inflows have been strong lately, but market buzz is that they are driven by institutions’ increased interest in non-directional based trades rather than outright bullish bets. At the time of this writing, BTC was down 3.5% from 24 hours ago. The broader digital market followed suit, with Ether falling over 4% to $3,540 and the CoinDesk 20 Index (CD20) falling almost 3.4%.

GameStop shares fell 12% on Monday, weighing heavily on some meme tokens that tend to mirror stock movements. GME, the Solana-based meme token that mimics the company’s stock tracking, has lost 25%, reversing a more than 200% rise in the past seven days. According to data tracked by CoinGecko, related tokens such as Roaring Kitty and some cat-themed tokens, which had previously moved in tandem with GME shares, lost at least 10% on average. Dog-themed tokens doge, shiba inu and floki pared their gains last week, from 4% to 10%. GameStop shares fell 62% from a two-year high on Thursday after the company said it would sell up to 75 million shares and posted a drop in quarterly sales.

The Cardano network will move into the final phase of a multi-year program to become a fully decentralized blockchain ecosystem later this month, co-founder Charles Hoskinson said in an X post. Once the transition is complete, Cardano will no longer be actively managed by Cardano development firm IOHK, but will be entirely managed by community members. “June looks set to be the month Cardano Node reaches 9.0,” Hoskinson said. “This means Cardano is ready for the Chang fork and expects 70 percent of SPOs to build the new node. A hard fork could then occur that would push Cardano into the Age of Voltaire.” Native token ADA has fallen 3.4% in the last 24 hours, broadly in line with CD20.

Painting of the Day

(Velo Data)

The chart shows the most active ether options on Deribit in the last 24 hours. Puts are shown in red and calls are shown in green.

Investors are increasingly providing downside protection by trading put options.

The price of Ether dropped over 4.1% in 24 hours.

Source – Velo Data

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-Omkar Godbole

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