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Markets

Bitcoin Crosses $71K as BTC ETFs See $880M Inflows in Best Day Since March (3 minute read)
On Tuesday, spot Bitcoin exchange-traded funds raked in over $880 million, with Fidelity's FBTC leading the charge at $378 million. BlackRock's IBIT wasn't far behind, pulling in $270 million, and even Grayscale's GBTC, usually known for outflows, grabbed $28 million.

Bitcoin soared past $71,000 in Asian trading, spiking 3% in 24 hours, before pulling back slightly at resistance. This marks the best inflow day since March and the second-highest since January's ETF launch. After a rough April and early May, things are looking up.

Bloomberg's Eric Balchunas reported that ETFs have hauled in $3.3 billion over the last month, pushing their year-to-date total beyond $15 billion. Boom!

BNB token breaks through $700, price sets new all-time high (2 minute read)
Late Tuesday, BNB hit a new all-time high, skyrocketing over 11% in just 24 hours to a record $701. This surge beats its previous peak of $690 from May 2021. As the native token of the BNB Chain ecosystem, BNB’s latest price rally showcases its growing strength and the increasing confidence in its platform.

DOG•GO•TO•THE•MOON (1 minute read)
Memecoins are stealing the spotlight once again when it comes ot gains. DOG•GO•TO•THE•MOON and Floki outpaced market giants, showing their teeth in the latest rally. DOG led the pack, soaring over 20% in 24 hours. This Bitcoin-based memecoin saw trading volumes explode by 127%, hitting nearly $82 million.

In the past week, DOG has more than doubled in value, edging closer to a $1 billion market cap. Floki wasn’t far behind, racking up 41% gains and maintaining its $1 billion market cap from last month.

Best of Crypto Twitter

Misc

FTX and IRS reach settlement for approximately $885M (2 minute read)
FTX, the bankrupt exchange and the IRS have proposed a deal that’ll see FTX pay nearly $1 billion to the government. Originally, the IRS was demanding for $24 billion, but they settled for a much lower figure, $885 million.

Under this plan, FTX will pay $200 million within 60 days of confirmation, while the remaining $685 million will be dished out as funds become available. This settlement puts the IRS claim lower on the priority list, meaning other claims might get handled first.

Ethereum Layer-2 Networks Are Raking in Millions—With Base Leading the Way (3 minute read)
Base, Coinbase’s Ethereum layer-2 network, is absolutely killing it, raking in over $6 million in on-chain profits in May. This makes Base the top earner among layer-2 networks, ahead of competitors like Blast and Optimism.

Why is this the case? A rapid increase in total value locked (TVL), boosted by Ethereum’s EIP-4844 implementation and the proto-danksharding from the Dencun upgrade in March. According to GrowThePie, Base pulled in $6.1 million, while Blast and Optimism lagged behind at $1.5 million and $1.4 million, respectively. Despite its lead, Base's profits have dipped since the March spike.

Our Recommendations:

💻️ MEXC - Where we find and trade new coins with low fees
📈 TradingView - Software we use to chart Crypto.
🔐 Trezor - Our favorite hardware wallet to keep our Crypto secure.
🦑 Kraken - Where we buy crypto with cash / withdraw profit to our bank.

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