😵‍💫 Volatile week ahead

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Good Morning!

After Bitcoin dipped on Friday, the weekend was uneventful. However, analysts don’t expect this to last long, as there are multiple economic events this week that could bring volatility back.

Let’s jump into the news. 👇️ 

Markets

Bitcoin’s 2% crash wipes $4.21 billion in OI (3 minute read)
The crypto market had a small pullback over the weekend, but Bitcoin's every twitch is causing bigger shocks in the alt coin world. A recent 2.05% drop in BTC sent altcoins into a tailspin, with many plummeting by 20%.

Some see this as a chance to buy low, but others are sounding alarm bells about a bigger sell-off looming. The takeaway? Altcoins are clearly looking to Bitcoin for directional bias, and until BTC shows a clear direction, it's a gamble to dive too heavy into altcoins.

Increased market volatility in the upcoming week (2 minute read)
Analysts at Presto Research are bracing for a wild week, with major economic events on the horizon: CPI data on Wednesday, the FOMC meeting on Thursday, and Janet Yellen's speech on Friday.

Last week's market chaos was a taste of what's to come. Bitcoin bulls took a hit when the non-farm payrolls report showed a stronger-than-expected 275,000 jobs added, sending BTC from $71,000 to $69,000. Expect more volatility as these macroeconomic factors play out.

Bitcoin ETFs sucked up 2 months of BTC mining supply in first week of June (2 minute read)
In the first week of June, U.S. spot Bitcoin ETFs went on a buying spree, snapping up 25,729 BTC, worth $1.83 billion. That's a staggering eight times the new BTC mined in the same period. This week's total nearly matched May's entire total of 29,592 BTC and marked the most significant buying frenzy since Bitcoin's all-time high in March. These ETFs are gobbling up Bitcoin, signaling massive confidence and pushing market dynamics into overdrive.

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Misc

Arbitrum DAO Approves $222 Million for Gaming Ecosystem Expansion (2 minute read)
The Arbitrum DAO has greenlit a massive $222 million fund to boost its Ethereum layer-2 gaming sector. On June 7, the community approved a proposal to allocate 225 million ARB tokens over three years via the Gaming Catalyst Program (GCP). This initiative aims to supercharge user engagement in the Arbitrum, Orbit, and Stylus gaming communities.

A five-member council of experts in gaming, venture capital, data analysis, and DAO governance will oversee the GCP, with a $25 million operational budget.

Arbitrum is on fire, showing a 30% jump in daily active addresses over the past month, hitting 710,000 and outpacing other layer-2 networks.

Iggy Azalea Says MOTHER Tokens Can Soon Be Used to Buy Phones (2 minute read)
Iggy Azalea keeps pushing her MOTHER token. Soon, holders can use their MOTHER to pay for phones and services from her new telecommunications company. This move comes hot on the heels of a MOTHER merch store launch, which already sparked a token rally.

In the past 24 hours, MOTHER has surged 18%. Azalea announced on X that the relaunch of her telecom company will allow purchases using $MOTHER or Sol, with an ad campaign rolling out later this week.

Iggy has been much more engaged with her coin and audience than celebrities usually are when they dabble in the space.

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📈 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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