Quick Take
- Open interest of BTC futures in centralised exchanges reached a record high of $31.4 billion on 6 June; Crypto.com receives Virtual Asset Service Provider Registration from the Central Bank of Ireland; Ripple partners with National Bank of Georgia to digitise local economy.
- U.S. Spot Bitcoin ETFs had nineteen straight days of inflows, which marks the longest streak of net inflows since the ETFs launched. They also marked their second largest daily net inflow of $887 million on 4 June. Weekly net inflow (past five trading days) totalled US$1,829 million, up from $423 million net inflow the week before. Grayscale Bitcoin Trust ETF’s (GBTC) weekly net outflow settled at $31 million.
- On the macro side, Canada became the first G7 nation to cut interest rates to 4.75% from 5%, in line with expectations. The European Central Bank also cut interest rates for the first time in five years by 0.25% to 3.75%, in-line with expectations. On the other hand, the U.S. announced larger-than-expected nonfarm payrolls of 272,000 in May, signalling a strong labour market and potentially delaying the Fed’s decision to cut interest rates.
- Notable updates: Stacks (STX) announced Nakamoto progress update; the Crypto.com App listed Taiko (TAIKO), Nosana (NOS), and Loaf Token (LOAF).
- Notable events in the coming week: U.S. Fed and Japan’s BoJ interest rate decision.
Weekly Market Index
Price and volume indices increased slightly by +0.32% and +1.21% last week, while volatility index decreased by -16.19%. Volatility changes were led by ONDO (-44.43%) and ETH (-38.86%).
Chart of the Week
Aggregated open interest of BTC futures in centralised exchanges reached a record high of $31.4 billion on 6 June since August 2020. Open interest (OI) is used to measure the total value of all outstanding futures contracts across exchanges and indicate market activity and trader sentiment around one asset. This coincided with a surge in BTC price mid-last-week to over $71,000.
At the same time, U.S. Spot Bitcoin ETFs also saw their second largest day of net inflow with $887 million on 4 June, setting a record streak of nineteen consecutive days of net inflow since launch.
Weekly Performance
BTC increased slightly by +0.9% while ETH decreased by -2.4% in the past seven days. The price action for other selected top market cap tokens was mostly negative. LDO (-18.5%) led the drop while INJ (+15.0%) led the gains, coinciding with INJ’s release of its first comprehensive paper on tokenomics.
Selected key categories were mostly down in terms of market capitalisation changes in the past seven days, with the exception of Layer-1.
News Highlights
- Crypto.com receives Virtual Asset Service Provider (VASP) Registration from the Central Bank of Ireland. This approval follows a thorough review of Crypto.com’s commitment to compliance, and will enable Crypto.com to further its offering in Ireland, including crypto to fiat exchanges and fiat wallets.
- Ripple partners with the National Bank of Georgia (NBG) to explore ways to digitise the local economy. Ripple is currently serving as the technological partner of NBG, for its pilot CBDC project named digital lari.
- Project mBridge, a multi-central bank digital currency (multi-CBDC) initiative by the Bank for International Settlements (BIS), is inviting private sector participation as it enters the MVP stage. The project aims to create a blockchain to address inefficiencies in cross-border fiat payments. Central banks of Saudi Arabia, China, Hong Kong, Thailand, and the United Arab Emirates are amongst the participants.
- The Volatility Shares 2x Ether ETF, launched by Volatility Shares, will begin trading on 4 June. This is the first leveraged Ether ETF in the U.S., launched around one year after the Volatility Shares 2x Bitcoin fund launched in June 2023.
- Paxos International announced the launch of an interest-bearing stablecoin, Lift Dollar (USDL) that will not be available in the United States. USDL will be regulated by the Abu Dhabi Global Market and backed 1:1 by liquid U.S. government securities and cash equivalents. At launch, USDL will be available in Argentina.
- Thailand SEC approved its first Spot Bitcoin ETF limited to institutional investors. One Asset Management (ONEAM) is expected to launch its ETF, ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI), between 31 May and 6 June.
Recent Research Reports
 |  |  |
|---|---|---|
| Expanding Ethereum’s Frontier: Restaking And EigenLayer’s Ecosystem | Tokenisation of RWAs & Yield-Bearing Stablecoins | Alpha Navigator: Quest for Alpha [March 2024] |
| Expanding Ethereum’s Frontier: Restaking And EigenLayer’s Ecosystem |
|---|---|
| Tokenisation of RWAs & Yield-Bearing Stablecoins |
| Alpha Navigator: Quest for Alpha [March 2024] |
- Expanding Ethereum’s Frontier: Restaking And EigenLayer’s Ecosystem (An Analysis of Restaking Dynamics): EigenLayer pioneers the ETH restaking narrative, driving the liquid restaking market to grow to $8 billion TVL. This report delves into EigenLayer’s ecosystem, its restaking mechanism, and the newly launched EIGEN token.
- Tokenisation of RWAs & Yield-Bearing Stablecoins: RWA tokenisation signifies a bridge between TradFi and the digital asset space. We explore the tokenisation of securities and its application in yield-bearing stablecoins, which have both gained much attention recently.
- Alpha Navigator: Quest for Alpha [March 2024]: Asset classes were up in March, with crypto outperforming significantly. US and EU central banks kept interest rates unchanged.
Recent University Articles
 |  |  |
|---|---|---|
| What Is the Floki Meme Coin and How to Buy FLOKI | 10 Most Popular Layer-1 Tokens of 2024 | What Is the Theta Crypto Token and How Does It Work? |
| What Is the Floki Meme Coin and How to Buy FLOKI |
|---|---|
| 10 Most Popular Layer-1 Tokens of 2024 |
| What Is the Theta Crypto Token and How Does It Work? |
- What Is the Floki Meme Coin and How to Buy FLOKI: Explore Floki, a successful token that evolved from a simple meme coin to utility-rich cryptocurrency, renowned for its engaging community and charitable initiatives.
- 10 Most Popular Layer-1 Tokens of 2024: Layer-1 blockchains form the backbone of the cryptocurrency space. Here’s an overview of the most important Layer-1 crypto tokens to know in 2024.
- What Is the Theta Crypto Token and How Does It Work?: Theta Network has drawn big tech into the crypto space, with partnerships including Google, Samsung, and Sony. Here’s how the Theta crypto token (THETA) works.
Recent Research Reports
 |  | |
|---|---|---|
| Points Farming – Development, Significance and Controversies | SocialFi – Business Models and New Developments | Alpha Navigator: Quest for Alpha [May 2024] |
| Points Farming – Development, Significance and Controversies |
|---|---|
| SocialFi – Business Models and New Developments |
| Alpha Navigator: Quest for Alpha [May 2024] |
- Points Farming – Development, Significance and Controversies: Points farming has become ubiquitous in crypto recently. The report looks into its development and case studies, Friend.tech and EigenLayer, before delving into its significance and controversies.
- SocialFi – Business Models and New Developments: SocialFi in Web3 empowers users with enhanced data control and direct creator compensation without intermediaries, leveraging blockchain for better user engagement and innovative monetisation methods.
- Alpha Navigator: Quest for Alpha [May 2024]: Asset classes were all up in May. Cryptocurrencies led the increase, which coincided with US SEC’s approval of Spot Ether ETFs.
Recent University Articles
 |  |  |
|---|---|---|
| What Is Arweave and How to Buy AR | Crypto Fear & Greed Index: What It Is and How to Use It | What Is Internet Computer Protocol and How to Buy ICP Token |
| What Is Arweave and How to Buy AR |
|---|---|
| Crypto Fear & Greed Index: What It Is and How to Use It |
| What Is Internet Computer Protocol and How to Buy ICP Token |
- What Is Arweave and How to Buy AR: Arweave utilises blockweave architecture and Proof of Access consensus to ensure permanent and sustainable data storage. Here’s how it works.
- Crypto Fear & Greed Index: What It Is and How to Use It: Learn all about the crypto Fear & Greed Index that measures how human emotions affect and interfere with market dynamics.
- What Is Internet Computer Protocol and How to Buy ICP Token: Internet Computer Project aims to revolutionise how blockchains and dapps interact. Here’s how the popular ICP crypto token works.
Catalyst Calendar
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