Hello Snapshotters,
U.S. spot Bitcoin ETFs experienced their second-highest daily net inflows on June 4, amounting to $886.75 million. This marks 16 consecutive days of net inflows for U.S. Bitcoin ETFs. Meanwhile, ETPs — exchange-traded products that include ETFs — now collectively hold more than 1 million bitcoins. Australia also joined the ranks this week, launching its first ETF that directly holds Bitcoin.
Things are also moving on the altcoin front: Almost half a million tokens were launched on Solana last month; and the FET, OCEAN, and AGIX merger is in its final stage.
Read on for the details.
Market Spotlight
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News Snaps
📈 ETPs Now Hold More Than 1 Million BTC
Bitcoin ETPs collectively held more than 1 million BTC as of May 28, about 5% of BTC’s circulating supply. This includes 855,619 BTC held by U.S. spot Bitcoin ETFs, and the remaining by ETPs in Canada, Germany, Brazil, and other countries.
🇦🇺 Australia Launches First Bitcoin ETF
Monochrome Asset Management has announced the official launch of the Monochrome Bitcoin ETF (IBTC) on Cboe. It’s Australia’s first ETF to directly hold Bitcoin.
🎻 300-Year Stradivarius Violin Tokenized
Michael Novogratz’s Galaxy Digital has tokenized a Stradivarius violin made in 1708. The rare instrument, valued at around $9 million, is owned by Yat Siu, co-founder of Animoca Brands.
🚀 Half a Million Tokens Launched on Solana
Nearly half a million tokens were launched on Solana last month — a number not seen by any other chain to date. The boom is believed to be largely due to the success of certain meme coins and the ability for anyone to launch a token in a few seconds.
⬆️ BlackRock Bumps Up Bitcoin ETF
BlackRock added its spot Bitcoin ETF (IBIT) into its income- and bond-focused funds in Q1 2024. The funds include BlackRock’s Strategic Income Opportunities Fund (BSIIX) and Strategic Global Bond Fund (MAWIX), which held $3.6 million and $485,000 worth of IBIT, respectively.
What’s Ahead
AI Super Merger
Fetch.ai, Ocean Protocol, and SingularityNET finalized the Artificial Superintelligence Alliance (ASI) merger, which will be fully completed on June 13, 2024. FET will be renamed ASI on June 11.
Number of the Week
Chart of the Week
BlackRock’s IBIT overtook Grayscale’s GBTC as the largest U.S. spot Bitcoin ETF in terms of the number of BTC held.
As of May 31, IBIT held 287,381 BTC ($19.5 billion), more than GBTC’s 285,689 BTC ($19.4 billion).
Research & Insights
Monthly Feature Article | Points Farming — Development, Significance, and Controversies
Points farming has recently become ubiquitous in crypto. Our report looks into its development and two examples, Friend.tech and EigenLayer, before delving into its significance and controversies.
Crypto Trivia
What is fiat currency?
A) Currency backed by gold
B) Currency backed by a government
C) An algorithmic currency
Find the correct answer at the end of this newsletter.
NFT Spotlight
Cheers to another exclusive NFT drop with InterCellar, the leading Web3 marketplace for wines and spirits!
This latest collection dropped on June 5 and features a curated selection of ‘En Primeur wines from the most prestigious domains in Bordeaux — inviting wine enthusiasts and investors to acquire wine assets before they hit the market.
Backed by digital twin NFTs in partnership with InterCellar, these quality wines — once reserved for private clients and wine merchants — are now available to Crypto.com NFT customers. In total, seven vintages are available on Crypto.com NFT in very limited quantities.
Only 7 vintages of En Primeur wines available! 🍷 🥃 Step into the future…
Product Picks
New Payment Option for Strikes and UpDowns!
U.S. Crypto.com App users can now open a Strike or UpDown Options trade by converting cryptocurrency to USD seamlessly. Any token in their available balance can be used, and all 350-plus cryptocurrencies in the App are supported. What’s more, this process is quick and seamless! Try It Now.
AKT and ZETA Are Now Available on Earn
Crypto.com Earn in the Crypto.com App now supports Akash Network (AKT) and ZetaChain (ZETA), where users can earn up to 19%* p.a. and 6% p.a., respectively, with an additional 2% p.a. for Private users. For more details, visit the FAQ here. *Availability and rates vary by jurisdiction.
Crypto.com Pay Is on Ledger Live
Crypto.com Pay’s on-ramp solution enables verified customers to buy 350-plus tokens with credit or debit cards, now available on Ledger Live. Whether it’s a dapp or wallet, integrating this on-ramp widget is simple and straightforward. Learn more about Crypto.com Pay on-ramp services.
Crypto.com App New Token Listings
Turbo (TURBO)
Turbo is a meme coin developed with the help of OpenAI’s GPT-4. It features a distinctive frog mascot, TurboToad.
Nosana (NOS)
Nosana is a decentralized computing platform for AI users, enabling the use of idle GPUs globally to provide an alternative to traditional cloud services.
Taiko (TAIKO)
Taiko is a fully open-source, permissionless, Ethereum-equivalent ZK rollup with based sequencing, where Ethereum Layer-1 validators handle the sequencer role instead of a centralized sequencer.
Loaf (LOAF)
Loaf Token (LOAF) is a memecoin on the Cronos blockchain. The memecoin features a cat with a loaf of bread as its body.
Crypto Level Up
The Most Popular Layer-1 Tokens of 2024
Layer-1 blockchains are the backbone of the cryptocurrency world. Here are a few of the top Layer-1 tokens in 2024.
1. Bitcoin (BTC)
The Bitcoin network pioneered the concept of cryptocurrency. Its native token, BTC, is used mainly as a digital currency and store of value.
2. Ethereum (ETH)
The Ethereum blockchain is known for its smart contract capabilities and can support a variety of dapps. Its native token, ETH, is used to execute smart contracts and pay for transaction fees on the network.
3. Solana (SOL)
Solana is a newer blockchain designed for scalability and speed. Its native token, SOL, is used for staking and governance, as well as to settle transaction fees.
Check out the full list.
CryptoIRL
The Lion is everywhere. Here, the Crypto.com Jade Green Visa Card and @Mohawkcian score some hot bar food from a grocery store whose choice of green is wholesome.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Security Tips
Scammer Defrauds $37M+ of Crypto With Fake Coinbase Pro Website
In late May, Chirag Tomar pleaded guilty to stealing more than $37 million of cryptocurrency via a fake website mimicking Coinbase Pro. Tomar acquired the login credentials of legitimate Coinbase customers and transferred their assets to his wallets.
Dodge Fake Website Scams With These Tips
1. Scrutinize the domain name and double check it on Whois. Scam websites often sport URLs that are almost identical to the actual website.
2. Identify whether the website uses the HTTPS protocol for data encryption. This is displayed as a padlock icon in the address bar.
3. If the website has multiple spelling mistakes and low resolution images and icons, there’s a huge risk that it’s a fake.
Crypto Trivia Answer
B) Currency backed by a government
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
