Spot Bitcoin ETFs bleed $1B in a week, snapping six-week inflow run
Spot Bitcoin exchange-traded funds (ETFs) recorded $1 billion in weekly net outflows, ending a six-week inflow streak that had drawn a combined $3.4 billion.
The week started on a cautiously optimistic note, with Monday posting modest inflows of $27.29 million, according to data from SoSoValue. The tide turned sharply on Tuesday, when investors pulled $233.25 million from the funds. Selling pressure intensified on Wednesday, the worst single day of the week, with outflows reaching $635.23 million.
A brief reprieve came on Thursday, as inflows of $131.31 million offered a momentary reversal. However, Friday erased that recovery as well, when a further $290.42 million exited the products, sealing the week in the red at exactly $1 billion in net outflows.
NY judge pushes back hearing for Aave’s bid to unfreeze $71M in ETH
A New York judge has delayed a decision on Aave’s emergency bid to unfreeze $71 million worth of crypto tied to victims of the $293 million Kelp DAO hack, asking for additional information ahead of a new hearing in June.
Aave has sought to use $71 million in ETH that Arbitrum froze to assist with recovery efforts following the Kelp DAO hack, one of the worst DeFi hacks this year.
However, US law firm Gerstein Harrow LLP filed a restraining notice at the start of May, arguing its clients have a claim to the funds.
Aave then filed an emergency motion to get the funds unlocked, arguing that user liquidations and potential DeFi market destabilization could occur if the funds are not unlocked soon.
Trump’s White House weighs 250 pardons to celebrate America’s 250th birthday
US President Donald Trump is reportedly considering pardoning 250 people to commemorate the country’s 250th birthday on July 4, according to The Wall Street Journal.
An official announcement could come on June 14, Trump’s birthday, or during the Independence Day event on July 4, the WSJ reported Thursday, citing people familiar with the matter.
However, the pardons are still in the preliminary stages and have yet to be confirmed. More than 16,000 formal requests for presidential pardons were submitted last year.
US Senate Banking Committee votes to advance CLARITY Act
US lawmakers in the Senate Banking Committee held a markup for a long-awaited crypto market structure bill, marking a pivotal step toward Congress’ effort to establish regulatory clarity for digital asset companies and markets.
In a Thursday session of the US Senate Banking Committee, all 13 Republican members and two Democrats voted to advance the Digital Asset Market Clarity Act (CLARITY), with nine Democrats also voting no on the bill.
Senators Ruben Gallego and Angela Alsobrooks sided with Republicans to vote yay. The vote came after lawmakers proposed more than 100 amendments to the crypto bill, ranging from provisions on stablecoin yield to ethics restrictions.
Australia’s proposed CGT changes could discourage long-term crypto holding
Australia’s proposed changes to capital gains tax could lead to smaller profits for cryptocurrency traders, especially low-income earners, and could discourage “patient investing,” according to several crypto executives.
The proposed reform, announced by the ruling Labor Party on Tuesday as part of its fiscal year 2027 budget, will bring in a minimum 30% tax on capital gains and scrap the 50% capital gains tax discount on assets held for more than 12 months.
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Robin Singh, CEO and founder of crypto tax platform Koinly, told Cointelegraph the proposed changes are a mixed bag: The new system “theoretically” protects investors from being taxed on purely inflationary gains, but in practice, most crypto investors will pay more tax, with low-income earners hit the hardest.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $76,909, Ether (ETH) at $2,111 and XRP (XRP) at $1.38. The total market cap is at $2.56 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin winners of the week are Kite (KITE) at 16.43%, Humanity (H) at 13.83% and Stable (STABLE) at 10.84%. The top three altcoin losers of the week are Internet Computer (ICP) at 24.99%, Terra Classic (LUNC) at 24.54% and Jupiter (JUP) at 23.84%.
Top Prediction of The Week
Bitcoin risks slump after hitting ‘major bear market resistance’: CryptoQuant
Bitcoin is at risk of falling into a downtrend after its price hit a key historical “major bear market resistance level” based on its 200-day moving average, according to the crypto analytics firm CryptoQuant.
The cryptocurrency hit its 200-day moving average of $82,400 after rallying over six weeks since early April when it fell to $66,000, CryptoQuant said in a report on Wednesday.
“The 200-day MA [moving average] was a major resistance in the 2022 bear market: the price resumed its downward trend after hitting it in March of that year,” it said. “The current setup raises the question of whether history repeats.”
Several traders have recently forecast a Bitcoin rally if the US Senate moves forward with the long-awaited CLARITY Act, while others have pointed to additional money printing in the US as a tailwind for Bitcoin this year. CryptoQuant’s signals point to the opposite.
Top FUD of The Week
Ethereum analysts see ‘downside risks’ as bears eye 20% ETH price drop
Market analysts say Ether (ETH) faces “downside risks” that could trigger another 20% downtrend toward $1,700, new analysis said.
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Ether’s 40% recovery from multi-month lows below $1,800 was dampened by resistance from the $2,400 level.
Analysts have outlined several reasons for Ether’s inability to break $2,400, including “significant” inflows into exchanges, according to CryptoQuant analyst BorisD.
The chart below shows a sharp increase in ETH reserves held on Binance to 3.84 million from 3.36 million between May 5 and May 9.
ICE, CME press US regulators to ‘rein in’ Hyperliquid energy trading: Report
Intercontinental Exchange (ICE) and the Chicago Mercantile Exchange (CME), the two biggest exchanges for energy-linked commodities, are pressuring US regulators to clamp down on the Hyperliquid decentralized exchange’s expansion into commodity markets.
Executives from both companies say that Hyperliquid’s energy-linked onchain derivatives pose insider-trading and price-manipulation risks, according toBloomberg, which cited unnamed sources familiar withongoing talks with US regulators.
ICE and CME cited the “anonymous” and “unregulated” nature of Hyperliquid as major risks to critical energy markets, like oil and gas, which could be used by state actors to circumvent sanctions, the report added.
Top Magazine Stories of The Week
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ETH stalls at $2.4K five times, SOL to rally to $120: Market Moves
Solana eyes rally to $120, and with Bitcoin above $80K, some believe it’s about to experience ‘major bear market resistance.’
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