United States Redbook Retail Sales Year-on-Year for the week ending June 7

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#BTC #ETH #BNB #SOL #HALVING #ATH #ETF #MEME #PEPE #DOGE BTC derivatives metrics suggest $70K is here to stay The reduced use of leverage in Bitcoin futures greatly reduces the odds of cascading liquidations in the event of a BTC price pullback. Since March 25, Bitcoin has struggled to maintain its value above the $71,000 mark, a trend that some may see as a sign of bearish momentum. However, the outlook for the BTC derivatives market reveals a more stable environment, as the previous atmosphere of unbridled optimism has noticeably diminished. Resilient U.S. inflation strengthens the bullish case for Bitcoin Currently, Bitcoin finds it difficult to stay above the $70,000 threshold. However, some analysts believe that recent U.S. inflation figures, which show unexpected resilience, and the U.S. government's unsustainable fiscal trajectory create an ideal backdrop for investing in scarce assets. Market analyst, MatticusBTC, attributes the rise in inflation to the significant monetary expansion orchestrated by the US Federal Reserve during the 2020-2021 period. As a result, the Federal Reserve may have no choice but to keep interest rates elevated. However, this strategy has its limitations, especially considering the interest burden of U.S. government debt. Higher interest rates pose problems for both businesses and households, especially when they have to refinance or take out new loans. This tends to reduce investors' appetite for risky assets, slowing economic growth. However, in 2024, investors began looking for alternatives to invest their money apart from U.S. Treasuries. Over the past 30 days, both gold and Bitcoin have hit all-time highs, while 2-year U.S. government bonds fell to a nine-month low on April 9. This move suggests a lack of investor appetite for a fixed yield of 4.7% as a hedge against inflation. The Stock Market Could Dictate Bitcoin's Short-Term Performance Bitcoin critics suggest that the S&P 500 index's recent drop from its all-time high of 5,265 on March 28 may signal an upcoming economic downturn. Given the strong correlation between Bitcoin and the stock market, which has been above 80% in the past month, it is possible that the price of Bitcoin will initially fall if the problems in the stock market continue. Source: Cointelegraph

U.S. Spot Bitcoin ETFs Capture $113.5 Million in New Inflows Amidst Market Fluctuations The recently launched spot bitcoin ETFs enjoyed another day of positive inflows, following yesterday’s addition of $39.5 million. On Wednesday, they gathered approximately $113.5 million, even as the overall trading volume slightly dipped compared to Tuesday. Despite this influx, Grayscale’s Bitcoin Trust GBTC experienced a minor outflow, though less pronounced than in recent days. Leading the inflow charge was Fidelity’s FBTC, closely trailed by Blackrock’s IBIT.Grayscale’s GBTC was in possession of 333,619.19 BTC as recorded in archived statistics on April 2, and as of April 4, the fund’s holdings have been adjusted to 328,012.82 BTC, valued at $21.6 billion. This adjustment indicates that GBTC reduced its holdings by 5,606.37 BTC during this interval. Blackrock‘s IBIT is now the custodian of 257,319.61 BTC, valued at $16.9 billion, positioning it as the second-largest holder among the ten, following GBTC. Meanwhile, FBTC has accumulated 146,016.20 BTC, which is currently valued at $9.72 billion, according to the latest BTC exchange rates.Ark Invest’s ARKB ranks as the third-largest custodian among the ten, with its holdings reaching 43,338 BTC, valued at approximately $2.88 billion. Bitwise’s BITB secures 32,105.38 BTC, while Vaneck’s HODL maintains possession of 8,824.02 BTC, and Valkyrie’s BRRR oversees a total of 7,731.50 BTC as of Thursday. The Invesco Galaxy ETF’s holdings now amount to 5,937 BTC, Franklin Templeton’s EZBC fund safeguards 4,843 BTC, and Wisdomtree’s BTCW has 1,194.88 BTC under its belt. The newly minted Hashdex spot bitcoin ETF, which has just begun to amass reserves, currently possesses 163.3 BTC.As of April 4, every spot bitcoin ETF, excluding GBTC, collectively manages 507,472.89 BTC, estimated to be worth around $33.78 billion. These ten ETFs account for 2.57% of the existing 19.67 million bitcoins. Including GBTC, the 11 ETFs combined possess 835,485.71 BTC, making up 4.24% of the total circulating supply of 19.67 million BTC.

GBTC Experiences Its Largest Daily Drain Yet, Nearly 239,000 BTC Gone in Under 70 Days