Blockchain Explained

💰 Fidelity leads with inflows as Bitcoin ETFs capture $217M in one day According to Farside data, the Bitcoin ETFs (Exchange-Traded Funds) in the US witnessed another net inflow day on May 6, reaching $217.0 million. This massive influx comes just days after another significant inflow was recorded on May 3. Grayscale’s GBTC saw an inflow of $3.9 million, marking back-to-back inflows for the fund. Despite these positive developments, GBTC has still recorded total outflows of $17.4 billion. Fidelity (FBTC) emerged as the leader, attracting the largest inflow of $99.2 million on May 6. Source https://t.me/Blockchain_Explained

💰 Two Big Bitcoin Catalysts Could Drive MicroStrategy Stock Gains, TD Cowen Says Bitcoin (BTC) has significant upside potential this month thanks to two big catalysts and Michael Saylor's MicroStrategy (MSTR) stock could surge, too, on its way toward getting "meaningfully higher" by the end of the year, TD Cowen analyst Lance Vitanza said in a note Monday. MicroStrategy reported a net operating loss of $53.1 million for the first quarter of 2024 after taking a digital asset impairment charge of $191.6 million. Source https://t.me/Blockchain_Explained

🏦 Coinbase benefitting from 'hostile regulatory environment': Bitwise In the wake of the Securities and Exchange Commission issuing Robinhood Crypto a Wells Notice, Bitwise CIO Matt Hougan took to X to argue that a "hostile regulatory environment" is benefitting Coinbase, the top cryptocurrency exchange in the U.S. "The hostile regulatory environment is creating an artificial 'moat' for Coinbase's business, helping sustain extremely high margins and allowing them to over-earn in the short-term," Hougan said in a post. Source https://t.me/Blockchain_Explained

🟠 Binance Wallet Integrates 💰 Bitcoin Atomical ARC-20 Assets Binance has announced the integration of ARC-20 tokens into its Inscriptions Marketplace, allowing regular users to join the cutting-edge Bitcoin tokenization. ARC-20 is a new token standard that enables the creation of fungible (interchangeable) tokens that can be held and transferred directly on the Bitcoin blockchain. This is made possible by the Atomicals Protocol which utilizes Bitcoin’s native satoshis and transaction tracking system. Source https://t.me/Blockchain_Explained

💰 BTC-e crypto exchange operator pleads guilty to money laundering in the 🇺🇸 U.S. Alexander Vinnik, a Russian national who operated the crypto exchange BTC-e, pled guilty to charges of money laundering conspiracy in the US on May 3, according to a Bloomberg report. BTC-e was one of the world’s largest crypto exchanges between 2011 and 2017. According to the prosecutors, it processed transactions worth $9 billion and had a customer base of over 1 million worldwide. The prosecutors added that BTC-e was used by cyber criminals to transfer, launder, and store criminal proceeds from illegal activities. Source https://t.me/Blockchain_Explained

🇺🇸 US Government Could Target Bitcoin, Warns 'Wolf of All Streets' Amid Crypto Attacks Scott Melker, also known as the “Wolf of All Streets,” shared his concerns regarding the U.S. government coming after bitcoin in a post on social media platform X Thursday. His warning followed a series of attacks by the U.S. government on other cryptocurrencies. Melker is a well-known trader, investor, writer, and host of the Wolf of All Streets podcast. In 2020, he won the Binance Influencer of the Year Award for North America. Source https://t.me/Blockchain_Explained

💰 Bitcoin’s Recent Weakness Is More Tied to Global Markets Than to Anything Crypto Specific, Coinbase Says Bitcoin’s (BTC) recent weakness has not been isolated to crypto markets and therefore is not indicative of sector-specific capitulation, Coinbase (COIN) said in a research report Friday. Coinbase notes that both equities and gold have been trading lower since reaching highs in mid-April, against the backdrop of a strengthening dollar. The world’s largest cryptocurrency fell 16% in April, in the biggest monthly decline since June 2022. Source https://t.me/Blockchain_Explained

💰 Terraform Labs' lawyers push back against 🇺🇸 SEC, argue token sales were mostly outside US Lawyers for Terraform Labs pushed back against the Securities and Exchange Commission after the agency requested them to pay billions of dollars in fines. Terraform's offer and sales of tokens happened "almost entirely outside the U.S." the firm's lawyers argued in a brief filed on Wednesday. Meanwhile, the SEC has argued that the firm "targeted U.S. investors" and says they should pay $5.3 billion in fines, most of that being in disgorgement. Source https://t.me/Blockchain_Explained

💰 Bitcoin options positioning anticipates summer slowdown, analyst says Bitcoin derivatives traders are positioning themselves for a summer lull in market activity, according to an analyst. According to Kooner, bitcoin implied volatility has dropped significantly since mid-April. This can also be seen in charts from The Block's Data Dashboard, which show the implied volatility of bitcoin at-the-money options falling from over 77% to under 60% for one week, one month and multi-month expires. Source https://t.me/Blockchain_Explained

🔵 Coinbase Adds Support for 🥇 Bitcoin Lightning Network The largest American cryptocurrency exchange, Coinbase, has added support for the Lightning Network on its platform to enable faster and cheaper payments. According to a blog post, the Lightning Network integration on Coinbase will reduce the cost of sending bitcoin (BTC) globally by 20x compared to the 2% charged on United States credit card transactions and the $30 paid for wire transfers. Source https://t.me/Blockchain_Explained