Japanese Crypto Exchange DMM Bitcoin Faces $300M Loss Amid Regulatory Probe; Bitcoin ETFs Show Bullish Trends

June 3, 2024
Japanese Crypto Exchange DMM Bitcoin Faces $300M Loss Amid Regulatory Probe; Bitcoin ETFs Show Bullish Trends
  • Japanese cryptocurrency exchange DMM Bitcoin faces a $300 million loss in bitcoin due to an unauthorized leak, triggering investigations by regulatory authorities and law enforcement.

  • The US BTC-spot ETF market saw Bitcoin closing at $67,717, with net inflows reaching $2,095.5 million in May.

  • Technical analysis points to bullish trends for Bitcoin and Ethereum, with potential all-time high targets.

  • Franklin Templeton has unveiled its fee plans for a proposed spot Ethereum ETF, offering competitive sponsor fees and fee waivers, while other providers like BlackRock and VanEck have yet to disclose their fee structures.

  • Bitcoin has been trading between $60,000 and $72,000 since February 2024, with decreasing trading and transaction volumes.

  • On June 2, data revealed a seven-day trading volume below $14 billion, similar to levels in 2023 when Bitcoin was priced below $30,000.

  • Despite lower trading volumes, approved Bitcoin spot ETFs have made $1.73 billion this year, with a trading volume totaling $12 billion in the last seven days.

  • Derivatives trading volume remains stable at over $34 billion daily, indicating a shift towards trading Bitcoin through ETFs and derivatives for speculative purposes rather than long-term holding or peer-to-peer transactions.

  • Investors are advised to stay cautious of risks associated with investing a large portion in Bitcoin, despite its appeal to institutional investors for its superior long-term returns.

Summary based on 100 sources


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