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Crypto ETPs See Record $2.9B Outflow With Bitcoin Leading Three-Week Streak: CoinShares

Crypto exchange-traded products (ETPs) suffered their largest weekly sell-off on record, with investors pulling approximately $2.9 billion from these funds, according to a report by CoinShares published on Monday.
The massive outflows mark a significant shift in sentiment after a prolonged period of steady investment into digital asset products.
This latest wave of withdrawals extended a three-week streak of outflows, now totaling $3.8 billion. CoinShares research analyst James Butterfill pointed to several factors likely driving the sell-off, including mounting investor concerns following the recent $1.5 billion hack on crypto exchange Bybit and the Federal Reserve’s increasingly hawkish stance on monetary policy.
Before this downturn, crypto investment products had enjoyed 19 consecutive weeks of inflows, suggesting that some investors were locking in profits amid growing market uncertainty.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, bore the brunt of the outflows, losing $2.6 billion over the past week. Meanwhile, funds that bet against bitcoin, known as short Bitcoin ETPs, saw only a modest inflow of $2.3 million, indicating that bearish sentiment has yet to fully take hold.
While most assets struggled, a few bucked the trend—Sui (SUI) emerged as the top performer with $15.5 million in inflows, followed by XRP (XRP), which also attracted fresh investment.
Spot Bitcoin ETFs faced one of their toughest weeks yet, with investors pulling significant capital from these funds. BlackRock’s iShares Bitcoin Trust (IBIT), the largest of its kind, recorded a staggering $1.3 billion in outflows, according to CoinShares, the highest weekly withdrawal since its launch.
Similarly, CME Bitcoin futures open interest dropped sharply over the past two weeks, falling from 170,000 BTC to 140,000 BTC, signaling a potential shift in institutional positioning. At the same time, the three-month futures annualized rolling basis is yielding 7%, only slightly higher than the 4% yield offered by short-term U.S. Treasuries, making the trade less attractive for investors.
«This tells me the hedge funds are starting to unwind their basis trade position, which is a net neutral position,» said James Van Straten, analyst at CoinDesk. «With a narrowing spread between futures yields and risk-free returns, traders may be reallocating capital away from bitcoin derivatives in favor of safer, more liquid assets.»
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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Coinbase Outpaces S&P 500 With 43% June Rise as Stablecoin Narrative Grows: CNBC

Shares of Nasdaq-listed cryptocurrency exchange Coinbase (COIN) rose 43% this month, making the firm the top performer in the S&P 500 since it joined the index at the end of last month.
June’s run is already the stock’s best since November and caps three straight monthly gains. Coinbase’s shares reached their highest level since their public debut.
COIN hit a $382 high this week before enduring a slight correction, ending the week at $353 and seeing a slight 0.7% drop in after-hours trading to $351.
The wider S&P 500 index rose roughly 5% in June as geopolitical tensions eased.
Washington’s progress on the GENIUS Act, Congress’s first rulebook for dollar-pegged stablecoins, helped shift investor focus from trading fees to stablecoin revenue.
The bill brightened the outlook for Circle, whose shares hit a record high and saw its market cap near that of Coinbase this week.
Coinbase keeps all yield on USDC balances held on its platform and nearly half of other USDC income, equal to about 99 percent of Circle’s revenue, giving shareholders indirect exposure at no added cost, CNBC reported Friday, citing analysts including Citizens’ head of financial technology research Devin Ryan.
Trading, however, remains subdued. Average daily volume on Coinbase has drifted lower since April.
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Robinhood Launches Micro Bitcoin, Solana and XRP Futures Contracts

Robinhood (HOOD) has introduced micro futures on bitcoin (BTC), solana (SOL) and XRP in the United States., expanding its existing crypto futures offering for its nearly 26 million funded accounts.
Micro contracts need far less collateral than full-size futures, letting traders take directional positions while committing a smaller slice of capital.
The contracts offer traders more flexibility to bet on a cryptocurrency’s future price direction or hedge current positions given their smaller size.
The launch rounds out a futures suite that began with BTC and ETH in January. It also comes weeks after the firm closed its $200 million purchase of Bitstamp and finalized a $179 million deal for Canada’s WonderFi.
Robinhood’s data shows that crypto notional volumes have exploded upward over time, reaching $11.7 billion in May. The figure marks a 36% rise month-over-month, and a 65% growth year-over-year.
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Why is XRP Up Today? Trio of Catalysts Sees Token Outperform Wider Crypto Market

XRP climbed 5.5% to $2.19 in the last 24 hours after a trio of catalysts converged to help the cryptocurrency outperform the wider cryptocurrency market.
One of the catalysts was launch of XRP micro futures on Robinhood. The contracts offer traders more flexibility to bet on the cryptocurrency’s future price direction or hedge current positions given their smaller size.
Regulatory fog also thinned. On Friday, Ripple withdrew its cross-appeal in its long-running U.S. Securities and Exchange Commission (SEC) lawsuit. The SEC sued Ripple back in 2020 over its XRP sales, alleging these violated securities laws. The SEC is expected to drop its own appeal, leaving last year’s ruling, ordering Ripple to pay a $125 million civil penalty to the SEC, intact. The move could lift a lid that had kept some investors on the sidelines.
On-chain data rounded out the bullish setup. The XRP Ledger logged over a 1.1 million active addresses over the past week according to crypto analyst Ali Martinez, who cited Glassnode data.
XRP’s rise saw it outperform the wider crypto market, with the broader CoinDesk 20 (CD20) index rising 1.7% in the last 24 hours.
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