Preface:
Bitcoin and Ethereum have dropped by 2.62% and 3.51%, respectively, in the past 24 hours, with the ETH/BTC rate holding at 0.05. The Crypto Market Fear & Greed Index is at 74, continuing to show signs of greed.

Recent Spotlight

The best performer recently is GNO, with a 24-hour increase of 10.44%, bringing its price to $351.27 and its market cap to $915 million. Gnosis is a decentralized infrastructure built for the Ethereum ecosystem. Founded in 2015, its products include Gnosis Safe (multisig and programmable accounts), Gnosis Chain, Gnosis Protocol (CoWSwap), and Gnosis Auction, among others. The Gnosis Chain uses a unique dual-token model with the stablecoin XDAI and the governance token GNO (formerly STAKE). XDAI is a stablecoin pegged 1:1 to the US dollar, used for transactions and paying fees, while GNO supports the underlying PoS consensus mechanism. The total supply of GNO is 3,000,000, with 86% already in circulation. On March 8, Gnosis officially announced the vision and roadmap for Gnosis 3.0, focusing on revolutionizing payment and financial infrastructure and bridging the gap between blockchain technology and everyday applications.

Check Out the Latest Prices, Charts, and Data of GNO/USDT Spot!

The Word on the Street

According to SEC filings, the New York Stock Exchange (NYSE) Arca has proposed a rule change to allow it to list and trade shares of the ProShares Ethereum ETF. The SEC will seek public comments on the ETF application for 21 days following its publication in the Federal Register and will have 45 days to approve, deny, or extend its decision. On May 23, the U.S. Securities and Exchange Commission officially approved the 19b-4 applications of eight asset management companies, allowing them to list and trade spot Ethereum ETFs on U.S. exchanges for the first time. The final approval requires the SEC to sign off on the S-1 registration statements for the spot Ethereum ETFs before they can officially begin trading, a process that could take months, but some experts expect completion around July. The launch of the Ethereum ETF could significantly boost market demand, potentially sparking a new stimulus for the crypto market.

Spot Bitcoin ETF Flows

The latest data from June 11 shows a negative inflow for Bitcoin ETFs for the first time in a month. IBIT had a net inflow of $6.3 million, while GBTC had a net outflow of $39.5 million, and BTCO had a net outflow of $20.5 million. Benefiting from increasing judicial and legislative support for Bitcoin, favorable macro adjustments for cryptocurrencies, declining yields, and rising expectations for rate cuts, last week saw a cumulative ETF inflow of $1.828 billion. In the backdrop of rapidly growing demand for cryptocurrency investments, these ETF products generated about $3.3 billion in inflows over the past month, bringing the total inflow to nearly $15 billion. With the delay in U.S. rate cut expectations and the impact of fund diversion due to the launch of the Ethereum spot ETF. Bitcoin spot ETFs experienced negative inflows, leading to a flat market trend. Investors are watching the CPI index, the latest Fed rate decision, and May inflation data.

Check Out the Latest Prices, Charts, and Data of BTC/USDT Spot and BTCUSDT Perp!

Project Upgrade

Optimism, a Layer-2 blockchain, aims to help Ethereum users transact quickly and reduce fees. Its technology underpins some of the leading DApps in the blockchain space. However, Optimism has faced a long-standing issue. Its security design has been missing a core feature: “fault proof.” On Monday, this long-promised technology finally went live on the Optimism mainnet. Fault proofs ensure the integrity of Optimism’s Layer-2 chain by preventing operators from passing inaccurate transaction data to Ethereum’s Layer-1 ledger and supporting the decentralized withdrawal mechanism of the Layer-2 chain.

Check Out the Latest Prices, Charts, and Data of OP/USDT Spot and OPUSDT Perp!