Welcome to the Bitcoin Street Journal. Bitcoin
Market Update, Episode 5, Week 21, Thursday,
June 1, 2023. Your go -to source for daily live
Bitcoin market updates and analysis. Keep your
Bitcoin safe from government and central bank
interference and subscribe to stay updated. In
this edition, we cover breaking Bitcoin news,
financial and economic updates, and so much more.
Don't miss out. Subscribe now. In today's episode,
we'll cover the rise of institutional capital
in Bitcoin funds, the lowest balance of Ethereum
exchanges in five years, and Tether's mining
operations in Uruguay. Bitcoin continues to attract
institutional capital as the AUM of ProShares
futures -based ETF climbed from $1 .500 million
to $1 .900 million in just five months from December
to May. Meanwhile, digital currency group DCG
is closing down its institutional trading platform,
TradeBlock. On the other hand, the World Economic
Forum, WEF, released crypto asset regulation
recommendations for government and industry.
Interestingly, the exchange balance of Ethereum
has dropped to its five -year low. In other news,
the Winklevoss twins exchange seeks dismissal
of the SEC lawsuit over Gemini earn. China's
capital Beijing released a white paper for Web3
Innovation and Development, while a staggering
72 % of ETH market depth is concentrated in just
five exchanges, including Binance, Coinbase,
Bitfinex, Kraken, and OKEx. However, outflows
from digital asset investment products continue
with a total of $39 million and representing
the sixth consecutive week of outflows, totaling
$272 million. Tether is now mining Bitcoin in
Uruguay, exploring the possibility of letting
some traders keep collateral at a bank. Someone
may drop some charges against Sam Bankman Fried
if the Bahamas objects. Since 2012, a cumulative
amount of nearly $3 .45b has been stolen from
crypto exchange custody from 48 recorded hacks,
mostly through hot wallet hacks. Unfortunately,
stablecoin issuer Trust Reserves team was recently
detained by the police in China. The UAE Central
Bank has also issued AML CTF guidance for dealing
with virtual assets. Binance is set to delist
privacy tokens in some parts of Europe, while
ProShare's Bitcoin strategy, ETFs, BITO, year
-to -date rise of 47%, has underperformed compared
to BTC's 60 % gain over the same period. TPIcap,
a TradFi giant, brings crypto spot trading to
institutional investors. And First Digital, based
in Hong Kong, introduces USD Stablecoin. In other
news, Gemini is set to operate in the UAE, and
Tether's supply has reached an all -time high
of $83 .6 billion. Finally, Binance co -leads
a $6 .6 million seed round for Fusionist to further
support early -stage Web3 gaming innovation.
In today's episode, we discussed the rise of
institutional investment in Bitcoin funds, the
decline of Ethereum exchange balance, and the
increasing production of Bitcoin through Tether
in Uruguay. Thanks for listening and don't forget
to subscribe for more updates on the ever -evolving
world of Bitcoin and cryptocurrency.