WEBVTT

00:00:05.919 --> 00:00:08.960
Welcome to the Bitcoin Street Journal. Bitcoin

00:00:08.960 --> 00:00:12.539
Market Update, Episode 5, Week 21, Thursday,

00:00:12.640 --> 00:00:16.440
June 1, 2023. Your go -to source for daily live

00:00:16.440 --> 00:00:19.500
Bitcoin market updates and analysis. Keep your

00:00:19.500 --> 00:00:21.379
Bitcoin safe from government and central bank

00:00:21.379 --> 00:00:24.480
interference and subscribe to stay updated. In

00:00:24.480 --> 00:00:27.260
this edition, we cover breaking Bitcoin news,

00:00:27.859 --> 00:00:30.120
financial and economic updates, and so much more.

00:00:30.460 --> 00:00:33.509
Don't miss out. Subscribe now. In today's episode,

00:00:33.609 --> 00:00:35.490
we'll cover the rise of institutional capital

00:00:35.490 --> 00:00:38.469
in Bitcoin funds, the lowest balance of Ethereum

00:00:38.469 --> 00:00:41.009
exchanges in five years, and Tether's mining

00:00:41.009 --> 00:00:47.250
operations in Uruguay. Bitcoin continues to attract

00:00:47.250 --> 00:00:50.049
institutional capital as the AUM of ProShares

00:00:50.049 --> 00:00:53.310
futures -based ETF climbed from $1 .500 million

00:00:53.310 --> 00:00:56.649
to $1 .900 million in just five months from December

00:00:56.649 --> 00:01:00.829
to May. Meanwhile, digital currency group DCG

00:01:01.049 --> 00:01:03.390
is closing down its institutional trading platform,

00:01:03.710 --> 00:01:06.609
TradeBlock. On the other hand, the World Economic

00:01:06.609 --> 00:01:10.049
Forum, WEF, released crypto asset regulation

00:01:10.049 --> 00:01:12.150
recommendations for government and industry.

00:01:12.969 --> 00:01:15.209
Interestingly, the exchange balance of Ethereum

00:01:15.209 --> 00:01:18.150
has dropped to its five -year low. In other news,

00:01:18.329 --> 00:01:20.930
the Winklevoss twins exchange seeks dismissal

00:01:20.930 --> 00:01:24.019
of the SEC lawsuit over Gemini earn. China's

00:01:24.019 --> 00:01:26.439
capital Beijing released a white paper for Web3

00:01:26.439 --> 00:01:28.859
Innovation and Development, while a staggering

00:01:28.859 --> 00:01:32.599
72 % of ETH market depth is concentrated in just

00:01:32.599 --> 00:01:35.879
five exchanges, including Binance, Coinbase,

00:01:36.159 --> 00:01:40.500
Bitfinex, Kraken, and OKEx. However, outflows

00:01:40.500 --> 00:01:42.819
from digital asset investment products continue

00:01:42.819 --> 00:01:46.439
with a total of $39 million and representing

00:01:46.439 --> 00:01:49.500
the sixth consecutive week of outflows, totaling

00:01:49.500 --> 00:01:53.480
$272 million. Tether is now mining Bitcoin in

00:01:53.480 --> 00:01:55.900
Uruguay, exploring the possibility of letting

00:01:55.900 --> 00:01:58.700
some traders keep collateral at a bank. Someone

00:01:58.700 --> 00:02:00.920
may drop some charges against Sam Bankman Fried

00:02:00.920 --> 00:02:04.379
if the Bahamas objects. Since 2012, a cumulative

00:02:04.379 --> 00:02:08.240
amount of nearly $3 .45b has been stolen from

00:02:08.240 --> 00:02:11.340
crypto exchange custody from 48 recorded hacks,

00:02:11.860 --> 00:02:14.280
mostly through hot wallet hacks. Unfortunately,

00:02:14.539 --> 00:02:17.159
stablecoin issuer Trust Reserves team was recently

00:02:17.159 --> 00:02:19.860
detained by the police in China. The UAE Central

00:02:19.860 --> 00:02:22.979
Bank has also issued AML CTF guidance for dealing

00:02:22.979 --> 00:02:26.520
with virtual assets. Binance is set to delist

00:02:26.520 --> 00:02:29.039
privacy tokens in some parts of Europe, while

00:02:29.039 --> 00:02:32.520
ProShare's Bitcoin strategy, ETFs, BITO, year

00:02:32.520 --> 00:02:35.639
-to -date rise of 47%, has underperformed compared

00:02:35.639 --> 00:02:39.900
to BTC's 60 % gain over the same period. TPIcap,

00:02:40.120 --> 00:02:42.770
a TradFi giant, brings crypto spot trading to

00:02:42.770 --> 00:02:45.610
institutional investors. And First Digital, based

00:02:45.610 --> 00:02:48.930
in Hong Kong, introduces USD Stablecoin. In other

00:02:48.930 --> 00:02:51.849
news, Gemini is set to operate in the UAE, and

00:02:51.849 --> 00:02:54.090
Tether's supply has reached an all -time high

00:02:54.090 --> 00:02:59.370
of $83 .6 billion. Finally, Binance co -leads

00:02:59.370 --> 00:03:03.430
a $6 .6 million seed round for Fusionist to further

00:03:03.430 --> 00:03:05.969
support early -stage Web3 gaming innovation.

00:03:13.099 --> 00:03:15.800
In today's episode, we discussed the rise of

00:03:15.800 --> 00:03:18.500
institutional investment in Bitcoin funds, the

00:03:18.500 --> 00:03:21.039
decline of Ethereum exchange balance, and the

00:03:21.039 --> 00:03:23.039
increasing production of Bitcoin through Tether

00:03:23.039 --> 00:03:25.800
in Uruguay. Thanks for listening and don't forget

00:03:25.800 --> 00:03:28.300
to subscribe for more updates on the ever -evolving

00:03:28.300 --> 00:03:30.020
world of Bitcoin and cryptocurrency.