5. BTC Flees ETFs
Spot bitcoin ETFs in the US saw their largest daily net outflows ever on Tuesday, totaling $1.1 billion. Fidelity's FBTC led with $344.65 million in outflows. Globally, more than 14,500 BTC left BTC ETPs.
4. Ark Invest Sells BTC, Buys COIN
Cathie Wood’s Ark Invest yesterday bought 41,032 Coinbase shares, worth $8.7 million, for its Next Generation Internet ETF (ARKW) and sold $8.6 million worth of its own bitcoin ETF (ARKB). While both COIN and BTC have witnessed falling prices since their respective all time highs, COIN is down 37% while BTC is only down 18%.
3. Gamestop Urged To Invest $5 Billion in BTC
Matt Cole, CEO of Strive Asset Management—an investment firm co-founded by Vivek Ramaswamy—has urged GameStop to adopt bitcoin as a reserve asset. Cole wants Gamestop’s CEO, Ryan Cohen, to use it’s nearly $5 billion cash reserve to buy BTC. With a melting ice cube of a business and, apparently, no better place to put the cash it parlayed from stock offerings to retail investors during the craze of 2020, this may not be the worst idea.
2. SEC Closes Investigation into Uniswap Labs
Make that four in one week. Uniswap Labs can now add itself to the roster of companies that the SEC will drop investigating. In April last year, the SEC issued a Wells notice claiming that Uniswap Labs operated as an unregistered broker. The company’s COO stated on X that Uniswap spent “tens of millions” fighting the SEC.
1. Air Pockets
Bitcoin is trading at $87,000, but some warn it can slide to ~$74,000. Why? Galaxy’s Alex Thorn and James Check, a former Glassnode analyst, say there’s “mostly air” between $75-85k – meaning, very little BTC changed hands between that price range. And without much buying or selling there, the market may test whether actual demand (support) exists. Add some fresh tariff threats – and you have a recipe for even more volatility. Buckle up.
