The crypto markets experienced a week of sideways price action, with the Nasdaq Crypto Index rising by 1.1%. Bitcoin (BTC) posted a positive gain of 2.9%, while Ether (ETH) saw a decrease of 2.1% in its value. One reason for Bitcoin’s strong performance this week could be the increased inflows into the US spot ETF, while overall sentiment for cryptocurrency remains bullish for the long term. Ethereum, despite having a poor performance this month, may be experiencing a correction due to its significant appreciation at the end of May.

 

 

Kraken Said to be Raising Over $100M Pre-IPO Funding

Crypto exchange Kraken aims to secure over $100 million in funding as it prepares for a public listing in the United States. Speculation about Kraken's IPO plans has been ongoing for years, but the company has recently faced scrutiny from the SEC over allegations of operating an unregistered brokerage. The funding round is expected to conclude by year's end, which boosts the overall positive sentiment for the crypto assets landscape in 2024. 

 

Robinhood to buy crypto exchange to enable institutional trading in US.

On Thursday, Robinhood, one of US’s largest trading platforms, announced plans to acquire Bitstamp in a $200 million deal, aiming to expand its global crypto presence. Founded in 2011, Bitstamp is the oldest crypto exchange. Amid SEC legal challenges, its acquisition underscores Robinhood's commitment to crypto and its expectation of continued high demand. This move will integrate Bitstamp’s retail and institutional customers from the EU, UK, U.S., and Asia, enhancing Robinhood’s offerings.This continues a trend of positive institutional improvements for investors, signaling a deepening relationship between traditional finance and the crypto ecosystem. 

 

US Spot ETFs see record inflows, Australia and Thailand launch Bitcoin ETFs.

On Wednesday, Bitcoin spot ETFs saw a record net inflow of $887 million, marking the second-highest single-day inflow in history. This week, Australia's first Bitcoin ETF began trading, while Thailand approved its first Bitcoin ETF, highlighting the growing global acceptance of digital assets.

 

From Hashdex: 

Last week, we announced the quarterly rebalancing of the Nasdaq Crypto Index. New assets were included such as Solana, Polygon, Avalanche, Cardano, and XRP. This adjustment expands the index's asset pool from 8 to 11, while decreasing Bitcoin's dominance from 69% to 64%, therefore offering a wider exposure across a variety of cryptocurrencies. 

 

 

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