Daily Report | June 1
(1) ETF Outflows are Severe
Since May 7, we’ve seen three straight weeks of massive outflows from Bitcoin ETFs, totaling $4.21 billion.
BlackRock transferred another 929 BTC and 36,449 ETH to Coinbase today.
This seems to confirm our suspicions that US stock investors are liquidating risk assets to prepare for the SpaceX IPO.
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(2) Some Exchange Launches 7000+ US Stocks
Today, some exchange launched over 7000 US stock ETFs, zero commissions, 24/7 trading, allowing direct purchase of stocks with USDC and BNB.
The narrative is quite enticing, but the market doesn't seem to be buying it, as BNB saw a small pump before dropping back down.
Moving forward, keep a close eye on the trading volume in this sector to see if users are buying in or not.
(3) Focus on the FOMC Meeting
On June 16-17, this will be the first FOMC meeting after Powell took over as Fed Chair.
It will also include the SEP (Summary of Economic Projections) and dot plot presentation.
There’s a high probability that rates will remain unchanged in June, but there’s also a risk of rate hikes, so let’s patiently await the meeting results before making any moves.
(1) ETF Outflows are Severe
Since May 7, we’ve seen three straight weeks of massive outflows from Bitcoin ETFs, totaling $4.21 billion.
BlackRock transferred another 929 BTC and 36,449 ETH to Coinbase today.
This seems to confirm our suspicions that US stock investors are liquidating risk assets to prepare for the SpaceX IPO.
[image]
(2) Some Exchange Launches 7000+ US Stocks
Today, some exchange launched over 7000 US stock ETFs, zero commissions, 24/7 trading, allowing direct purchase of stocks with USDC and BNB.
The narrative is quite enticing, but the market doesn't seem to be buying it, as BNB saw a small pump before dropping back down.
Moving forward, keep a close eye on the trading volume in this sector to see if users are buying in or not.
(3) Focus on the FOMC Meeting
On June 16-17, this will be the first FOMC meeting after Powell took over as Fed Chair.
It will also include the SEP (Summary of Economic Projections) and dot plot presentation.
There’s a high probability that rates will remain unchanged in June, but there’s also a risk of rate hikes, so let’s patiently await the meeting results before making any moves.