Here is the top crypto news of the day curated by CoinChapter.com. Today’s top crypto news is $621M Outflows of Bitcoin investment products, TON’s TVL surges to $609.78M
Bitcoin Investment Products Suffer $621M Outflows
Bitcoin investment products experienced $621 million in outflows, according to a report by asset manager CoinShares. This substantial figure is driven entirely by BTC’s losses and marks the largest outflow since March 22. The outflows were particularly severe for Grayscale’s GBTC, which saw $273 million in losses.
The mixed economic signals from the U.S. played a significant role in the market’s volatility. The Consumer Price Index (CPI) data for May beat expectations. The Federal Reserve’s decision to hold its benchmark rate range at 5.25%-5.50% dampened investor sentiment. As a result, Bitcoin tumbled to a four-week low of $65,100 on Friday.
Crypto News: TON’s TVL Surges to $609.78M
The total value locked (TVL) of The Open Network (TON) blockchain reached $609.78 million on Monday. The network’s TVL surpassed $300 million in just three weeks.
Many of the top 10 protocols on TON have experienced growth in TVL over the past seven days. DeDust, a TON-based decentralized exchange liquidity pool, saw a 53% surge in TVL, reaching nearly $300 million. Smaller protocols such as bemo, Stakee, and EVAA have also witnessed double-digit growth during the same period. One of the reasons behind TON’s growth is its integration with Telegram, which has over 900 million users.
Related Post: Toncoin (TON) Set to Post 50% Gains in June — Understand How
Bitcoin Miners Reach Record $22.8B Market Cap in June
The total market capitalization of the 14 U.S.-listed Bitcoin mining companies reached a record high of $22.8 billion on June 15. JPMorgan noted that nearly all the mining companies outperformed Bitcoin in the first two weeks of June. The Core Scientific (CORZ) led the pack with a 117% gain.
The positive investor sentiment was because of news of Core Scientific’s deal with artificial intelligence firm CoreWeave. Additionally, the report highlighted that the network hashrate declined by approximately 7 EH/s (1%) since May, providing some relief for miners.
U.S.-listed miners have continued to increase their share of the global network hashrate. They now account for 23.8% of the total, a gain of almost 1% compared to the previous month. This marks the second consecutive month of network hashrate gains for U.S. miners, indicating that inefficient private operators have scaled back their operations following the halving.
Crypto News: Malaysia Launches “Ops Token”
The Inland Revenue Board (IRB) of Malaysia has launched “Ops Token” to curb tax revenue leakage stemming from cryptocurrency trading. The operation involved 38 personnel from the Royal Malaysia Police and CyberSecurity Malaysia (CSM). They targeted companies that failed to report their crypto trading activities to the federal agency properly.
The IRB alleges that several limited liability partnerships and corporate entities were formed specifically for crypto trading with the intention of avoiding tax declarations.
The agency successfully identified the value of digital assets being traded and the resulting tax revenue leakage by analyzing data stored on mobile devices and computers. The IRB CEO, Datuk Abu Tariq Jamaluddin, emphasized that individuals engaged in crypto trading in Malaysia are subject to the country’s income tax rules and urged traders to declare their crypto taxes to nearby IRB offices promptly.
Spot Ethereum ETFs May Start Trading by July 2
Eric Balchunas, a Bloomberg ETF analyst, predicted that spot Ether ETFs will commence trading by July 2. He revealed that the U.S. Securities and Exchange Commission’s (SEC) staff comments on the ETF applicants’ S-1 applications were “pretty light” and lacked any major concerns. Balchunas expressed optimism about the SEC declaring the ETFs effective the following week.
Read The Full Story Here: Spot Ethereum ETFs Expected to Begin Trading by July 2
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