Bitcoin Falls Below $67K as ETFs' Inflows Streak Ends

This article originally appeared in First Mover, CoinDesk's daily newsletter, putting the latest moves in crypto markets in context.

First Mover Americas: Bitcoin Dips Below $67K as ETFs' Inflows Streak Ends

Latest price moves in crypto markets for June 11, 2024. This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

Top Stories

Bitcoin fell below $67,000 during the European morning, extending a drop from $72,000 that began on Friday. The decline follows $65 million in cumulative outflows from the U.S.-listed spot bitcoin ETFs on Monday, marking the first loss since at least May 23, according to provisional data published by Farside Investors. Inflows have recently been strong, though the market chatter is that they largely stem from institutions’ growing interest in the non-directional basis trade rather than outright bullish bets. At the time of writing, BTC is down over 3.5% from 24 hours ago. The broader digital market has followed suit, with ether dropping over 4% to $3,540 and the CoinDesk 20 Index (CD20) down almost 3.4%.

GameStop shares fell 12% on Monday, impacting some meme tokens that tend to mirror the stock's movements. Solana-based meme token GME, which parodies the company's stock ticker, fell 25%, reversing a more-than 200% rally over the past seven days. Related tokens like Roaring Kitty and some cat-themed tokens, which previously moved alongside GME stock, fell an average of at least 10%, according to data tracked by CoinGecko. Dog-themed tokens doge, shiba inu and floki pared last week's gains, falling from 4% to 10%. GameStop shares have sunk 62% from a two-year high on Thursday after the company said it would sell up to 75 million shares and announced a drop in quarterly sales.

The Cardano network is set to move into the final phase of a multiyear program to become a wholly decentralized blockchain ecosystem later this month, Co-Founder Charles Hoskinson said in an X post. Once the switch is complete, Cardano will no longer be actively managed by Cardano development firm IOHK but will be fully run by community members. “It looks like June will be the month that Cardano Node will reach 9.0,” Hoskinson posted. “This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire.” Native token ADA fell 3.4% in the last 24 hours, broadly in line with the CD20.

Chart of the Day

- Omkar Godbole

Trending Posts

Disclosure

Please note that our privacy policy, terms of use, cookies and do not sell my personal information apply to this service.CoinDesk is an independent operating subsidiary of Digital Currency Group, which also owns Block, Bullish and Chain. CoinDesk journalists are not allowed to purchase stock in壱 Block or any crypto-related company. More

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.