Bitcoin may have struggled to reclaim its position above the recently established all-time high of over $73,000, but prominent brokerage firm Bernstein remains optimistic about the asset’s future trajectory.
In its latest report, Bernstein analysts even upped their long-term price forecast for BTC to $200,000 by the end of 2025. The firm had previously predicted the cryptocurrency to hit $150,000 that year.
Bernstein’s Bold Predictions for Bitcoin
The analysts attributed this renewed bullish outlook primarily to their expectations around the growth of the approved and regulated spot Bitcoin ETFs. They essentially anticipate major asset managers such as BlackRock, Franklin Templeton, and Fidelity to continue seeing massive inflows over the next few years.
Bernstein further

Ethereum has continued to face challenges staying above the $4,000 mark, mirroring the lack of momentum in the broader market.
While the investors await for a rally, data suggest a surge in demand for the world’s largest altcoin.
Permanent Ethereum Holders Bought Big
According to CryptoQuant head of research Julio Moreno’s recent findings, Ethereum’s demand has spiked owing to a significant buying spree by “permanent holders” of the cryptocurrency. In fact, this cohort of holders recorded the second-highest daily purchase volume ever on June 13th after acquiring 298,000 ETH – which is worth more than $1 billion at the current price.
The figure almost touched its highest daily buying by permanent holders on September 11, 2023, when this group of Ethereum investors bought

Bitcoin’s price surged to $70,000 briefly this week but faltered soon after failing to sustain the momentum and took a sharp turn.
At the time of writing, the world’s largest cryptocurrency is trading at just over $67,000. Still, with exchange supply dropping to December 2021 lows, data suggest that a bullish reversal could be in the offing.
Bitcoin Scarcity on Exchanges
According to Santiment’s tweet, bitcoin’s supply on exchanges has reached its lowest since December 2021. Currently, around 942,000 BTC is available on these trading platforms.
Even as bitcoin has been unable to post a meaningful recovery, this reduction in its available supply on exchanges could potentially limit the selling pressure. Such a trend essentially indicates a bullish sentiment among investors

Business intelligence firm and long-time Bitcoin holder MicroStrategy announced plans to offer $500 million aggregate principal amount of convertible senior notes due 2032.
Interestingly, the proceeds of this initiative will be used to buy more Bitcoin and for other corporate purposes.
According to its official announcement, the NASDAQ-listed company also intends to grant initial buyers of the notes an option to purchase up to an additional $75 million in principal amount of the notes within 13 days starting from the issuance date.
The notes in question will be unsecured senior obligations of the company, accruing interest payable semi-annually on June 15th and December 15th each year, starting from December 15th, 2024.
The notes will mature on June 15th, 2032, unless they

ENA – the native token of Ethena – has been facing significant selling pressure in recent weeks. After an extended period of price declines, ENA plunged to $0.73, representing its weakest price level since May 20th.
This, in turn, has translated to huge losses for ENA stakers.
Lookonchain revealed that the largest ENA staker, who had staked 23.24 million ENA – worth around $17.3 million – unstaked their entire holding on Tuesday. In a surprising move, this whale then sold 19.36 ENA – worth over $14.1 million – at a significant loss.
To put things into perspective, the on-chain data also revealed that this investor had initially withdrawn 23.24 million ENA from Binance between April 5 and April 10, when the token was trading at around $1.29. However, after the recent

Bitcoin and the rest of the cryptocurrency market experienced a notable surge following the release of the latest US Consumer Price Index (CPI) data, and now eyes are on tonight’s Federal Open Market Committee (FOMC) meeting.
Bitcoin and Ethereum posted gains of 3.4% and 2.43% over the past 24 hours, respectively. The crypto market remains uncertain, with BTC hovering at around $70,000, Ethereum struggling to get past $4,000, and investors treading with caution. However, there has been a notable shift in market sentiment, especially among retail traders on Binance.
Retail Investors’ Long Positions
According to Hyblock’s latest findings, 70.25% of accounts on crypto exchange Binance hold net long positions on Bitcoin, a significant increase from 57% just 24 hours prior.

OKX has experienced significant outflows, with $204 million withdrawn in the past 24 hours and $630 million in the past week, surpassing the outflows of other prominent cryptocurrency exchanges.
The surge in withdrawals comes from multiple security controversies that may have undermined user confidence.
OKX’s Design Flaw
On June 9, two OKX users lost a significant amount of funds in a suspected SIM-swapping attack due to a vulnerability in the exchange’s two-factor authentication (2FA) security system, which resulted in their accounts being compromised.
Blockchain security firm SlowMist founder Yu Xian claimed that the users were sent SMS risk notifications from Hong Kong just before a new API key was established for their account verification.
This was further validated

Since Dogecoin’s debut in 2013, the meme coin market has seen significant growth, reaching a total market cap of $60 billion by June 2024.
In March alone, the asset class attracted a whopping $13 billion in spot trading volumes on exchanges, surpassing major blue-chip cryptocurrencies such as Ethereum and Solana. However, this sector is grappling with risks.
Red Flags Identified in Meme Coin Investments
According to CoinShares’ latest report, the heavy concentration of assets among meme coin holders highlights a notable risk of market manipulation and liquidity challenges due to the significant asset concentration among a few holders.
Larger holders or whales can significantly impact the token’s price by making large trades, causing volatility. Furthermore, if a small

The weekend dump dragged Litecoin’s price below $80 as the cryptocurrency experienced significant sell pressure.
The accumulation over the past couple of weeks failed to drive the price higher, but the latest data suggest two potentially bullish indicators for the altcoin, predicting a recovery.
Litecoin’s Active Addresses Spike
According to the popular crypto analytic platform, Santiment, the number of addresses interacting on the Litecoin network more than doubled starting from June 4th. This increase in active addresses, from an average of around 345k in May to around 704k in the past week, suggests a significant uptick in network activity and adoption, which is generally considered a positive sign.
Santiment’s insights further indicate that Litecoin’s RSI has entered

Ethereum witnessed its strongest week in terms of capital inflow since March, with total inflows amounting to $69 million over the past week, as per the latest stats by CoinShares. The latest influx can be attributed to the surprise decision by the US Securities and Exchange (SEC) to allow spot Ether ETFs.
As a result, Ethereum’s YTD inflows surged to almost $81 million.
The improvement in investment products based on Ethereum had a significant impact on other digital asset products, attracting a staggering $2 billion. This subsequently resulted in the recent 5-week streak of inflows to $4.3 billion.
Bitcoin Still King with $1.97B Weekly Inflow
Ethereum products may have overshadowed Bitcoin for the past few weeks, but the latter remained the main attraction, with weekly

Family offices, known for their entrepreneurial spirit, are embracing new investment opportunities.
Though cryptocurrencies account for 5% of portfolios, an allocation that would have been unthinkable a decade ago, they remain strikingly split over the role of the asset class.
According to the recently published 2024 BNY Mellon Wealth Management Study, approximately 39% of the surveyed family offices are either actively investing in cryptocurrencies or considering them, highlighting a keen interest in this modern asset class.
Various motivations are driving the investment decisions of family offices exploring cryptocurrencies. More than half cite the desire to stay current with emerging investment trends and opportunities.
Additionally, 30% or more attribute their interest

The US Department of Justice (DoJ) indicted Bill Guan, the chief financial officer of Epoch Times, on Tuesday.
The DOJ alleges that Guan was involved in an international scheme to launder around $67 million of illicit funds using cryptocurrency.
The Scam
From 2020 to May 2024, Bill Guan engaged in a large-scale international money laundering scheme, collaborating with others to launder approximately $67 million of illegal funds into the bank accounts of his media company and its related entities, according to the official press release by DOJ.
Guan managed the company’s “Make Money Online” (MMO) team, operating from a foreign office, to facilitate the scheme. Under his direction, the team used cryptocurrency to purchase tens of millions of dollars in illicit proceeds,

California-based med-tech company Semler Scientific has announced purchasing an additional 247 BTC for an aggregate of $17 million in cash, inclusive of fees and expenses.
As of June 6, 2024, Semler holds a total of 828 bitcoins, which were acquired for an aggregate of $57 million, inclusive of fees and expenses.
Preps $150M Bitcoin Warchest
In a new filing, the Nasdaq-listed medical manufacturer also revealed looking to raise $150 million to buy more bitcoins in the future, a strategy that aligns with the expansion of its corporate structure.
While highlighting the gap in value between gold and BTC, Semler Scientific said it believes the latter has the potential to generate outsize returns as it gains increasing acceptance as “digital gold.”
The firm believes that

Friday’s NFP release will be a pivotal event in shaping market sentiment and determining the near-term trajectory of Bitcoin and other cryptocurrencies, according to Bitfinex analysts.
In a statement to CryptoPotato, the macroeconomic dynamics, including the ECB’s rate cut and the potential for increased liquidity, add further complexity to the equation, making it crucial for market participants to closely monitor these developments and their potential impact on the crypto markets.
Several Factors at Play
Bitfinex analysts have shared their perspectives on how the NFP data and the recent European Central Bank (ECB) rate cut might influence the crypto markets.
According to the cryptocurrency exchange, if the NFP report meets or falls short of expectations, it could confirm

Cardano founder Charles Hoskinson has dismissed claims that the network suffers from weak fundamentals.
He criticized media outlets for their continued negative portrayal of the ecosystem, asserting a stark contrast between the reality of Cardano’s progress and the media’s depiction.
Cardano Founder Refutes Media’s Gloomy Forecasts
In a sharp rebuke this week, Hoskinson accused the media of wrongly predicting the downfall of the blockchain network and affirmed that the ecosystem is here to stay.
Hoskinson highlighted the significant advancements made by Cardano over the years and outlined a major hard fork in the offing, which he described as the most significant in the project’s history.
He pointed to the rapid growth of community DApps, Cardano’s role in scaling research

Following the recent recovery in the market, certain altcoins have become appealing to buyers, with wealthy investors even beginning to stockpile these assets before prices potentially surge.
Cardano (ADA), Shiba Inu (SHIB), and JasmyCoin (JASMY) are experiencing notable price surges, each seemingly driven by increased whale activity.
Whales Pile In
This week, transactions exceeding $100k on these networks have more than doubled compared to their average figures for 2024, suggesting a significant accumulation phase.
According to Santiment’s latest analysis, the surge in large transactions indicates heightened interest from large-scale investors, contributing to the upward momentum in prices for these cryptocurrencies.
The latest development comes amidst an increased

Since mid-March, there has been a notable trend of large bitcoin holders or “whales” stashing more tokens.
The latest data suggest that a particular cohort of whale addresses now collectively own more than 40% of the total bitcoin supply.
Whales Gobble Up Bitcoin Supply
The accumulation of bitcoin by large holders or “whales” holding over 1,000 BTC has been a notable trend since mid-March. According to IntoTheBlock’s tweet, addresses with over 1,000 BTC now collectively own more than 40% of the total bitcoin supply.

Since mid-March, the amount of Bitcoin held by large holders has steadily increased.
Addresses holding over 1,000 $BTC now collectively own more than 40% of the total Bitcoin supply! pic.twitter.com/yGkTTFj20c
— IntoTheBlock (@intotheblock) June 5, 2024

This

With meme coins creating buzz all year, whales have doubled down on accumulating these tokens.
One such whale has been massively accumulating Shiba Inu (SHIB) tokens, spending 4,849 ETH, worth around $18.44 million, to purchase a whopping 715.9 billion SHIB over the span of just six hours.
This is an extraordinary buying spree, even for this particular investor, who has been incredibly successful with SHIB in the past.
SHIB Accumulation Spree
According to Lookonchain’s analysis, this same trader had previously spent only around $400,000 to acquire 5.5 trillion SHIB tokens early on. They then sold those holdings at two separate peak points for a combined total of approximately $121 million – netting them over $120 million in profits from their initial SHIB investment.
The

Austrian crypto broker Bitpanda has expanded its partnership with Deutsche Bank to implement real-time payment solutions for user transactions in Germany.
Through an API integration, Bitpanda will gain access to German IBAN accounts, streamlining the deposit and withdrawal process for German users.
Bitpanda’s German IBAN Integration
International Bank Account Numbers (IBANs) are internationally agreed codes that identify bank accounts across national borders. They provide a standardized way to identify accounts, allowing easy cross-border transactions and payments.
By integrating German IBANs, Bitpanda seeks to enhance the reliability and speed of deposit and withdrawal transactions for its users in that region.
According to the official press release, this move represents

Despite the renewed hype surrounding meme coins, the OG Dogecoin’s price action has remained relatively dull. But whales appear to be bullish on the asset’s price trajectory as they continue to rake in tokens.
According to crypto analyst Ali Martinez, large holders or whales have been actively accumulating Dogecoin over the past five days. Martinez stated that such entities have added a staggering 200 million DOGE to their holdings, signaling a significant accumulation phase since May 30.
Dogecoin has been consolidating within a tight range during this period. After briefly touching highs of $0.174 on May 26, the meme coin declined and has been trading near the $0.16 level.
While a trend reversal is less likely to occur, this hasn’t fazed DOGE whales to amass tokens.
In

The supply of bitcoin held by miners has dwindled to levels not seen in over 14 years.
This massive decline in miner reserves comes at a time when the broader cryptocurrency market is witnessing a surge in institutional interest and growing mainstream adoption.
Bitcoin Miner Reserves Hit 14-Year Low
According to on-chain analysis firm CryptoQuant’s latest analysis, the last time miner reserves were this low, bitcoin was still in its infancy. Bitcoin creator Satoshi Nakamoto was actively working on the project, and the concept of altcoins had yet to emerge.
It was a time when Barack Obama occupied the White House, and the idea of corporations like MicroStrategy embracing BTC as a legitimate investment asset seemed like a distant dream.
The diminishing miner reserves can be

Matter Labs, the developer behind the ZkSync Ethereum Layer 2 network, has decided to abandon its efforts to trademark the term “ZK.”
In an update on June 3rd, Matter Labs said its decision to abandon its efforts to trademark the term “ZK” stems from the reasoning that it is “impossible to agree on a group of people perceived as credibly neutral by nearly everyone.”
Matter Labs Drops “ZK” Trademark Effort
Matter Labs had previously filed to trademark the term zero-knowledge (ZK) in nine countries, subsequently clashing with Polyhedra Network over using ZK as a ticker symbol. This resulted in a week-long dispute with Polyhedra Network condemning Matter Labs’ actions and accusing them of bullying and undermining the principles of Web3.
Soon after this, several industry

Ethereum is seeing a turnaround in sentiment owing to the SEC approval of a spot Ether ETF that is set to go live sometime next month.
According to CoinShares’ latest report, Ethereum-based investment products experienced a second consecutive week of inflows marking a reversal from a 10-week outflow streak amounting to $200 million. Over the past week, Ethereum saw $33.5 million in inflows which pushed its monthly inflows upwards of $21 million.
Altcoins Follow Ethereum’s Lead with Inflows
Investment products focused on digital assets experienced an influx of capital for the fourth week in a row, amounting to $185 million. The month of May witnessed inflows totaling $2 billion, driving the year-to-date inflows past the whopping $15 billion mark.
However, trading volumes

The $70,000 level continues to be a major hurdle for bitcoin, but the latest data suggest that the world’s largest digital asset remains stable at the current price level and could initiate another leg up soon.
According to the latest analysis by IntoTheBlock, BTC has maintained a stable price of around $69,000, primarily due to a robust demand zone between $66,900 and $68,900.
The range in question is particularly noteworthy as it includes over two million addresses that have collectively accumulated a substantial 1.1 million BTC.
The data shows that the concentration of buying activity is indicative of a high level of interest and engagement among traders, creating a strong support level that has helped bitcoin sustain its current valuation despite market fluctuations.

Ripple has contributed $25 million to the Fairshake super PAC, aligning with an industry-wide effort to advocate for pro-crypto policies and politicians.
Ripple’s decision to boost Fairshake’s efforts comes amid its own ongoing legal battle with regulatory bodies like the SEC. The agency’s lawsuit prompted the company to take a more proactive stance in advocating for fair and balanced regulation within the industry.
Ripple Advancing Pro-Crypto Agenda
In a press release, Ripple stated that the Securities and Exchange Commission’s strategy of attempting to regulate the cryptocurrency industry through enforcement has proven ineffective.
While Congress is presently progressing with comprehensive legislation for the sector to ensure a bright future for American innovation,

In a high-profile case involving a massive cryptocurrency fraud, a British-Chinese woman, Jian Wen, has been sentenced to six years and eight months in prison for her role in laundering Bitcoin proceeds from a $6 billion investment scam in China.
Wen, aged 42, was found guilty in March of laundering Bitcoin on behalf of her former boss, Yadi Zhang, whose real name is Zhimin Qian.
According to a recent report, Qian is alleged to have defrauded around 130,000 investors in China, amassing a whopping $5 billion through an investment scam.
While Wen was not accused of direct involvement in the fraud itself, she was convicted of laundering the proceeds by converting the Bitcoin into cash and using the funds to purchase property, jewelry, and other luxury items.
In 2018, UK

Mastercard has launched its Mastercard Crypto Credential, facilitating the first peer-to-peer (p2p) pilot transactions that simplify and secure blockchain transfers.
The latest offering will enable users on the Bit2Me, Lirium, and Mercado Bitcoin exchanges to send and receive cryptocurrency using easy-to-remember aliases instead of cumbersome blockchain addresses. This new capability is designed to enhance transaction simplicity and security, promoting broader crypto adoption.
Mastercard’s P2P Crypto Transactions Debut
According to the official press release, Mastercard Crypto Credential currently connects Latin American and European corridors, aligning with Mastercard’s expansion into the digital asset ecosystem and integrating financial solutions. New partnerships are

With the broader market recovery this year, the network activity XRP Ledger (XRPL) also surged across nearly all metrics, with active addresses and transactions increasing by 37% and 113% quarter-over-quarter (QoQ), respectively, according to Messari’s latest report.
A significant portion of this activity stemmed from a concentrated group of approximately 45,000 accounts, which collectively sent over 30 million transactions to a single one, primarily for inscription-related activities.
Inscriptions Boost XRPL Network Activity
Inscriptions, a transaction type that gained popularity on Bitcoin in early 2023, have since spread to other major networks, including XRPL, often causing significant activity spikes.
Despite the high transaction volumes, XRPL demonstrated resilience,

Japanese cryptocurrency trading platform – DMM Bitcoin – fell victim to a hack resulting in a massive loss of Bitcoin worth around $305 million on May 31st.
The exchange confirmed the attack and revealed that 4,502.9 bitcoins were drained from their systems. DMM Bitcoin has not provided additional details regarding the breach but stated that it is conducting an investigation and has implemented measures to avoid a recurrence of such an attack.
DMM Bitcoin Hacked
Following the incident, DMM Bitcoin stated that it had put measures in place to prevent any further unauthorized outflows of cryptocurrency from its platform, according to its official announcement posted on the exchange’s website.
The company pledged to cover all Bitcoin deposits to reimburse customers completely

Ethereum co-founder Vitalik Buterin donated 30 ETH, valued at around $113,000, to support the legal defense of Tornado Cash developers Alexey Pertsev and Roman Storm through the decentralized fundraising platform Juicebox.
According to the on-chain data, the transaction from an address linked to Buterin, named vitalik.eth, was made at 1:58 am EST on May 30 to the “Free Alexey & Roman” legal fund on Juicebox, which had raised 595.82 ETH, worth approximately $2.2 million.
Open Source Is Not a Crime
Crypto veterans, including Buterin, have consistently championed privacy tools for managing crypto assets privately. Buterin has published numerous papers on enhancing Ethereum’s privacy. Hence, his move is not surprising.
Other supporters have shown solidarity by attaching