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Crypto News
Strategy Acquires 1,550 Bitcoins, Senate Awaits Clarity Vote
Strategy announced it bought 1,550 BTC for $101 million at an average price of $65,332. This is the company's first purchase since selling 32 coins last week. The buy brings total holdings to 845,256 BTC acquired for just under $64 billion at an average of $75,680 per coin.
The latest purchase came in about $10,000 below that average, which means Strategy lowered its cost basis for the first time since it began accumulating Bitcoin. To fund the buy and rebuild liquidity, the company issued $181 million in common stock and increased its USD reserve by $100 million, bringing total cash reserves to $1 billion.
More than 200 companies signed a letter urging Senate leadership to schedule a vote on the "Digital Asset Market CLARITY Act". The bill recently advanced out of the Senate Banking Committee and was placed on the Senate Legislative Calendar. Lawmakers are pushing to move it before the July recess.
Crypto's recovery remains elusive as SpaceX, Anthropic IPOs loom
As the price fell toward $60,000, the 11 U.S. spot ETFs recorded $1.72 billion in net outflows, marking a third straight week of accelerating redemptions. That happened on the total weekly volume of just $18.43 billion, according to data from SoSovalue.
The sustainability of bitcoin's bounce is questionable. A dramatic resurgence in ETF demand might be needed to put the price on a convincing upward trajectory.
That probability appears low, as looming initial stock sales from SpaceX and Anthropic, two of the largest IPOs in history, could keep sucking liquidity out of broader markets, including crypto.
Further, this week's U.S. inflation data for May, expected to show the cost of living rose above 4%, could add to volatility in both bonds and the broader financial market. Stay alert!
Former FTX CEO Sam Bankman-Fried officially files for a presidential pardon from Trump
Former FTX CEO Sam Bankman-Fried is pressing ahead with his bid for a presidential pardon, even after President Donald Trump said he has no plans to grant clemency.
The former exec, 34, officially filed for a "pardon after completion of sentence," according to the U.S. Department of Justice's Office of the Pardon Attorney website.
Bankman-Fried was convicted in 2023 during the Biden administration on multiple fraud and conspiracy charges for stealing billions of customers' funds from his now-bankrupt crypto exchange, FTX. He is currently serving a 25-year prison sentence and is in the process of trying to appeal the conviction.
Bitcoin & Ethereum Spot ETF Flow
According to SoSoValue data, on Monday, June 8th, the total net outflow from US Bitcoin spot ETFs was $91.37 million. The total net asset value of Bitcoin spot ETFs was $79.63 billion, and the ETF net asset ratio (market capitalization as a percentage of total Bitcoin market capitalization) was 6.26%.
The Bitcoin Spot ETF with the highest net inflow yesterday was Ark Invest and 21Shares's ETF ARKB, with a daily net inflow of 63.14M USD, and the total historical net inflow of ARKB currently stands at 1.27B USD.
The second highest was Fidelity's ETF FBTC, with a daily net inflow of 59.37M USD, and the total historical net inflow of FBTC currently stands at 10.45B USD.
The Bitcoin Spot ETF with the highest net outflow yesterday was BlackRock's ETF IBIT, with a daily net outflow of 232.92M USD, and the total historical net inflow of IBIT currently stands at 62.24B USD.
