Bitcoin undergoes over $1.8 billion of ETF inflows last week
Weekly Market Update #33
Key developments:
Last week Bitcoin ETF products saw net inflows of approximately $1.82 billion
Uniswap Foundation postpones governance proposal
DWF Labs to purchase $12M in $FLOKI
Deutsche Bank and Bitpanda Partner for Real-Time Crypto Payments
Polkadot introduces One Frequency
Telegram Introduces Digital Mini-App Payment System, Telegram Stars
XRP Partnered with Clear Junction for GBP and EUR payouts
NEAR Partnered with NEAT Protocol to accelerate AI growth
APT Integrated LINK data feeds and Cross-Chain Interoperability Protocol (CCIP)
APT will unlock 2.58% of its circulating supply on June 11thÂ
Last week Bitcoin ETF products saw inflows of approximately $1.82 billion
This week, IBIT and FBTC recorded the highest total inflows, with $948 million and $679.4 million, respectively. In contrast, GBTC experienced a net outflow, with a total volume of -$31.1 million. Despite the negative contribution from GBTC, the overall net inflow across all instruments amounted to $1,828.5 million. Other notable figures include BITB with $82.8 million, ARKB with $131.1 million, BTCO with $3.6 million, BRRR with $1.6 million, HODL with $12 million and BTCW with $1.1 million. The daily totals fluctuated significantly, peaking at $886.6 million on June 4, 2024 and a low of $105.1 million on June 3, 2024, demonstrating the dynamic nature of these assets over the week.
Uniswap foundation postponing first proposal
In other news last week, Uniswap announced that the first proposal to activate Uniswap Protocol Governance would be deployed on-chain. However, a stakeholder raised a new concern that requires further investigation. Given the irreversible and sensitive nature of the proposed upgrade, Uniswap has decided to postpone the vote. The community will be kept informed of any significant developments and updates will be provided once there is more clarity on future timelines.
NEAR Partnered with NEAT Protocol to accelerate AI growth
In other protocol specific news this week, the NEAR Foundation announced the delegation of 1 million $NEAR tokens to NEAT, a rollup protocol designed to scale AI applications on the NEAR platform. The staking rewards from these tokens, estimated to yield an APY of 120-200%, will be redistributed to $NEAT stakers. This initiative aims to support AI and blockchain projects, promoting the integration of AI with blockchain technology.
NEAT Overview
NEAT is a rollup scaling solution based on the NEAR inscription standard, designed for AI and machine learning applications on NEAR. It utilises off-chain indexer nodes for execution and NEAR L1 for data availability, eliminating the need for smart contracts or verification logic on the L1, significantly reducing transaction costs.
An overview of NEAT and its potential benefits is highlighted below:
APT Integrated LINK data feeds and Cross-Chain Interoperability Protocol (CCIP)
Another interesting update came from Aptos and Chiainlink in which the Aptos Foundation announced its participation in the Chainlink SCALE program. As part of this collaboration, Chainlink's Data Feeds and CCIP will be integrated into the Aptos blockchain, marking the first integration of these services on a Move-based network.
This partnership will provide Aptos ecosystem developers with essential tools and high-quality data for building advanced dApps. Chainlink's SCALE initiative aims to support the sustainable growth of blockchain ecosystems by offering access to low-cost, secure oracle services, with operating costs transitioning to be covered by dApp user fees as ecosystems mature.
Bashar Lazaar, Grants and Ecosystem Lead at Aptos Foundation, stated that the partnership will enhance the resources available to Aptos developers, enabling them to create secure, scalable and feature-rich dApps. Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs, expressed pleasure in welcoming Aptos to the SCALE program, highlighting the potential for accelerating the adoption of Aptos' layer-1 blockchain with Chainlink's services.
APT will unlock 2.58% of its circulating supply on June 11thÂ
Lastly the primary unlock event of the week features $APT which will release 2.58% of its circulating supply, a $94.44 million equivalent. This unlock consists of $10.84 million for the foundation, $26.10 million for the community, $32.18 million for core contributors and $22.83 million for investors. Â
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