🇮🇪 Crypto.com received VASP registration from Ireland; Open interest of BTC futures in exchanges reached record high

Crypto.com receives VASP Registration from Ireland. Open interest of BTC futures in exchanges reached record high. Ripple partners with National Bank of Georgia to digitise local economy.

Jun 11, 2024
Crypto Market Pulse

Quick Take

  • Open interest of BTC futures in centralised exchanges reached a record high of $31.4 billion on 6 June; Crypto.com receives Virtual Asset Service Provider Registration from the Central Bank of Ireland; Ripple partners with National Bank of Georgia to digitise local economy.
  • U.S. Spot Bitcoin ETFs had nineteen straight days of inflows, which marks the longest streak of net inflows since the ETFs launched. They also marked their second largest daily net inflow of $887 million on 4 June. Weekly net inflow (past five trading days) totalled US$1,829 million, up from $423 million net inflow the week before. Grayscale Bitcoin Trust ETF’s (GBTC) weekly net outflow settled at $31 million. 
  • On the macro side, Canada became the first G7 nation to cut interest rates to 4.75% from 5%, in line with expectations. The European Central Bank also cut interest rates for the first time in five years by 0.25% to 3.75%, in-line with expectations. On the other hand, the U.S. announced larger-than-expected nonfarm payrolls of 272,000 in May, signalling a strong labour market and potentially delaying the Fed’s decision to cut interest rates. 
  • Notable updates: Stacks (STX) announced Nakamoto progress update; the Crypto.com App listed Taiko (TAIKO), Nosana (NOS), and Loaf Token (LOAF).
  • Notable events in the coming week: U.S. Fed and Japan’s BoJ interest rate decision.

Weekly Market Index

Price and volume indices increased slightly by +0.32% and +1.21% last week, while volatility index decreased by -16.19%. Volatility changes were led by ONDO (-44.43%) and ETH (-38.86%). 

Chart of the Week

Aggregated open interest of BTC futures in centralised exchanges reached a record high of $31.4 billion on 6 June since August 2020. Open interest (OI) is used to measure the total value of all outstanding futures contracts across exchanges and indicate market activity and trader sentiment around one asset. This coincided with a surge in BTC price mid-last-week to over $71,000. 

At the same time, U.S. Spot Bitcoin ETFs also saw their second largest day of net inflow with $887 million on 4 June, setting a record streak of nineteen consecutive days of net inflow since launch. 

Weekly Performance

BTC increased slightly by +0.9% while ETH decreased by -2.4% in the past seven days. The price action for other selected top market cap tokens was mostly negative. LDO (-18.5%) led the drop while INJ (+15.0%) led the gains, coinciding with INJ’s release of its first comprehensive paper on tokenomics. 

Selected key categories were mostly down in terms of market capitalisation changes in the past seven days, with the exception of Layer-1. 

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Research and Insights Team


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