US spot Bitcoin ETFs have experienced a five-week outflow streak, shedding $403.9 million in the past week alone. This sustained selling pressure brings year-to-date losses for these funds to $2.7 billion, signaling a notable cooling of investor activity.
In a separate development, Metaplanet CEO Simon Gerovich has refuted claims that the company misled investors regarding its Bitcoin strategy. Critics alleged that Metaplanet withheld price-sensitive information about its Bitcoin trades and derivatives. Gerovich asserted that all transactions were promptly reported and that critics were misinterpreting financial statements.
The White House has convened a third meeting with cryptocurrency and banking representatives to discuss a market structure bill. Key among the points of contention are provisions for stablecoin rewards, with discussions focusing on limiting how these rewards are distributed.
Meanwhile, Bitcoin developer Matt Corallo dismissed fears of quantum computing as the primary driver behind Bitcoin's recent price drop. He argued that if quantum risk were the cause, Ethereum would likely be performing significantly better. Bitcoin is trading around $68,004.
Market analysis shows significant weekly shifts among altcoins, with Stable, Morpho, and Injective seeing gains, while Humanity Protocol, Chiliz, and Arbitrum experienced losses.
Separately, Uniswap founder Hayden Adams has raised alarms about increasing fraudulent advertisements impersonating the platform, leading to significant losses for users. In regulatory news, a US federal judge in Tennessee temporarily blocked state enforcement of gambling laws against prediction market operator Kalshi. South Korean lawmakers are also scrutinizing financial regulators following an error by crypto exchange Bithumb that mistakenly credited customers with large amounts of Bitcoin.