June Kicks Off with a Bitcoin Boom

Crypto markets rallied on Monday morning ahead of a week packed with macroeconomic updates.

Bitcoin rallied 2%, briefly trading above $70,000, while Ether and Solana were flat, according to CoinGecko.

This week’s economic updates include manufacturing data, which will be released on Monday, and a key jobs report expected on Friday.

Investment Products and Inflows

Data from CoinShares Research shows that capital flowed into digital asset investment products for the fourth consecutive week, totaling $185 million.

May saw inflows of $2 billion, pushing year-to-date inflows past the $15 billion mark for the first time on record. However, volumes were down for the week, falling to $8 billion compared to $13 billion the previous week.

The majority of inflows came from the U.S., with a net inflow of $130 million.

Bitcoin saw inflows of $148 million, while short-bitcoin had $3.5 million in outflows, implying bullish sentiment among ETF investors.

Ethereum had a second week of inflows after the SEC approved spot ETH ETFs. This positive news also benefited Solana, which saw an additional $5.8 million in inflows last week, according to the CoinShares Research blog.

New ETF in Australia

Meanwhile, Monochrome Asset Management’s IBTC is set to begin trading on the Cboe Australia exchange on Tuesday. This ETF is unique in Australia because it holds Bitcoin directly.

“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime,” the announcement read.

The launch of IBTC comes a month after four spot Bitcoin ETFs were introduced in Hong Kong.

GameStop Surges

GameStop (GME) shares rallied 72% in pre-market trading on Monday after Keith Gill, known as “Roaring Kitty,” posted on Reddit for the first time since April 2021.

Gill shared data that shows he holds $174.5 million in GME shares and call options.

U.S. stocks were mixed on Monday morning. The S&P 500 dropped 0.2%, while the Nasdaq advanced 0.2%.