First Mover Americas: Bitcoin Falls Below $67K as ETFs' Inflows Streak Ends

The latest price moves in crypto markets in context for June 11, 2024.

AccessTimeIconJun 11, 2024 at 12:01 p.m. UTC

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

Prices FMA, June 11 (CoinDesk)
(CoinDesk)

Top Stories

Bitcoin fell below $67,000 during the European morning, extending a drop from $72,000 that commenced on Friday. The decline follows $65 million in cumulative outflows from the U.S.-listed spot bitcoin ETFs on Monday, the first loss since at least May 23, according to provisional data published by Farside Investors. Inflows have recently been strong, although the market chatter is that they stem from institutions' growing interest in the non-directional basis trade rather than outright bullish bets. At the time of writing, BTC is more than 3.5% lower than 24 hours ago. The broader digital market has followed suit, with ether dropping over 4% to $3,540 and the CoinDesk 20 Index (CD20) falling almost 3.4%.

GameStop shares fell 12% on Monday, weighing heavily on some meme tokens that tend to mirror the stock's movements. Solana-based meme token GME, which parodies the company's stock ticker, slid 25%, reversing a more-than 200% rally over the past seven days. Related tokens like Roaring Kitty and some cat-themed tokens, which previously moved alongside GME stock, lost an average of at least 10%, according to data tracked by CoinGecko. Dog-themed tokens doge, shiba inu and floki pared last week's gains, falling from 4% to 10%. GameStop shares have sunk 62% from a two-year high on Thursday after the company said it would sell up to 75 million shares and announced a drop in quarterly sales.

The Cardano network is set to move into the final phase of a multiyear program to become a wholly decentralized blockchain ecosystem later this month, co-founder Charles Hoskinson said in an X post. Once the switch is complete, Cardano will no longer be actively managed by Cardano development firm IOHK but will be wholly run by community members. “It looks like June will be the month that Cardano Node will reach 9.0,“ Hoskinson posted. “This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire.” Native token ADA has fallen 3.4% in the last 24 hours, broadly in line with the CD20.

Chart of the Day

COD FMA, June 11 2024 (Velo Data)
(Velo Data)
  • The chart shows the most active ether options on Deribit in the past 24 hours. Puts are shown in red, calls in green.
  • Investors have increasingly traded put options, offering downside protection.
  • Ether's price has declined over 4.1% in 24 hours.
  • Source - Velo Data

- Omkar Godbole

Trending Posts

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.