Bitcoin extends buying streak

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Bitcoin held on to finish the week higher, but the broader crypto market fell. Spoiling the mood and helping push the market lower were strong US employment numbers, which dashed hopes of any upcoming rate cuts. Bitcoin was up 2.37%, while ETH fell -3.28%, over the last 7 days. Bitcoin’s market capitalisation rose to US$1.36 trillion. The total crypto market cap is at US$2.54 trillion, while bitcoin’s market dominance is up to 53.9%.

Price High Low Change from previous week
BTC (in US$) $69,380 $71,907 $67,403 2.37%
ETH (in US$) $3,686 $3,880 $3,665 -3.28%

Source: CoinMarketCap. As at 9 June 2024. Past performance is not indicative of future performance. Performance is shown in US dollars and does not take into account any USD/AUD currency movements.

Source: Glassnode. Past performance is not indicative of future performance.

Crypto news we’re watching

Roaring start to June

Spot bitcoin ETFs had net inflows for 19 days in a row to 7th June and have acquired almost as much BTC in the first week of June as in all of May. Over the period from 3 June to 7 June, spot bitcoin ETFs had inflows of approximately US$1.83 billion. For perspective on how much BTC are being bought by the ETFs, bitcoin miners mined approximately 3,150 BTC in the same time period1. This was the biggest week of buying since mid-March when bitcoin hit its all-time high of $73,679.

Cumulative net inflows from all funds have reached $15.69 billion to date. Leading the way is BlackRock’s IBIT, followed by Fidelity’s FBTC.

Robinhood acquires Bitstamp

Trading platform Robinhood made a cash deal to acquire crypto trading exchange, Bitstamp. The deal is expected to be completed in the the first half of 2025, pending conditions and regulatory approval. The deal was made for approximately US$200 million in cash.

General Manager of Robinhood Crypto, Johann Kerbrat, commented: “Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood2.

CRYP company spotlight

Core Scientific announces partnership

Bitcoin mining company Core Scientific has partnered with CoreWeave, an AI hyperscaler. The companies signed a series of 12-year contracts. Core Scientific will provide CoreWeave with about 12 MW of infrastructure to power its high-performance computing services. This will allow Core Scientific to diversify from bitcoin mining and into the AI computing space3.

Core Scientific is currently held in Betashares Crypto Innovators ETF (ASX: CRYP)4. According to the company’s website, Core Scientific is “one of the largest owners and operators of high-powered digital infrastructure for bitcoin mining and hosting services on North America”.

Bitcoin (BTC): Exchange Balances

This metric is the total amount of coins held on exchange addresses.

According to data from Glassnode, balance on exchanges have hit a 5-year low. This tends to be a reflection of bullish sentiment as investors take their coins off exchange to be held in cold storage for the longer-term.

Source: Glassnode. Past performance is not indicative of future performance.


Bitcoin (BTC): Balance in Miner Wallets [BTC] – All Miners

This metric shows the total supply held in miner addresses.

According to data from Glassnode, miner balances have hit a 5-year low, indicating that many miners have been more than willing to sell, taking advantage of higher prices, unable to predict which way the market may head.

Source: Glassnode. Past performance is not indicative of future performance.

Altcoin news

The best performing ‘Top 25’ altcoin over the past week was Binance Coin (BNB). The cryptocurrrency made a new all-time high, hitting over $710 before paring gains, finishing the week up over 13%, and 163% over the last year.

Possible reasons for the price pushing higher are expectations that other cryptocurrrencies may get approved as an ETF now that Ethereum has been approved. Binance also announced last week that it will resume purchases using credit cards, Visa and Mastercard. Binance also held a presale for its new Binance token, which will be a competitor to bitcoin on its own blockchain5. 

BNB is the cryptocurrency that powers the BNB Chain ecosystem. According to the Binance website, “BNB can be use to pay for goods and services, settle transaction fees on Binance Smart Chain, participate on exclusive token sales and more”.

Investing in crypto assets or companies servicing crypto-asset markets should be considered very high risk. Exposure to crypto assets involves substantially higher risk when compared to traditional investments due to their speculative nature and the very high volatility of crypto-asset markets.

Investing in crypto assets or crypto-focused companies is not suitable for all investors and should only be considered by investors who (i) fully understand their features and risks or after consulting a professional financial adviser, and (ii) who have a very high tolerance for risk and the capacity to absorb a rapid loss of some or all of their investment. Any investment in crypto assets or crypto-focused companies should only be considered as a very small component of an investor’s overall portfolio.





4. As at 9 June 2024. No assurance is given that this company will remain in the portfolio or will be a profitable investment.


Off the Chain is published every second Tuesday. It provides the latest news on bitcoin and the rest of the crypto market, along with analysis and insights into the world of crypto.

It provides general information only and is not a recommendation to invest in any crypto asset, crypto-focused company or investment product.

This article mentions the following funds

Photo of Justin Arzadon

Written by

Justin Arzadon

Director, Adviser Services & Head of Digital Assets.

C4 Certified Bitcoin Professional (CBP) and Blockchain Council Certified Bitcoin Expert™ with over 18 years’ experience in the ETF market. Passionate about the future of money.

Read more from Justin.

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