Early Signals by WOO X: BTC Breaks $70K Mark, Eyes $72K Amid Strong ETF Inflows and Meme Token Surge

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VICTORIA, Seychelles, June 05, 2024 (GLOBE NEWSWIRE) — WOO X Research, the analysis team of the global centralized crypto futures and spot trading platform WOO X, is pleased to share its latest market insights on the current trends in the crypto landscape.

Market Overview:
BTC: BTC has strongly broken through $70,000 and is hovering around $71,000. This is the 7th attempt to break through. BTC needs to stabilize above $72,000 to challenge the previous high of $73,777. There’s potential risk of a pullback if it doesn’t hold. Today’s bottom support is raised to $67,518.

BTC Spot ETF:

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  • Total net inflow: $14.57 billion
  • Single-day net inflow: $612 million
  • Single-day trading volume: $1.16 billion
  • ETF net assets as % of BTC market value: 4.41%

Key Observations:

  • GBTC: Single-day net inflow: $28 million; Cumulative net outflow: $18 billion; Single-day trading volume: $368 million; Current asset value: $20.12 billion.
  • FBTC: Single-day net inflow: $379 million; Cumulative net inflow: $9 billion; Single-day trading volume: $470 million; Current asset value: $12.01 billion.
  • ARKB: Single-day net inflow: $139 million; Cumulative net inflow: $3 billion; Single-day trading volume: $126 million; Current asset value: $3.47 billion.

Significant Daily Gainers:

  • TROG (+150%): A meme token in the Trump category on the Ethereum ecosystem. Current on-chain liquidity is $1.03 million, market value $30.61 million, and 24-hour trading volume $12 million.
  • FISH (+50%): A leading meme in the TON ecosystem, benefiting from the hype around Ton’s mini-game NOT. Robinhood Crypto launched TON in some EU jurisdictions on June 4, boosting market expectations for Binance to list TON, causing FISH to rise by 54% with a trading volume exceeding $5 million.
  • TYBG (+40%): A religious concept meme on the Base ecosystem. After a massive rally in March, rising 240x from the bottom and then dropping over 80%, interest in Base ecosystem memes has surged recently, significantly boosting multiple memes, including TYBG.

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Contact: [email protected]

About WOO X

WOO X is a global centralized crypto futures and spot trading platform offering best-in-class liquidity and price execution. WOO X has an average daily volume exceeding $600 million and is home to hundreds of thousands of traders worldwide. WOO X traders benefit from radical transparency through our industry-first live Proof of Reserves & liabilities dashboard and the company’s mission to maintain the trust of its growing community of traders.

Disclaimer

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

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