Ether Holds Steady Above $2,500 as ETF Demand Signals Institutional Confidence

Odaily Planet Daily News: According to Ashes Testing, it has been a month since the secondary market operation wallet address released by DWF Labs was made public, and a total of 7 types of altcoins have been withdrawn from centralized exchanges, with a cumulative expenditure of about 6.43 million US dollars. Currently, there are six projects with floating losses and one with floating profits, resulting in an overall floating loss of approximately $850000 (-13%). The specific buying situation is as follows: 51.15 million JSTs, with a cost of approximately 1.89 million US dollars and an average price of 0.037 US dollars; 5 million MANTA, with a cost of approximately 1.54 million US dollars and an average price of 0.309 US dollars; 4.73 million YGGs, with a cost of approximately 1.02 million US dollars and an average price of 0.216 US dollars; 137 million IOSTs, with a cost of approximately 480000 US dollars and an average price of 0.0035 US dollars; 21.28 million IOTX, with a cost of approximately 440000 US dollars and an average price of 0.021 US dollars; 3 million SIREN, with a cost of approximately 540000 US dollars and an average price of 0.18 US dollars; 3.5 million PHA, with a cost of approximately 480000 US dollars and an average price of 0.139 US dollars.

BlockBeats news, on June 8th, 10x Research published an article stating that Bitcoin is below the 7-day moving average (bearish) but above the 30 day moving average (bullish), with a weekly price change of 2.5%, partly due to the public dispute between Musk and Trump leading to the liquidation of a long position of $308 million. The uncertainty of US trade policy and the cooling of the labor market have also put pressure on Bitcoin, keeping its price flat at $105100. Institutional demand remains strong, with US spot Bitcoin ETFs recording $9 billion in inflows within five weeks. However, the increase in profit taking by long-term holders has put pressure on prices. The market is beginning to realize that cryptocurrency stocks are breaking away from the lackluster performance of Bitcoin, with the total market value of publicly traded cryptocurrency companies now exceeding $300 billion, and institutional capital making directional bets. Circle's highly anticipated IPO and Robinhood's surge in cryptocurrency revenue are both pointing to structural shifts, as retail investors abandon direct buying due to the high price of Bitcoin and instead pursue holding Bitcoin exposure through cheaper cryptocurrency stocks. Although Circle's valuation may seem high, the success of its IPO reflects a strong demand for increased regulatory clarity. Simple regression analysis shows that Coinbase's stock price is currently 18% lower than fair value. Robinhood maintains a strong upward trend, while Galaxy Digital may also be underestimated.

BlockBeats News: On June 8th, blockchain data analysis platform Arkham announced that it will integrate Plasma, a blockchain designed specifically for stablecoin payments and real-world assets.

According to BlockBeats, on June 8th, Eric Balchunas, a senior ETF analyst at Bloomberg, posted on social media that he expects to see a series of actively managed cryptocurrency ETFs expected in the winter of 2025. The active ETF focused on Meme coins may not be available until 2026. Due to scattered returns and insufficient seller coverage, this provides an opportunity for proactive management, which may lead to the emergence of the next star fund manager

According to The Block, the Argentine Anti Corruption Office (OA) stated that President Javier Milei acted in his personal capacity when promoting the Libra cryptocurrency (LIBRA) and did not violate the country's public ethics regulations. The survey report states that "promotional posts are not related to administrative actions, have not been allocated public resources, and have not received institutional support. They should be interpreted as personal or private communication behavior, and have not generated any form of official public policy direction. Javier Milei initially promoted the Libra cryptocurrency on his personal X account to support small businesses and startups in Argentina. But after the token's market value plummeted 90% from its peak of over $2 billion, he deleted the post. The scandal sparked by this has been dubbed by local media as the 'crypto gate', leading opposition politicians to call for the impeachment of Javier Milei and triggering lawsuits filed by lawyers representing loss making investors in the country. Javier Milei has requested the Argentine Audit Office (OA) to conduct an investigation to determine whether any members of the national government, including the President himself, have engaged in inappropriate behavior.