On Tuesday (June 5), the price of Bitcoin (BTC) rose in the US market, with the latest data from the US Bureau of Labor Statistics showing that the number of job vacancies in the United States in April fell to the lowest level since February 2021. In terms of product structure, the operating income of products with a scale of 10-30 billion yuan was 401/1288/60 million yuan respectively. (Bitcoin trend graph Source: FX168) Since the volatility that appeared earlier this week, top cryptocurrencies have gone through a relatively calm period as traders have begun to try to reignite the stalled bull market. Fineqia International research analyst Matteo Greco pointed out that last week “the daily volatility was low, and even when analyzing intraday trading levels, the price fluctuation did not exceed US$4,000.” “In the past week, BTC spot exchange-traded funds (ETFs) have experienced slow and sustained inflows of funds,” he added. “In four trading days, the total net inflow amount is approximately US$170 million. This is the third consecutive week of positive fund inflows and marks a reversal of the trend after five weeks of low demand.” Greco said: “Overall, BTC spot ETFs have achieved net inflows for 14 consecutive trading days, with a total net inflow of nearly 14 billion US dollars since its establishment.” He added that last week, BlackRock's IBIT surpassed Grayscale's ETF (GBTC) in terms of asset management size. He said: "GBTC has been operating in the form of trust before, and it did not transform into an ETF until January 2024." "The two ETFs currently manage assets of more than 19 billion U.S. dollars, IBIT holds about 1.97 billion U.S. dollars, and GBTC follows closely with about 19.2 billion U.S. dollars." Greco said this development indicates that "traditional financial participants are increasingly interested and committed to the digital asset field," as well as other "milestones" recently achieved. "First, the US Securities and Exchange Commission approved the Ethereum (ETH) spot ETF, which is expected to start trading after the SEC approves the S-1 document. About 10 days ago, the SEC approved the 19b-4 file," he said. "Both the 19b-4 file and the S-1 file must be approved by the US Securities and Exchange Commission to launch spot ETH ETFs." Greco pointed out: "19b-4s files allow the listing of new products on national stock exchanges (such as the New York Stock Exchange or Nasdaq), such as spot ETH ETFs." "S-1 is the initial registration form required to issue new securities to the public, providing detailed information about company operations and products. According to currently available information, market participants expect spot ETH ETF trading to begin in July or August 2024." Another noteworthy development is the launch of the first spot BTC ETF in Australia on Tuesday. "Issuer Monochrome Asset Management was approved for its BTC spot ETF (IBTC) in April and launched its product on Cboe Australia today after receiving approval from Australian regulators," Greco said. He concluded: "These latest developments highlight the need for global traditional financial investors to diversify their portfolios by increasing digital asset investments." "The US approval of BTC spot ETFs paved the way earlier this year, and then Hong Kong launched similar BTC and ETH products. In addition, the news that the United States has approved the trading of spot ETH ETFs and the Australian BTC spot ETFs further highlights the momentum of the industry."

According to data, as of the end of April, the number of vacant positions in the United States was 8.06 million, slightly lower than the 8.35 million in March and lower than the economists’ expected 8.35 million.

The lower-than-expected data shows that the labor market is further cooling down from the recruitment frenzy that occurred when the US economy reopened after the new crown epidemic, which strengthens people's hopes for possible rate cuts as early as September.

Bitcoin reacted to the report and rose sharply, breaking through $70,500 at one point, now reported at $70,749.22, with a daily increase of 2.81%.

(Bitcoin trend graph Source: FX168)

Before the volatility that appeared earlier this week, top cryptocurrencies went through a relatively calm period as traders began to try to reignite the stalled bull market.

Fineqia International research analyst Matteo Greco pointed out that last week “the daily volatility was low, and even when analyzing intraday trading levels, the price fluctuation did not exceed US$4,000.”

"In the past week, BTC spot exchange-traded funds (ETFs) have experienced slow and sustained inflows of funds," he added. "In four trading days, the total net inflow amount is approximately US$170 million. This is the third consecutive week of positive fund inflows and marks a reversal of the trend after five weeks of low demand."

Greco said: "Overall, BTC spot ETFs have achieved net inflows for 14 consecutive trading days, with a total net inflow of nearly 14 billion US dollars since its establishment." He added that last week, BlackRock's IBIT surpassed Grayscale's ETF (GBTC) in terms of asset management size.

He said: "GBTC has been operating in the form of trust before, and it did not transform into an ETF until January 2024." "The two ETFs currently manage assets of more than 19 billion U.S. dollars, IBIT holds about 1.97 billion U.S. dollars, and GBTC follows closely with about 19.2 billion U.S. dollars."

Greco said this development indicates that "traditional financial participants are increasingly interested and committed to the digital asset field," as well as other "milestones" recently achieved.

"First, the US Securities and Exchange Commission approved the Ethereum (ETH) spot ETF, which is expected to start trading after the SEC approves the S-1 document. About 10 days ago, the SEC approved the 19b-4 file," he said. "Both the 19b-4 file and the S-1 file must be approved by the US Securities and Exchange Commission to launch spot ETH ETFs."

Greco pointed out: "19b-4s files allow the listing of new products on national stock exchanges (such as the New York Stock Exchange or Nasdaq), such as spot ETH ETFs." "S-1 is the initial registration form required to issue new securities to the public, providing detailed information about company operations and products. According to currently available information, market participants expect spot ETH ETF trading to begin in July or August 2024."

"Another noteworthy development is the launch of the first spot BTC ETF in Australia on Tuesday. 'Issuer Monochrome Asset Management was approved for its BTC spot ETF (IBTC) in April and launched its product on Cboe Australia today after receiving approval from Australian regulators," Greco said."

He concluded: "These latest developments highlight the need for global traditional financial investors to diversify their portfolios by increasing digital asset investments." "The US approval of BTC spot ETFs paved the way earlier this year, and then Hong Kong launched similar BTC and ETH products. In addition, the news that the United States has approved the trading of spot ETH ETFs and the Australian BTC spot ETFs further highlights the momentum of the industry."

VanEck is one of the companies that listed spot BTC ETFs in the United States. Jan van Eck, the company's CEO, said that the inflow of funds in ETFs may continue for a period of time and will eventually help push Bitcoin's market value to US$7.85 trillion. #BTC spot ETF#

"I think Bitcoin will eventually account for at least half of the market value of gold," Eck said in an interview. "So I think this will take another five or ten years. Our TradFi customers are still very confused about Bitcoin. They don't want to talk about it, but their customers make them talk about it. So we still have a long way to go."

"And buying activities don't help either. They want to buy at the highest price and then go to zero at the lowest price. So they are not good at allocation," he pointed out.

He said that there are many financial companies in the United States and Europe willing to allocate investment portfolios for people, and he hopes that "these allocators can think openly and consider gold or bitcoin at the right time of the cycle, and use these trends for their clients in a disciplined way, because I have some faith that ultimately the clients will get it."

Eck said that one reason that prompts international investors to seriously consider investing in bitcoin is that bitcoin is not subject to the influence and jurisdiction of the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

He summed up: "Investors outside the United States are becoming increasingly unwilling to be bound by SWIFT, the US financial system, and the ensuing political control."

Bitcoin has a long way to go before reaching half of Eck's predicted market cap for gold. Currently, the market cap for gold is about $15.7 trillion, while the market cap for Bitcoin is about $1.38 trillion, which means that Bitcoin needs to increase by nearly $6.5 trillion to reach half of that level.