Big Week for Spot Bitcoin ETFs, Meme Coin Mania Reaches Celebrities, and More: This Week’s Crypto Recap

News and developments on the spot Ethereum ETF front dominated the previous week, while Bitcoin ETFs dominated the current week.

After the launch of all U.S. Bitcoin ETFs in early January, it was almost inevitable that BlackRock's product would overtake Grayscale's, which had already converted from the previous BTC Trust. Grayscale's GBTC has seen significant outflows since it first hit US markets, while BlackRock's IBIT has continued to attract billions of dollars from the underlying cryptocurrency.

That moment finally happened earlier this week, as it took the world's largest asset manager just 96 days to become the largest issuer of Bitcoin ETFs. Currently, the Grayscale Fund has $19.7 billion in BTC, while the IBIT Fund has $19.97. According to To SoSoValue.

Another big event in the Bitcoin ETF scene came on Tuesday when all of these products, not just those in the US, attracted just over 1 million Bitcoin.

These positive developments on the ETF front have not resulted in significant gains for the underlying asset. In fact, Bitcoin has tried to break the $70,000 level on several occasions, and although it broke this level once, it was unsuccessful and is currently about $3,000 away from this level.

The weekly charts for most altcoins are less eventful than they were last time. However, some meme actors took the main stage. For example, the PEPE index hit some all-time highs this week, while the WIF index rose more than 20%. In addition, the world of meme coins saw the entry of a celebrity, but more on that later.

Market data

Market capitalization: $2.667 trillion | 24 Hour Volume: $80 Billion | Bitcoin Dominance: 50%

Bitcoin: $67,320 (+0.44%) | Ethereum: $3,773 (+2.5%) | BNB: $593 (-0.5%)

Cryptocurrency headlines of the week that you can't miss

Ethereum whales with a surge of over 10,000 ETH, indicating an accumulation trend. Although the price of ETH has consolidated in the past week, since the massive spike seen on news of Ethereum ETFs, the asset has been targeted by large investors who have been on an accumulation spree.

US spot bitcoin ETFs see longest streak of inflows since February. In addition to the tremendous achievements on the Bitcoin ETF front, these products have had impressive success since mid-May. In fact, they are currently on their longest streak in over three months, with 13 straight days and counting.

Caitlyn Jenner's JENNER Meme Coin Sends Traders into Chaos. As mentioned earlier, a celebrity has entered the meme coin ecosystem. Despite initial rumors of a hack, it has emerged that Caitlyn Jenner has actually launched dozens of digital currencies on the Solana blockchain in hopes of making a quick profit.

Most profitable among large Meme coins: more than 96% of PEPE holders make profits. Although PEPE retreated slightly after drawing a few consecutive all-time highs, the number of token holders in profits rose to over 96% yesterday, as reported.

Gemini Earn recovers 97% of lost cryptocurrencies for customers. Good news for Gemini Earn customers: After more than a year of controversy and uncertainty, the bankrupt cryptocurrency lending company announced that it has recovered almost all of the lost funds.

Former FTX CEO Ryan Salama sentenced to 7.5 years in prison. One of the FTX executives closest to Sam Bankman-Fried — Ryan Salame — was sentenced to more than seven years in prison. Salama's lawyers had previously requested no more than 18 months.

Graphs

This week we have chart analysis for Ethereum, Ripple, Cardano, Shiba Inu and Polkadot – click here for the full price analysis.