The Bitcoin Street Journal Bitcoin Market Update Episode 5 Week 21

Welcome to The Bitcoin Street Journal Bitcoin Market Update Episode 5 Week 21 Thursday June 1st, 2023 - your go-to source for daily live bitcoin market updates and analysis. Keep your bitcoin safe from government and central bank interference and subscribe to stay updated. In this edition, we cover breaking Bitcoin news, financial and economic updates, and so much more. Don't miss out - subscribe now! In today's episode, we'll cover the rise of institutional capital in Bitcoin funds, the lowest balance of Ethereum exchanges in five years, and Tether's mining operations in Uruguay.Bitcoin continues to attract institutional capital as the AUM of ProShares futures-based ETF climbed from $500mn to $900mn in just five months from December to May. Meanwhile, Digital Currency Group (DCG) is closing down its institutional trading platform, TradeBlock. On the other hand, the World Economic Forum (WEF) released crypto asset regulation recommendations for government and industry. Interestingly, the exchange balance of Ethereum has dropped to its five-year low. In other news, the Winklevoss twins' exchange seeks dismissal of the SEC lawsuit over Gemini Earn. China's capital Beijing released a white paper for web3 innovation and development while a staggering 72% of ETH market depth is concentrated in just five exchanges, including Binance, Coinbase, Bitfinex, Kraken, and OKX. However, outflows from digital asset investment products continue with a total of $39m and representing the 6th consecutive week of outflows totaling $272m. Tether is now mining bitcoin in Uruguay, exploring the possibility of letting some traders keep collateral at a bank. Someone may drop some charges against Sam Bankman-Fried if the Bahamas objects. Since 2012, a cumulative amount of nearly ~$3.45B has been stolen from crypto exchange custody from 48 recorded hacks, mostly through hot-wallet hacks. Unfortunately, stablecoin issuer Trust Reserve’s team was recently detained by the police in China. The UAE Central Bank has also issued AML/CTF guidance for dealing with virtual assets. Binance is set to delist privacy tokens in some parts of Europe while ProShares’ Bitcoin Strategy ETF's (BITO) year-to-date rise of 47% has underperformed compared to BTC's 60% gain over the same period. TP ICAP, a TradFi giant, brings crypto spot trading to institutional investors, and First Digital, based in Hong Kong, introduces USD stablecoin. In other news, Gemini is set to operate in the UAE, and Tether's supply has reached an all-time high of $83.6 billion. Finally, Binance co-leads a $6.6m seed round for Fusionist to further support early-stage web3 gaming innovation.In today's episode, we discussed the rise of institutional investment in Bitcoin funds, the decline of Ethereum exchange balance, and the increasing production of Bitcoin through Tether in Uruguay. Thanks for listening and don't forget to subscribe for more updates on the ever-evolving world of bitcoin and cryptocurrency!