# dogcoin scoop #2

By [dogcoingambler](https://paragraph.com/@dogcoingambler-2) · 2024-06-04

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**BTC**
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**We’re so f\*cking back!** Ever since Bitcoin hit ATH ($73,600) in March, many long-term holders have been dumping their BTC, increasing available supply and causing prices to chop and dip. _But it looks like this correction phase is coming to an end._

In the past two weeks, Bitcoin ETFs have seen a surge in demand, averaging daily net inflows of $136 million per day, despite the $260.6 million outflow from GBTC last week. _This is_ _over four times the $32 million daily sell pressure from miners after the halving_.

![sosovalue](https://storage.googleapis.com/papyrus_images/7578e2c10ead251074beb2eb432b95b773c8d42b8d866729f540089e4eda13b3.png)

sosovalue

On top of that, Bitcoin reserves on exchanges have also been thinning as long-term holders who sold at the peak are now buying back Bitcoin for the first time since December 2023.

![coinglass](https://storage.googleapis.com/papyrus_images/e3fdfa1d263650e50805bb0973353fe448d2831640269571e188cb1de36b9b8e.png)

coinglass

Meanwhile the number of accumulation addresses have been steadily rising the past few months.

![cryptoquant](https://storage.googleapis.com/papyrus_images/0a2656329ada7355d911f926751d945094deb3168ea59cf0f4e6794632929274.png)

cryptoquant

**ETH**
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Ethereum has been fairly quiet the past week, crab-walking for the most part with a small dip in price. However, I think this could change in an instant.

The number of ETH accumulating addresses saw sharp rises post ETF announcement, and is continuing to grow, although growth has tapered a bit. _I think ETH is slept on right now. We have a spot ETF approved and the ETF product is expected to go live next month, and its trading under $4K… absolutely shameful._

![](https://storage.googleapis.com/papyrus_images/881e6f582a0cf0b6c520c58af5bba91750f4a92ef1f97a7736526b56868b7a07.png)

Macro tings
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In the broader economy, US consumer confidence is showing mixed signals - Conference Board reported an unexpected rise, but sentiment index fell sharply. Q1 GDP growth was revised down to 1.3%, showing slower consumer spending and lower inflation. High interest rates and less fiscal support are affecting spending, with PCE prices staying relatively stable amidst low saving rates. _So what does this all mean? Well, we could potentially be seeing more Fed rate cuts later this year._

Meanwhile in crypto news;

*   Tether invests $150 million into Bitcoin miner Bitdeer to expand.
    
*   NYSE and CoinDesk Indices are launching cash-settled Bitcoin options.
    
*   Franklin Templeton, VanEck, and Invesco Galaxy are gearing up to launch spot Ether ETF products.
    
*   BlackRock's iBIT has become the largest Bitcoin ETF, overtaking GBTC.
    
*   Hong Kong announced approval of 11 applicants for virtual asset trading platform licenses.
    
*   Upbit listed three tokens — Bounce, Stargate Finance, and BEAM — in the past three days, amidst the upcoming Virtual Asset Investor Protection Act, set to take effect in July.
    
*   Japanese crypto exchange DMM’s Bitcoin wallet was hacked for $306 million.

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*Originally published on [dogcoingambler](https://paragraph.com/@dogcoingambler-2/dogcoin-scoop-2)*