Market update - June 7th 2024

Real consumer spending  fell unexpectedly in April, indicating a slowdown in US economic activity.

This trend, aligned with more retail trading platforms opening up for Bitcoin transactions, are driving further positive price movements in crypto currencies.

Crypto asset fund flows saw the largest daily inflow since mid-March yesterday, totalling 880 million US Dollars, bringing this week’s inflows to one billion. Furthermore, we have seen year to date inflows peak at 16.3 billion dollars and total assets under management rise above 100 billion dollars for the first time since March.

 There has been significant activity around crypto ETFs this year - first Bitcoin and more recently Ethereum - and naturally the focus is now turning towards other crypto assets including Solana, however we believe the prospects are currently low, due to the limited futures market.