Bitcoin Holds Steady As Crypto Inflows Rebound

For the first time in five weeks, crypto asset flows swung positive.

By: Zack Guzman

May 14, 2024

This Week In Crypto… Bitcoin holds steady as global crypto asset flows swing back into positive territory for the first time in five weeks. In politics, President Donald Trump is making the decision for single-issue crypto voters, and the battle for stablecoin dominance heats up as Ripple goes after Tether.

Listen to Coinage discuss these stories and more in the video above during our Live News Digest with Token Relations co-founder Jacquelyn Melinek.

Crypto Asset Flows Rebound

For the first time in five weeks, global crypto asset flows have swung back into positive territory, according to CoinShares data.

Activity in Hong Kong subsided after Bitcoin and Ethereum ETFs made their debut there, while the U.S. once again accounted for the bulk of inflows via strong performance among Bitcoin ETFs. In fact, both JPMorgan and Wells Fargo have revealed last week they scooped up Bitcoin ETF exposure (though not huge amounts.)

Crypto asset flows rebounded for the first time in five weeks, according to CoinShares data.
Crypto asset flows rebounded for the first time in five weeks, according to CoinShares data.

Crypto Gets (Even More) Political

The talk of crypto Twitter this weekend was sparked in reaction to the industry celebrating Donald Trump endorsing crypto for the first time ever. A Blockworks op-ed titled, “Only a fool would vote on crypto alone” sought to throw cold water on that by arguing crypto people shouldn’t be picking candidates solely based on their crypto positions.

As we highlighted last week, Donald Trump coming out and saying he’s “good” with crypto might not sound like the loudest endorsement for crypto ever, but given that SEC Chair Gensler’s rampage against crypto is showing signs of losing support, crypto advocates smell blood in the water. The House voted to pass a bill that seeks to overturn the SEC’s latest overreach. President Biden has since threatened a veto if the measure passes the Senate.

Ripple Goes After Tether

Ripple CEO Brad Garlinghouse ruffled some feathers this week by predicting that Tether is once again in U.S. crosshairs. It’s worth noting that Ripple recently announced they are getting into the stablecoin game (which Tether currently dominates as the largest stablecoin by market cap.)

“The U.S. government is going after Tether, that is clear to me,” Garlinghouse said during a May 10 appearance on the World Class podcast. “I view Tether as a very important part of the ecosystem.”

That didn’t sit well with Tether CEO Paolo Ardoino who responded by calling Garlinghouse an uninformed CEO.

“An [uninformed] CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt,” he wrote in a lengthy response on Twitter.

GameStop’s Roaring Kitty Returns

The godfather of all memestocks is back after a three-year hiatus. Keith Gill, AKA Roaring Kitty, who once led the trade in GameStop to the tune of millions of dollars returned to X with a bang on Monday.

His series of veiled memes triggered a 75% move higher in GameStop shares. Weirdly, AMC was also up up 78%. It felt like 2021 all over again — with one noticeable update — memecoins came to play, too.

On memecoins related to Roaring Kitty exploded, including Roaring Rock, FudStop, GameDog, and a personal favorite, ROARING KITTY WIF CAT WIF HAT. Despite all the craziness, we’re not any closer to knowing what Roaring Kitty has up his sleeve…

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