Bitcoin ETFs Notch Up $500M In Inflows Despite Minimal Search Interest

Here are some of the major developments from the world of crypto over the past few days
Crypto Update, 
Bitcoin ETFs
Crypto, Cryptocurrency, Crypto Update, Bitcoin ETFs

Bitcoin exchange-traded funds (ETFs) saw inflows of more than $488 million in the United States, although Google Trends data suggests that Bitcoin and crypto-related searches have dropped significantly since 2021.

Bitcoin ETFs received $886.6 million in inflows on June 4, 2024, their second-highest total. The following day saw around half that amount, with Fidelity Wise Origin Bitcoin Fund (FBTC) accounting for the majority of inflows at $220.6 million, according to Farside Investors statistics.

BlackRock’s iShares Bitcoin Trust (IBIT) ranked second with $155.4 million, and even the Grayscale Bitcoin Trust (GBTC) — which has seen net outflows exceed $17.8 billion since January — saw a net inflow of $14.6 million. Google Trends data showed a search score of 31 for “Bitcoin” and 1 for “Bitcoin ETF” in the US on June 5.

Crypto search interest has fallen over the year, although it peaked on January 11 when the US approved 10 spot Bitcoin ETFs, and then on March 5, when Bitcoin surpassed $69,000. Crypto YouTube traffic peaked in 2021, with 4 million daily views, but by 2024, despite BTC reaching new highs, it had declined to roughly 800,000 daily views.

Tether CEO Alerts on Crypto Airdrop Scam, CoinGecko Potentially Affected

Cryptocurrency users should proceed with extreme caution in view of a new wave of crypto airdrop scam letters. The alert comes after Tether CEO Paolo Ardoino warned crypto users of an airdrop scam as a well-known email list management provider commonly utilised by cryptocurrency start-ups was allegedly hacked in a data breach.

Bobby Ong, CoinGecko's co-founder and chief operations officer, also confirmed they were potentially affected. He has now advised users not to click on any links pointing to a counterfeit CoinGecko token.

Crypto frauds and hacks remain a major threat in the cryptocurrency business. According to a PeckShield report published on June 1, 2024, as many as 30 unique cryptocurrency attacks occurred in the month of May this year, resulting in losses of more than $574 million. This amount indicates an astounding 666 per cent rise over April’s losses of $385 million.

Nigeria Stands For Prosecution Of Binance Executive

Nigeria’s Information Minister Mohammed Idris has said that Binance and its country CEO, Tigran Gambaryan, are slated to stand for charges of illegal cryptocurrency trading within Nigeria’s legal framework. He said that procedural fairness has been maintained, and the case is supported by gathered evidence.

Gambaryan has been charged for money laundering and tax evasion. He has also been denied bail on grounds of being a flight risk, as his co-defendant illegally fled the country, and is now the subject of an Interpol arrest warrant.

Binance and its executives are facing two separate suits by the Federal Inland Revenue Service and the Economic and Financial Crimes Commission. The arrest came after the federal government banned cryptocurrency channels as part of a campaign to curb currency speculation. The court mandated that Binance give the Nigerian government access to data and details of Nigerian traders using its platform.

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