BlackRock moved 900 bitcoin and 17,511 ether worth about $97.12 million to its Coinbase account on June 2, according to on-chain data, as institutional demand for regulated bitcoin products showed signs of cooling.
The transfer came after a weak month for BlackRock’s iShares bitcoin trust, which recorded net outflows of $1.41 billion in May. One of the largest single-day redemptions hit on May 28, when $528 million exited the fund. Across the U.S. market, spot bitcoin ETFs saw roughly $2.1 billion in net outflows in May, erasing earlier inflows and pushing year‑to‑date flows into negative territory.
The positioning shift by one of the largest asset managers comes at a moment when risk appetite around listed bitcoin products is softening, even as direct on-chain holdings continue to move among major institutions.
China tightens grip on offshore trading as Tiger Brokers halts new business
Tiger Brokers said it will stop new and additional trades for existing mainland China accounts in all investment products from June 12, extending Beijing’s clampdown on cross-border brokerage services.
The company did not specify when or whether normal service would resume. The move aligns with ongoing efforts by Chinese regulators to curb what they classify as illegal provision of overseas trading channels to onshore clients.
The China Securities Regulatory Commission has already penalized several firms as part of a two‑year campaign to clean up cross-border activities viewed as a potential threat to financial stability. With Tiger Brokers restricting access, one key route for mainland capital to global markets is narrowing, and similar measures at other platforms will be closely watched.
Bitmine staking income tops $1 million per day
Digital asset platform Bitmine is generating about $1 million in daily staking income, according to analyst Tom Lee, underscoring the strength of yields in parts of the crypto market.
Bitmine reportedly stakes 4.7 million ether, earning a seven‑day annualized yield of 2.73%. On that basis, its staking operation is projected to deliver annualized revenues of around $258 million.
The figures highlight how participation in network validation has become a significant revenue line in its own right, separate from price gains in underlying tokens.
Tether adds to bitcoin reserves in internal wallet reshuffle
Tether moved 204.3 bitcoin to a Bitfinex‑linked address that now holds roughly 96,900 BTC, blockchain data showed, continuing a pattern of internal reallocations among major stablecoin issuers.
The company has a long‑standing practice of using Bitfinex in its reserve management. The latest transfer forms part of a broader strategy to accumulate bitcoin using a portion of company profits, without immediate direct impact on public market liquidity.
Citi flags rising risk in U.S. tech stocks
Citigroup cautioned that U.S. technology stocks may face elevated downside risk, judging recent trading as overly bullish after a strong first‑half rally.
The warning follows a gain of more than 16% in the NASDAQ composite year‑to‑date as of May 29, 2026. Citi’s note adds a layer of macro risk for traders in other growth‑oriented assets, including crypto, which have often moved in tandem with major tech indices during risk‑on and risk‑off swings.
Large crypto traders log both major wins and steep losses
A series of high‑profile trades highlighted the split fortunes in leveraged crypto strategies:
- The wallet known as pension-usdt.eth closed a bitcoin short position with profits of about $97.15 million, reversing what had been more than $20 million in unrealized losses. On-chain records suggest it ranks among the larger profitable short covers in recent weeks.
- Another prominent market participant, using the handle Loracle, still shows unrecovered losses of $33.75 million despite gains in spot trading. Hedging activity has not yet fully offset earlier drawdowns, illustrating the difficulty of stabilizing returns in volatile conditions.
- An unnamed “whale” rotated from a profitable $2.28 million long into a leveraged short position worth $13.6 million on HYPE, employing 5x leverage. The shift added selling pressure to an already volatile token and reflects continued appetite for high‑risk directional bets.
These cases underscore the dispersion in outcomes for traders using leverage, where rapid price swings can quickly flip between large gains and deep losses.
ECB reports gold has overtaken U.S. treasuries in central bank reserves
Gold has surpassed U.S. treasury bonds as the primary reserve asset held by central banks worldwide, according to a new report from the European Central Bank.
By the end of 2025, gold accounted for 27% of total central bank reserves, up from 20% a year earlier. Over the same period, holdings of U.S. treasuries slipped from 25% to 22%.
The shift has been accelerated by geopolitical tensions and a coordinated effort by several countries to diversify away from the U.S. dollar, signaling a longer‑term rebalancing in the architecture of global reserves.
Institutional flows shifting? Explore current ETF dynamics to understand Bitcoin fund outflows and their impact on crypto market structure.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
