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Ethereum’s (ETH) institutional adoption continues to gain momentum as BlackRock’s Ethereum ETF recorded its 12th consecutive day of inflows. As of June 5, the total inflows for the Ethereum ETFs saw significant growth. BlackRock’s iShares Ethereum Trust alone added 27,846 ETH, bringing the fund’s holdings to more than 1.4 million ETH, worth approximately $3.93 billion.
The post BlackRock Buys Ethereum For 12th Consecutive Day As ETF Inflows Surge appeared first on CoinGape.
Alpaca Finance, a decentralized finance (DeFi) lending protocol on the BNB Chain and Fantom, has announced the gradual closure of its platform and all associated products.
The decision, revealed on May 26, comes after what the team described as “extensive internal deliberation and evaluation of future development directions.”
Launched with no pre-sale, venture capital funding, or pre-mine, Alpaca Finance allowed users to open leveraged positions by borrowing from deposit vaults. However, the protocol has faced mounting challenges recently, culminating in this closure announcement.
In an official statement on their Medium blog and their X (formerly Twitter) account, the team cited ongoing financial difficulties as the primary reason for the shutdown.
“In truth, the team has been operating at a loss for over two years, even after significant downsizing of the team. Continuing under these conditions is simply not sustainable,” the blog read.
DefiLama data showed that Alpaca Finance’s Total Value Locked (TVL) reached a record high of over $900 million in early 2022. However, since then, it has faced a continued decline. As of the latest data, the TVL stood at just $54.6 million.
“With TVL and yields declining, revenue followed suit,” the team added.
The team also cited increased competition and market saturation as key drivers behind its decision. Notably, the announcement comes about a month after Binance announced the delisting of the platform’s native token, ALPACA.
“The recent delisting of ALPACA from Binance was another major blow. It not only limits token accessibility but also restricts our ability to deploy our remaining warchest effectively toward any new initiatives,” Alpaca Finance shared.
Despite the delisting, the token’s value surged over 1,000% in the days following it, defying typical market behavior. ALPACA’s dramatic rally drew widespread attention and sparked concerns over market manipulation.
Nonetheless, the gains were fleeting, and the latest news has pushed the price down further. BeInCrypto data showed that ALPACA’s price has depreciated by 32.1% over the past day. At the time of writing, the token’s trading price was $0.11.
Alpaca Finance has detailed a structured shutdown plan across all major product lines to ensure a smooth and secure exit for users. The platform will stop accepting new positions on the original leveraged yield farming platform (AF1.0) in early June. It will also automatically close all remaining positions by June 30, 2025.
The team has put Alperp, the perpetual trading product, into reduce-only mode. It will be shut down completely by the end of June.
Furthermore, they have halted all Automated Vaults immediately, converting any remaining funds into base tokens and returning them to users. Borrowing in the AF2.0 Money Market will be disabled, and open positions will close automatically by July 30, 2025.
The protocol will also end its buyback and burn program and distribute revenue to Governance Vault stakers. Lastly, the platform’s interface will remain available for users to withdraw assets until December 31, 2025.
The post ALPACA Token Falls Over 30% Following Alpaca Finance’s Shutdown Announcement appeared first on BeInCrypto.
As leading coin Bitcoin weathers one of its most bearish weeks since the start of the year, on-chain data suggests that miners have contributed significantly to the growing sell-side pressure.
On-chain data reveals that miners on the Bitcoin network have ramped up their coin-selling activity, a trend that could exacerbate the downward pressure on the coin’s price.
According to CryptoQuant’s data, the BTC miner reserve has steadily decreased this week. As of this writing, it stands at 1.80 million BTC, down 1% from the previous week.
The BTC’s miner reserve tracks the number of coins held in miners’ wallets. It represents the coin reserves miners have yet to sell.
When the metric climbs, miners are holding onto more of their mined coins, often signaling confidence in future price increases. Conversely, when the reserve declines like this, miners are moving coins out of their wallets, usually to sell, confirming growing bearish sentiment against BTC.
The coin’s negative miner netflow further confirms this trend. As of April 10, this was -590.40. BTC’s miner netflow tracks the difference between the amount of coins sent to exchanges versus what is withdrawn.
When its value is negative like this, more coins are being moved from miner wallets to exchanges, typically a precursor to selling.
With added downward pressure from this segment of BTC holders, the coin’s price could see deeper corrections in the short term if buying interest fails to counterbalance the ongoing liquidation.
On the daily chart, BTC remains significantly below its Super Trend indicator, which forms dynamic resistance above its price at $90,911.
This indicator tracks the direction and strength of an asset’s price trend. It is displayed as a line on the price chart, changing color to signify the trend: green for an uptrend and red for a downtrend.
When an asset’s price trades below its Super Trend indicator, selling pressure dominates the market. This bearish trend could further prompt BTC holders to sell, worsening its price dip. If this happens, the coin’s price could fall below the key support at $80,776 to trade at $74,389.
However, if market sentiment improves and coin holders reduce their selling activity, BTC could reverse its downtrend and rally to $86,172.
The post Bitcoin Faces More Downside as Miners Join the BTC Selloff appeared first on BeInCrypto.
Justin Sun, the founder of Tron, has made a bold statement about the future price of Ethereum (ETH). He believes the cryptocurrency can hit $5,000 in a couple of months. His comments come just as the Ethereum Foundation prepares for a major global celebration to mark its tenth anniversary.
In a recent post on X, Sun noticed an interesting coincidence: His birthday falls on July 30, the exact date Ethereum was launched in 2015.
Using this moment, he tied his message to the Ethereum Foundation’s announcement of a global series of meetups on July 30, 2025. These gatherings will celebrate ten years since the Genesis block of Ethereum was mined.
According to the Foundation, individuals and groups worldwide are encouraged to organize their local meetups. These events can range from casual hangouts to larger, planned gatherings.
It is worth noting that the Ecosystem Support Program will provide financial backing of up to $500 per event to support these efforts. Applications for funding must be submitted by June 15, 2025.
The post from Justin Sun, however, went beyond community events. According to him, he predicted a 10x increase for Ethereum’s price, hinting at a $5,000 target. Though he did not give a specific timeline, his message has since led to positive sentiment among Ethereum community members on X.
Ethereum, launched in 2015, introduced smart contracts and has played a central role in developing decentralized applications.
Over the last ten years, it has become one of the most critical projects in the digital asset economy. The upcoming meetups intend to honour this journey, with plans to bring users and developers together in different cities worldwide, as detailed by the network.
It is essential to add that the connection between Justin Sun and Ethereum has long drawn attention from the crypto community. CoinGape previously reported that Tron Founder Justin Sun revealed his plan to HODL ETH despite a drop in its price.
Even with founding a rival platform, he continues to comment on Ethereum’s development.
CoinMarketCap data shows that the Ethereum price was trading at $1,769.23, showing a 1.06% drop over the last 24 hours.
While the projection from Justin Sun sounds exciting to some, critics argue that Ethereum still faces issues around scalability, high gas fees, and slow transaction times.
These problems, often pointed out by developers and traders alike, remain hurdles to wide-scale adoption. However, some market participants believe that the upcoming Pectra upgrade will bring new developments to the Ethereum ecosystem.
The post Tron Founder Justin Sun Issues $5,000 Target For Ethereum, Here’s Timeline appeared first on CoinGape.