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🧙‍♂️On May 31, spot #Bitcoin ETFs recorded net inflows of $48 million. •#GBTC experienced an outflow of $124 million. •BlackRock's spot Bitcoin ETF (IBIT) saw inflows of $169 million. •#Fidelity ETF (FBTC) inflow was 6 million dollars. •#Bitcoin Spot ETFs have experienced inflows for 14 consecutive days.

Vitalik Buterin Explained the Main Reasons for the Defeat of 'Big Blockchains' in the Bitcoin (BTC) Scaling War. Vitalik Buterin, creator of #Ethereum addressed the controversial “Bitcoin block size war” of the late 2010s in a recent blog post. Buterin, who once backed “big bloc” supporters, now concedes that the “small bloc” camp’s approach is more sustainable. This discussion centered on how Bitcoin should be scaled, updated, and managed; Supporters of large blocks were advocating hard-fork updates that would increase transaction capacity. However, Buterin thinks that big block supporters do not have the technical competence to effectively realize their vision and therefore fail to replace #Bitcoin . Buterin noted that the success of small-block promoters is partly due to their technical proficiency and fewer mistakes. He evaluated Jonathan Bier's book "The Blocksize War" from a small block perspective and Roger Ver's book "Hijacking Bitcoin" from a large block perspective. According to Buterin, various Bitcoin implementations proposed by big block supporters were flawed. For example, Bitcoin Classic was not well written and Bitcoin Unlimited was too complicated. Their reputations were also further damaged by the big bloc supporters' alliances with the now discredited Craig Wright. Despite the victory of small-block supporters, Bitcoin still faces ongoing challenges. Bitcoin Core developer Matt Corralo recently expressed concerns about Bitcoin's future as a peer-to-peer currency, noting the lack of effective scaling solutions without intermediaries. This has reignited discussions about soft fork proposals and the ultimate goals for Bitcoin's development. Buterin argues that the solution to these problems is new technology, not compromise. He highlighted technologies such as ZK-SNARKs, which he sees as a promising solution for both privacy and scaling; this technology was absent from historical accounts of the block size war. $ETH

Ripple CEO Announces Strategic $25 Million Investment in Crypto-Focused Political Committee. On May 29, Brad Garlinghouse announced in an Garlinghouse noted that the crypto payments company contributed a generous $25 million to FairShake to facilitate the development of the crypto industry and support the “advancement and adoption of crypto and blockchain technologies.” FairShake is a Federal Election Commission-registered committee that empowers blockchain innovators to create their own networks under more transparent and favorable regulatory and legal frameworks. Garlinghouse stated that the continued growth and advancement of the crypto industry in the United States is critical. He emphasized that the country needs to step up to compete with practical and clear regulations that other leading economies and crypto-friendly countries have already developed. Ripple's donation to FairShake came before the US Presidential elections to be held on November 5, 2024. Garlinghouse stated that the company's $25 million contribution sends a message to politicians who do not support the crypto industry and do not create "backward-looking" policies. #Ripple CEO's statement may be referring to the United States Securities and Exchange Commission's (SEC) ongoing enforcement actions against cryptocurrency companies. For years, the US SEC has filed lawsuits and imposed sanctions on many crypto companies; Ripple has been one of the longest targeted in a nearly four-year lawsuit. Additionally, in 2023, Senator Elizabeth Warren launched her re-election campaign, announcing her intention to create an anti-crypto army aimed at undermining the crypto industry. These ongoing efforts to potentially disrupt the crypto industry have increased Ripple's efforts to fully support the industry and led it to fund initiatives to grow the industry. $BTC $XRP

Indian Civil Servant's Bitcoin Theft Starts Major Change in Crypto Policing. Chandrahar, a former inspector with the Central Crime Branch (CCB), misused his position to access and transfer Bitcoin from the hacker's digital wallet. This wallet was supposed to be used as secure evidence of an ongoing investigation into illegal activities involving high-profile hacks of exchanges such as Bitfinex and Unocoin orchestrated by Srikrishna Ramesh and his assistant Robin Khandelwal. Although the duo earned approximately $660,000 as a result of their cybercrimes, Chandrahar's actions amounted to serious violations of the legal and ethical conduct expected of law enforcement. The initial disappearance of #BTC led to the creation of a special investigation team (#SIT ) and these abuses were uncovered after inconsistencies in the handling of evidence were noticed. By manipulating access, he forced Khandelwal to transfer the funds and then attempted to erase traces of the incident. His actions not only undermined the integrity of the police force, but also compromised the entire investigation. Chandrahar was arrested after failing to escape after a failed “preventive evacuation” attempt. An officer from the SIT team made the following statements: The charges against him and his accomplices include broad crimes such as breach of trust by a public official and destruction of evidence. This case highlights a significant breach of public trust and highlights the challenges of controlling digital assets within the existing law enforcement framework. This incident comes in the face of India's increasingly strict stance towards cryptocurrencies. Recently, the country implemented “heavy taxation rules” on cryptocurrency transactions and took decisive action against various international cryptocurrency exchanges. $BTC

Elon Musk buys 100 thousand chips for 40 thousand dollars! Here's why Elon Musk can't stop. This time, Musk is purchasing 100 thousand chips for his new artificial intelligence initiative xAI. Musk announced that he raised $6 billion in funding for xAI, which he founded last summer. So, what will this huge budget be used for? Let's examine this exciting news in detail. Elon Musk is buying 100 thousand Nvidia-branded chips for his artificial intelligence company xAI This $6 billion raised will be used to bring xAI company's first products to market, create advanced infrastructure, and accelerate research and development of future technologies. So far, xAI has introduced a chatbot called Grok, which it developed as a rival to OpenAI's #ChatGPT . Grok is currently only available to X Premium subscribers. This funding round included giant investors such as Andreessen Horowitz, Sequoia Capital, and Saudi Arabian Prince Al Waleed bin Talal. Last year, xAI announced it was seeking equity investment of up to $1 billion. However, a few months ago, The Financial Times reported that xAI was seeking $6 billion, and Musk denied the report at the time. Now we see that $6 billion has actually been collected. Developing artificial intelligence is not cheap. Nvidia's upcoming Blackwell B200 AI graphics cards range from $30,000 to $40,000 each. According to a report last week, xAI will require 100,000 of #Nvidia's existing H100 chips to power the upgraded version of its #Grok AI chatbot. #Musk told investors they plan to launch the new data center in the fall of 2025. The race for #AI chips, talent and technology has never been this competitive. Major technology giants such as Google, Apple, Amazon, Microsoft and Meta spend billions of dollars on artificial intelligence projects. Microsoft has formed a multibillion-dollar partnership with OpenAI. OpenAI CEO Sam Altman is seeking trillions of dollars to revamp the global chip industry. Musk, on the other hand, is suing OpenAI, claiming that it has deviated from its mission to benefit humanity. $XAI

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