Recent events in the cryptocurrency world have garnered significant attention. Institutional investments in Ethereum are becoming increasingly evident, alongside the rising popularity of LABUBU meme coin and the legalization of crypto assets in Vietnam.
Ethereum and Institutional Investments
From June 9 to 13, Ethereum ETFs recorded a net inflow of $528 million, marking the fifth consecutive week of positive inflows. None of the nine ETFs reported net outflows. BlackRock's ETF attracted $381 million, bringing its total inflow to $5.24 billion. Fidelity's ETF followed with a weekly inflow of $78.49 million, totaling $1.59 billion to date. Currently, total assets under management of Ethereum ETFs have reached $10.03 billion.
The Surge of LABUBU Meme Coin
On June 16, LABUBU, a meme coin inspired by Pop Mart's character Labubu, exceeded a market cap of $55.03 million with a 24-hour surge of over 54%. The character enjoys substantial popularity in Asia, boosted by promotions from celebrities including BLACKPINK's Lisa. However, LABUBU lacks licensing, a whitepaper, and a known development team, which heightens risk for investors.
Legalization of Crypto Assets in Vietnam
On June 14, the Vietnamese National Assembly approved the Law on Digital Technology, officially recognizing and regulating crypto assets. This legislation will come into effect on January 1, 2026, ensuring legal clarity for crypto assets. With around 17 million crypto users and $16 billion in remittances processed in 2024, Vietnam is emerging as a significant player in the DeFi space in Southeast Asia.
Recent developments, such as institutional investments in Ethereum, the surge in LABUBU's popularity, and the legalization of crypto assets in Vietnam, highlight the dynamic and evolving nature of the cryptocurrency market, opening new opportunities for investors and regulators.
