Here is the top crypto news of the day curated by CoinChapter.com

Today’s top crypto news is $621M Outflows of Bitcoin investment products, TON’s TVL surges to $609.78M

Bitcoin investment products experienced outflows last week for the first time since March, driven entirely by BTC’s losses.

Bitcoin (BTC) fell to a four-week low on Friday as U.S. stock markets also ended the week lower amid mixed economic signals.

The Consumer Price Index (CPI) data for May came in hotter than anticipated, while the Federal Reserve’s decision to hold its benchmark rate range at 5.25%-5.50% also dampened investor sentiment.

As a result, BTC dropped to a low of $65,100 on Friday, prompting traders to unwind their bullish positions en masse.

The total value locked (TVL) of The Open Network (TON) blockchain reached $609.78 million on Monday.

The network’s TVL crossed the $300 million mark in just three weeks.

Several of the top 10 protocols on TON experienced growth in TVL over the past seven days.

For instance, DeDust, a TON-based decentralized exchange liquidity pool, saw a 53% surge in TVL, reaching nearly $300 million.

Smaller protocols like bemo, Stakee, and EVAA also witnessed double-digit growth during the same period.

One of the reasons behind TON’s growth is its integration with Telegram, which has over 900 million users.

The total market capitalization of the 14 U.S.-listed Bitcoin mining companies reached a record high of $22.8 billion on June 15, according to data from JPMorgan.

The total market cap of the mining companies surged to nearly 13% of the apex crypto’s market value, which stood at $1.7 trillion at the time.

JPMorgan noted that nearly all the mining companies outperformed Bitcoin in the first two weeks of June.

The Core Scientific (CORZ) led the pack with a 117% gain, followed by Marathon Digital (MARA) and Riot Blockchain (RIOT) with gains of 45% and 30%, respectively.

The positive investor sentiment was also driven by news of Core Scientific’s deal with artificial intelligence firm CoreWeave.

The report highlighted that the network hashrate declined by approximately 7 EH/s (1%) since May, providing some relief for miners.

The total hashrate stood at 270 EH/s on June 14, down from a high of 277 EH/s in May.

The sustained high hashrate throughout the year has led to concerns about rising difficulty and slowing Bitcoin production.

However, the recent decline in hashrate may alleviate some of these worries.

The U.S.-listed miners have continued to increase their share of the global network hashrate.

At the end of May, U.S. miners accounted for 22.8% of the total hashrate.

This increased to 23.8% by June 14, indicating a shift in mining power towards the U.S.

The seven listed miners in the U.S. collectively hold a hashrate capacity of 64.2 EH/s, out of the total global network hashrate of 270 EH/s.

The Inland Revenue Board (IRB) of Malaysia has launched “Ops Token” to curb tax revenue leakage stemming from cryptocurrency trading.

The operation involved 38 personnel from the Royal Malaysia Police and CyberSecurity Malaysia (CSM).

They targeted companies that failed to report their crypto trading activities to the federal agency properly.

The IRB alleges that several limited liability partnerships and corporate entities were formed specifically for crypto trading with the intention of avoiding tax declarations.

The agency conducted checks on the companies’ premises and the activities of their employees.

During the operation, the IRB identified and froze bank accounts linked to unreported crypto trading activities, and also seized mobile devices and computers for further analysis.

The IRB CEO, Datuk Abu Tariq Jamaluddin, emphasized that individuals engaged in crypto trading in Malaysia are subject to the country’s income tax rules and urged traders to declare their crypto taxes to nearby IRB offices promptly.

Failure to do so may result in legal action, including imprisonment and hefty fines, he added.

According to Bloomberg ETF analyst Eric Balchunas, spot Ether ETFs may start trading by July 2.

Balchunas took to Twitter on Monday to share his thoughts on the matter.

He noted that the U.S. Securities and Exchange Commission’s (SEC) staff comments on the ETF applicants’ S-1 applications were “pretty light” and lacked any major concerns.

As a result, Balchunas expressed optimism about the SEC declaring the ETFs effective the following week