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Yahoo
02-07-2025
- Business
- Yahoo
Crypto Daybook Americas: Bitcoin Posts Record Monthly Close, but Euro Steals the Show
By Omkar Godbole (All times ET unless indicated otherwise) Bitcoin (BTC) ended June above $107,000 at a record monthly close. Still, the largest crypto's 2.5% monthly gain failed to match the euro's advance against the dollar, the most liquid FX pair in the world. The eurozone currency rose nearly 4% against the greenback last month, hitting its highest since September 2021. That prompted some traders to switch to euro-pegged stablecoins, resulting in a notable increase in their market values. The euro's momentum highlights the continued broad-based decline in the U.S. currency, which means financial conditions will likely remain easy, even though the weakness hasn't done much to lift a directionless BTC. The prolonged range play has been widely attributed to selling by wallets with a history of holdings coins for over a year. The profit-taking continued on Monday, with on-chain realized gains hitting the $2.4 billion mark. BTC was recently trading 0.6% lower over 24 hours at $106,500. Other tokens, including XRP, DOGE, SOL and ETH, followed suit, while BCH, ALGO, and PAXG stood out. Some analysts called for patience in the wake of continued institutional adoption. On Monday, Germany's savings bank network said it will enable crypto trading for clients within a year. Strategy disclosed another major BTC purchase last week, acquiring $531 million worth of BTC. "While short-term momentum has faded, medium-term signals remain bullish, especially with corporate treasuries accelerating their accumulation pace. We slightly reduced exposure to protect capital but remain constructive — especially on altcoins with room to catch up," Valentin Fournier, lead research analyst at BRN. That said, the third quarter has historically been bitcoin's weakest. Moreover, liquidity tends to be weaker as well due to summer holidays, which raises the likelihood of exaggerated price moves. Remember the yen-led crash in BTC from $70,000 to $50,000 in late July to early August last year? This calls for caution even as analysts maintain the long-term constructive outlook. In other news, American Bitcoin, a crypto firm backed by Eric Trump, raised $220 million to buy bitcoin and mining equipment. An FTX creditor posted on X that claims under $50,000 received 120% payouts in February and May 2025. Bloomberg ETF analysts James Seyffart and Eric Balchunas said that there's a 95% chance the U.S. SEC will approve spot ETFs for LTC and XRP this year. In traditional markets, analysts awaited the Fed Chairman Jerome Powell's speech later Tuesday and Friday's nonfarm payrolls. Stay alert! Crypto July 2: Shares of the REX-Osprey Solana Staking ETF (tSSK) are expected to begin trading on the Cboe BZX Exchange, making this the first U.S.-listed ETF to combine SOL price exposure with on-chain staking rewards. Macro Day 2 of 3: ECB Forum on Central Banking (Sintra, Portugal) July 1, 9 a.m.: S&P Global releases June Brazil data on manufacturing and services activity. Manufacturing PMI Prev. 49.4 July 1, 9:30 a.m.: 'High Level Policy Panel' discussion chaired by Fed Chair Jerome H. Powell at the ECB Forum on Central Banking in Sintra, Portugal. Livestream link. July 1, 9:45 a.m.: S&P Global releases (final) June U.S. data on manufacturing and services activity. Manufacturing PMI Est. 52 vs. Prev. 52 July 1, 10 a.m.: The Institute for Supply Management (ISM) releases June U.S. services sector data. Manufacturing PMI Est. Est. 48.8 vs. Prev. 48.5 July 1, 10 a.m.: The U.S. Bureau of Labor Statistics releases April U.S. labor market data (i.e. the JOLTS report). Job Openings Est. 7.3M vs. Prev. 7.391M Job Quits Prev. 3.194M July 2, 9:30 a.m.: S&P Global releases June Canada data on manufacturing and services activity. Manufacturing PMI Prev. 46.1 July 3, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases June employment data. Non Farm Payrolls Est. 110K vs. Prev. 139K Unemployment Rate Est. 4.3% vs. Prev. 4.2% Government Payrolls Prev. -1K Manufacturing Payrolls Est. -6K vs. Prev. -8K July 3, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended June 28. Initial Jobless Claims Est. 240K vs. Prev. 236K Continuing Jobless Claims Est. 1960K vs. Prev. 1974K July 3, 9 a.m.: S&P Global releases June Brazil data on manufacturing and services activity. Composite PMI Prev. 49.1 Services PMI Prev. 49.6 July 3, 9:45 a.m.: S&P Global releases (final) June U.S. data on manufacturing and services activity. Composite PMI Est. 52.8 vs. Prev. 53 Services PMI Est. 53.1 vs. Prev. 53.7 July 3, 10 a.m.: The Institute for Supply Management (ISM) releases June U.S. services sector data. Services PMI Est. 50.5 vs. Prev. 49.9 Earnings (Estimates based on FactSet data) None in the near future. Governance votes & calls GnosisDAO is voting on renewing its partnership with Nethermind for Gnosis Chain maintenance and development, proposing 750,000 DAI funding for the first year from June, with 4% annual increases. Voting ends July 2. Radiant DAO is voting on potentially compensating users whose wallets were drained via unlimited token approvals in the October 2024 hack. If passed, a follow-up plan would outline stablecoin conversions, claim contracts on Arbitrum, and phased repayments. Voting ends July 2. Arbitrum DAO is voting on lowering the constitutional quorum threshold from 5% to 4.5% of votable tokens. This aims to match decreased voter participation and help well-supported proposals pass more easily, without affecting non-constitutional proposals, which remain at a 3% quorum. Voting ends July 4. Polkadot Community is voting on launching a non-custodial Polkadot branded payment card to 'to bridge the gap between digital assets in the Polkadot ecosystem and everyday spending.' Voting ends July 9. Unlocks July 1: Sui (SUI) to unlock 1.3% of its circulating supply worth $122.75 million. July 2: Ethena (ENA) to unlock 0.67% of its circulating supply worth $10.59 million. July 11: Immutable (IMX) to unlock 1.31% of its circulating supply worth $10.65 million. July 12: Aptos (APT) to unlock 1.76% of its circulating supply worth $52.7 million. July 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $14.42 million. July 15: Sei (SEI) to unlock 1% of its circulating supply worth $15.73 million. July 16: Arbitrum (ARB) to unlock 1.87% of its circulating supply worth $30.33 million. Token Launches July 4: Biswap (BSW), Stella (ALPHA), Komodo (KMD), LeverFi (LEVER), and LTO Network (LTO) to be delisted from Binance. The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through July 17. Day 2 of 4: Ethereum Community Conference (Cannes, France) Day 2 of 6: World Venture Forum 2025 (Kitzbühel, Austria) Day 1 of 6: Bitcoin Alaska (Juneau, Alaska) July 4-5: The Bitcoin Paradigm 2025 (Neuchâtel, Switzerland) July 4–6: ETHGlobal Cannes (Cannes, France) July 10-13: Mallorca Blockchain Days (Palma, Spain) July 16: Invest Web3 Forum (Dubai) July 20: Crypto Coin Day 7/20 (Atlanta) July 24: Decasonic's Web3 Investor Day 2025 (Chicago) July 25: Blockchain Summit Global (Montevideo, Uruguay) July 28-29: TWS Conference 2025 (Singapore) By Francisco Rodrigues While all eyes were on the introduction of Robinhood's tokenized stocks and on Kraken and Bybit's xStocks debut, a layer-2 network built to streamline DeFi quietly launched its mainnet yesterday. Katana's mainnet went live after it saw pre-deposits near $250 million, according to DeFiLlama data. The blockchain is backed by GSR and Polygon Labs. The non-profit Katana Foundation says the chain attacks three chronic pain points: thin liquidity, erratic yields and capital flight. It does so by folding yield generation into the base layer. When users bridge USDC, ETH, WBTC, AUSD or USDT, Katana's VaultBridge pushes those funds into lending pools such as those on Morpho and Sushi, then sends the earnings back to depositors and app builders. A separate mechanism called chain-owned liquidity captures transaction fees to bankroll the network over time. Katana is distributing its native token, KAT, through liquidity mining. KAT is non-transferable for now, but the team expects an exchange listing by next year. Holders will be able to lock tokens for vKAT and share in staking rewards. Perpetual funding rates for most tokens major tokens, including BTC and ETH, held marginally positive. XRP led with near 10% rates while XLM and ADA showed bias for shorts with sub-zero readings. On the CME, BTC and ETH futures basis remained locked in the annualized 7% to 10% range. On Deribit, risk reversals out to August-end expiry showed a bias for protective puts, with subsequent tenors showing a mild bias for calls. In ETH's case, bearishness in the short-term tenors was more pronounced. Block flows over the OTC desk Paradigm showed demand for the September expiry BTC $180K call option. BTC is down 0.91% from 4 p.m. ET Monday at $106,629.81 (24hrs: -0.96%) ETH is down 1.81% at $2,458.53 (24hrs: +0.15%) CoinDesk 20 is down 2.37% at 3,010.77 (24hrs: -0.17%) Ether CESR Composite Staking Rate is up 7 bps at 2.96% BTC funding rate is at 0.0048% (5.3042% annualized) on Binance DXY is down 0.47% at 96.42 Gold futures are up 1.49% at $3,357.10 Silver futures are up 1.81% at $36.50 Nikkei 225 closed down 1.24% at 39,986.33 Hang Seng closed down 0.87% at 24,072.28 FTSE is down 0.17% at 8,745.89 Euro Stoxx 50 is down 0.30% at 5,287.47 DJIA closed on Monday up 0.63% at 44,094.77 S&P 500 closed up 0.52% at 6,204.95 Nasdaq Composite closed up 0.47% at 20,369.73 S&P/TSX Composite closed up 0.62% at 26,857.11 S&P 40 Latin America closed up 1.41% at 2,694.58 U.S. 10-Year Treasury rate is down 2.9 bps at 4.197% E-mini S&P 500 futures are down 0.26% at 6,237.50 E-mini Nasdaq-100 futures are down 0.33% at 22,817.75 E-mini Dow Jones Industrial Average Index are down 0.13% at 44,331.00 BTC Dominance: 65.34% (0.19%) Ethereum to bitcoin ratio: 0.02307 (-0.6%) Hashrate (seven-day moving average): 869 EH/s Hashprice (spot): $57.97 Total Fees: 4.22 BTC / $455,433 CME Futures Open Interest: 147,470 BTC BTC priced in gold: 32.2 oz BTC vs gold market cap: 9.12% BTC fell 1% Monday, narrowly missing the bull flag breakout. The decline produced a bearish outside day candle, with a price range wider than the preceding day's candle. Bearish outside day candles appearing after notable price gains, as in BTC's case, signal renewed bearish trends. Strategy (MSTR): closed on Monday at $404.23 (+5.3%), -1.64% at $397.59 in pre-market Coinbase Global (COIN): closed at $350.49 (-0.83%), -1.53% at $345.12 Circle (CRCL): closed at $181.29 (+0.48%), +1.98% at $184.88 Galaxy Digital (GLXY): closed at $21.90 (+9.66%), +3.47% at $22.66 MARA Holdings (MARA): closed at $15.68 (+4.32%), -1.85% at $15.39 Riot Platforms (RIOT): closed at $11.3 (+7.11%), -1.59% at $11.12 Core Scientific (CORZ): closed at $17.07 (+2.52%), -1.52% at $16.81 CleanSpark (CLSK): closed at $11.03 (+3.37%), -1.81% at $10.83 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $22.74 (+4.74%) Semler Scientific (SMLR): closed at $38.74 (+0.62%), +0.15% at $38.80 Exodus Movement (EXOD): closed at $28.83 (-3.42%), +1.14% at $29.16 Spot BTC ETFs Daily net flows: $102.1 million Cumulative net flows: $48.95 billion Total BTC holdings ~1.25 million Spot ETH ETFs Daily net flows: $31.8 million Cumulative net flows: $4.23 billion Total ETH holdings ~4.1 million Source: Farside Investors The dollar value of the total stablecoin transactions crossed above the $4 trillion mark in June, the most since January, according to data source Artemis. The data shows that while BTC's price didn't do much in the month, adoption of stablecoin continued unabated. Mexico and Brazil Seek Deeper Trade Ties to Expand Beyond US and China (Financial Times): Trump-era tariffs and new leftist governments have created a rare opening for Latin America's two largest economies to revisit a limited trade pact and explore deeper commercial integration. Trump Crypto Venture Raises $220 Million for Bitcoin Mining (Bloomberg): American Bitcoin raised $220 million from private investors including $10 million in bitcoin. Majority owner Hut 8 Corp. plans to take it public through a merger with Gryphon Digital Mining. XRP, TRX, DOGE Lead Majors With Positive Funding Rates as Bitcoin's Traditionally Weak Quarter Begins (CoinDesk): Perpetual funding rates indicate a bullish sentiment for top altcoins, with XRP showing the strongest demand, while rates for market leaders bitcoin and ether are marginally positive. Robinhood, Kraken-Backed Global Dollar (USDG) Comes to Europe (CoinDesk): USDG is regulated by the EU's Markets in Crypto-Assets (MiCA) framework, Finland's Financial Supervisory Authority and Singapore's Monetary Authority. MiCA requires issuer Paxos to hold reserves with European banking partners. The Dollar Has Its Worst Start to a Year Since 1973 (The New York Times): Trump's tariff policy, rising national debt, and the moves toward de-dollarization have reduced the dollar's appeal, even amid high interest rates and a booming stock market. ARK Invest Sold $95M of Coinbase Shares After COIN's Surge to Record Highs (CoinDesk): Monday's $43.8 million sale brings ARK's total to 270,984 COIN shares offloaded over three sessions, as the stock's surge above $380 triggered sales to keep COIN under 10% in its ETFs.
Yahoo
06-06-2025
- Business
- Yahoo
Crypto Daybook Americas: Bitcoin Faces Bearish June Seasonality as ETF Flows Slow
By Omkar Godbole (All times ET unless indicated otherwise) Bitcoin (BTC) and other major cryptocurrencies continue to offer little directional clarity to traders, with inflows into spot ETFs slowing during the seasonally bearish period. According to 10x Research, June tends to be a mixed-to-negative month for the largest tokens. Bitcoin has averaged a 1.9% return in June over the past 10 years, evenly split between five positive and five negative occurrences. Ethereum's ether (ETH) averaged an 11.7% decline, with only two out of the last seven Junes in the green. XRP has fared even worse, though SOL has been stronger. The apathy is reflected in the U.S.-listed spot bitcoin ETFs, which recorded net inflows in only two of the past five trading days. Inflows on Wednesday were just $87 million, a sharp decline from Tuesday's $387 million, SoSoValue data show. Ether ETFs recorded a net inflow of $57 million, the least since May 21. "The weakening pace of institutional flows confirms a loss of momentum — and makes us more cautious on the short-term outlook," Valentin Fournier, lead research analyst at BRN, said in an email. Other analysts, however, remain optimistic, citing the rapid pace of institutional adoption. "Despite the seasonal summer lull, the structural backdrop remains intact," QCP Capital said. "With both BTC and ETH emission rates now trailing global money supply growth, a long-term positive price drift appears increasingly probable. Fresh treasury buyers are absorbing supply." The firm also noted the relative strength in ether as the ETH-BTC ratio trades close to the recent range highs. The crypto news flow over the past 24 hours has been positive. Circle, the issuer of the regulated USDC stablecoin, priced its initial public offering at $31 per share, above the expected range of $24 to $26. The company sold around 34 million shares in the offering for a valuation of $1.1 billion. The California Assembly approved the AB-1052 bill, classifying long-inactive crypto assets as 'unclaimed property' and allowing the state to hold them in custody. Blockchain intelligence firm Arkham said that a whale address supposedly linked to Consensys purchased $320 million in ETH from Galaxy Digital and transferred it to a new address. Economic developments, however, have been dismal. Three soft U.S. economic reports, including the Fed's Beige book, sent the Treasury yields tumbling, reviving hopes for the Fed rate cut. Stay alert! Crypto June 5, 9:30 a.m.: Shares of Circle (CRCL), issuer of stablecoin USDC, begin trading on the NYSE. The IPO priced that stock at $31 apiece, valuing the company at $6.9 billion. June 6: Sia (SC) is set to activate Phase 1 of its V2 hard fork, the largest upgrade in the project's history. Phase 2 will get activated on July 6. June 9, 1-5 p.m.: U.S. SEC Crypto Task Force roundtable on "DeFi and the American Spirit" June 10, 10 a.m.: U.S. House Final Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, i.e. the Digital Asset Market Clarity (CLARITY) Act. June 11, 7 a.m.: Stratis (STRAX) activates mainnet hard fork at block 2,587,200 to enable the Masternode Staking protocol. June 16 (market open): 21Shares executes a 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB); ticker and NAV remain unchanged. Macro June 5, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended May 31. Initial Jobless Claims Est. 235K vs. Prev. 240K Continuing Jobless Claims Est. 1910K vs. Prev. 1919K June 5: German Chancellor Friedrich Merz meets President Donald Trump in the Oval Office to discuss tariffs, defense, Ukraine. June 6, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases April producer price inflation data. PPI MoM Prev. -0.62% PPI YoY Prev. 8.37% June 6, 8:30 a.m.: Statistics Canada releases May employment data . Unemployment Rate Est. 7% vs. Prev. 6.9% Employment Change Est. -15K vs. Prev. 7.4K June 6, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases May employment data. Non Farm Payrolls Est. 130K vs. Prev. 177K Unemployment Rate Est. 4.2% vs. Prev. 4.2% Government Payrolls Prev. 10K Manufacturing Payrolls Est. -1K vs. Prev. -1K Earnings (Estimates based on FactSet data) None in the near future. Governance votes & calls Arbitrum DAO is voting on whether to adjust the 7 million ARB delegated to Event Horizon following its pivot to AI-driven governance. Voting ends June 5. Uniswap DAO is voting on a proposal to fund the integration of Uniswap V4 and Unichain support in Oku. The goal is to expand V4 adoption, support hook developers and improve tools for liquidity providers and traders. Voting ends June 6. June 5, 9 a.m.: PancakeSwap to host an Ask Me Anything (AMA) session on security. June 5, 10 a.m.: TON to host a builders call, decentralized finance edition. June 10, 10 a.m.: to host an analyst call followed by a Q&A session. June 11, 7 a.m.: Cronos Labs lead Mirko Zhao to participate in a community Ask Me Anything (AMA) session. Unlocks June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $54.40 million. June 13: Immutable (IMX) to unlock 1.33% of its circulating supply worth $13.36 million. June 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $17.08 million. June 15: Sei (SEI) to unlock 1.04% of its circulating supply worth $10.71 million. June 16: Arbitrum (ARB) to unlock 1.91% of its circulating supply worth $32.91 million. June 17: ZKsync (ZK) to unlock 20.91% of its circulating supply worth $42.47 million. June 17: ApeCoin (APE) to unlock 1.95% of its circulating supply worth $11.02 million. Token Launches June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon's sunsetting process ends June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN) and Synapse (SYN). The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Day 4 of 6: SXSW London Day 3 of 3: Money20/20 Europe 2025 (Amsterdam) Day 2 of 3 Non Fungible Conference (Lisbon) Day 1 of 2: 2025 Crypto Valley Conference (Zug, Switzerland) June 14: Incrypted Crypto Conference 2025 (Kyiv) June 19-21: BTC Prague 2025 June 25-26: Bitcoin Policy Institute's Bitcoin Policy Summit 2025 (Washington) June 26-27: Istanbul Blockchain Week By Shaurya Malwa DEGO nosedived roughly 60% to $1.26 on June 4–5 after the BNB Chain-based Dego protocol said it would buy World Liberty Financial's stablecoin, USD1, as a treasury reserve and seed a DEGO/USD1 pool on BNB Chain. Chain sleuths found 93% of USD1's circulating supply parked in just three wallets. Traders are concerned the pair's depth, and therefore DEGO's new price floor, could be yanked at any moment, sparking 'exit-liquidity' accusations. Dego Finance said in a Thursday tweet that 'fundamentals, tokenomics, long-term vision" were unchanged and pinned the price collapse on 'short-term market psychology." The team claimed it is auditing on-chain flows and liaising with exchanges/market makers to dampen volatility. Skeptics warned of 'ghost liquidity' and urge the team to court more reputable stablecoins such as USDT, FDUSD and USDC before deploying treasury funds. Dego will publish a post-mortem and treasury-transparency dashboard 'within days,' host an AMA with core devs, and outline additional safeguards (e.g., time-locked treasury moves, multi-sig sign-offs) to rebuild confidence. Growth in CME-listed BTC and ETH futures open interest has stagnated this month, leaving the annualized one-month basis between 5% and 10%. The figures show that institutions have scaled back demand. Binance's 1000SHIB perpetual futures and BCH perpetual futures show negative funding rates in a sign of bearish bias. Other major tokens, including BTC and ETH, continue to trade with mildly bullish or positive funding rates. On Deribit, the BTC call bias has weakened across multiple time frames. Still, higher strike BTC calls continue to dominate the 24-hour volume rankings. Institutional flows on OTC network Paradigm featured outright put buying in June and July expiries and calendar spreads. BTC is up 0.25% from 4 p.m. ET Wednesday at $104,909.52 (24hrs: -0.79%) ETH is unchanged at $2,607.45 (24hrs: -1.02%) CoinDesk 20 is unchanged at 3,086.55 (24hrs: +0.81%) Ether CESR Composite Staking Rate is down 2 bps at 3.05% BTC funding rate is at 0.0041% (4.4435% annualized) on Binance DXY is unchanged at 99.82 Gold futures are up 1.15% at $3,412.40/oz Silver futures are up 3.61% at $35.76/oz Nikkei 225 closed -0.51% at 37,554.49 Hang Seng closed +1.07% at 23,906.97 FTSE is up 0.19% at 8,817.89 Euro Stoxx 50 is up 0.44% at 5,429.08 DJIA closed on Wednesday -0.22% at 42,427.74 S&P 500 closed unchanged at 5,970.81 Nasdaq Composite closed +0.32% at 19,460.49 S&P/TSX Composite Index closed -0.37% at 26,329.00 S&P 40 Latin America closed -0.71% at 2,560.51 U.S. 10-year Treasury rate is down 2 bps at 4.35% E-mini S&P 500 futures are up 0.07% at 5,985.25 E-mini Nasdaq-100 futures are up 0.08% at 21,784.5 E-mini Dow Jones Industrial Average Index futures are up 0.12% at 42,550.00 BTC Dominance: 64.16 (0.00%) Ethereum to bitcoin ratio: 0.02487 (-0.12%) Hashrate (seven-day moving average): 900 EH/s Hashprice (spot): $52.7 Total Fees: 4.7 BTC / $496,562 CME Futures Open Interest: 145,655 BTC BTC priced in gold: 30.9 oz BTC vs gold market cap: 8.76% The yield on the U.S. 10-year Treasury note has dived out of an ascending trendline from early April lows. The breakdown suggests more losses ahead, which could ease financial conditions, powering BTC higher. Strategy (MSTR): closed on Wednesday at $378.10 (-2.41%), +0.28% at $379.15 in pre-market Coinbase Global (COIN): closed at $256 (-1.12%), +0.48% at $257.23 Galaxy Digital Holdings (GLXY): closed at C$27.49 (+4.76%) MARA Holdings (MARA): closed at $15.67 (+2.22%), -0.26% at $15.63 Riot Platforms (RIOT): closed at $9.5 (+5.2%), unchanged in pre-market Core Scientific (CORZ): closed at $12.56 (+6.44%), +0.64% at $12.64 CleanSpark (CLSK): closed at $9.53 (+3.47%), -0.21% at $9.51 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $19.19 (+7.09%) Semler Scientific (SMLR): closed at $35.76 (+0.51%) Exodus Movement (EXOD): closed at $26.93 (-9.78%), +7.43% at $28.93 Spot BTC ETFs Daily net flow: $87 million Cumulative net flows: $44.55 billion Total BTC holdings ~ 1.20 million Spot ETH ETFs Daily net flow: $57 million Cumulative net flows: $3.30 billion Total ETH holdings ~ 3.73 million Source: Farside Investors Bitcoin is expected to create several times more wealth for holders than any other asset, including gold, over the next 10 years, according to Bitwise. Prices are reflexive, meaning expectations of higher valuations can actually draw buyers, leading to a self-fulfilling cycle. Big Investors Shift Away From U.S. Markets (Financial Times): Concerned by debt risks and volatile trade policy, major investors are trimming U.S. exposure and shifting toward Europe, where political stability and infrastructure plans are drawing fresh capital. Bitcoin's 50-Day Average Hits Record High, but There's a Catch (CoinDesk): ETF-driven buying has cooled and profit taking is rising, narrowing the gap between spot and trend levels and increasing the risk of a pullback toward $100,000. Hong Kong Set to Allow Crypto Derivatives Trading (CoinDesk): Hong Kong's Securities and Futures Commission is reportedly planning to open crypto derivatives trading to professional investors, tapping a market that saw $21 trillion in Q1 volume — far outpacing spot activity. Coinbase Unlocks DeFi Opportunities for XRP and Dogecoin Holders on Base (CoinDesk): Coinbase debuted wrapped versions of XRP and DOGE — cbXRP and cbDOGE — on its Base blockchain. As Drones Transform Warfare, NATO May Be Vulnerable (The New York Times): Ukraine's drone blitz deep inside Russia has prompted NATO to assess its own vulnerabilities, with Cornell's James Patton Rogers calling it a glimpse into how future wars may unfold. Germany's Leader Has a Message for Trump: We Need You, but You Also Need Us (The Wall Street Journal): Chancellor Friedrich Merz meets Trump to revive trade talks, back stronger Russia sanctions and highlight Berlin's expanding defense outlays ahead of key NATO and G7 summits. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
XRP Falls Below 200-day Average, Bitcoin Dips to $105K as Traders Eye Core PCE
The crypto market mood was sombre Friday, with XRP XRP losing key support alongside losses in market leader bitcoin and other major tokens, as traders awaited the Fed's preferred inflation measure, the core PCE. Payments-focused XRP dipped below the 200-day simple moving average (SMA) for the first time since April 10, indicating a strengthening of downward momentum. Prices fell below $2.20, registering 4.6% losses on a 24-hour basis, according to data source TradingView. The decline followed reports of increasing demand for XRP as a corporate Treasury asset. Prices for BTC, the premier digital asset by market value, briefly fell below $105,000 during European hours, extending overnight losses to trade nearly 3% lower on a 24-hour basis. BTC's losses followed a $358 million net outflow from the 11 spot bitcoin exchange-traded funds (ETFs) Thursday, their first since May 13 and highest single-day tally since March 11, according to data source SoSoValue. Renewed trade war fears also weighed over the sentiment. Other majors, such as ETH, SOL, and DOGE, posted larger losses, with smaller tokens like OP, ARB, BONK, and PEPE falling by over 10% each, according to data source Coingecko. Consumer prices, represented by the personal consumption expenditure index, rose 0.15% on a monthly basis in April, bringing the annual inflation rate down to 2.2% from 2.3% in March, according to economists surveyed by FactSet. The core PCE, the Fed's preferred inflation measure, which excludes volatile food and energy prices, is forecast to have risen 0.12% on a monthly basis and 2.5% on an annual basis. Another good month for inflation could raise Fed rate cut bets, boding well for BTC and other assets. "All eyes now turn to the Core PCE data due today, which could reignite bullish sentiment if inflation shows signs of easing," Valentin Fournier, Lead Research Analyst at BRN, said in an email. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-04-2025
- Business
- Yahoo
Crypto Daybook Americas: SUI, STX Outperform as Bitcoin Whales Position for Gains
By Omkar Godbole (All times ET unless indicated otherwise) Bitcoin (BTC) is taking a breather near $94,000, having dropped to $92,000 in the past two days. The cryptocurrency chalked out a bullish breakout above key resistance early this week, shifting focus to the $100,000 level and leaving major altcoins like XRP, ETH, SOL, ADA and DOGE behind. However, smaller coins like STX, SUI, ONDO and GRT put in double-digit gains in the past 24 hours, outperforming both BTC and the wider market: The CoinDesk 20 Index (CD20) has gained about 3%. BTC's $20,000 surge since April 7 has been underpinned by increased on-chain accumulation by whales and significant inflows through spot ETFs, with the 11 U.S.-listed funds amassing almost $1.5 billion in net inflows over the past three days, according to Farside Investors. Market gains have been bolstered by policy developments in the U.S. Late Thursday, the Federal Reserve lifted its restrictive crypto guidance, saying state member banks no longer need to provide advance notice before engaging in crypto-related activities. "Market internals currently suggest a consolidation phase — our base case projects accumulation between $90,000 and $95,000, with potential pullbacks to $87,000, ahead of a possible breakout toward $100,000 or more in the coming weeks," said Valentin Fournier, the lead research analyst at BRN. QCP Capital echoed the sentiment, noting that a decisive catalyst is needed to push prices above $100,000. Later today, the University of Michigan will publish its final survey-based inflation expectations report for April. President Donald Trump's trade war has stoked Main Street inflation concerns, so the report is likely to show an increase. The market, however, likely priced in those fears early this month and is probably focusing on next week's U.S. jobs data. "The next big chapter here will be whether all this volatility has hit real world decisions — especially in the U.S. jobs market. There is plenty of U.S. jobs data released next week and any deterioration here could trigger another round of dollar losses — albeit a more benign dollar decline on the view that the Federal Reserve would be riding to the rescue after all," ING said. "In terms of Fed pricing, the market now seems comfortable to price the first cut in July — potentially once we all know whether the 90-day pause in Liberation Day tariffs is temporary or longer lasting," it said. Stay alert! Crypto: April 25, 1 p.m.: U.S. Securities and Exchange Commission (SEC) Crypto Task Force Roundtable on "Key Considerations for Crypto Custody". April 28: Enjin Relaychain increases active validator slots to 25 from 15 to enhance decentralization. April 29, 1:05 a.m.: BNB Chain (BNB) — BSC mainnet hardfork. April 30, 9:30 a.m.: ProShares expects its XRP ETF, offering exposure through futures and swap agreements, to begin trading on NYSE Arca. April 30, 10:03 a.m.: Gnosis Chain (GNO), an Ethereum sister chain, will activate the Pectra hard fork on its mainnet at slot 21,405,696, epoch 1,337,856. Macro Day 5 of 6: World Bank (WB) and the International Monetary Fund (IMF) spring meetings in Washington. April 25, 8:30 a.m.: Statistics Canada releases (Final) February retail sales data. Retail Sales Ex Autos MoM Est. -0.4% vs. Prev. 0.2% Retail Sales MoM Est. -0.4% vs. Prev. -0.6% Retail Sales YoY Prev. 4.2% April 25, 10:00 a.m.: The University of Michigan releases (Final) April U.S. consumer sentiment data. Michigan Consumer Sentiment Est. 50.8 vs. Prev. 57 April 28: Canadian federal election. Earnings (Estimates based on FactSet data) April 29: PayPal Holdings (PYPL), pre-market, $1.16 April 30: Robinhood Markets (HOOD), post-market, $0.33 May 1: Block (XYZ), post-market, $0.97 May 1: Reddit (RDDT), post-market, $0.02 May 1: Riot Platforms (RIOT), post-market, $-0.23 May 1: Strategy (MSTR), post-market, $-0.11 Governance votes & calls Lido DAO is voting to extend its delegate incentivization program (DIP) through Q4 with a $225,000 LDO budget. Voting ends April 28. Uniswap DAO will vote on establishing a licensing and deployment framework for Uniswap v4 to accelerate its adoption across multiple chains. The proposal grants the Uniswap Foundation a blanket exemption to deploy v4 on any DAO-approved chain and gives the Uniswap Accountability Committee authority to update deployment records. Voting is April 24-30. April 30, 12 p.m.: Helium to host a community call meeting. Unlocks April 30: Optimism (OP) to unlock 1.89% of its circulating supply worth $23.45 million. May 1: Sui (SUI) to unlock 2.28% of its circulating supply worth $221.99 million. May 1: ZetaChain (ZETA) to unlock 5.67% of its circulating supply worth $11.28 million. May 2: Ethena (ENA) to unlock 0.73% of its circulating supply worth $13.69 million. May 7: Kaspa (KAS) to unlock 0.56% of its circulating supply worth $13.91 million. May 9: Movement (MOVA) to unlock 2.04% of its circulating supply worth $11.33 million. Token Launches May 2: Binance to delist Alpaca Finance (ALPACA), PlayDapp (PDA), Viberate (VIB) and Wing Finance (WING). May 5: Sonic (S) to be listed on Kraken. CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes. April 26: Crypto Vision Conference 2025 (Manilla) April 26-27: Harvard Blockchain in Action Conference (Cambridge, Mass.) April 27: N Crypto Conference 2025 (Kyiv) April 27-30: Web Summit Rio 2025 April 28-29: Blockchain Disrupt 2025 (Dubai) April 28-29: Staking Summit Dubai April 29: El Salvador Digital Assets Summit 2025 (San Salvador, El Salvador) April 29: IFGS 2025 (London) April 30-May 1: TOKEN2049 (Dubai) By Shaurya Malwa Stablecoin supply on Solana hit a record $12.8 billion on Thursday, buoyed by Circle minting $1.75 billion of its USDC stablecoin in the recent weeks. The minting signals strong demand and liquidity growth in Solana's ecosystem despite a market lull. Supply of Tether's USDT on Tron crossed the $70 billion mark on Thursday. Rollup builder Initia's new INIT tokens climbed to 92 cents after a Thursday issuance at an initial price of 60 cents. The token was airdropped to users based on their activity on the Initia network. Content coin creation platform Zora's ZORA dropped 17% despite being added to the Coinbase listing roadmap (which is historically bullish for tokens) after failing to grab demand among retail traders. SUI, ONDO, UNI and HBAR are have shown the most growth in perpetual futures open interest in the past 24 hours. Open interest in BTC and ETH futures has flatlined. Perpetual funding rates for most major tokens remain moderately positive, highlighting bullish sentiment. The CME bitcoin futures basis still remains below 10%. In options, traders bought ETH puts via OTC platform Paradigm while the BTC call option at $95K dominated the flow. BTC is up 0.23% from 4 p.m. ET Thursday at $93,701.46 (24hrs: +1.32%) ETH is up 0.62% at $1,774.26 (24hrs: +1.92%) CoinDesk 20 is up 0.45% at 2,750.46 (24hrs: +2.79%) Ether CESR Composite Staking Rate is up 1 bps at 3.13% BTC funding rate is at 0.0024% (2.6608% annualized) on Binance DXY is up 0.26% at 99.63 Gold is up 0.9% at $3,304.78/oz Silver is down 0.45% at $33.38/oz Nikkei 225 closed +1.9% at 35,705.74 Hang Seng closed +0.32% at 21,980.74 FTSE is up 0.15% at 8,419.93 Euro Stoxx 50 is up 0.68% at 5,149.61 DJIA closed on Thursday +1.23% at 40,093.40 S&P 500 closed +2.03% at 5,484.77 Nasdaq closed +2.74% at 17,166.04 S&P/TSX Composite Index closed +1.04% at 24,727.53 S&P 40 Latin America closed +1.83% at 2,521.21 U.S. 10-year Treasury rate is down 2 bps at 4.3% E-mini S&P 500 futures are up 0.24% at 5,524.75 E-mini Nasdaq-100 futures are up 0.26% at 19,373.00 E-mini Dow Jones Industrial Average Index futures are down 0.11% at 40,219.00 BTC Dominance: 64.18 (-0.37%) Ethereum to bitcoin ratio: 0.01902 (1.01%) Hashrate (seven-day moving average): 815 EH/s Hashprice (spot): $48.25 PH/s Total Fees: 8.97 BTC / $834,273 CME Futures Open Interest: 139,505 BTC BTC priced in gold: 28.1 oz BTC vs gold market cap: 7.98% Bitcoin layer-2 protocol Stacks' native token, STX, has crossed above the Ichimoku cloud to suggest a bullish shift in momentum. The ascending 5- and 10-day simple moving averages (SMAs) suggest the same, with $1.05, the August 2024 low, as immediate resistance. Strategy (MSTR): closed on Thursday at $350.34 (+1.33%), up 0.19% at $351 in pre-market Coinbase Global (COIN): closed at $203.87 (+4.66%), up 1.8% at $205.67 Galaxy Digital Holdings (GLXY): closed at C$20.68 (+10.41%) MARA Holdings (MARA): closed at $14.01 (-0.85%), up 0.71% at $14.11 Riot Platforms (RIOT): closed at $7.79 (+3.87%), unchanged in pre-market Core Scientific (CORZ): closed at $7.53 (+5.76%) CleanSpark (CLSK): closed at $8.86 (-0.11%), unchanged in pre-market CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $14.06 (+4.07%) Semler Scientific (SMLR): closed at $34.44 (+0.47%), up 2.47% at $35.29 Exodus Movement (EXOD): closed at $45.21 (+2.54%), down 0.44% at $45.01 Spot BTC ETFs: Daily net flow: $442 million Cumulative net flows: $38.13 billion Total BTC holdings ~ 1.14 million Spot ETH ETFs Daily net flow: $63.5million Cumulative net flows: $2.32 billion Total ETH holdings ~ 3.32 million Source: Farside Investors The number of BTC held in wallets tied to centralized exchanges continues to slide, hitting the lowest in five years. "Historically, such declines have often preceded price increases, as shown in the chart," CryptoRank said. ARK Invest Raises 2030 Bitcoin Price Target to as High as $2.4M in Bullish Scenario (CoinDesk): ARK's revised bitcoin outlook sees a 2030 bull-case price 60% above last year's estimate, with base and bear scenarios projecting $1.2 million and $500,000, respectively. Stacks' STX Is Week's Best Performer as Bitgo Link Seen Boosting Institutional Use (CoinDesk): BitGo opened the door for its customers to explore yield-generating opportunities on Stacks by integrating sBTC, a synthetic derivative that represents bitcoin in a 1:1 ratio on the Stacks blockchain. Nvidia Continues to Keep Crypto at Arm's Length (CoinDesk): A last-minute halt on a crypto announcement underscores how Nvidia still excludes blockchain projects from its flagship programs, despite continued outreach from the sector. China May Exempt Some U.S. Goods From Tariffs as Costs Rise (Bloomberg): China is reviewing tariff relief for select U.S. imports, including medical devices, ethane, industrial chemicals, semiconductor inputs and plane leases as officials respond to mounting pressure from affected sectors. Ukraine May Have to Give Up Land for Peace – Kyiv Mayor Klitschko (BBC): Speaking hours after a Russian strike on Kyiv killed 12, Klitschko said President Volodymyr Zelensky may accept territorial concessions for temporary peace, though Ukrainians would never accept Russian occupation. American Companies Shred Outlooks Over Tariff Uncertainty (The Wall Street Journal): Business leaders say shifting trade levies stall hiring, blur earnings projections and postpone capital spending, forcing continual forecast revisions across airlines, manufacturers and consumer brands.
Yahoo
04-04-2025
- Business
- Yahoo
Bitcoin Drops to $82,000 After Trump's Tariff Announcement, Analysts Predict Buying Opportunity
Bitcoin's price saw sharp movements following President Donald Trump's announcement of sweeping tariffs on April 2, with analysts suggesting the market drop could present a buying opportunity. S&P 500 futures fell over 2%, erasing more than $2 trillion in market value, while Bitcoin initially surged to $88,000 amid rumors of a delay in tariffs before falling to $82,000. As of April 3, Bitcoin was trading at around $83,000, with the overall digital asset market down more than 4% in 24 hours. Major altcoins, including Ethereum and Solana, also saw declines of over 6% and remained at multi-month lows. Despite this volatility, some analysts see the tariff announcement as removing uncertainty from the market. Valentin Fournier, Lead Analyst at BRN, stated that with speculation now reduced, institutional investors could return, increasing buying pressure. David Hernandez, a Crypto Investment Specialist at 21Shares, noted that while the tariff rates were slightly higher than expected, the announcement provided much-needed clarity, which could encourage institutional investment. Both analysts pointed to Bitcoin's potential to regain momentum and possibly approach $90,000. Bitcoin exchange-traded funds (ETFs) reflected this sentiment, with the group led by BlackRock registering $218 million in inflows on April 2, following $157 million in net outflows the previous day. Ethereum, however, continued to see investor skepticism, with outflows persisting and its price remaining 55% below its cycle high. Kraken's Global Economist, Thomas Perfumo, pushed back against the notion that institutional interest is stabilizing crypto price swings. He argued that Bitcoin's market cycles will persist until adoption reaches a critical mass. Perfumo emphasized that volatility should not be viewed negatively but as a sign of strong demand meeting a scarce asset. He pointed out that mainstream adoption does not follow a straight path and that fluctuations are expected. Some analysts framed the recent market turbulence as an overreaction, attributing the sharp sell-off to investor uncertainty surrounding U.S. trade policy. They noted that Bitcoin, often compared to gold as a store of value, remains a preferred asset in uncertain economic conditions. Meanwhile, Ethereum has struggled to attract similar levels of investor confidence, reflecting divergent sentiment within the crypto market. With Bitcoin ETFs showing strong demand and institutional interest seemingly returning, analysts expect Bitcoin's price to stabilize and possibly push higher in the coming weeks. However, market participants remain cautious, watching for further developments in trade policy and macroeconomic conditions that could influence asset prices. Sign in to access your portfolio
