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CNBC
3 days ago
- Business
- CNBC
A major historical bitcoin cycle that dictates its price might be breaking
Bitcoin's historical "cycle" is showing signs that it might be breaking as a changing profile of investors and supportive regulation reshapes market dynamics. If this often predictable pattern is broken, it would have significant implications for the way investors assess the cryptocurrency's price action and the potential timing of when to invest in bitcoin. "It's not officially over until we see positive returns in 2026. But I think we will, so let's say this: I think the 4-year cycle is over," Matthew Hougan, chief investment officer at Bitwise Asset Management, told CNBC. Generally, the bitcoin cycle refers to a four year pattern of price movement that revolves around a key event known as the halving, a change to mining rewards that is written in bitcoin's code. The halving happens roughly every four years, with the last one taking place in April 2024 and the one prior to that was in May 2020. When the halving occurs, the rewards in the form of bitcoin that are given to so-called "miners" — entities that keep the bitcoin network functioning — are cut in half. This reduces the supply of bitcoin into the market. Therefore, there will only ever be 21 million bitcoin in existence. Typically, bitcoin would rally in the months after halving to eventually reach a fresh all-time high. Then bitcoin would crash, dropping roughly 70% to 80% from its peak leading to the onset of a "crypto winter," a prolonged period of depressed digital coin prices. The price of other cryptos would also fall dramatically in this period. Bitcoin would then trade within a range for a while, and as the next halving approaches, it generally sees its price appreciate. Then the cycle repeats. There was unprecedented market reaction around the last halving as Bitcoin hit a fresh all-time high of above $73,000 in March 2024, about a month before the halving, rather than reaching new heights after the celebrated event as expected. "In every previous cycle, new all-time highs came 12-18 months after the halving," Saksham Diwan, research analyst at CoinDesk Data, told CNBC. The main factor was the U.S. approval of bitcoin exchange-traded funds (ETFs) which began trading in January 2024. ETFs track the price movement of bitcoin without an investor actually having to own the cryptocurrency itself. Big inflows into ETFs, and the hope that this could bring more traditional institutional investors who had previously stayed away from crypto, helped boost the price of bitcoin. "This time, spot Bitcoin ETF demand essentially front-ran the typical post-halving price discovery. This was indeed the first clear indication that institutional flows could alter traditional cycle dynamics," Diwan said. The ETF was the first major factor that disrupted bitcoin's four-year rhythm. It brought in investors with deep pockets who were interested in holding the cryptocurrency longer term. But a number of other market factors have changed. Bitwise Asset Management's Hougan points to "blowups in crypto" that often preceded the crypto winters. He referenced the crash of so-called initial coin offerings (ICOs) in 2018 and the collapse of crypto exchange FTX in 2022. Meanwhile, the macroeconomic environment and regulation is becoming more supportive. "Interest rates are more likely to go down than up in the next year, and the fact that regulators and legislators are now willing to engage with crypto rather than steadfastly refusing to deal with it will dramatically reduce the risk of future blow-ups," Hougan said. Gary Gensler, the former leader of the U.S. Securities and Exchange Commission, had cracked down on the sector and opened a number of cases against crypto firms. Those in the industry said they were being unfairly targeted. Under the current administration of U.S. President Donald Trump, the SEC has dropped some cases against crypto firms. Washington has looked to introduce new laws around crypto and has even launched a bitcoin strategic reserve. Meanwhile, public companies are accumulating cryptocurrencies, especially bitcoin, as part of a new strategy. "With increasing market maturity, long-term holder accumulation at all-time highs, and dampened volatility, the traditional 4-year rhythm is being replaced by more liquidity-sensitive, macro-correlated behavior," Ryan Chow, co-founder of Solv Protocol, told CNBC. One key point to note is that historically the most significant price appreciation for bitcoin occurred between days 500 and 720 post-halving, according to Diwan of CoinDesk Data. Bitcoin peaked during this window in the 2016 and 2020 cycles, Diwan noted. "If this pattern was to repeat, then we should watch for potential acceleration between Q3 2025 and early Q1 2026," Diwan said, adding that "price action [in] this cycle has been notably subdued compared to previous post-halving periods." Bitwise Asset Management's Hougan said the four-year cycle is over, but for it to officially be dead, bitcoin would need to have a good 2026, which he expects will happen. "I don't think we've repealed volatility, but I think a) the forces that have historically created the four-year cycle are weaker than they were in the past and b) there are other very strong forces moving on a different timeline that I think will overwhelm our four-year tendency," Hougan said in an emailed comment. Bitcoin's latest record high was hit on July 14 as it pushed above $123,000. One prominent feature of previous cycles is that bitcoin would plunge roughly 70% to 80% from its record high following the halving. Crypto industry insiders told CNBC this won't happen anymore, given the reasons they've outlined to support a changing four-year cycle. "We believe the era of brutal 70–80% drawdowns is behind us," Solv Protocol's Chow said. He noted the largest correction this cycle has seen was around 26% on a closing basis compared to around 84% post-2017 and 77% post-2021 all-time highs. Long-term holders of bitcoin as well as "steady institutional inflows are contributing to greater downside absorption, Chow said. He added that there may be corrections in the range of 30% to 50% "in reaction to macro shocks or regulatory surprises, but they're likely to be shorter and less violent than in previous cycles." Hougan also said that 30% to 50% falls are possible but: "I bet 70% pullbacks are a thing of the past."
Yahoo
16-07-2025
- Business
- Yahoo
Q2 2025: From Balance Sheets to Benchmarks
What looked like a rebound at first glance reflected something deeper; a change in the nature of demand. As digital assets rallied, institutional flows became more targeted, and corporate balance sheets emerged as a key driver of market structure. Bitcoin rose 29.8%, reaching a new all-time high in June, according to CoinDesk Data, but it was the nature of the buyers, not just the size of the move, that marked a turning point. With public companies increasing their BTC holdings by nearly 20%, and expanding into assets like ETH, SOL and XRP, corporate treasury adoption has entered a new phase, with the potential to reshape the asset landscape. Corporate treasuries take the lead Bitcoin's performance in Q2 was not led by retail flows or leveraged positions. Instead, capital came from corporate treasuries. Public companies added nearly 850,000 BTC to their balance sheets by quarter-end, marking a 19.6% increase. For the third consecutive quarter, corporates outpaced ETFs in net accumulation, reinforcing the shift in long-term holders. The message from listed firms was clear: bitcoin is moving from speculation to allocation. Bitcoin is no longer the only asset benefiting from this trend. Public companies now hold over $1.4 billion in altcoins. ETH accounts for the majority, but firms are increasingly looking beyond the top two. Solana has seen corporate accumulation, while TRX, XRP and even BNB are beginning to feature in strategic announcements. Nano Labs, for example, unveiled a $1 billion initiative to accumulate BNB. Meanwhile, Tridentity and are planning substantial capital raises to support XRP buys. This level of activity, previously confined to BTC, is now spreading across the broader market. ETH reclaims market share, Aave tops index rankings Ethereum, which had lagged in earlier quarters, reclaimed its footing with a 36.4% rise in Q2, CoinDesk Data shows. Flows into ETH ETFs turned positive, and have now remained so for eight consecutive weeks. Adjusted for market cap, these flows are nearly on par with BTC, marking a convergence in sentiment. The 30% uplift in ETH/BTC hinted at a strategic rebalancing, with allocators rotating back into ether. Beyond ETH, Aave delivered the strongest performance within the CoinDesk 20 Index, gaining 72% in the quarter based on CoinDesk Data, as lending activity hit all-time highs and vePENDLE collateral was added to the protocol. Institutional relevance is beginning to take shape here too. The upcoming Aave v4 upgrade, along with the Horizon initiative aimed at tokenised real-world assets, positions the protocol for greater adoption beyond crypto-native circles. Solana keeps pace, but loses spotlight Solana returned 24.3% in the quarter, according to CoinDesk Data, and retained its position as the leading chain by application-level revenue. However, it underperformed both bitcoin and ether. Despite solid fundamentals, investor flows were directed elsewhere. Capital concentrated in assets with more mature ETF infrastructure and longer-established treasury narratives. Even the launch of the REX-Osprey Solana staking ETF, which attracted $12 million on its debut trading day, was not enough to reignite momentum. That said, investor interest is still building. The recent token generation event is drawing attention from both ends of the spectrum. On one side are speculative participants, while on the other are value-driven investors assessing the project's revenue potential. Treasury activity also continues to rise, with over one million SOL now held by corporations such as SOL Strategies and DeFi Development Corp. Narrower gains, clearer signals The second quarter confirmed what the first quarter had suggested: leadership in digital assets is narrowing, and the market is rewarding clarity. The CoinDesk 20 Index rose by 22.1%, although only four constituents outperformed it: Aave, bitcoin cash, ether and bitcoin. The CoinDesk 80 declined by 0.78%, while the CDMEME Index ended the quarter up 27.8% despite a 109% spike in May (based on data from CoinDesk Indices). Outside the majors, most assets lacked consistent inflows or structural support, leaving them prone to retracements. Bitcoin and ether both saw their index weights decline by over five percentage points. This made space for assets that posted stronger returns, but it did not meaningfully change the composition of leadership. Aave and BCH still represent a small fraction of the index, reflecting the reality that outperformance alone is not enough to shift structural weightings. Liquidity and credibility remain prerequisites. Benchmarks as allocation tools As adoption broadens and corporate behaviour becomes more material to price action, benchmarks are playing a more active role in capital decisions. With more than $15 billion in cumulative trading volume since launch, the CoinDesk 20 is now both a measure of market direction and a foundation for building structured exposure. The rally in Q2 was real, but more importantly, it was orderly. Allocators are not trend-chasers. They are building frameworks. Benchmarks, indices and ETFs are at the centre of this evolution. As digital assets move from the edges of portfolios to their core, tools that bring discipline and structure become increasingly important. For full performance details and constituent analysis, you can explore the Q2 Digital Assets Quarterly Report. Disclaimer: All price, index and performance figures references are sourced from CoinDesk Data and CoinDesk Indices unless stated otherwise. Sign in to access your portfolio
Yahoo
30-03-2025
- Business
- Yahoo
Why Is the Crypto Market Down Today? Bitcoin Drops to $82K as Traders Flee Risk Assets Amid Macro Worries
Cryptocurrency prices have experienced a sharp decline over the last few hours, with bitcoin (BTC) now being down around 3% over the last 24 hours, while major altcoins including XRP, BNB, and SOL are down between 4% and 5% over the same period. The broader cryptocurrency market, represented by the CoinDesk 20 Index (CD20), lost around 3.3% of its value over the period. The sharp drop brings BTC's performance down 1.7% for the week, while CD20 is down nearly 5%. Over the last 24 hours, over $300 million worth of long positions were liquidated on centralized cryptocurrency exchanges, while $38.8 million worth of shorts were liquidated on these platforms, according to CoinGlass data. The drop appears to be part of a wider derisking move among traders, as investors are anticipating the impact of President Donald Trump's reciprocal tariffs that are set to come into effect on April 2. The move heightened after core Personal Consumption Expenditures (PCE) data came in hotter than expected on Friday. Just this week, consumer confidence data dipped further than expected, while the index for future expectations came in at a 12-year low, and well below levels associated with an incoming recession. This confluence of factors has seen investors reduce their exposure to risk assets and triggered a flight to safety. CoinDesk Data's latest stablecoin report shows that gold-backed cryptocurrencies have benefitted from the risk-off move, as their market capitalization climbed above $1.4 billion in March. Gold-backed cryptocurrencies are, in fact, countering the market's bearish trend. While the CD20 is down over 3% in the last 24-hour period, tokens including PAXG and XAUT are up 0.7% to over $3,100. These tokens are up more than 18% year-to-date, while BTC is down 12.5% and the CD20 index 28% so far this year. Sign in to access your portfolio
Yahoo
29-03-2025
- Business
- Yahoo
Crypto Daybook Americas: Altcoins Slide, Gold Shines as Trump Tariffs Spur Flight to Safety
By Francisco Rodrigues (All times ET unless indicated otherwise) The crypto market is extending yesterday's slide as investors anticipate the impact of President Donald Trump's reciprocal tariffs, set to come into effect on April 2, and key macroeconomic data due later Friday. Bitcoin (BTC) has lost 2.5% in the past 24 hours, which seems pretty staid when compared with an almost 6% in slide in ether (ETH), 5.5% in XRP and 7% in dogecoin (DOGE). The broader CoinDesk 20 Index (CD20) dropped 4.65%. Gold, in contrast, hit new highs. The growing exposure to gold has benefited tokens backed by the precious metal, which CoinDesk Data's latest stablecoin report shows climbed to a $1.4 billion market capitalization in March. It seems clear traders are moving to reduce risk exposure with one eye on the U.S. personal consumption expenditure (PCE) report set to be released later. That data could influence Federal Reserve interest rate decisions and thus any appetite for risk going forward. Bitcoin traders are also anticipating a record-breaking $12.2 billion in BTC options expiring on Deribit today, with a max pain point at $85,000. Implied volatility, however, remains near annual lows as the expiry isn't likely to move the market, according to Wintermute OTC trader Jake O. 'These expirations are yet to consistently move markets, largely because BTC options open interest remains small relative to spot activity," Jake O. said in an emailed statement. "That $12B is dwarfed by $28B in spot volume traded over the past 24 hours.' While the derisking trend grows, spot bitcoin exchange-traded funds (ETFs) have seen consistent inflows since mid-March, adding in nearly $1 billion over the past two weeks. In contrast, spot ether ETF outflows have remained persistent, with around $115 million exiting these funds over the same period. Looking ahead, money managers are likely to keep on reducing risk exposure. The trend spurred Goldman Sachs to raise its gold price target for the year to $3,300 per troy ounce, with the potential to rise to $4,500 in an 'extreme tail scenario.' Stay alert! Crypto: April 1: Metaplanet (3350) 10-for-1 stock split becomes effective. Macro March 28, 8:00 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases February unemployment rate data. Unemployment Rate Est. 6.8% vs. Prev. 6.5% March 28, 8:00 a.m.: Mexico's National Institute of Statistics and Geography releases February unemployment rate data. Unemployment Rate Est. 2.6% vs. Prev. 2.7% March 28, 8:30 a.m.: Statistics Canada releases January GDP data. GDP MoM Est. 0.3% vs. Prev. 0.2% March 28, 8:30 a.m.: The U.S. Bureau of Economic Analysis releases February consumer income and expenditure data. Core PCE Price Index MoM Est. 0.3% vs. Prev. 0.3% Core PCE Price Index YoY Est. 2.7% vs. Prev. 2.6% PCE Price Index MoM Est. 0.3% vs. Prev. 0.3% PCE Price Index YoY Est. 2.5% vs. Prev. 2.5% Personal Income MoM Est. 0.4% vs. Prev. 0.9% Personal Spending MoM Est. 0.5% vs. Prev. -0.2% April 2, 12:01 a.m.: The Trump administration's reciprocal tariffs plan takes effect alongside a 25% tariff on imported automobiles and certain car parts. Earnings (Estimates based on FactSet data) March 28: Galaxy Digital Holdings (GLXY), pre-market, C$0.38 Governance votes & calls Balancer DAO is discussing the establishment of a Balancer Alliance Program, which would see the protocol share a portion of the revenue it generates with key ecosystem partners in the form of USDC as veBAL. CoW DAO is discussing updating the score definition for buy orders after a Base network incident revealed that the current version could lead to an excessive allocation of solver rewards. Arbitrum DAO is voting on converting 15 million ARB into stablecoins to be managed via a '33/33/33 split among Karpatkey, Avantgarde & Myso, and Gauntlet.' It's also voting on allocating 10 million ARB into 'on-chain strategies designed to generate yield while safeguarding the principal.' Voting ends on April 3. March 28, 3 a.m: Ontology to hold a Weekly Community Update via X Spaces. Unlocks March 31: Optimism (OP) to unlock 1.93% of its circulating supply worth $26.47 million. April 1: Sui (SUI) to unlock 2.03% of its circulating supply worth $164.98 million. April 1: ZetaChain (ZETA) to unlock 6.05% of its circulating supply worth $15.30 million. April 2: Ethena (ENA) to unlock 0.77% of its circulating supply worth $15.87 million. April 3: Wormhole (W) to unlock 47.64% of its circulating supply worth $128.09 million. April 7: Kaspa (KAS) to unlock 0.59% of its circulating supply worth $10.91 million. April 9: Movement (MOVE) to unlock 2.04% of its circulating supply worth $23.54 million. Token Listings March 28: Binance to delist Aergo (AERGO). March 31: Binance to delist USDT, FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC, and PAXG. CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes. Day 3 of 3: Real World Crypto Symposium 2025 (Sofia, Bulgaria) Day 2 of 2: Money Motion 2025 (Zagreb, Croatia) March 28: Solana APEX (Cape Town) April 2-3: Southeast Asia Blockchain Week 2025 Main Conference (Bangkok) April 2-5: ETH Bucharest Conference & Hackathon (Bucharest, Romania) April 3-6: BitBlockBoom (Dallas) April 6-9: Hong Kong Web3 Festival April 8-10: Paris Blockchain Week April 15-16: BUIDL Asia 2025 (Seoul) By Shaurya Malwa A small set of tokens are gaining higher traction on social media platforms such as X, Reddit and Telegram, Santiment data shows, making it beneficial for traders to put on a watchlist as market conditions improve. Solana (SOL) leads the pack due to its high liquidity and a growing interest in Solana-based projects, alongside Curve DAO token (CRV), which has seen a 30% price rebound and increased trading activity in the past three weeks. COTI is generating excitement following a recent airdrop, with users exploring its supply and swapping challenges, while newly-issued Walrus (WAL), a Sui ecosystem project, is riding a wave of interest fueled by trading pair mentions and exchange listings. Social chatter often precedes price movements because it is indicative of forthcoming demand or shifting sentiments. Global open interest across all instruments declined to $105 billion from $124 billion earlier today, coinciding with the broader drawdown in major digital assets, according to data from Laevitas. Over the past 24 hours, total liquidations amounted to $362 million, with long positions accounting for a dominant 83% of the wipeout. Among assets with more than $100 million in open interest, the steepest percentage declines were seen in Pepe (-14.0%), PNUT (-13.7%), Worldcoin (-12.6%), Avalanche (-11.9%), and BNB (-11.5%). Only three assets in this group saw an uptick in open interest over the last 24 hours: Toncoin (+15.5%), Berachain (+9.78%) and ACT (+2.15%). On the liquidation heatmap for the largest futures pair, recent price action has swept through major downside liquidation clusters. The next significant zones for potential liquidations are located at $86,000 and $88,000, suggesting these levels could attract volatility if approached. BTC is down 2.34% from 4 p.m. ET Thursday at $85,266.30 (24hrs: -2.28%) ETH is down 4.77% at $,1911.49 (24hrs: -5.51%) CoinDesk 20 is down 4.37% at 2,618.54 (24hrs: -4.55%) Ether CESR Composite Staking Rate is up 2 bps at 2.99% BTC funding rate is at 0.0155% (5.6666% annualized) on Binance DXY is unchanged at 104.43 Gold is up 1.65% at $3,110.60/oz Silver is up 1.38% at $35.38/oz Nikkei 225 closed -1.8% at 37,120.33 Hang Seng closed -0.65% at 23,426.60 FTSE is up 0.29% at 8,691.20 Euro Stoxx 50 is down 0.14% at 5,373.72 DJIA closed on Thursday -0.37% at 42,299.70 S&P 500 closed -0.33% at 5,693.31 Nasdaq closed -0.53% at 17,804.03 S&P/TSX Composite Index closed unchanged at 25,161.10 S&P 40 Latin America closed +0.27% at 2,466.98 U.S. 10-year Treasury rate is down 4 bps at 4.34% E-mini S&P 500 futures are down 0.2% at 5,727.75 E-mini Nasdaq-100 futures are down 0.36% at 19,917.75 E-mini Dow Jones Industrial Average Index futures are down 0.13% at 42,546.00 BTC Dominance: 62.04 (0.44%) Ethereum to bitcoin ratio: 0.02241 (-2.44%) Hashrate (seven-day moving average): 847 EH/s Hashprice (spot): $47.45 Total Fees: 5.28 BTC / $449,016 CME Futures Open Interest: 140,460 BTC BTC priced in gold: 27.7 oz BTC vs gold market cap: 7.86% Ether continues to lag behind the broader market, with prices consolidating around levels last seen in November 2023. With prices below all the key exponential moving averages (EMAs), ETH has struggled to reclaim the former support near $2,110 — a level aligned with the wick lows from the Aug. 5 and Feb. 3 sell-offs. This level is set to act as resistance unless the price can find acceptance above in the coming days. Strategy (MSTR): closed on Thursday at $324.59 (-1.43%), down 2.87% at $315.29 in pre-market Coinbase Global (COIN): closed at $188.58 (-2.77%), down 1.35% at $186.04 Galaxy Digital Holdings (GLXY): closed at C$17.44 (-3.54%) MARA Holdings (MARA): closed at $13.64 (-1.09%), down 1.76% at $13.40 Riot Platforms (RIOT): closed at $7.77 (-1.65%), down 1.8% at $7.63 Core Scientific (CORZ): closed at $7.88 (+3.28%), down 1.52% at $7.76 CleanSpark (CLSK): closed at $7.84 (-3.45%), down 1.47% at $7.73 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $14.04 (-1.96%) Semler Scientific (SMLR): closed at $36.92 (-6.7%), up 0.22% at $37 Exodus Movement (EXOD): closed at $52.28 (+4.56%), down 4.17% at $50.10 Spot BTC ETFs: Daily net flow: $89 million Cumulative net flows: $36.42 billion Total BTC holdings ~ 1,122 million. Spot ETH ETFs Daily net flow: -$4.2 million Cumulative net flows: $2.42 billion Total ETH holdings ~ 3.423 million. Source: Farside Investors Bitcoin dominance continues to increase and is now approaching a key resistance level at 62.3%. Currently 62.05% and holding above all major exponential moving averages (EMAs), the strength in BTC dominance suggests continued pressure on altcoins in the near term, with further downside risk likely if this trend persists. Dogecoin, XRP Sink 7% as Trump Tariffs Threats Dent Markets; Bitcoin Options Expiry Looms (CoinDesk): DOGE, ETH and XRP sank more than 5% in early Asian hours as traders took profits on a relief rally that started earlier in the week. GameStop Prices Bitcoin Notes at $29.85 (CoinDesk): GameStop priced $1.3 billion in convertible zero-coupon notes due 2030, with an initial conversion price of about $29.85 per share, a 35% premium over the closing stock price. UK Regulator Intends to Start Authorizing Crypto Firms in 2026 (CoinDesk): The U.K. plans to replace its anti-money laundering-based crypto oversight with a full authorization regime by 2026, potentially requiring all firms offering regulated services to reapply under stricter rules. China's Xi Jinping Meets Foreign CEOs to Urge Trade Stability (Financial Times): The Chinese leader told executives that efforts to disrupt trade ties and fragment supply chains should be resisted, urging multinationals to reject protectionism and support economic openness. Trump's Erratic Tariff Policy Shakes Confidence in Europe's Market Bull Run (Reuters): Amid growing trade war concerns, top European asset managers such as Amundi are reducing exposure to the euro and regional stocks after a strong first-quarter rally. Chinese Exporters Hunt for Alternatives to 'Irreplaceable' U.S. Buyers (The Wall Street Journal): Chinese manufacturers are exploring new ways to stay profitable, including targeting markets like Russia, relocating production to Cambodia and selling directly to consumers. Sign in to access your portfolio
Yahoo
29-03-2025
- Business
- Yahoo
Tokenized Gold Hits Record $1.4B Market Cap as Trading Volumes Soar in March
The market capitalization of tokenized gold climbed to a record $1.4 billion in March with trading volumes soaring to yearly highs, CoinDesk Data's monthly stablecoin report shows. The growth in market value and activity happened alongside the physical yellow metal's rally to fresh all-time highs above $3,000 per ounce. Tether's gold-backed token (XAUT) and Paxos' PAXG dominate among the offerings, with market capitalizations of $749 million and $653 million, respectively. The trading volume with gold tokens surpassed $1.6 billion through the month, the highest level in more than a year, according to the report. The overall stablecoin market, which includes tokens with prices pegged to fiat currencies and commodities, climbed above $231 billion market cap this month, growing for the 18th consecutive month, the report said. Tether's USDT, the largest stablecoin on the market, also increased to a record supply of $144 billion. However, its market share dropped to the lowest level (62.1%) since March 2023 as the stablecoin landscape is getting increasingly competitive. Circle's USDC, the second-largest stablecoin, grew 7% in a month to near $60 billion. Decentralized finance protocol Ethena's recently launched dollar stablecoin USDtb, which uses BlackRock's tokenized money market fund BUIDL as a reserve asset, quickly gobbled up over $1 billion of assets to become the 8th largest by market cap. In terms of trading volumes on centralized exchanges, USDT's dominance slightly declined, but still stood above competition at 75.7% through the month among the top ten stablecoins. Meanwhile, USDC and Hong Kong-based First Digital's FDUSD saw their trading market cap dominance rise to 13.6% and 10%, respectively. Regulatory shifts have been reshaping the market of euro-denominated stablecoins, as exchanges moved to comply with the Markets in Crypto-Assets (MiCA) framework. Kraken delisted USDT and other non-compliant stablecoins for European users, following the footsteps of other exchanges such as Coinbase and Circle's EURC stablecoin was a notable beneficiary of the developments, growing nearly 30% to $157 million market cap and claiming a 45% market share of all euro stablecoins. Sign in to access your portfolio
