Latest news with #OmkarGodbole
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12 hours ago
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Crypto Daybook Americas: Tariffs to Dominate Narrative as BTC ETF Volumes Surge
By Omkar Godbole (All times ET unless indicated otherwise) The recent TACO tease, implying "Trump Always Chickens Out" on tariffs, likely didn't go down well with the President, who raised the stakes in the ongoing trade war on Friday, leading to broad-based risk aversion, which persists as of writing. On Friday, Trump said that on June 4, the U.S. tariffs on imported aluminum and steel would go from 25% to 50%, triggering a broad-based risk-off move across global markets. Bitcoin has since traded in the range of $103,000-$106,000, with little to no excitement in the broader crypto market. Notably, BlackRock's spot bitcoin ETF (IBIT) registered an outflow of $430 million, ending a prolonged inflows streak. "Tariff tensions will likely dominate the macro narrative through June, with meaningful policy deadlines only kicking in from 8 July. In the absence of fresh catalysts, BTC could remain rangebound, with the $100k and $110k levels critical to watch given their status as strikes with the highest month-end open interest," Singapore-based trading firm QCP Capital said. ETFs are becoming increasingly important to the market. Data shared by FalconX's David Lawant shows that the cumulative trading volume in the 11 spot BTC ETFs listed in the U.S. is now well over 40% of the spot volume. The data supports the "Bitcoin ETFs are the new marginal buyer" hypothesis, according to Bitwise's Head of Research - Europe, Andre Dragosch. Meanwhile, on-chain data tracked by Glassnode showed a drop in momentum buyers alongside a sharp rise in profit takers last week. "This trend often shows near local tops, as traders begin locking in gains instead of building exposure," Glassnode said. High-stakes crypto trader James Wynn opened a fresh BTC long trade with 40x leverage and a liquidation price of $104,580, according to blockchain sleuth Lookonchain. In other news, Japan's 'MicroStrategy' Metaplanet announced an additional purchase of 1,088 BTC, and billionaire entrepreneur Elon Musk announced a new XChat with Bitcoin-like encryption. Binance's founder CZ said on X that now might be a good time to develop a dark pool-style perpetual-focused decentralized exchange, noting that real-time order visibility can lead to MEV attacks and malicious liquidations. In traditional markets, gold looked to break out of its recent consolidation, hinting at the next leg higher as Bank of America and Morgan Stanley forecast continued dollar weakness. Friday's U.S. nonfarm payrolls release will be closely watched for signs of labor market weakness. Stay Alert! Crypto June 3, 1 p.m.: The Shannon hard fork network upgrade will get activated on the Pocket Network (POKT). June 4, 10 a.m.: U.S. House Financial Services Committee will hold a hearing on 'American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.' Livestream link. 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. Macro June 2, 1 p.m.: Federal Reserve Chair Jerome H. Powell will deliver a speech at the Federal Reserve Board's International Finance Division 75th Anniversary Conference in Washington. Livestream link. June 2, 9:45 a.m.: S&P Global releases (Final) May U.S. Manufacturing PMI data. Manufacturing PMI Est. 52.3 vs. Prev. 50.2 June 2, 10 a.m.: The Institute for Supply Management (ISM) releases May Manufacturing PMI. Manufacturing PMI Est. 49.5 vs. Prev. 48.7 June 3: South Koreans will vote to choose a new president following the ouster of Yoon Suk Yeol, who was dismissed after briefly declaring martial law in December 2024. June 3, 10 a.m.: The U.S. Bureau of Labor Statistics releases April U.S. labor market data. Job Openings Est. 7.10M vs. Prev. 7.192M Job Quits Prev. 3.332M June 3, 1 p.m.: Federal Reserve Governor Lisa D. Cook will deliver a speech on economic outlook at the Peter McColough Series on International Economics in New York. Livestream link. June 4, 12:01 a.m.: U.S. tariffs on imported steel and aluminum will increase from 25% to 50%, according to a Friday evening Truth Social post by President Trump. Earnings (Estimates based on FactSet data) None in the near future. Governance votes & calls Sui DAO is voting on moving to recover approximately $220 million in funds stolen from the Cetus Protocol hack via a protocol upgrade. Voting ends June 3. 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 LPs and traders. Voting ends June 6. June 4, 6:30 p.m.: Synthetix to host a community call. June 10, 10 a.m.: to host an analyst call followed by a Q&A session. Unlocks June 5: Ethena (ENA) to unlock 0.7% of its circulating supply worth $14.18 million. June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $57.11 million. June 13: Immutable (IMX) to unlock 1.33% of its circulating supply worth $13.24 million. June 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $17.11 million. June 15: Sei (SEI) to unlock 1.04% of its circulating supply worth $10.64 million. Token Launches June 3: Bondex (BDXN) to be listed on Binance, Bybit, Coinlist, and others. 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), & Synapse (SYN). Day 1 of 6: SXSW London June 3: World Computer Summit 2025 (Zurich) June 3-5: Money20/20 Europe 2025 (Amsterdam) June 4-6: Non Fungible Conference (Lisbon) June 5-6: 2025 Crypto Valley Conference (Zug, Switzerland) 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 At 11:26 p.m. on Sunday, billionaire tech entrepreneur Elon Musk tweeted 'Kekius Maximus pit level 117, hardcore rank 1,' and meme-coin traders pounced on frog-themed tokens and low-cap KEKIUS memecoins. The Ethereum version surged over 25% in minutes, pushing its market cap to about $33 million. In comparison, a Solana-based KEKIUS zoomed as much as 30%, showing the same 'Musk effect' despite far lower liquidity. Musk adopted the 'Kekius Maximus' persona on New Year's Eve 2024 and has repeatedly juiced the token with profile changes and gaming references. The name fuses crypto-native 'Pepe the Frog' lore with Gladiator's Maximus Decimus Meridius. These tokens thrive (and falter) on social media hype; they lack solid fundamentals and can reverse just as quickly. HBAR, DOT and LTC lead the majors in terms of growth in open interest in perpetual futures in the past 24 hours. Annualized funding rates for majors remains positive or bullish, except for XLM and TON. On the CME, one-month annualized basis in the BTC futures has pulled back to around 6.5% from the recent high of 9.5%. ETH's basis remains relatively elevated above 8%. On Deribit, BTC and ETH one and two-week options exhibit downside fears. Other expiries show call bias. BTC is unchanged from 4 p.m. ET Friday at $104,642.17 (24hrs: +0.51%) ETH is down 3.78% at $2,480.24 (24hrs: +0.47%) CoinDesk 20 is down 2.28% at 3,028.20 (24hrs: +0.35%) Ether CESR Composite Staking Rate is down 21 bps at 2.97% BTC funding rate is at 0.003% (3.2949% annualized) on Binance DXY is down 0.51% at 98.82 Gold is up 2.19% at $3,372.00/oz Silver is up 1.65% at $33.44/oz Nikkei 225 closed -1.3% at 37,470.67 Hang Seng closed -0.57% at 23,157.97 FTSE is unchanged at 8,768.28 Euro Stoxx 50 is down 0.74% at 5,327.14 DJIA closed on Friday +0.13% at 42,270.07 S&P 500 closed unchanged at 5,911.69 Nasdaq closed -0.32% at 19,113.77 S&P/TSX Composite Index closed -0.14% at 26,175.10 S&P 40 Latin America closed -1.77% at 2,554.48 U.S. 10-year Treasury rate is up 3 bps at 4.44% E-mini S&P 500 futures are down 0.63% at 5,879.00 E-mini Nasdaq-100 futures are down 0.77% at 21,212.25 E-mini Dow Jones Industrial Average Index futures are down 0.56% at 42,056.0 BTC Dominance: 64.62 (0.21%) Ethereum to bitcoin ratio: 0.02375 (-1.17%) Hashrate (seven-day moving average): 931 EH/s Hashprice (spot): $52.3 Total Fees: 3.47 BTC / $364,001 CME Futures Open Interest: 146,575 BTC BTC priced in gold: 31.8 oz BTC vs gold market cap: 9.02% Gold is looking to establish a foothold above the upper end of the falling channel. A potential breakout would signal a resumption of the broader uptrend, offering bullish cues to bitcoin. Strategy (MSTR): closed on Friday at $369.06 (-0.42%), unchanged in pre-market Coinbase Global (COIN): closed at $246.62 (-0.89%), unchanged in pre-market Galaxy Digital Holdings (GLXY): closed at C$24.92 (-7.87%) MARA Holdings (MARA): closed at $14.12 (-3.35%), unchanged in pre-market Riot Platforms (RIOT): closed at $8.07 (-1.34%), -0.25% at $8.05 in pre-market Core Scientific (CORZ): closed at $10.65 (-0.37%), -1.5% at $10.49 CleanSpark (CLSK): closed at $8.63 (-1.71%), -0.35% at $8.60 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $16.47 (-2.54%) Semler Scientific (SMLR): closed at $40 (-0.2%), +1.72% at $40.69 Exodus Movement (EXOD): closed at $28.5 (-5.97%), +0.39% at $28.61 Spot BTC ETFs Daily net flow: $616.1 million Cumulative net flows: $44.35 billion Total BTC holdings ~ 1.20 million Spot ETH ETFs Daily net flow: $70.2 million Cumulative net flows: $3.06 billion Total ETH holdings ~ 3.66 million Source: Farside Investors The chart shows that the cumulative volume in U.S.-listed spot BTC ETFs as a share of the total bitcoin spot market volume has risen to record highs. The data supports the "Bitcoin ETFs are the new marginal buyer" hypothesis. Metaplanet Acquires 1,088 Bitcoin to Bring BTC Stash to Over $930M (CoinDesk): The Japanese firm paid an average of 15.5 million yen ($108,051) per bitcoin for its latest purchase, bringing its total holdings to more than 8,888 BTC. Post Pectra 'Malicious' Ethereum Contracts Are Trying to Drain Wallets, But to No Avail: Wintermute (CoinDesk); EIP-7702 lets Ethereum wallets act like smart contracts, but over 97% of delegations use identical code tied to wallet-draining attacks, highlighting growing security concerns. Taiwanese Crypto Exchange BitoPro Likely Hacked for $11M in May, ZachXBT Says (CoinDesk): The blockchain analyst claims the tokens allegedly stolen on May 8 were funneled through Tornado Cash, Thorchain and Wasabi Wallet to obscure their origin. China Hits Back Against Trump Claims That It Broke Trade Truce (The Wall Street Journal): Responding to Trump's accusation that China violated the Geneva trade truce, Beijing blamed the U.S. for escalating tensions, citing new export controls and student visa restrictions. Ukraine and Russia to Meet for Second Round of Talks as Attacks Escalate (The New York Times): As Russia and Ukraine meet today in Istanbul, both sides remain entrenched under pressure from Trump, with no mutually acceptable terms for a peace deal likely to emerge. Putin's Central Banker Under Pressure to Cut Record-High Rates (Bloomberg): Officials want rates cut from 21% as high borrowing costs squeeze civilian industries, but with inflation easing mainly due to a stronger ruble, policymakers remain cautious about loosening too soon.
Yahoo
5 days ago
- Business
- Yahoo
Ether Outperforms DeFi Market in May, Bouncing From Woeful Start to the Year
Ether ETH has increased in value by 45% over the past 30 days, outperforming the decentralized finance (DeFi) market and bitcoin, which are up 21% and 13% respectively in the same period, according to DefiLlama data. Much of ether's rise has been attributed to institutional interest that has led to record inflows from spot ETH ETFs. ETH's rise came after a lull in sentiment earlier this year as rival layer-1 blockchains like Solana took the limelight with a flurry of memecoin releases. At the turn of the year ETH was trading at $3,340 however by early April it had tumbled to as low as $1,472 amid global uncertainty related to U.S. tariffs. But now, as documented in an article by CoinDesk analyst Omkar Godbole on Thursday, ether has finally broken an 18-month downtrend against Solana as it begins to wrangle back control of the DeFi market. It appears that much of that appetite is related to yields -- DefiLlama data shows that TVL on restaking protocols like Lido, EigenLayer and have all risen by between 41% and 48% this month, while Binance's staked ether product has experienced a 63% jump in TVL. The Solana-based DeFi protocols, however, have failed to keep pace with those on Ethereum. Jupiter's and Kamino's TVL have risen by just 7% and 9% while liquid staking protocol Marinade has seen TVL increase by 29%. Ether's recent performance marks a significant recovery from earlier this year, with increased institutional interest and strong growth in DeFi protocols contributing to its rise. 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
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5 days ago
- Business
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Crypto Daybook Americas: Bitcoin, Ether Rise After Court Nixes Trump's Tariffs
By Omkar Godbole (All times ET unless indicated otherwise) Bitcoin BTC rose and stock index futures surged early Thursday after a U.S. court declared President Donald Trump's broad-based tariffs regime invalid. The positive sentiment was buoyed by AI giant Nvidia's upbeat earnings. On-chain data showed large wallets, those holding over 10,000 BTC, have shifted to selling from buying as the largest cryptocurrency holds close to its record high, with an increase in exchange deposits also pointing to selling pressure. Meanwhile, options market data signaled potential for volatility ahead of Friday's monthly settlement. Ether ETH, the second-largest cryptocurrency by market value, jumped to $2,780, the highest since Feb. 24, consistent with the bullish signals from the derivatives market. The token has been bid this week, supposedly on SharpLink's $425 million Treasury plan. Notably, U.S.-listed spot ether ETFs saw a net inflow of $84.89 million on Wednesday, extending their streak to eight consecutive days. Canada-listed investment firm Sol Strategies said it filed a preliminary prospectus with local securities regulators to raise up to $1 billion to boost its investment in the Solana ecosystem. Still, SOL was flattish at around $170. In the broader market, TON, PEPE and FLOKI led other coins higher while FARTCOIN, PI and JUP nursed most losses. Open interest in TON perpetual futures surged 33% to $190 million, clocking the highest since Feb. 18. Stablecoin issuer Circle froze wallets connected to the Libra token containing millions of dollars worth of USDC. Metaplanet issued $21M in bonds to finance more bitcoin purchases. In traditional markets, some investment banks said Trump has other tools to sidestep the court ruling on tariffs. Yields on the longer duration Treasury notes ticked higher, suggesting dollar strength. Stay alert! Crypto May 30: The second round of FTX repayments starts. May 31 (TBC): Mezo mainnet launch. June 6, 1-5 p.m.: U.S. SEC Crypto Task Force Roundtable on "DeFi and the American Spirit" Macro May 29, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases April unemployment rate data. Unemployment Rate Est. 6.9% vs. Prev. 7% May 29, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases Q1 GDP data. GDP Growth Rate QoQ (2nd estimate) Est. -0.3% vs. Prev. 2.4% GDP Price Index QoQ (2nd estimate) Est. 3.7% vs. Prev. 2.3% GDP Sales QoQ (2nd estimate) Est. -2.5% vs. Prev. 3.3% May 29, 2 p.m.: Fed Governor Adriana D. Kugler will deliver a speech at the 5th Annual Federal Reserve Board Macro-Finance Workshop (virtual). Livestream link. May 30, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases Q1 GDP data. GDP Growth Rate QoQ Est. 1.4% vs. Prev. 0.2% GDP Growth Rate YoY Est. 3.2% vs. Prev. 3.6% May 30, 8 a.m.: Mexico's National Institute of Statistics and Geography releases April unemployment rate data. Unemployment Rate Est. 2.5% vs. Prev. 2.2% May 30, 8:30 a.m.: Statistics Canada releases Q1 GDP data. GDP Growth Rate Annualized Est. 1.7% vs. Prev. 2.6% GDP Growth Rate QoQ Prev. 0.6% May 30, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases April consumer income and expenditure data. Core PCE Price Index MoM Est. 0.1% vs. Prev. 0% Core PCE Price Index YoY Est. 2.5% vs. Prev. 2.6% PCE Price Index MoM Est. 0.1% vs. Prev. 0% PCE Price Index YoY Est. 2.2% vs. Prev. 2.3% Personal Income MoM Est. 0.3% vs. Prev. 0.5% Personal Spending MoM Est. 0.2% vs. Prev. 0.7% May 30, 10 a.m.: The University of Michigan releases (final) May U.S. consumer sentiment data. Michigan Consumer Sentiment Est. 51 vs. Prev. 52.2 Earnings (Estimates based on FactSet data) None in the near future. Governance votes & calls Arbitrum DAO is voting on a constitutional AIP to upgrade Arbitrum One and Arbitrum Nova to ArbOS 40 'Callisto,' bringing them in line with Ethereum's May 7 Pectra upgrade. The proposal schedules activation for June 17, and voting ends on May 29. Sui DAO is voting on moving to recover approximately $220 million in funds stolen from the Cetus Protocol hack via a protocol upgrade. Voting ends June 3. May 29, 8 a.m.: NEAR Protocol to host a House of Stake Ask Me Anything (AMA) session. May 29, 2 p.m.: Wormhole to host an ecosystem call. June 4, 6:30 p.m.: Synthetic to host a community call. June 10, 10 a.m.: to host an analyst call followed by a Q&A session. Unlocks May 31: Optimism (OP) to unlock 1.89% of its circulating supply worth $24.43 million. June 1: Sui (SUI) to unlock 1.32% of its circulating supply worth $160.58 million. June 1: ZetaChain (ZETA) to unlock 5.34% of its circulating supply worth $11.18 million. June 12: Ethena (ENA) to unlock 0.7% of its circulating supply worth $15.83 million. June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $60.96 million. Token Launches June 1: Staking rewards for staking ERC-20 OM on MANTRA Finance end. 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), & Synapse (SYN) Day 3 of 3: Bitcoin 2025 (Las Vegas) Day 3 of 4: Web Summit Vancouver (Vancouver, British Columbia) May 29: Stablecon (New York) Day 1 of 2: Litecoin Summit 2025 (Las Vegas) Day 1 of 4: Balkans Crypto 2025 (Tirana, Albania) June 2-7: SXSW London 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 Oliver Knight Markets on the Ethereum-based Cork Protocol remain paused after Wednesday's $12 million smart-contract exploit. The attacker manipulated the smart contact's exchange-rate function by issuing fake tokens, stealing 3,761.8 wrapped staked ether (wstETH) in the process. The exploit marked another attack on the decentralized finance (DeFi) industry just days after Sui-based Cetus Protocol lost $223 million to an exploit. TRM Labs estimates that $2.2 billion was stolen in crypto exploits and hacks in 2024. Ether remains unperturbed by the exploit, leading the market today on the back of renewed institutional interest and spot ETF flows. It is up 3.8% in the past 24 hours while bitcoin is down by 0.17%. TRX, XMR, ETH, LTC and BNB led major cryptocurrencies' growth in perpetual futures open interest. Funding rates for majors, except TON, signal bullish sentiment, but nothing extraordinary. On the CME, ETH annualized one-month futures basis topped 10%, while BTC lagged at 8.7%. Signs of caution emerged on Deribit, with front-end BTC skew flipping to puts and ETH's call skew softening. Block flows on Paradigm featured demand for short-dated BTC puts. BTC is up 1.15% from 4 p.m. ET Wednesday at $108,594.41 (24hrs: -0.29%) ETH is up 3.9% at $2,738.04 (24hrs: +3.63%) CoinDesk 20 is up 2.21% at 3,278.84 (24hrs: +0.66%) Ether CESR Composite Staking Rate is unchanged at 3.1% BTC funding rate is at 0.0057% (6.3006% annualized) on Binance DXY is up 0.12% at 99.99 Gold is up 0.32% at $3,304.20/oz Silver is up 1.24% at $33.41/oz Nikkei 225 closed +1.88% at 38,432.98 Hang Seng closed +1.35% at 23,573.38 FTSE is unchanged at 8,724.05 Euro Stoxx 50 is unchanged at 5,378.39 DJIA closed on Wednesday -0.58% at 42,098.70 S&P 500 closed -0.56% at 5,888.55 Nasdaq closed -0.51% at 19,100.94 S&P/TSX Composite Index closed unchanged at 26,283.50 S&P 40 Latin America closed -0.76 at 2,599.53 U.S. 10-year Treasury rate is up 6 bps at 4.54% E-mini S&P 500 futures are up 1.53% at 5,993.25 E-mini Nasdaq-100 futures are up 2.03% at 21,814.25 E-mini Dow Jones Industrial Average Index futures are up 0.96% at 42,576.00 BTC Dominance: 63.71 (-0.06%) Ethereum to bitcoin ratio: 0.02517 (1.12%) Hashrate (seven-day moving average): 910 EH/s Hashprice (spot): $57.0 Total Fees: 8.03 BTC / $868,310 CME Futures Open Interest: 152,995 BTC BTC priced in gold: 32.8 oz BTC vs gold market cap: 9.30% The VIRTUAL token has topped the 38.2% Fibonacci retracement of the January-April crash. The break out above the widely tracked resistance could entice more buyers, yielding a bigger rally. Strategy (MSTR): closed on Wednesday at $364.25 (-2.14%), +2.43% at $373.09 in pre-market Coinbase Global (COIN): closed at $254.29 (-4.55%), +3.01% at $261.95 Galaxy Digital Holdings (GLXY): closed at C$28 (-6.57%) MARA Holdings (MARA): closed at $14.86 (-9.61%), +4.04% at $15.46 Riot Platforms (RIOT): closed at $8.38 (-8.32%), +2.86% at $8.62 Core Scientific (CORZ): closed at $10.78 (-4.43%), +2.97% at $11.10 CleanSpark (CLSK): closed at $9.11 (-7.61%), +3.62% at $9.44 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $17.27 (-5.32%) Semler Scientific (SMLR): closed at $41.32 (-4.77%), +2.95% at $42.54 Exodus Movement (EXOD): closed at $25.94 (-25.35%), +11.6% at $28.95 Spot BTC ETFs Daily net flow: $432.7 million Cumulative net flows: $45.31 billion Total BTC holdings ~ 1.21 million Spot ETH ETFs Daily net flow: $84.9 million Cumulative net flows: $2.9 billion Total ETH holdings ~ 3.57 million Source: Farside Investors The MOVE index, which measures the volatility in U.S. Treasury notes, has dropped to the lowest level since March. If it drops further, a continued decline is likely to ease financial conditions, greasing the bitcoin bull run. U.S. Trade Court Strikes Down Trump's Global Tariffs (The Wall Street Journal): Judges said economic deficits don't meet the legal threshold for a national emergency, and said unchecked executive authority over levies violates the constitutional separation of powers. Solana Scores Twin Institutional Wins With $1B Raise and First Public Liquid Staking Strategy (CoinDesk): Sol Strategies aims to raise $1 billion to expand Solana ecosystem exposure, while DeFi Development said it is the first public firm to hold Solana-based liquid staking tokens. Bitcoin Whales Seem to Be Calling a Top as BTC Price Consolidates (CoinDesk): Large holders are offloading BTC and sending it to exchanges after a period of accumulation, while smaller investors continue buying. XRP Army Is Truly Global as CME Data Reveals Nearly Half of XRP Futures Trading Occurs in Non-U.S. Hours (CoinDesk): These contracts recorded $86.6 million in volume over six days across 4,032 trades, with 46% of activity logged during overseas sessions. Goldman Urges Investors to Buy Gold and Oil as Long-Term Hedges (Bloomberg): Goldman Sachs said surging U.S. debt and concerns over monetary and fiscal governance have eroded trust in long-term Treasuries, making gold and oil essential hedges against inflation and supply shocks. UK Seeks to Speed Up Implementation of U.S. Trade Deal (Financial Times): The U.K. business secretary will meet the U.S. Trade Representative in Paris next week to discuss implementation timelines for the bilateral trade deal announced on May 8.
Yahoo
16-05-2025
- Business
- Yahoo
Bitcoin, Strategy Confirm Concurrent Bull Cross, Strengthening Uptrend Signal: Technical Analysis
This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. Imagine two major newspapers both endorsing the same presidential candidate. The joint support indicates that the candidate probably has a broad backing. Similarly, when price charts for both bitcoin BTC and Strategy (MSTR) — the largest publicly-listed BTC holder — show concurrent bullish signals, it's likely a strong sign that the market and major institutional players are aligned. Daily price charts for both BTC and MSTR show their 50-day simple moving averages (SMA) crossing above their 100-day SMA to confirm a so-called bullish crossover. It's a sign the short-term trend is now outperforming the longer-term trend, which could be a signal of the beginning of a major bull market. BTC's bull cross is consistent with other indicators like the MACD, suggesting the path of least resistance is on the higher side. That said, an interim drop below $100,000 cannot be ruled out, as on-chain data show influential market participants have turned cautious. The chart shows BTC's price rally has stalled in the $101,000-$107,000 range. A downside break could trigger more profit-taking, potentially deepening the bull market pullback to support at $98,000. 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
16-05-2025
- Business
- Yahoo
Crypto Daybook Americas: Fintechs, Funds ‘Hoarding Bitcoin' Even as Bulls Pause for Breath
By Omkar Godbole (All times ET unless indicated otherwise) The global crypto corporate-adoption narrative is thriving even as bitcoin BTC and the wider crypto market take a bull breather, potentially establishing a base for a new high. Méliuz, a publicly listed Brazilian fintech firm, announced Thursday the purchase of 274.52 BTC. It now holds 320.2 BTC worth over $33.3 million. On Wednesday, Bahrain-listed A1 Abraaj Restaurants Group disclosed an initial purchase of 5 BTC with plans to scale holdings significantly. Eric Trump, the second-eldest son of President Donald Trump, captured the feeling on day 2 of CoinDesk's Consensus Toronto event: "I'm traveling. I'm on a plane. Everybody in the world is trying to hoard bitcoin right now. Everybody. I hear it from sovereign wealth funds. I hear it from the wealthiest families. I hear from the biggest companies." While the global adoption race no doubt favors a continued bull market, some recent developments, such as the crumbling bipartisan support for the GENUIS Act aimed at creating a national regulatory framework for payment stablecoins and the Coinbase (COIN) data breach, are concerning. "While many are cheering COIN's entry into the S&P 500, it's been quite the week otherwise," Quinn Thompson, chief investment officer at Lekker Capital, said on X. "Obstructing the stablecoin bill to prolonging their regulatory capture at the industry's expense, losing customer funds and jeopardizing personal data and now an SEC investigation. What amazing timing, too, that this was all announced after the S&P 500 inclusion pump that insiders sold into." On Thursday, Coinbase's shares tanked 7% as the exchange confirmed an ongoing SEC investigation into potentially inflated user metrics from 2021. Add to the pot that inflows into U.S.-listed spot BTC exchange-traded funds (ETFs) have slowed (see Chart of the Day), alongside large sell orders at around $105,000. FTX creditors are set to receive over $5 billion in distributions starting May 30, as part of the second phase of the bankrupt exchange's court-approved recovery plan. All this indicates scope for price volatility in the short term. Stay alert! Crypto: May 16, 9:30 a.m.: Galaxy Digital Class A shares begin trading on the Nasdaq under the ticker symbol GLXY. May 19: CME Group is expected to launch its cash-settled XRP futures. May 19: Coinbase Global (COIN) will replace Discover Financial Services (DFS) in the S&P 500, effective before the opening of trading. May 22: Bitcoin Pizza Day. May 22: Top 220 TRUMP token holders will attend a gala dinner hosted by the U.S. president at the Trump National Golf Club in Washington. May 30: The second round of FTX repayments starts. Macro May 16, 10 a.m.: The University of Michigan releases (preliminary) May U.S. consumer sentiment data. Michigan Consumer Sentiment Est. 53 vs. Prev. 52.2 May 20, 8:30 a.m.: Statistics Canada releases April consumer price inflation data. Core Inflation Rate MoM Prev. 0.1% Core Inflation Rate YoY Prev. 2.2% Inflation Rate MoM Prev. 0.3% Inflation Rate YoY Prev. 2.3% Earnings (Estimates based on FactSet data) May 20: Canaan (CAN), pre-market May 28: NVIDIA (NVDA), post-market, $0.88 Governance votes & calls Uniswap DAO is voting on a proposal to fund the integration of Uniswap V4 on Ethereum in Oku and add Unichain on Oku in a bid to enhance Uniswap's reach and liquidity migration to V4. Voting ends May 18. Arbitrum DAO is voting on launching 'The Watchdog,' a 400,000-ARB bounty program to reward community sleuths for uncovering misuse of the hundreds of millions in grants, incentives and service budgets the DAO has deployed. Voting ends May 23. May 20, 12 p.m.: Lido to host its 28th Node Operator Community Call. May 21: Maple Finance teased an announcement on the future of asset management. May 21, 6 p.m.: Theta Network to host an Ask Me Anything session in a livestream May 22: Official Trump to announce its 'next Era' at the day of the dinner for its largest holders. Unlocks May 16: Arbitrum ARB to unlock 1.95% of its circulating supply worth $38.1 million. May 17: Avalanche AVAX to unlock 0.4% of its circulating supply worth $39.44 million. May 18: Fasttoken FTN to unlock 4.66% of its circulating supply worth $87.8 million. May 19: Polyhedra Network ZKJ to unlock 5.3% of its circulating supply worth $31.24 million. May 19: Pyth Network PYTH to unlock 58.62% of its circulating supply worth $354.45 million. Token Launches May 16: Galxe (GAL), Litentry (LIT), Mines of Dalarnia (DAR), Orion Protocol (ORN), and PARSIQ (PRQ) to be delisted from Coinbase. CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes. Day 3 of 3: CoinDesk's Consensus 2025 (Toronto) May 19-25: Dutch Blockchain Week (Amsterdam, Netherlands) May 20-22: Avalanche Summit London May 20-22: Seamless Middle East Fintech 2025 (Dubai) May 21-22: Crypto Expo Dubai May 21-22: Cryptoverse Conference (Warsaw, Poland) May 27-29: Bitcoin 2025 (Las Vegas) May 27-30: Web Summit Vancouver (Vancouver, British Columbia) May 29: Stablecon (New York) May 29-30: Litecoin Summit 2025 (Las Vegas) May 29-June 1: Balkans Crypto 2025 (Tirana, Albania) By Shaurya Malwa Berachain's native token, BERA, has dropped 9% in the past week despite a jump in the broader market, with majors like xrp XRP and ether ETH and memecoins dogecoin DOGE, mog MOG and others adding more than 15%. At $3.55, the BERA price is now more than 80% below its peak of $14.83. The slide follows a substantial $2.7 billion token unlock on May 6, which introduced increased selling pressure into the market. The grim price action illustrates how hype and short-term incentives aren't enough to buoy prices of even fundamentally strong and utility-focused projects in the current market environment. The total value locked in Berachain's DeFi protocols has dropped from a peak of $3.5 billion to around $1.2 billion as of Friday. Before the token issuance, it had been one of the most viral and hyped blockchains in recent years. Meanwhile, inflows to Solana and Ethereum have increased, suggesting a potential shift in investor sentiment or a redistribution of assets within DeFi. Berachain's stablecoin market capitalization has seen a significant reduction, with a 36% drop in just seven days to $250 million. This decline could influence liquidity among ecosystem applications. Berachain application revenue has hovered around $10,000 per day since late April, a stark drop from the above $100,000 level in January and February, DefiLlama data shows. Funding rates in perpetual futures tied to major coins remain below an annualized 10%. It shows positioning remains bullish, but not overcrowded. ETH, UNI, HYPE, BNB, XRM and AAVE have all seen an increase in open interest in perpetual futures in the past 24 hours. In options market, front-end skews have flipped bearish for BTC and ETH. Major flows featured buying BTC puts financed by selling calls, according to OTC desk Paradigm. BTC is up 0.28% from 4 p.m. ET Thursday at $103,688.48 (24hrs: +1.82%) ETH is up 2.62% at $2,610.41 (24hrs: +3.06%) CoinDesk 20 is up 0.92% at 3,241.45 (24hrs: +1.44%) Ether CESR Composite Staking Rate is down 7 bps at 3.03% BTC funding rate is at 0.0066% (7.2544% annualized) on Binance DXY is down 0.12% at 100.76 Gold is down 0.47% at $3,209.33/oz Silver is down 0.66% at $32.30/oz Nikkei 225 closed unchanged at 37,753.72 Hang Seng closed -0.46% at 23,345.05 FTSE is up 0.61% at 8,686.08 Euro Stoxx 50 is up 0.57% at 5,443.14 DJIA closed on Thursday +0.65% at 42,322.75 S&P 500 closed +0.41% at 5,916.93 Nasdaq closed -0.18% at 19,112.32 S&P/TSX Composite Index closed +0.8% at 25,897.48 S&P 40 Latin America closed -0.53% at 2,631.31 U.S. 10-year Treasury rate is down 3 bps at 4.405% E-mini S&P 500 futures are up 0.21% at 5,946.00 E-mini Nasdaq-100 futures are up 0.22% at 21,446.50 E-mini Dow Jones Industrial Average Index futures are up 0.32% at 42,519.00 BTC Dominance: 62.89 (-0.65%) Ethereum to bitcoin ratio: 0.02528 (2.93%) Hashrate (seven-day moving average): 848 EH/s Hashprice (spot): $55.41 Total Fees: 5.42 BTC / $562,026.90 CME Futures Open Interest: 149,515 BTC BTC priced in gold: 32.2 oz BTC vs gold market cap: 9.12% The chart shows the ratio between solana and ether's dollar-denominated prices (SOL/ETH) has dropped to a trendline characterizing the uptrend from September 2023 lows. A break below the line, if confirmed, would signal a prolonged switch to ether outperformance relative to SOL. Strategy (MSTR): closed on Thursday at $397.03 (-4.73%), up 1.28% at $402.10 in pre-market Coinbase Global (COIN): closed at $244.44 (-7.2%), up 1.44% at $247.95 Galaxy Digital Holdings (GLXY): closed at $30.57 (-4.35%) MARA Holdings (MARA): closed at $15.68 (-1.2%), up 1.15% at $15.86 Riot Platforms (RIOT): closed at $8.7 (-2.36%), up 1.26% at $8.81 Core Scientific (CORZ): closed at $10.51 (+1.84%), up 1.81% at $10.70 CleanSpark (CLSK): closed at $9.36 (-2.6%), up 1.28% at $9.48 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $16.57 (-2.24%), up 2.11% at $16.92 Semler Scientific (SMLR): closed at $31.79 (-2.3%), up 1.67% at $32.32 Exodus Movement (EXOD): closed at $35.76 (+2.52%), up 2.07% at $36.50 Spot BTC ETFs: Daily net flow: $114.9 million Cumulative net flows: $41.49 billion Total BTC holdings ~ 1.17 million Spot ETH ETFs Daily net flow: -$39.8 million Cumulative net flows: $2.50 billion Total ETH holdings ~ 3.46 million Source: Farside Investors The chart shows net inflows into the U.S.-listed spot bitcoin ETFs have slowed. The drop has probably played a role in keeping the BTC price range bound. Gold Set for Worst Week in Six Months as Trade Calm Dents Appeal (Reuters): Gold faced pressure from easing U.S.-China tensions, though the price dips are attracting buyers amid lingering uncertainty over global growth and inflation. Japan's Economy Shrinks for First Time in a Year (Wall Street Journal): Japan's GDP shrank 0.2% in the first quarter, worse than the expected 0.1% drop, raising recession fears as concerns mount that U.S. tariffs could curb exports and hinder investment. XRP Slides 4% as Bitcoin Traders Cautious of $105K Price Resistance (CoinDesk): XRP led declines among the biggest cryptocurrencies and, after a week of steady trading, bitcoin appears to be signaling a correction amid equity weakness and gold profit-taking, according to FxPro's Alex Kuptsikevich. Bitcoin Bulls Face $120M Challenge in Extending 'Stair-Step' Uptrend (CoinDesk): Bitcoin's climb from $75,000 to $104,000 has slowed near heavy sell walls, though analysts expect bullish momentum to eventually absorb the resistance and push prices higher. FTX to Pay Over $5B to Creditors as Bankrupt Estate Gears Up for Distribution (CoinDesk): Disbursements beginning May 30 will return between 54% and 120% of claims based on November 2022 valuations, with BitGo and Kraken handling transfers in one to three business days. Qatari Cybertrucks, Elite Camels and Trillion-Dollar Vows: Why Gulf Countries Are Going All Out for Trump's Visit (CNBC): The Gulf's record investment pledges were less about competing with one another and more about strengthening U.S. ties and securing advanced technologies, said economist Ahmed Rashad.
