Bitcoin remains flat, number of large holders over 10,000 ETH falls to lowest level in 2 years

1 year ago 60

Macroeconomics and financial markets

In the US NY stock market on the 8th, the Dow Jones Industrial Average rose 168 dollars (0.5%) from the previous day, and the Nasdaq Index closed at 133 points (1.02%) higher.

In the immediate future, attention will be focused on the release of the US Consumer Price Index (CPI) on the 13th.

If inflation is confirmed to remain high, there is a risk that speculation that the US Federal Open Market Committee (FOMC) will keep the policy interest rate unchanged (suspend interest rate hikes) will recede. On the other hand, if inflation control is confirmed, it will be positive for the stock market and the crypto asset (virtual currency) market.

Ratings agency Moody’s downgraded the outlook for the stock price of major Nasdaq-listed cryptocurrency exchange Coinbase from “stable” to “negative” following a lawsuit filed by the U.S. SEC (Securities and Exchange Commission).

Other exchanges have been required to pay fines due to SEC lawsuits, and there have been cases where staking services have been suspended and some stocks have been delisted. Considering the increase.

According to Moody’s, 20% of Coinbase’s revenue comes from Bitcoin trading, 13% from Ethereum trading and 28% from other cryptocurrency trading.

Meanwhile, Ark Invest, led by Kathy Wood, bought a $21 million stake in Coinbase on June 7 when the SEC filed a lawsuit.

connection:AI/IT stocks fall due to speculation of additional US interest rate hike in July Arc buys more Coinbase stocks | 8th Financial Tankan

connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”

Virtual currency market

In the crypto asset (virtual currency) market, Bitcoin rose 0.01% from the previous day to $26,400.

BTC/USD daily

Bitcoin (BTC) was doldrums as major stock indices in Japan and the United States rallied. The 90-day correlation coefficient between the S&P 500 and Bitcoin reached a record high of 0.58 in April 2022, but has been on a downward trend since 2023, partly due to the reduced exposure of institutional investors.

connection:Correlation coefficient (90 days) between Bitcoin and US stock index hits record high

According to a report by CCData, the U.S. SEC (Securities and Exchange Commission) sued the industry’s largest exchanges, Binance and Coinbase, one after another. It fell 21.8% from the previous month to $495 billion, the lowest level since March.

The SEC claims that the majority of altcoins are “unregistered securities,” including BNB, Solana (SOL), Cardano (ADA), and Polygon (MATIC). There are concerns that the token will be delisted from US exchanges and market makers will withdraw, further reducing liquidity.

Binance.US responds to the lawsuit, currency pairs ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, XTZ/BTC, HBAR/BUSD, ONE/BUSD decided to abolish.

connection:US SEC sues Binance and CZ, claiming many cryptocurrency stocks as securities

connection:Bitcoin, which has been dormant for over 10 years, moves worth 5.2 billion yen Reason for remittance is unknown

ethereum

Data from Glassnode Alert shows that the number of large holders above 10,000 ETH has fallen to its lowest level in almost two years.

Glassnode

On the other hand, checking the net flow index showed that there was more net outflow than net inflow. This suggests that the company turned to staking with a view to medium- to long-term holdings.