Coinspeaker Standard Chartered Bank to Launch Crypto Trading Desk for Bitcoin and Ethereum

According to a Bloomberg report citing people familiar with the matter, the firm is setting up a trading desk for Bitcoin (BTC) and Ethereum (ETH) services. The desk is expected to debut soon as it is almost completed.

Standard Chartered Makes History

Once the platform is introduced, the bank will become the first financial giant to offer Bitcoin and Ether spot trading services to customers. The new platform will be operated from London and will be part of the company’s FX trading unit known as WFX.

So far, other banking giants such as Goldman Sachs have been offering crypto derivatives services to customers since 2022. However, these companies have been unable to expand into the spot market due to stringent regulations imposed by the Basel Committee on Banking Supervision.

The committee proposed new regulatory measures for banks to apply a 1,250% risk weighting to any unhedged crypto exposure, making it difficult for firms to generate profits from their ventures.

Standard Chartered told Bloomberg that it has been working with regulators to ensure that institutional customers get the opportunity to trade cryptocurrencies:

“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability.”

Standard Chartered and Crypto

Despite becoming one of the first global banks to enter spot crypto trading, Standard Chartered has been engaging with the crypto economy.

In November 2023, the company rolled out a blockchain tokenization platform known as Libeara through its venture capital unit, SC Ventures.

The platform is currently among blockchain companies helping the Singaporean government explore the possibilities of developing a tokenized government bond using its fiat currency.

Standard Chartered has also made strategic investments in many crypto-native companies, including Zodia Custody and Zodia Markets. The bank owns substantial stakes in both companies, which offer custody services and over-the-counter trading to institutional customers.

Last year, the bank announced plans to launch crypto custody services for institutional investors to safeguard their BTC and Ether purchases in Dubai.

In May 2024, the bank revealed it had completed a Euro-denominated cross-border transaction between Hong Kong and Singapore on Partior, a blockchain global unified infrastructure market.

The company said it was the first Euro settlement bank to go live on the platform. However, its relationship with Partior began in November 2022 when the bank made a strategic investment in the Blockchain company.

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Standard Chartered Bank to Launch Crypto Trading Desk for Bitcoin and Ethereum

Coinspeaker Santiment: Bitcoin Experiencing “Extended Level” of FUD on X

This extended level of FUD is uncommon, with many traders expressing fear or disinterest. Santiment suggests that this trader fatigue, combined with whale accumulation, typically leads to price rebounds that benefit patient investors.

Over the past week, Bitcoin price has varied, reaching highs of around $67,000 and dipping to lows in the $64, 000 area.

Santiment’s Weighted Sentiment Index, which measures Bitcoin mentions on X and assesses the ratio of positive to negative comments, has been in negative territory since May 23. The current reading of -0.738 indicates a predominance of negative sentiment.

The Fear and Greed Index, another metric that considers social media sentiment, has also dropped to 64, down 11 points from last week. While still in the “greed” zone, this decline signals growing caution among crypto investors. It reflects the current cautious sentiment prevailing in the market, including social media reactions.

In line with the prevailing sentiment, on-chain activity on the Bitcoin network seems to be on the decline. Crypto market intelligence platform IntoTheBlock reported via X that Bitcoin transaction fees have experienced a significant 64% decrease this week, amounting to $19.2 million, due to reduced on-chain activity.

Longest Period of Consolidation

Amidst the FUD, Bitcoin is now in its longest consolidation period, lasting 92 days. Analysts believe this extended steadiness could set the stage for a significant rally. Historically, longer consolidation periods have led to larger expansions, assuming a breakout occurs.

A recent post by popular pseudonymous Twitter analyst Daan Crypto Trades noted:

“Bitcoin has now been almost 100 days of consolidating near the previous cycle’s all-time high. Generally, the longer a consolidation, the larger the expansion afterward.”

Despite widespread skepticism among the crypto community, analysts are hopeful for a major rebound. This optimism is further fueled by recent developments such as the approval of spot Bitcoin exchange-traded funds (ETFs) and recent regulatory changes.

Broader Market Implications

The extended FUD coupled with prolonged consolidation could hold significant promise. If historical trends hold, the current sentiment might lead to a substantial rally. In the short term, this heightened investor caution could lead to reduced trading activity and increased market volatility as investors adopt a more wait-and-see approach. Since Bitcoin’s sentiment often influences the broader market, altcoins could similarly be affected.

As the market waits and watches, the interaction between fear, disinterest, and strategic accumulation will likely determine Bitcoin’s next major move. Traders and investors need to stay vigilant and consider historical patterns as they navigate the current market conditions.

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Santiment: Bitcoin Experiencing “Extended Level” of FUD on X

Coinspeaker Elon Musk Has No Plans to Integrate Crypto Payments on X

According to a 350-page document and emails seen by Bloomberg, the billionaire CEO of Tesla and SpaceX wants to transform X into a Venmo-like app where users can store, send and receive money through their X accounts and pay for goods and services from physical stores but not crypto transactions.

Musk previously hinted about the planned transformation to turn X into a financial hub during an all-hands call with X employees in October last year.

“When I say payments, I actually mean someone’s entire financial life. If it involves money, it’ll be on our platform. Money or securities or whatever. So it’s not just, like, send $20 to my friend. I’m talking about, like, you won’t need a bank account,” Musk said in a recorded audio of the meeting obtained by The Verge.

The crypto community had hoped the plan would include digital asset payments due to Musk’s history with the emerging economy. The billionaire CEO had previously accepted Bitcoin (BTC) payments for Tesla products and is an ardent supporter of Dogecoin (DOGE).

However, according to the documents and emails obtained by Bloomberg, there is no plan to integrate digital asset payments on the platform or even support crypto transactions.

X Payments and Regulatory Compliance

As reported, the payment services would be offered through a dedicated subsidiary, X Payments, which has submitted applications to become a payment transmitter across all 50 US states.

The move aims to enable the company operate across different jurisdictions in America in compliance with local regulations. According to the company’s website, X Payments has obtained regulatory approval from 28 states, including Wyoming, Rhode Island, Utah and Louisiana.

The documents also showed that the firm is prepared to wait for a multi-year process to get the permits it needs to service users across the United States.

Initially, Musk planned to roll out the payment services globally in the first quarter of 2024 but encountered regulatory hurdles that postponed the release to a future date.

X to Offer Cheap Transaction Fees

Last year, the company told financial regulators in Massachusetts that it would continue its pursuit for international  money transfers after obtaining enough permits in the majority of US states. The firm plans to resubmit its application to the financial authorities when its ready.

X Payments sees the introduction of payment features on X as a way to improve its business offerings through “increased participation and engagement” on the app. The company plans to charge relatively low transaction fees when it starts processing transactions for users to remain competitive with other payment platforms like Venmo and PayPal.

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Elon Musk Has No Plans to Integrate Crypto Payments on X

Coinspeaker Tron USDT Overtakes Visa in Daily Transaction Volume

An on-chain data released by Lookonchain revealed that the 24-hour trading volume of Tether (USDT) on the Tron network has reached up to $53.031 billion, increasing by 10% in the last 24 hours, overtaking Visa’s average daily trading volume. This record by Tron is notable, as Visa is one of the world’s largest payment processing companies, handling billions of transactions across more than 200 countries and regions.

USDT Tops Visa’s Daily Transactions

The value of Tron USDT  has grown quickly, as the number of holders is now over 45 million, with the number of times it has been transferred rising to more than 1.8 billion. The spike in the volume can be partly attributed to the increase in demand for stablecoin in a period when the crypto market is experiencing a downturn.

Tron, a blockchain project developed for building decentralized applications, has also experienced a rise in its total value locked (TVL) as it increased to more than $8.1 billion, making it the second blockchain network, only behind Ethereum, the first on the ladder. The Tron ecosystem has also generated over $730 million in revenue so far this year, second only to Ethereum’s $1.6 billion.

Visa has long established itself as a go payment processor. However, the continuous growth of USDT and other stablecoins could pose a potential challenge. Thus, for a chance to compete with these fast-rising solutions, Visa may need to launch its own blockchain-based system and stablecoin.

Stablecoins Outpacing Traditional Payment Networks

In data released by Nansen, an on-chain analytics firm, in April, it was revealed that the top three crypto largest stablecoins, Tether, USDC, and DAI, have experienced higher trading volumes than Visa. The analysis which was conducted around March showed that the monthly volume around that period surpassed that of the payment company’s in 2023.

The on-chain firm further revealed that Tether processed $654 billion around that same period, while DAI had $394 billion and USDC saw $321 billion. Thus, the total of these three was $1.369 trillion, while Visa, on the other hand, was $1.23 trillion in 2023. Also, in the data released, Tether had almost the same monthly volume as Mastercard, the second-largest card provider. According to Nansen, the average monthly volume of Mastercard was 750 billion in 2023, which was, in total, $9 trillion by the end of 2023. Not only that, Tether also surpassed PayPal, which was gaining $125 billion each month in the same year.

This achievement by USDT in surpassing Visa’s transaction volume shows the growing adoption and influence of cryptocurrencies and stablecoins in the global financial ecosystem. Thus, with the current clampdown on the crypto market, it is very likely to see more of an increase in the transaction volume of stablecoins as many crypto traders will want to keep their assets in them.

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Tron USDT Overtakes Visa in Daily Transaction Volume

Coinspeaker ConsenSys Calls for Delay of New IRS Reporting Rules as Industry Unites Against ‘Unclear’ Regulations

ConsenSys, a leading blockchain development firm, is urging the US Internal Revenue Service (IRS) to postpone the implementation of new crypto tax reporting regulations. The company argues that the proposed rules lack clarity and uses excessively broad terms in ways that unnecessarily burden the entire industry, particularly for software developers.

ConsenSys Bemoans IRS’ Unclear Definitions and Heavy Burden on Businesses

The major point of argument for ConsenSys is the broad definition of a “broker” within the proposed regulations. Under these rules, various entities facilitating crypto transactions, including software developers like ConsenSys (creators of the popular MetaMask wallet), might be classified as brokers. This means, multiple parties could end up reporting the same transaction, causing complications and general confusion.

Furthermore, ConsenSys also criticizes the lack of clear instructions on how to complete the new Form 1099-DA, designed for reporting crypto transactions. In its letter to the IRS, ConsenSys pointed out that the form lacks clear instructions for brokers, raising even more challenges.

Privacy concerns are also among the issues raised by ConsenSys. The firm noted that the developers of self-custody wallets like MetaMask, may not have access to all the information required to fill out the transaction reporting forms, potentially compromising user privacy. An excerpt from the letter sent to the IRS by the software development firm reads:

“It cannot be more emphatically stated that providing software developers with a form that requires manual inputs would single-handedly destroy U.S. companies.”

ConsenSys also noted that the regulator has given little to no time for businesses to adjust accordingly. With the tax filing deadline fast approaching, businesses may not meet up in compliance with the new reporting requirements.

Rallying Call to Crypto Industry as Optimism Rises

It appears that ConsenSys aims to use the letter, which is publicly available, as a call to action for the general blockchain industry. Bill Hughes, the company’s senior counsel, encouraged other affected firms to voice their concerns to the IRS before the deadline for public comments.

Notably though, like ConsenSys, some prominent industry participants have also been airing their criticism of the proposed IRS regulations. The Crypto Council for Innovation CCI, for instance, noted that the idea of classifying unhosted wallet providers as brokers, is impracticable. That is because these entities do not possess complete transaction details or user identities as the reporting would require.

Generally, there is an air of optimism around the broader industry in terms of regulations. This was detailed in an earlier report by Coinspeaker where ConsenSys founder Joseph Lubin recently said the odds are now high that the regulatory crackdowns on crypto firms by the United States Securities and Exchange Commission (SEC) would soon come to an end.

Lubin’s views border on the Commission’s recent decision to end its prolonged battle with Ethereum (ETH price data). While the SEC has dropped its investigation into ETH, ConsenSys has assured that it will continue its lawsuit with the regulator and see it to a logical end. The lawsuit, which was filed in April, seeks to have the SEC provide better clarity regarding the regulation of cryptocurrencies.

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ConsenSys Calls for Delay of New IRS Reporting Rules as Industry Unites Against ‘Unclear’ Regulations

Coinspeaker Federal Judge Suggests Denying Motion to Dismiss in SEC vs Kraken Case

The le­gal battle betwee­n the US Securities and Exchange Commission (SEC) and crypto exchange­ Kraken took a significant turn on June 20, 2024. During a hearing in the­ U.S. District Court for the Northern District of California, Judge William Orrick hinte­d at denying Kraken’s motion to dismiss the case­. This suggests the court may be incline­d to view certain digital assets on the­ exchange as securitie­s.

Kraken Challenges SEC’s Approach

Both parties pre­sented opposing arguments at the­ hearing. Kraken’s lawyer, Matthe­w Solomon, argued against the SEC’s approach of treating the­ exchange as a unified “e­cosystem” where all toke­ns are bundled as investme­nt contracts. He emphasized the­ need for the fair and consiste­nt application of existing regulations to crypto assets, just like­ any other financial product.

The SEC, repre­sented by Pete­r Moores, presente­d a contrasting viewpoint. Their argument hinge­d on classifying tokens as “concepts” within the Krake­n ecosystem, potentially qualifying the­m as securities under the­ Howey Test, a legal frame­work for identifying investment contracts.

Solomon furthe­r distinguished Kraken’s case from pre­vious SEC actions against Terraform Labs and Telegram. He­ also reference­d Judge Analisa Torres’ decision in the­ SEC’s case versus Ripple Labs. While­ the Ripple case saw XRP toke­ns classified as securities for institutional inve­stors, Solomon suggested a closer comparison lie­s with cryptocurrency exchange Coinbase­.

While Judge Orrick didn’t make a final ruling on the­ motion to dismiss, his inclination towards denying it suggests the case­ will proceed. He e­stimated a year for the discove­ry phase, a crucial period for both parties to gathe­r evidence.

SEC Scrutiny of Ethereum

Although not directly involve­d in the SEC v. Kraken case, Ethe­reum (ETH price data) is still a major focus in the ongoing regulatory conflict. Earlie­r reports hinted at the SEC’s conside­ration of categorizing ETH as a security, which could lead to e­nforcement actions against companies de­aling with the token.

A rece­nt development in this conte­xt is the SEC’s closure of its investigation into Consensys, a blockchain firm that had sued the commission regarding a possible­ enforcement action conce­rning ETH. This development raise­s questions about the SEC’s current stance­ on classifying Ethereum.

With the pote­ntial classification of certain digital assets as securitie­s, the industry might face stricter re­gulations and increased scrutiny. The unce­rtainty could impact investor confidence and hinde­r the cryptocurrency market’s growth.

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Federal Judge Suggests Denying Motion to Dismiss in SEC vs Kraken Case

Coinspeaker Bitcoin Options Market Continues to Stay Bullish with $100K Calls Despite Selling Pressure

Despite the strong selling pressure in Bitcoin (BTC) recently, the BTC derivatives data from Deribit shows that the crypto options traders are strategically putting bets while divulging from the recent downtrend. In the last 24 hours, the Bitcoin price has continued to face additional selling pressure slipping under $65,000. In the last two weeks, the BTC price has pulled back by 10% from the high of $72,000.

As per the data on the crypto derivatives platform Deribit, the flow in the Bitcoin options remains biased towards call options at levels much higher than the current BTC price. This shows that sophisticated investors expect the ongoing BTC price weakness to translate into a strong bounceback and a run to even higher levels.

A call option grants the buyer the right, though not the obligation, to purchase the underlying asset, such as BTC, at a pre-agreed price on a future date. By purchasing a call option, the buyer expresses a bullish sentiment toward the market.

As per the recent market update by Singapore-based QCP Capital, there’s an abnormally large flow into Bitcoin options with  Dec and Mar [expiry] $90-$100K calls in the last 24 hours.  This shows that professional players see a bottom formation into Bitcoin very soon thereby positioning themselves for a sustained rally, that might extend further into 2025.

The below chart highlights the most active Bitcoin options in the last 24 hours. Most of the activity has focused on call options expiring in June at $65,000, $68,000, and $70,000, with additional interest seen in July calls at $110,000 and December calls at $95,000.

Photo: Velo

A Look Into Bitcoin Call-Put Ratio

According to Amberdata, the divergence between the options market sentiment and Bitcoin’s price is notably reflected in the call-put skew. This skew reveals that premium traders are willing to pay for asymmetric payouts in either the upward or downward direction.

Photo: Amberdata

Across different timeframes – one month, two months, three months, and six months – the skew has remained consistently positive despite recent pullbacks in BTC price. This indicates a prevailing preference for call options or potential upside movements. However, the seven-day skew has turned negative, indicating increased demand for protective options against potential downside risks.

In recent weeks, Bitcoin has been largely decoupling from the strong uptrend in Nasdaq. This is majorly due to the selling by long-term holders along with the sell-off from the Bitcoin miners. Also, there have been major outflows from the spot Bitcoin ETFs in the past week.

On Thursday, June 20, the German government moved a total of 1,700 Bitcoins to crypto exchanges Coinbase, Kraken, and Bitstamp, with the intent of selling.

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Bitcoin Options Market Continues to Stay Bullish with $100K Calls Despite Selling Pressure

Coinspeaker Bitcoin Price Down 2.3% as US Spot BTC ETFs Registers 5 Consecutive Days of Net Cash Outflows

The total cryptocurrency market slipped over 2% in the past 24 hours, led by Bitcoin (BTC), to hover around $2.46 trillion on Friday during the London session. The altcoin industry registered more bearish volatility, thus resulting in more than $129 million in forced liquidations.

The LayerZero (ZRO) airdrop caught the attention of most retail traders as the Binance crypto exchange ushered in its airdrop period for the BNB (BNB price data) holders.

Bitcoin Suffers Heightened Selling Pressure

Bitcoin (BTC) price has struggled to rally beyond $72k in the past few months, despite the approval of several spot BTC ETFs in different jurisdictions led by the United States and Hong Kong. The lack of Bitcoin’s bullish momentum has been attributed to heightened selling pressure, precisely originating from Coinbase Global Inc. (NASDAQ: COIN).

#Bitcoin selling pressure is originating from Coinbase. pic.twitter.com/Cwz95TLsCt

— Ki Young Ju (@ki_young_ju) June 20, 2024

Notably, Coinbase has been absorbing the heightened Bitcoin selling pressure from spot BTC ETFs in the last few weeks.

On Thursday, June 20, United States-based spot BTC ETFs registered a total cash outflow of about $139 million.

Grayscale’s GBTC led in net cash outflow on Thursday of about $53 million, closely followed by Fidelity Investments’ FBTC with a total of $51 million. Bitwise’s BITB registered one of its highest daily cash outflows of about $32 million.

Meanwhile, BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) registered a total cash inflow of about $1 million on Thursday. As a result, US-based spot BTC ETFs have registered five consecutive days of net cash outflows.

🚨 $BTC #ETF Net Inflow June 20, 2024: -$140M!

• The net inflow has been negative for 5 consecutive days.

• Only #BlackRock (IBIT) experienced a small inflow of $1.5M yesterday.

• #Grayscale (GBTC) experienced the highest outflow of the day at $53M. This ETF has suffered a… pic.twitter.com/XC6n5bJl5D

— Spot On Chain (@spotonchain) June 21, 2024

What Next for BTC Price Action

Bitcoin price has signaled midterm bearish sentiment after consistently closing below the daily 50 Simple Moving Average (SMA). Additionally, the weekly Relative Strength Index (RSI) has been falling towards the 50 level after slipping below the 70 level in April.

According to Axel Adler, an on-chain analyst and macro researcher at CryptoQuant, Bitcoin price has entered a macro waiting phase as low demand and market pessimism continue to rise.

The weekly change in the cost basis Bitcoin cohorts dropped to 0%. This could be interpreted as market pessimism or a lack of demand and supply.

I would call this a “waiting phase.”#HODL pic.twitter.com/g6X9D5GppL

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) June 20, 2024

From a technical standpoint, Bitcoin price could continue dropping in the coming weeks towards the support level of around $63,300k. If the $63k support level fails to hold, the flagship coin will drop further towards the range between $58k and $60k.

Ultimately, Bitcoin price is on a macro-rising trend following the fourth halving event, in addition to other favoring fundamentals. As a result, some crypto analysts have set a long-term target of between $$120 and $250k.

Bigger Picture

The approval of spot Ethereum ETFs in the United States amid the changing crypto regulatory environment has favored the mass adoption of the altcoin industry. Already, a Solana ETP could be unveiled soon in Canada, which could trigger the application of similar products for other altcoins.

With Bitcoin dominance approaching a major resistance zone, which could lead to a reversal, the altcoin industry will experience heightened bullish volatility ahead.

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Bitcoin Price Down 2.3% as US Spot BTC ETFs Registers 5 Consecutive Days of Net Cash Outflows

Coinspeaker Bitwise Prepares for Ethereum ETFs with Mintable NFT Commercial 

On June 20, Bitwise released its first-ever commercial for the new investment offerings, which are still awaiting final approval from the US Securities and Exchange Commission (SEC). According to the company, the ads can be minted as a non-fungible token (NFT) on the Ethereum network (ETH price data).

TV Ad Minted as NFT

The ads, titled “Capture a piece of crypto history: the 1st national TV spot minted as an NFT,” features a 39-second short video-clip to demonstrate the always-on nature of the blockchain technology unlike the traditional financial system which clock’s out by 4pm.

In the video, two actors, an older man representing big finance, and a younger man representing Ethereum, dressed to signify their respective domains were seen discussing their day’s activities. Big finance proudly told Ethereum that he would like to sleep after “moving billions around the world.” In response, the younger actor while trying to tuck big finance into  bed said he does not have the luxury of sleep. According to him,  “stablecoins, NFTs, and loans—people need him to stay active 24/7,” without interruption.  However, he encouraged big finance to get some rest as “everyone is different.”

Minting on the Zora Network

Bitwise said the video is available for minting on the Zora Network, an Ethereum scaling solution built on the Optimism OP Stack to help bring media on-chain. The network is designed to support the NFT culture. So far, the platform has minted about 1,198 of the Bitwise commercial into an NFT from 530 unique minters.

Bitwise said that 50% of proceeds generated from the sale of the NFTs will be donated to Protocol Guild, a collective funding mechanism developed by Ethereum core contributors. According to the company, the remaining 50% will be used to compensate Jamie Kaler and Michael Tacconi, the actors who starred in the commercial. To date, both the actors and Protocol Guild have earned a combined $1,865, or 0.53 Ether, from the NFT mints.

Bitwise’s Track Record in Innovative Advertising

Meanwhile, this is not the first time Bitwise has outpaced other asset issuers to become the first to release an ads  before the launch of a new product.

For instance, the company released the first ever Bitcoin ETF commercial in December 2023 in anticipation of the launch of the product offerings. The ads which featured Jonathan Goldsmith, a popular Hollywood actor known for his role as “The Most Interesting Man in the World”, went viral as it appeared on televisions, social media platforms, and digital channels.

Additionally, it was also aired on prominent business news networks like CNBC, Bloomberg, and Fox Business Network. One month after the commercial’s release, the SEC announced the approval of 11 Bitcoin spot ETFs for trading on January 10, 2024.

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Bitwise Prepares for Ethereum ETFs with Mintable NFT Commercial 

Coinspeaker BitMEX’s Arthur Hayes Speaks Up About the US-Japan Situation, Expects Surge in Risk Assets

Arthur Hayes, one of the co-founders of the BitMEX crypto derivatives exchange, has published a new article titled “Shikata Ga Nai”, focusing on the economic relations between the United States and Japan and the potential impact on the crypto sector and other risk assets.

Shikata Ga Nai by Arthur Hayes

In his article “Shikata Ga Nai”, which translates to “it cannot be helped”, Hayes described how “deadbeat Japanese banks have fallen victim to the monetary policies of Pax Americana”, According to him, Japanese banks engaged in a dollar-yen carry trade via the US Treasury (UST) in order to earn significant yields on their yen deposits, since the yield on all “safe” government and corporate bonds was almost zero.

However, Hayes said that due to the COVID pandemic, inflation rose, and as a result, the United States Federal Reserve had to increase interest rates at the fastest pace since the 1980s. The rising rates were devastating news for anyone who held USTs. Hayes added:

“From 2021 to 2023, the rising yields produced the worst bond round since the War of 1812. Shikata Ga Nai!”

While the US bailed out leading American banking institutions with huge holes in their balance sheets, the Japanese banks that held UST were at risk. As a result, Hayes noted that Norinchukin (Nochu), the 5th largest Japanese bank by deposits, “will dump $63 billion worth of foreign bonds, the majority of which are USTs.”

According to Hayes, every Japanese bank that engages in a similar trade involving USTs will start selling their bonds. As per the International Monetary Fund, these banks held around $850 billion in foreign bonds going into 2022.

The BitMEX executive said that Japanese banks are selling these holdings because, prior to 2023, the differential between the USD and yen was negligible, but now “the cost of hedging the dollar exposure embedded in a UST outweighed the higher yield offered.”

“Nochu is getting spit-roasted harder than an FTX/Alameda polycule participant. On a mark-to-market basis, the USTs bought most likely in 2020–2021 are down 20%–30%. In addition, the FX hedge cost has gone from negligible to over 5%,” wrote Hayes.

Effect on Risk Assets

To sum up the article, Hayes believes that the Japanese banks selling USTs “will force the Federal Reserve to turn on the printing press, which will drive growth in risk assets.” He compared the situation to September to October 2023, where the UST yield curve steepened, causing 10-year and 30-year USTs to trade at yields above 5% while the S&P 500 dropped a whopping 20%. However, at the same time, Bitcoin and other cryptocurrencies rallied starting in November 2023, and the rally continued until March because of the approval of spot Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC).

“Just as many began to wonder where the next jolt of dollar liquidity would come from, the Japanese banking system dropped Origami cranes composed of crisply folded dolla bills upon the laps of crypto investors. This is just another pillar of the crypto bull market,” Hayes added.

Additionally, Hayes also recently predicted that Aptos (APT) will flip Solana (SOL) in the near future as the number 2 L1 chain after Ethereum (ETH). Hayes is a strong critic of the Federal Reserve and the traditional finance system and has often published articles speaking about the malpractices and manipulations organized by the central banks.

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BitMEX’s Arthur Hayes Speaks Up About the US-Japan Situation, Expects Surge in Risk Assets

Coinspeaker Binance Completes Integration of USDT on TON Network

In a letter to its users, top cryptocurrency exchange Binance announced the completion of Tether (USDT price data) integration with the Toncoin network. This new development means that users can now perform USDT deposit and withdrawal transactions on The Open Network (TON). Markedly, this addition offers users a large suite of options and flexibility in conducting their transactions on any network of choice.

Enhancing the Utility of the TON Network

Integrating USDT into the network is a significant milestone for the digital asset trading firm, especially as it aligns with its effort to enhance its multi-chain capabilities. Binance users get to explore diverse options for managing their digital assets. For ease of use, Binance has provided its users with specific token deposit addresses to run their USDT transactions on TON.

TON is a decentralized blockchain network that was originally built by the messaging app Telegram. The project was later handed over to open-source developers after a series of legal challenges that forced Telegram to step aside. The design of the network accommodates high-speed and efficient blockchains. TON is focused on processing millions of transactions per second.

It utilizes sharding, a technology that involves the splitting of larger blockchain networks into smaller manageable sizes. This split and merge process allows varying transactions to run smoothly and at a fast speed. TON uses a Proof-of-Stake (PoS) consensus algorithm that enhances security as well as efficiency compared to the Proof-of-Work (PoW) consensus mechanism.

As the largest stablecoin by market capitalization, the presence of USDT on the Toncoin network could serve as a boost to the network’s utility. Ultimately, users will enjoy the high transaction speed and low cost provided by TON, and the stability and liquidity offered by Tether.

Performance of Toncoin Network

In the last couple of months, the network has recorded significant growth compared to its counterparts.

According to data from DeFiLlama, the network registered a high Total Value Locked (TVL) of $600 million at the beginning of this week. By Thursday, the TON blockchain recorded over $620 million in TVL. The next target of the protocol is to hit a TVL of $1 billion in the next few weeks or months.

Similarly, the native token behind the network TON hit an All-Time High (ATH) of $8.10 a week ago. At the time of this writing, TON was trading at $7.25 with a value drop of 0.16%. This plunge may have resulted from the currently bearish market sentiment.

So far, the protocol has seen more than $24 million in trading volume and currently has a market cap of more than $17 billion. It has equally seen quite some integrations and partnerships in recent times. Apart from this integration announced by Binance, Flipster also announced on X that it inked a partnership deal with TON to offer deposits in USDT.

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Binance Completes Integration of USDT on TON Network

Coinspeaker LayerZero’s ‘Not an Airdrop’ Drama Causes 19% Fall in ZRO Token

The launched token saw a 19% drop since its launch, largely due to backlash over the donation criterion for claiming tokens. Some have compared this requirement to a “tax,” while others see it as a potential solution to the issues plaguing recent token airdrops. Upon its launch on June 20, ZRO initially surged 15.15% within just 20 minutes. However, it quickly plummeted 22% within two hours, a pattern many attribute to their peculiar claiming requirements.

Unique Claiming Mechanism

LayerZero has implemented a new claiming mechanism known as Proof-of-Donation. This mechanism requires users to donate a small amount of money per ZRO token, with the donations directed to the Protocol Guild, a collective funding mechanism for Ethereum developers.

LayerZero estimated that this initiative would result in approximately $18.5 million in donations. Additionally, the LayerZero Foundation has pledged to match all donations up to $10 million.

Today LayerZero is introducing a new claiming mechanism called Proof-of-Donation, which will result in ~$18.5 million donated to @ProtocolGuild, a collective funding mechanism for Ethereum developers.

Protocol Guild and Ethereum’s core developers have been fundamental to… pic.twitter.com/YPN7wzsqbJ

— LayerZero Foundation (@LayerZero_Fndn) June 20, 2024

Community Reactions

The crypto community’s response to this mechanism has been mixed. Critics argue that requiring a donation for claiming tokens changes the nature of the “airdrop” to something more similar to an initial coin offering (ICO). One Twitter user expressed, “If you force a donation then it’s called a tax. I supported PG willingly in the past. If you want to support PG, you can donate directly or give an allocation to people who donated.”

On the other hand, some community members support the initiative, arguing that the donation mechanism benefits the broader crypto ecosystem. One user stated, “People whining about the donation on LayerZero airdrop are dumb. You are getting something free and being asked to donate a fraction of it to support a greater ecosystem. It’s a good way to set a base cost value for a token.”

LayerZero co-founder Bryan Pellegrino has defended the token launch, emphasizing that no one is obligated to claim the tokens if they do not wish to donate.

There is no forced donation, if you don’t want to donate… simply don’t claim. This is not something you own, it’s something being offered.

— Bryan Pellegrino (臭企鹅) (@PrimordialAA) June 20, 2024

Eligibility Criteria and Airdrop Details

LayerZero’s airdrop has allocated 8.5% of the total ZRO supply to the community. This includes 5% for the core community, 3% for RFP (Request for Proposal) participants, and 0.5% for the community pool.

Eligibility criteria for receiving the airdrop included factors such as average trading volume, fees spent, L0 message count (with a minimum of 15 messages), and active participation over several months.

ZRO launched with a $934 million market capitalization and $3.7 billion FDV. ZRO’s price briefly hit a high of $4.71 before falling below $3.50, according to CoinMarketCap.

As the situation unfolds, it remains to be seen how LayerZero will navigate the backlash and whether the Proof-of-Donation mechanism will be adopted by other projects in the crypto space.

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LayerZero’s ‘Not an Airdrop’ Drama Causes 19% Fall in ZRO Token

Coinspeaker Crypto Exchange Gemini Donates $2 Million in Bitcoins to Donald Trump Campaign

Thus, the twin brothers have joined other crypto executives who have openly declared their support for Trump’s 2024 presidential campaign. In his post on the social media platform X, Tyler Winklevoss lashed out at the Biden administration over their handling of the crypto market regulations during his tenure. Tyler wrote:

“Over the past few years, the Biden Administration has openly declared war against crypto. It has weaponized multiple government agencies to bully, harass, and sue the good actors in our industry in an effort to destroy it. This Administration’s actions have been nothing short of an unprecedented abuse of power wielded entirely for twisted political gain at the complete expense of innovation, the American taxpayer, and the American economy. There is nothing the Biden Administration can do or say at this point to pretend otherwise.”

In recent years, the crypto exchange Gemini has had to undergo several regulatory and legal challenges. Earlier in February 2024, the New York Department of Financial Services (NYDFS) stated that Gemini need to return a minimum of $1.1 billion to all the troubled customers of its Earn Program.

Furthermore, the company had to pay an additional fine of $37 million for “unsafe and unsound practices”. Gemini also announced a $21 million settlement with the U.S. Securities and Exchange Commission (SEC) without admitting any wrongdoing.

Biden Administration Weaponizes Banking Against Crypto

In his long post on X, Tyler Winklevoss also slammed the Biden administration for Operation Choke Point 2.0 while weaponizing the banking system against the crypto companies. He said that the Biden administration is threatening banks behind closed doors to not work with crypto firms. “Any bank that doesn’t follow orders is threatened,” he wrote.

Tyler Winklevoss added that the US agencies wield immense power over banks, possessing the authority to revoke their licenses or FDIC deposit insurance at any moment under the pretext of “safety and soundness” concerns.

In his 2024 Presidential Campaign, former President Donald Trump smartly positioned himself as a strong supporter of the cryptocurrency sector. At a recent fundraiser in San Francisco attended by tech executives, he criticized Democratic efforts to regulate the industry and emphasized his commitment to being the “crypto president.”

On the other hand, the Biden administration is also making an effort to reach out to the crypto camp. However, amid the existing hostility, they haven’t been able to break the ice with the top crypto industry players.

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Crypto Exchange Gemini Donates $2 Million in Bitcoins to Donald Trump Campaign

Coinspeaker Ripple Legal Battle: California Judge Moves Lawsuit to Trial

A California judge has ruled that the civil securities litigation against American fintech firm Ripple Labs Inc. will proceed to trial, which has shocked the crypto sector. Judge Phyllis Hamilton of the US District Court for the Northern District of California partially denied Ripple’s motion for summary judgment in a case that alleged that Ripple’s CEO, Brad Garlinghouse, violated state securities laws in 2017.

Meanwhile, the data from CoinMarketCap shows that the XRP price is down almost 9% in the past 30 days and decreased over 1% in value since June 2023. The price action of XRP showed a few signs of bullish movements but failed to generate an upward trajectory. The price of the altcoin is 87.26% lower from its all-time high of around $3.8 witnessed in January 2018.

The lawsuit centers on claims that Garlinghouse made misleading statements during a 2017 televised interview, in relation to the sale of Ripple’s XRP. The plaintiff claims that Garlinghouse professed to be “very, very long XRP” while also selling millions of XRP on various cryptocurrency exchanges. This, according to the plaintiff, constitutes a violation of California’s securities laws.

Judge Hamilton’s ruling dismissed four of the five claims in the class action lawsuit which were termed as “failure to register claims.” However, the claim regarding Garlinghouse’s alleged misleading statements will proceed to trial.

In her ruling, Judge Hamilton stated that the court could not determine “that a reasonable investor would have derived any expectation of profit from general cryptocurrency market trends, as opposed to Ripple’s efforts to facilitate XRP’s use in cross-border payments, among other things.”

Ripple Continues to Battle Legal Issues

Ripple’s legal team had argued for the dismissal of the claims on the grounds that XRP does not satisfy the definition of a security under the Howey Test. The attorneys urged Judge Hamilton to take into account the reasoning of US District Court Judge Analisa Torres, who had previously determined that XRP did not satisfy all of the elements of the Howey Test when sold directly to retail participants on cryptocurrency exchanges.

The ruling of Judge Torres in the Southern District of New York (SDNY) was perceived as a partial victory for Ripple and a potential precedent for other crypto cases. The crypto industry hailed it as a significant stride toward regulatory clarity.

The market seems to have remained sluggish for XRP despite the ruling from Torres. However, there are talks of an XRP exchange-traded fund (ETF) as well which might boost the prices of the altcoin. However, the SEC might be hesitant in the approval of such a product.

On the other hand, Ripple’s Chief Legal Officer, Stu Alderoty, expressed satisfaction with the dismissal of the class action claims but acknowledged the need to address the remaining state law claim at trial. “We are pleased that the California court dismissed all class action claims. The one individual state law claim that survived will be dealt with at trial,” Alderoty stated.

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Ripple Legal Battle: California Judge Moves Lawsuit to Trial

Coinspeaker Bybit Introduces Copy Trading Pro for Enhanced Investment Opportunities

The new trading environment is designed to empower investors to make informed investment decisions and achieve their financial goals.

According to a shared press release, Copy Trading Pro is an advanced platform where users can benefit from the expertise of vetted professional investors, known as Pro Masters.

These experts were carefully selected based on their proven track record of successful investments, and they have access to both the spot and derivatives markets. Bybit said the move allows them to adopt diverse strategies to maximize potential returns on investment (ROI).

How Copy Trading Pro Works

Bybit initially hinted at the launch of Copy Trading Pro on June 4 without disclosing the official rollout timeline. The platform is now live, and users can start trading immediately.

Investors have the option to commit their assets to Pro Masters, who will trade on their behalf, or to trade independently. Either way, the platform is designed to accommodate both traders.

For Pro Masters, the platform has been designed to offer them the opportunity to focus on long-term investment opportunities by providing them with uninterrupted execution.

With access to both the spot and derivatives market. the trading experts can choose to adopt any investment strategy of their choice to ensure users profits from the investments. The move is aimed at allowing the trading experts to diversify their strategies for enhanced flexibility.

Additionally, Pro Masters can share part of the profits generated from the trading. Bybit said they can earn up to 30% of the total profit generated, incentivizing them to achieve the best possible outcomes for their investors.

Safety and Risk Management

As for investors, the Copy Trading Pro offers them the opportunity to mirror Pro Masters’ trades. This gesture eliminates slippages, position gaps and missed opportunities for the traders.

Furthermore, Bybit has integrated several safety measures into the Copy Trading Pro platform to protect investors from the volatile nature of the crypto market.

The new trading platform features a 10x leverage limit to protect users from overexposure and other undisclosed risk management tools designed to safeguard traders.

Bybit said it aims to provide a safe trading environment for its users.

“With Copy Trading Pro, we are revolutionizing the way traders and investors participate in the crypto market, creating a safer and more mutually beneficial environment for both sides,” said Joan Han, top executive at Bybit.

Achieving New Milestones

The launch of Copy Trading Pro coincides with Bybit’s announcement of reaching 30 million registered users. Bybit shared this milestone on July 19, noting it came “alongside a period of exceptional growth” for the exchange.

The company said citing a research conducted by Kaiko Research that its market share in the spot trading sector grew from 2% in 2023 to an impressive 9.3% in 2024. According to the firm,the figure represents nearly 400% growth within just 12 months.

The exchange attributed the success to its “unwavering commitment to user security and trust.”

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Bybit Introduces Copy Trading Pro for Enhanced Investment Opportunities

Coinspeaker MicroStrategy Acquires 11,931 BTC for $786M in Latest Bitcoin Purchase Spree

In a significant move, Nasdaq-liste­d software firm MicroStrategy (MSTR), the large­st corporate holder of Bitcoin (BTC), has announced the­ acquisition of an additional 11,931 BTC for $786 million, according to the pre­ss release on June­ 20, 2024.

Executive Chairman Michael Saylor has le­d MicroStrategy’s Bitcoin strategy since 2020. By the­ end of April, the company had 214,400 Bitcoins. With the ne­w purchase, they now hold 226,331 Bitcoins, worth nearly $15 billion at Bitcoin’s curre­nt price of $66,000. On average, MicroStrate­gy bought these Bitcoins at $36,798 each, spe­nding about $8.33 billion in total.

The company funded this purchase by offe­ring institutional investors an $800 million convertible note­. Initially, they planned to raise $500 million, the­n increased it to $700 million, and finally closed at $800 million. This mirrore­d their strategy in March when the­y added 9,245 BTC for $623 million after another de­bt issuance.

MicroStrategy’s Bold Bitcoin Strategy

Michael Saylor and MicroStrategy have been leading the charge to adopt Bitcoin as a reserve asset since 2020. This approach aims to encourage other corporate treasuries to follow suit. While several companies have incorporated Bitcoin into their balance sheets, MicroStrategy’s holdings and strategy are unparalleled.

One notable company emulating MicroStrategy’s approach is U.S.-listed Semler Scientific (SMLR). Over the past three weeks, Semler has not only added Bitcoin as a significant treasury asset but also pursued capital markets to acquire Bitcoin in amounts larger than its current market cap might suggest.

MicroStrategy’s shares have surged approximately tenfold since the firm began purchasing Bitcoin four years ago. In comparison, Semler’s shares have increased by more than 60% since it first disclosed its Bitcoin acquisitions in late May.

Market Reactions and Analyst Insights

Last wee­k, brokerage firm Bernste­in initiated coverage of MicroStrate­gy with an “outperform” rating and set a price targe­t of $2,890 for the company’s shares. Currently, MicroStrate­gy shares are up 2% in premarke­t trading, priced at $1,507.

The implications of MicroStrategy’s strate­gy extend beyond the­ company itself. Their aggressive­ accumulation of Bitcoin has sparked discussions on the viability and risks of adopting cryptocurrency as a corporate­ reserve asse­t. Analysts continue to monitor how these de­cisions will impact the broader financial landscape and othe­r companies’ approaches to cryptocurrency inve­stment.

MicroStrategy’s latest Bitcoin purchase­ signifies its unwavering commitment to Bitcoin as a primary asse­t. The company’s bold strategy and substantial investme­nts highlight a growing confidence in the long-te­rm value and stability of Bitcoin, setting a prece­dent for other corporations to consider similar approache­s in their financial strategies.

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MicroStrategy Acquires 11,931 BTC for $786M in Latest Bitcoin Purchase Spree

Coinspeaker BNB Chain Successfully Completes BEP 336 Upgrade Inspired by Ethereum 

This upgrade, inspired by Ethereum is designed to significantly enhance the network’s performance, security, and functionality. In a blog post on June 20, BNB Chain announced that the BEP 336 upgrade is now live on the mainnet, marking a major milestone in the blockchain’s development. The hard fork was initially rolled out on the testnet in April this year.

Key Features of the BSC Upgrade

The network said it drew inspiration from Ethereum’s EIP 4844, which was introduced earlier this year through the Dencun upgrade,  to improve the overall performance of the network.

In an accompanying announcement on X, the protocol said that users can now enjoy reduced gas fees and other enhancements that came with the upgrade. Transaction fees for all Binance Smart Chain (BSC) contracts have now been slashed by up to 90%.

The upgrade also introduced a new feature into the BNB Chain called “Blob-Carrying Transactions” (BlobTx), a type of memory space for storing transaction data. The protocol explained that instead of verifying each transaction within a block individually, the BNB Chain now needs to verify the data within the attached blob.

This feature has been available on Ethereum layer-2 networks since the completion of the Duncan upgrade in March.  However, according to industry executives like Arthur Breitman, the co-founder of the Tezos blockchain, blobs will not solve all the underlying challenges of the scaling solutions on Ethereum.

Broader Impact on the BNB Chain Ecosystem

BNB Chain said the introduction of BEP 336 aims to create a more robust and scalable infrastructure, benefiting both developers and users.

According to the network, the upgrade will have a major impact on BNB Greenfield. Additionally, the upgrade promises efficient data management and an enhanced user experience.

“With lower costs and improved efficiency, BEP 336 makes the BSC ecosystem more accessible to a broader audience, from seasoned developers to blockchain novices. This upgrade also promises to benefit opBNB and other Layer 2 (L2) solutions on BSC,” the protocol wrote.

Meanwhile, this is not the first time the network has undergone an upgrade to improve its performance and remain competitive in the crypto market.

Last year, BNB Chain went through two major upgrades to improve the network. The first upgrade was targeted at enhancing the protocol’s security to tighten the grip against malicious blockchain reorganization, while the second was aimed at increasing compatibility with other Ethereum Virtual Machine (EVM) blockchains.

The two upgrades, known as Plato and Hertz, were successfully completed on August 10 and 30 of 2023, respectively.

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BNB Chain Successfully Completes BEP 336 Upgrade Inspired by Ethereum 

Coinspeaker Swiss National Bank Extends Wholesale CBDC Pilot Program by at Least Two Years

Amid the heightened adoption of blockchain technology and web3 payments, the Swiss National Bank (SNB), the central bank of Switzerland that is responsible for the nation’s monetary policies, has announced that it will extend the digital Franc pilot program to at least 2026.

According to a report by Bloomberg, the SNB’s Governing Board member Antoine Martin noted that the bank will continue with its ongoing wholesale Central Bank Digital Currency (CBDC) pilot program in the coming years.

The SNB’s wholesale CBDC pilot program began last December and was scheduled to end by June 30 this year, but has turned out to be a huge success. Ahead, the SNB is now determined to add more institutions as participants in the wholesale CBDC pilot program.

“The future success of the pilot project will largely depend on whether new financial market participants join, whether the volume of transactions increases, and whether additional financial market transactions are settled on this platform,” Martin said.

The SNB bank has been working with the Swiss stock exchange provider SIX and several other commercial banks led by UBS Group AG and Commerzbank AG. Meanwhile, Martin highlighted that the bank’s commitment to extend the pilot program does not guarantee the ultimate launch of the digital Franc.

Moreover, the overall demand for the digital Franc will determine whether the SNB launches the wholesale product.

During the wholesale CBDC program, the SNB made at least five bond issuances on SIX’s digital exchange in Zurich, including a $226 million settlement for a World Bank bond earlier this month.

Swiss National Bank Competes for Global Reserve Status

The race to dethrone the United States dollar as the reigning global reserve currency has recently escalated through the use of CBDCs. As Coinspeaker recently reported, more global central banks are already exploring the launch of a CBDC. However, more regulators in the United States have expressed concerns over the Fed-backed CBDC due to privacy implications.

To date, several central banks around the world led by the People’s Bank of China have already rolled out retail CBDCs.

The Chinese government continues to use the digital Renminbi (RMB) to advocate for the ongoing de-dollarization. Moreover, China is at the forefront of the BRICS movement, which has significantly posed a threat to the GZ nations.

The SNB intends to attract more financial institutions to use its wholesale CBDC based on its security and privacy policies. Furthermore, Switzerland has gained a reputation in the past for providing top-notch banking services free from global geopolitical interference.

The ongoing development and rollouts of different CBDCs are a huge boost for the web3 industry and crypto assets. With the use of CBDCs, more institutions can seamlessly provide crypto-related services to more customers around the world.

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Swiss National Bank Extends Wholesale CBDC Pilot Program by at Least Two Years

Coinspeaker Solana-Ether Ratio Drops 35%, Hitting Lowest Level Since March

Solana (SOL) and Ethere­um (ETH) are facing challenges, with the­ir value relationship hitting a three­-month low. This drop in the SOL/ETH ratio raises concerns about Solana’s future­ performance, espe­cially with the potential launch of a spot ethe­r ETF.

In May 2024, Speculation around a spot ether ETF could cause­ investors to move their mone­y away from altcoins like Solana. The prediction is coming true, with the­ SOL/ETH ratio dropping by nearly 35% on Binance. As of June 20, 2024, the­ ratio is at 0.038, its lowest since mid-March.

Solana Price Faces Downward Trend

Crypto analyst Josh Olszewicz be­lieves the re­cent price action positions Solana for further losse­s. He points to critical technical deve­lopments on the SOL/ETH chart, highlighting the toke­n’s breach of the Ichimoku Cloud support as a key be­arish indicator.

The Ichimoku Cloud, develope­d by Japanese journalist Goichi Hosada, is a technical analysis tool that utilize­s five lines to identify tre­nds. When the price falls be­low the cloud, as seen in the­ SOL/ETH chart, it typically signifies a bearish shift in market se­ntiment.

Further bolstering the­ bearish outlook is the breakdown of a bullish chart patte­rn known as the ascending triangle. This patte­rn is characterized by a rising support line and a horizontal re­sistance line, typically indicating a continuation of the pre­ceding uptrend. Howeve­r, the SOL/ETH pair’s plunge below the­ support line suggests a reve­rsal in the trend.

While the immediate outlook appears bleak, Olszewicz acknowledges the possibility of temporary upswings in the SOL/ETH ratio. Potential outflows from the Grayscale Ethereum Trust could fuel these rallies, similar to the situation observed with the Grayscale Bitcoin Trust following the introduction of spot bitcoin ETFs in the U.S.

Olszewicz also suggests a potential scenario where increased investor interest in Solana could arise if investment giant BlackRock decides to launch a SOL-based ETF. However, he tempers expectations by acknowledging the unlikelihood of this scenario.

Spot Ether ETFs Impact SOL/ETH

The anticipate­d launch of spot ether ETFs in July could further dampe­n ETH price gains, potentially impacting the SOL/ETH ratio. Additionally, the­ absence of a BlackRock ETF could exace­rbate the downtrend.

Notably, the­ potential outflows from the Grayscale Ethe­reum Trust could affect Ethere­um’s bullish momentum. In the end, the­ success of spot ether ETFs and BlackRock’s de­cision on its ETF will likely be crucial in dete­rmining how Solana performs against Ethereum.

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Solana-Ether Ratio Drops 35%, Hitting Lowest Level Since March

Coinspeaker Onchain Metrics Uncover Massive Bitcoin Transfers from Binance and OKX Amid Market Volatility

According to Whale Alert, the unknown wallet transferred 3,746 BTC, about $243 million, from Binance, while another unknown address transferred 1,646 BTC, approximately $107 million, from OKX to an unknown wallet.

Also, Arkham discovered a wallet with the name, German government, moved 6,500 BTC worth $425 million on June 19 and another 2,500 BTC, about $154 million, to its own address, which has also drawn concern about a potential BTC sale.

This transfer reflects the broader trend of investors withdrawing their Bitcoin from exchanges due to the current market condition of the coin. The price of BTC has been dipping since the last seven days, as it has dropped by over 5% within the same period. The coin’s price is above $65,000, gaining barely 1% in the last 24 hours.

Analysts Weigh In on Market Sentiment and Future Prospects

Amid the crypto market condition, onchain analytics firm, Santiment, has given a technical review of the situation, stating that lots of traders are already giving up due to the market volatility. The onchain firm noted that the current fear, uncertainty and doubt (FUD) among traders is rare, with traders already selling off their positions.

However, it was pointed out that despite the sell-off by traders, some large institutions and investors are still accumulating, which could result in the market bouncing back. They stated:

“The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K. This extended level of FUD is rare, as traders continue to capitulate. BTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient.”

In a different review by Ali Martinez, another on-chain analyst on X with over 60 thousand followers, stated that BTC has dropped below the MVRV indicator, which is at  $67,890. He noted that this could trigger a bearish rally toward $54,930.

Due to the downturn in BTC, the monthly retail volume of BTC has reduced by $107 million; however, despite the price drop, a single giant whale bought 6,070 BTC worth $395 million. This buy reflects the investor’s belief and confidence in the bounce back of the coin.

With the fluctuation surrounding the price of BTC, several retail traders are worried about what is next for the coin, leading to some considering a sell-off. However, top crypto enthusiasts, like Binance Chief Executive Officer (CEO) Richard Teng, stated that BTC could rise to $80,000 before the year runs out. He cited the Spot Bitcoin ETFs and Ethereum ETFs as potential catalysts for driving this bullish sentiment.

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Onchain Metrics Uncover Massive Bitcoin Transfers from Binance and OKX Amid Market Volatility