Yesterday (28 May), Minneapolis Fed President Kashkari made a hawkish statement: Although the likelihood of a rate hike is very low, he does not think it can be ruled out, and he expects no more than two rate cuts this year. Additionally, affected by weak U.S. Treasury auctions, Treasury yields rose during the session, with the two-year and ten-year yields at 4.956% and 4.564%, respectively. The three major U.S. stock indexes showed mixed results, with the Dow Jones down 0.55%, the S&P 500 flat, and the Nasdaq closing up 0.59%.
Source: Investing
In the digital currency sector, attention is first focused on ETFs. Yesterday, GBTC experienced a net outflow of $105.2 million, but at the same time, IBIT held up the market with an inflow of $102.5 million. Consequently, the holdings of Bitcoin ETFs have reached a historic turning point. According to data recorded by HOLD 15 Capital, yesterday, BlackRock’s IBTC surpassed Grayscale’s GBTC to become the largest Bitcoin spot ETF by net asset value.
Source：Twitter；Farside Investors
On the other hand, following yesterday’s news, former Mt. Gox CEO Mark Karpeles stated that Mt. Gox is operating normally and will not immediately sell Bitcoin. Galaxy’s Head of Research, Alex Thorn, also believes that most of the Bitcoin will be held rather than sold immediately. This temporarily alleviated market panic over the sudden news, causing the price of Bitcoin to gradually return to around 59,000. From the options market, we can also see that the overall IV level of BTC has largely retraced yesterday’s gains, decreasing by 1–2% Vol, with RR also rebounding. However, before today’s settlement, the price suddenly dipped to around 67,700, indicating that the market remains cautious about potential selling pressure.
Source: TradingView
Source: Deribit （As of 29 MAY 8:00 UTC）
Source: SignalPlus
Source: SignalPlus
Data Source: Deribit, Overall Distribution of ETH Transactions
Data Source: Deribit, Overall Distribution of BTC Transactions
Source: Deribit Block Trade
Source: Deribit Block Trade