● Binance Research Macro Trend Report: The Fed's postponement of rate cuts is still beneficial to growth assets such as cryptocurrencies
According to a report by Binance Research, despite signs of slowing economic growth and persistent inflation, the risk of stagnant inflation may be overly concerned given that domestic demand in the United States remains resilient and wage growth is slowing.
The report mentioned that the US GDP grew by only 1.6% in the first quarter, which was mainly affected by inventory accumulation and a surge in imports. However, after excluding inventories, trade and government spending, the domestic private economy actually grew by 3.1%. In the labor market, the latest data showed that wage growth slowed down, with the average hourly income increasing by 3.9% year-on-year, the lowest level in nearly three years. The unemployment rate rose slightly to 3.9%, but continued to be below 4%.
In the latest meeting of the Federal Open Market Committee (FOMC), Chairman Powell expressed his incomprehension of concerns about stagnant inflation, emphasizing that no signs of stagnant inflation have been observed. The interest rate adjustment expected by the market may not proceed as expected, but the overall economic background is still positive for growth assets such as cryptocurrencies.
● UBS, Switzerland's largest bank, holds BlackRock's spot Bitcoin ETF
According to ChainCatcher, UBS, Switzerland's largest bank, recently submitted a 13F filing to the U.S. Securities and Exchange Commission (SEC), disclosing that it holds a large number of shares in the iShares Bitcoin Spot ETF (IBIT).
The filing, which covers the first quarter of 2024, shows that UBS AG and its various subsidiaries and institutional investment managers hold 3,600 shares in IBIT. The investment highlights the growing attention of traditional financial institutions to the crypto space, especially Bitcoin. Data from Fintel shows that the holding was worth $145,692 as of March 31, 2024, and is currently worth $124,488.
● Bloomberg ETF analyst: Bitcoin ETF holdings hit a new high, Bracebridge Capital reported owning $262 million worth of ARKB
According to PANews, Bloomberg ETF analyst Eric Balchunas said on the X platform that a new high in Bitcoin ETF holdings has appeared. Boston-based Bracebridge Capital reported that it owns $262 million worth of ARKB.
The company is also the largest holder of IBIT, holding $81 million worth of the ETF's shares, and also holds $20 million worth of GBTC. There is still one week left before the deadline for submitting 13F reports. According to statistics, there are currently 136 companies reporting holding FBTC, 60 companies reporting holding BITB, 42 companies reporting holding ARKB, and 250 companies reporting holding IBIT.
● El Salvador releases new website to track Bitcoin treasury, holding more than 5,748 coins
According to Odaily Planet Daily, Bitcoin Magazine published an article on the X platform stating that El Salvador has launched a new website to track Bitcoin treasury. Data shows that El Salvador currently holds 5748.76 BTC, worth more than $350 million. In the past 7 days, El Salvador has increased its holdings by 7 BTC.
● QCP Capital: Bitcoin is bullish, 60k is still a strong support level
According to Wu, QCP Capital said that the market may see price fluctuations after digesting the fundamentals of several macro events that occurred this week, including the US PPI and Powell's speech on Tuesday, the CPI and retail data on Wednesday, and the unemployment benefit application data on Thursday. Given the strong rebound from last week's lows, 60k seems to remain a strong support level unless there are any hawkish surprises. Although the spot market continues to consolidate while the market receives more clear information from the Federal Reserve, Bitcoin remains structurally bullish.
● Falcon Labs settles with the CFTC and pays more than $1.7 million in fines
Cryptocurrency prime brokerage Falcon Labs has reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC), which said the company should register, in the first case of its kind, Wu reported.
The CFTC said that Falcon Labs was an intermediary that "facilitated customer transactions on various digital asset exchanges," and in doing so, Falcon Labs should register with the agency as a futures commission merchant (FCM). Falcon Labs neither admitted nor denied the CFTC's findings and was ordered to pay a penalty of more than $1.7 million.
● CoinShares Weekly Report: Digital asset investment products received $130 million inflows for the first time in five weeks
According to Odaily Planet Daily, CoinShares' latest weekly report shows that digital asset investment products saw their first inflow in five weeks last week, with a total inflow of $130 million. However, ETP trading volume continued to decline, with $8 billion this week, compared with an average of $17 billion in April. These trading volumes indicate that ETP investors are currently less involved in the crypto ecosystem, accounting for 22% of the total trading volume of trusted exchanges worldwide, compared with 31% last month.
From a regional perspective, the United States had the largest inflows, totaling $135 million, and Grayscale had the lowest weekly outflows since January, totaling $171 million. Switzerland had inflows of $14 million; Hong Kong had inflows of $19 million, and Canada and Germany saw outflows of $20 million and $15 million, respectively. The total outflows from the two countries so far this year have reached $660 million.
Additionally, Bitcoin inflows reached $144 million, and outflows from short Bitcoin ETPs totaled $5.1 million, bringing outflows over the past eight weeks to $18 million.
● CoinShares report: Bitcoin mining costs about $53,000, miners tend to artificial intelligence
According to ChainCatcher, CoinShares' latest updated Bitcoin mining report shows that the average production cost per Bitcoin for listed mining companies is now about $53,000. Miners are increasingly turning to artificial intelligence at their energy security sites, with companies like HAS and Hut 8 reporting 3.6% and 2.9% of their revenue from AI, respectively, and other companies are also developing AI projects. In these energy security areas, people are increasingly preferring AI over Bitcoin mining. Its model predicts that by 2025, the hash rate will rise to 700 Exahash, and the hash price will halve to $53/ph per day after 2024.
● Binance Kazakhstan has obtained ISO 27001 and ISO 27701 certifications
According to a Binance blog post, Binance Kazakhstan has obtained ISO 27001 and ISO 27701 certifications. These certifications were issued by the British Standards Institution (BSI) after an in-depth audit of Binance Kazakhstan’s security controls, policies and processes, proving that its platform’s internal systems and processes meet internationally recognized standards of quality and consistency.
