Originally published on May 20, this article is now available on Binance Square!
Bitcoin has gained 6.6% in the past seven days, trading at $67,000 at the time of writing. Investors have therefore withdrawn their holdings from centralized exchanges. A total of 27,975.21 Bitcoins have flowed out of 20 exchanges over the past seven days. Coinbase Pro had the largest outflows, with 15,891.79 BTC, making the exchange primarily focused on experienced traders. Binance came in second, with investors withdrawing 7669.64 BTC from the exchange over the past week.
The collective outflow of Bitcoin from exchanges is generally seen as a bullish sign, indicating that investors are unwilling to sell their holdings in the short term and may be waiting for prices to rise.
In the current environment of economic uncertainty, the prices of traditional safe-haven assets have risen sharply, with gold prices hitting a record high of $2,443 per ounce, up nearly 20% so far this year. Silver prices are close to $32 per ounce, the highest level since October 2012. Copper prices broke through $5 per ounce, setting a record high.
Investment shifts and geopolitical uncertainty, such as ongoing wars and the upcoming U.S. presidential election, can drive stock market gains (U.S. stocks have also hit record highs). Rising copper prices can signal higher commodity and manufacturing costs, and even economic growth.
Bitcoin is often hailed as "digital gold" because of its limited supply, decentralization, and potential ability to hedge against uncertainty.
CME plans to launch Bitcoin spot trading
In addition to Bitcoin futures, CME is also planning to launch Bitcoin spot trading. We believe this is as important as the launch of a spot ETF as it opens the door for spot BTC to be traded on a regulated TradFi exchange.
Fund managers can now buy Bitcoin on regulated exchanges. With the availability of spot and futures instruments, they can more efficiently trade basis. This could lead to healthy two-way flows from smart money institutional capital.
Despite the strong opposition to cryptocurrencies from the current government and certain big banks, we have other TradFi institutions driving mainstream adoption of Bitcoin such as CME, BlackRock, Fidelity, and Franklin Templeton. We believe that while the industry is having an uphill battle, cryptocurrencies are here to stay.
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Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
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