Bitcoin’s Fresh Record Brings Firepower for Bulls With One Caveat: Crypto Daybook Americas

Bitcoin (BTC) had a big weekend, shooting up to record highs and signaling a fresh bias towards the top cryptocurrency. This surge in price also coincided with an increase in BTC’s dominance rate, further solidifying its position in the market.

However, the headline news over the weekend was not just about crypto. Japan’s new prime minister openly backing “Abenomics” was seen as an even bigger deal. With the U.S., China, and Japan all leaning towards easing policies, this could provide a strong tailwind for asset prices across the board.

In addition to these developments, on-chain data shows that whales are slowing down their coin spending. Glassnode pointed out that mid-sized BTC holders are accumulating strongly, while whale distribution has moderated. This indicates that there is fresh structural demand emerging for Bitcoin, despite continued selling pressure from larger holders.

All these factors combined provide a strong rebuttal to fears that Bitcoin is on the brink of a year-long bear market, consistent with the four-year halving cycles that have historically influenced BTC’s price movements. It is important to note that previous bear markets were often sparked by counterparty risks, so it is crucial to monitor the market for any signs of such risks looming.

Shifting focus to altcoins, Timothy Misir, head of research at BRN, pointed out that ether treasuries now own more circulating supply of the token compared to Bitcoin treasuries. This suggests that the market is maturing and capital rotation is becoming more deliberate among investors.

On the investment front, digital asset products recorded a record $5.95 billion of inflows last week, marking the biggest weekly inflow ever. This indicates a growing interest and confidence in the digital asset space among institutional investors.

In terms of individual tokens, Tron’s TRX was aiming to break above its 50-day simple moving average (SMA) after a rally boosted by activity on the newly launched SunPerp platform. On the other hand, Lido’s LDO token, which surged 7% last week, lost steam over the weekend and slid 3% in the last 24 hours. VanEck also registered a statutory trust for an ETF tied to Lido Staked Ethereum, indicating growing interest in this sector.

Meanwhile, Tokenomics issued a warning about some major single unlocks ahead for tokens like APT, ATH, LINEA, BABAY, BB, HOME, IO, and MOVE, each unlocking over $5 million worth of tokens. Traders are advised to closely monitor these unlocks for potential market impacts.

In traditional markets, the Japanese yen slipped against the U.S. dollar despite Japan’s Nikkei index hitting record highs. S&P 500 futures also inched up 0.12% despite the ongoing U.S. government shutdown.

Overall, it was a weekend of significant developments in both the cryptocurrency and traditional markets. Investors and traders are advised to stay alert and closely monitor market movements for potential opportunities and risks. ET Friday at $124,092.00, showing a 0.85% increase over the last 24 hours. Additionally, ETH is up 0.66% at $4,567.54, with a 0.5% increase over the same period. The CoinDesk 20 is up 0.17% at 4,346.29, showing a 0.24% increase in the last 24 hours. The Ether CESR Composite Staking Rate is down 6 basis points at 2.82%.

In other news, the BTC funding rate is at -0.0043% (-4.7495% annualized) on KuCoin. The DXY is up 0.72% at 98.43, while gold futures are up 1.38% at $3,962.90. Silver futures are also up 0.97% at $48.43.

The Nikkei 225 closed up 4.75% at 47,944.76, while the Hang Seng closed down 0.67% at 26,957.77. The FTSE is down 0.11% at 9,480.56, and the Euro Stoxx 50 is down 0.36% at 5,631.27. The DJIA closed on Friday up 0.51% at 46,758.28, the S&P 500 closed up 0.01% at 6,715.79, and the Nasdaq Composite closed down 0.28% at 22,780.51. The S&P/TSX Composite closed up 1.03% at 30,471.68, and the S&P 40 Latin America closed up 0.3% at 2,902.44.

The U.S. 10-Year Treasury rate is up 2.9 basis points at 4.148%. E-mini S&P 500 futures are up 0.36% at 6,788.50, E-mini Nasdaq-100 futures are up 0.57% at 25,135.00, and E-mini Dow Jones Industrial Average Index are up 0.19% at 47,119.00.

In the world of Bitcoin stats, the BTC dominance is at 59.09% (a decrease of 0.36%), the Ether to bitcoin ratio is 0.03684 (a 0.77% increase), and the hashrate (seven-day moving average) is at 1,032. The hashprice (spot) is $51.87, total fees are 2.69 BTC / $332,446, and CME Futures Open Interest is at 144,550 BTC. BTC is priced in gold at 31.6 oz, and the BTC vs gold market cap is 8.93%.

On the technical analysis front, Volmex’s bitcoin implied volatility index, BVIV, is in a downtrend trend, hovering near an annualized 40%, significantly lower than the 73% observed when BTC first broke above $100K late last year. The lower volatility signals market maturation and growing acclimatization to six-figure prices.

In the realm of crypto equities, Coinbase Global (COIN) closed on Monday at $380.02 (+2.14%) and is up 2.36% at $388.98 in pre-market trading. Circle Internet (CRCL) closed at $145.78 (-2.63%) and is up 4.9% at $152.93. Galaxy Digital (GLXY) closed at $36.16 (-0.99%) and is up 4.04% at $37.62. Bullish (BLSH) closed at $64.81 (-4.56%) and is up 2.45% at $66.40. MARA Holdings (MARA) closed at $18.82 (+0.16%) and is up 3.51% at $19.48. Riot Platforms (RIOT) closed at $19.44 (+0.99%) and is up 3.96% at $20.21. Core Scientific (CORZ) closed at $17.82 (-1.55%) and is unchanged in pre-market trading. CleanSpark (CLSK) closed at $15.94 (+5.28%) and is up 3.45% at $16.49. CoinShares Valkyrie Bitcoin Miners ETF (WGMI) closed at $48.19 (+3.66%) and is up 5.17% at $50.68. Exodus Movement (EXOD) closed at $30.06 (-2.59%) and is up 1.36% at $30.47.

In the realm of crypto treasury companies, Strategy (MSTR) closed at $351.63 (-0.2%) and is up 2.51% at $360.47. Semler Scientific (SMLR) closed at $30.56 (-2.55%) and is up 1.11% at $30.90. SharpLink Gaming (SBET) closed at $18.18 (+0.5%) and is up 2.48% at $18.63. Upexi (UPXI) closed at $7.44 (+2.06%) and is up 0.81% at $7.50. Lite Strategy (LITS) closed at $2.56 (-4.48%).

In terms of ETF flows, spot BTC ETFs had a daily net flow of $985.1 million, with cumulative net flows reaching $60.01 billion and total BTC holdings at approximately 1.33 million. Spot ETH ETFs had a daily net flow of $233.5 million, with cumulative net flows at $14.44 billion and total ETH holdings around 6.74 million.

Overall, the crypto market and related equities continue to show volatility and growth potential, with various assets seeing both gains and losses over the last 24 hours. Investors and traders are closely monitoring these developments to make informed decisions in the ever-evolving world of cryptocurrencies. Bullish group, majority owned by Block.one, has significant interests in various blockchain and digital asset businesses, with substantial holdings of digital assets, including bitcoin. CoinDesk, as an independent subsidiary, is forming an editorial committee chaired by a former editor-in-chief of The Wall Street Journal to uphold journalistic integrity.

The collaboration between Bullish group and Block.one brings together expertise in blockchain technology and digital assets. With a focus on innovation and growth in the digital finance sector, both companies are well-positioned to capitalize on the opportunities presented by the rapidly evolving landscape of blockchain and cryptocurrencies.

CoinDesk, as a leading source of news and analysis in the cryptocurrency space, plays a crucial role in providing accurate and timely information to its readers. The formation of an editorial committee underscores CoinDesk’s commitment to upholding journalistic standards and ensuring the credibility of its reporting.

As the digital asset market continues to mature, the partnership between Bullish group, Block.one, and CoinDesk is poised to drive forward the adoption and integration of blockchain technology in various industries. With a strong focus on innovation and collaboration, these companies are well-positioned to shape the future of finance and technology.

In conclusion, the partnership between Bullish group, Block.one, and CoinDesk represents a significant step towards advancing the adoption and integration of blockchain technology and digital assets. With a shared vision of driving innovation and growth in the digital finance sector, these companies are poised to play a key role in shaping the future of the industry. The world of technology is constantly evolving, with new innovations and advancements being made every day. One of the most exciting developments in recent years is the rise of virtual reality (VR) technology. VR has the potential to revolutionize the way we interact with computers and the digital world, offering a truly immersive and engaging experience.

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