74% of BTC has not been transferred in the past six months, and investors are more interested in ETFs

Headlines

▌About 74% of BTC has not been transferred in the past 6 months

According to data disclosed by Bitcoin Magazine, about 74% of BTC has not been transferred in the past 6 months.

▌Institutional investors are more interested in Bitcoin ETFs

Institutional investors disclosed their holdings of Bitcoin ETFs in the 13F report of the U.S. Securities and Exchange Commission (SEC), revealing their interest in this crypto asset. So far, BNY Mellon and BNP Paribas are the first two institutions to disclose their holdings of Bitcoin ETFs. Their holdings are relatively small, but they have attracted market attention. Other institutions such as Quattro Advisors and Legacy Wealth Management in Pittsburgh also showed large-scale holdings, among which Quattro Advisors held more than 468,000 shares of Blackstone ETF. In addition, analysts pointed out that more large institutions may submit reports before the deadline, and investors' interest in Bitcoin ETFs is expected to continue to increase.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $63071, with a daily increase or decrease of +6.51%;

ETH's latest transaction price is $3115, with a daily increase or decrease of +3.84%;

BNB's latest transaction price is $586.8, with a daily increase or decrease of +4.3%；

SOL's latest transaction price is 143.8 US dollars, and its intraday increase or decrease is +0.04%；

DOGE's latest transaction price is 0.1507 US dollars, and its intraday increase or decrease is +12.98%；

XPR's latest transaction price is 0.531 US dollars, and its intraday increase or decrease is +2.17%.

Policy

▌The new US monetary policy will boost the rebound of the crypto market

On May 2, BitMEX co-founder Arthur Hayes expressed optimism about the trend of Bitcoin in his latest blog post titled "May Danger". Hayes analyzed in detail the potential impact of recent changes in US monetary policy on the crypto market. Hayes pointed out that the Fed's decision to reduce the pace of balance sheet reduction from $95 billion per month to $60 billion is essentially equivalent to an additional $35 billion in liquidity per month. At the same time, the US Treasury Department revealed in its latest quarterly report on borrowing new and repaying old that in order to meet funding needs before the end of May, it will issue additional short-term Treasury bonds with maturities of 4 weeks, 6 weeks and 8 weeks in the near future. This move is expected to bring additional US dollar liquidity to the market. Hayes also mentioned that after the bankruptcy of Republic First Bank, a small US bank, the FDIC used the insurance fund to ensure the interests of all depositors in order to avoid a run on deposits. This means that the U.S. authorities have essentially added $6.7 trillion in contingent liabilities to the banking system across the country.

Blockchain Applications

▌U.S. SEC Delays Decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF

The U.S. Securities and Exchange Commission (SEC) said it would take more time to decide on the next steps for the proposed 7RCC spot bitcoin and carbon credit futures ETF, and therefore postponed its decision on the 7RCC spot bitcoin and carbon credit futures ETF. In a document filed on Thursday local time, the agency said it would decide whether to approve the 7RCC spot bitcoin and carbon credit futures ETF by June 24, 2024.

▌BTC-e operator Alexander Vinnik pleads guilty to conspiracy to launder money charges

The U.S. Department of Justice announced that Alexander Vinnik, one of the operators behind the former BTC-e cryptocurrency exchange, pleaded guilty to conspiracy to launder money charges on Friday. The U.S. Department of Justice said Vinnik was the operator of BTC-e between 2011 and 2017, and the exchange handled more than 1 million users and more than $9 billion in transactions during that period.

Cryptocurrency

▌Bank of America: Investors Withdrew $600 Million from Cryptocurrency Funds in a Week

Bank of America said investors withdrew $600 million from cryptocurrency funds in the week ending Wednesday, the largest amount since June 2022.

▌Former CIA employee: Bitcoin should provide privacy at the protocol level

Former CIA employee Edward Snowden said on the X platform, "For ten years he has been warning Bitcoin developers that they need to provide privacy at the protocol level. This is the final warning." Edward Snowden was previously charged with leaking confidential information. He has been receiving asylum in Russia until he obtains full Russian citizenship in 2022. Recently, he seemed to have made some sharp criticisms of every current governor in the United States on X.

According to HODL15Capital monitoring data, yesterday (May 3), the spot Bitcoin ETF GBTC saw its first net inflow of $63 million.

Key Economic Dynamics

▌Bond traders bring forward the expected timeline of the Fed's first rate cut to November

Bond traders brought forward the expected timeline of the Fed's first rate cut by one month to November; the U.S. jobs report will be released on Friday. The re-pricing follows the Fed's latest policy meeting on Wednesday, and short-term U.S. Treasuries saw their biggest two-day rise since January. The yield on the two-year Treasury note, the most sensitive to interest rates, has fallen 17 basis points to 4.87% from Tuesday's year-high of 5.04%.

▌Traders bring forward the expected timeline of the Fed's first rate cut to September from November

Gold traders brought forward the expected timeline of the Fed's first rate cut to September from November. U.S. interest rate futures currently expect the Federal Reserve to cut interest rates by 25 basis points twice in 2024, and the pre-non-farm forecast is one time.

▌The three major U.S. stock indexes closed up collectively

Golden Finance reported that the three major U.S. stock indexes closed up collectively, with the Nasdaq up 1.99%, a cumulative increase of 1.43% this week; the S&P 500 rose 1.26%, a cumulative increase of 0.55% this week; and the Dow Jones rose 1.18%, a cumulative increase of 1.14% this week.

Golden Encyclopedia

▌What isEthereum Futures ETF?

Ethereum futures ETFs are investment funds that track Ethereum futures contracts rather than Ethereum itself. In 2021, Canada launched the first Ethereum futures ETFs. Although futures-based ETFs have been approved, the U.S. Securities and Exchange Commission (SEC) has not yet approved a spot Ethereum ETF in the country. Asset management companies regulate Ethereum futures ETFs. The main issuers offering Ethereum futures ETFs are Bitwise, VanEck, and ProShares. These companies handle the complex issues involved in purchasing and disposing of futures contracts, controlling rollovers to retain risk exposure, and ensuring that ETFs comply with legal requirements.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish correct investment concepts and be sure to increase risk awareness.