A Strong Week & Clarity Close!
Institutions & Retail are both seeing the benefits.
What’s started off as a strong week has left many wandering, is this a full reversal or a bounce in the bear?
Let’s dive in!
What’s been good to see during this weeks pumps, is that Bitcoin funding rates have remained negative.
Historically, this has tied in nicely with major accumulation zones, right before some larger moves to the upside appear.
We have also seen J.P. Morgan come out and say negotiations around the Clarity Act are "nearing a breakthrough".
As well as Senator Cynthia Lummis (who has been a major advocate for this passing) take to X, stating “Pass the Clarity Act”.
This will likely be a major catalyst for the next push higher, IF it does indeed get pushed through!
Stablecoin GIANT Circle, have also minted 1.5 BILLION $USDC this week alone, 500M of which was done in a single day.
Large capital is moving on chain and it is doing so at a relentless pace.
Regarding accumulation, over the past 30 days, whales have accumulated over 270,000 $BTC.
This has been the LARGEST accumulation since 2013.
This is not to be sniffed at!
More Institutional news, GOLDMAN SACHS has filed for a Bitcoin Premium Income ETF, based on a covered-call strategy, designed to turn $BTC volatility into yield.
And the infamous Morgan Stanley launched their ETF, stating that it has been their most successful ETF launch EVER
While Institutions are doing their part, we cannot ignore the significance of retail.
In a recent study by River, 50,000,000 Americans now own Bitcoin.
While just 37,000,000 own Gold.
As the industry progresses this gap is likely to widen, at a significant pace.
That’s it from us this week, hopefully you’ve enjoyed some nice relief on your ports and let’s see if this momentum continues on Monday!
Be sure to follow us on X @Crypto_Crib_ and we will see you next Sunday!