Crypto Outperforms & Whales Make a Statement
Smart Money Matters
What a week it’s been, despite the economic uncertainty around the globe due to Oil prices & the potential for further conflict, Crypto has held up extremely well, it has even out performed stocks - With the S&P up just 0.81% from its weekly open & $BTC up 8.74%.
Quite the disconnect!
We have also seen the ‘Realised Cap for New Whales’ increase dramatically.
Are newer participants now seeing Bitcoin as a preferred store of value amongst global uncertainty? It’s worth thinking about!
Speaking of whales, one stood out this week for their $ETH purchases, buying 44,888 $ETH($92.97M) on wednesday and another 18,436 $ETH($38.36M) on Thursday.
Typically, big money doesn’t move like this unless they are expecting a substantial move.
Solana stablecoin transfers have also gone parabolic, from $306B to $972B, in ONE year - A 3.2x growth.
Just this week alone, Circle minted an additional 2 BILLION $USDC.
In terms of institutional adoption, HSBC and Standard Chartered are set to receive some of the first stablecoin issuer licenses in Hong Kong.
It is as clear as day to us, stablecoins are here to stay & the level of adoption & usage is only set to increase.
In terms of price action, Bitcoins ‘Smart DCA Signal’ has also been flashing. Historically this only happens in oversold territory where heavy accumulation begins.
While it’s not a perfect ‘Bottom Signal’, it’s clear that people are becoming increasingly interested Sub $70,000.
The ‘cherry on top’ this week comes from Investment giant, Grayscale.
They recently staked another 57,600 ETH, worth over $121M.
As the industry moves forward, this level of confidence in protocols like Ethereum are only going to increase.
How it impacts price remains to be seen, but with more & more supply becoming removed from circulation, it’s hard to imagine a world where price doesn’t eventually put in a significant move higher.
As always, time will tell.
That’s it from us today, see you next week & be sure to follow us on X for the latest market moving news.