Prices Fluctuating, Adoption Increasing
What comes next?
The week started strong, with green days across both Bitcoin & Alts.
Of course, Saylors ‘Strategy’ announced another purchase, of an additional 4,871 $BTC for $329.9M.
And Bitmine bought an additional 71,252 $ETH. They now hold 4.803M ETH.
Despite the headlines & economic uncertainty, institutional accumulation is not slowing down.
If anything, they are enjoying the current discounts.
What’s more, is long term holders are back from net selling, to accumulation.
Historically, this has been followed by bullish price action.
Time will tell, but the February low of $59,997 and local high of $74,000 has been an appealing area for larger buyers.
We have also seen more adoption and growth in the broader ecosystem, with Bloomberg telling us, Polygon Labs are in talks to raise up to $100,000,000 for a new payments business.
A well as CME Group adding $SUI & $AVAX to their product suite, which will be available in micro & larger sizes.
While we are touching on adoption, its worth looking at Chainlink.
According to its metrics dashboard, Chainlink's oracle services have now facilitated over $29 TRILLION worth of TXs. This is no small win, this is proven infrastructure being used as it was intended. By all accounts, some of the worlds largest institutions are now paying attention to the sleeping giant
Another positive note for markets this week was to see US Senator. Cynthia Lummis publicly called for the Clarity Act to be passed. Alongside Coinbase Founder & CEO, Brian Armstrong stating: “t's time to pass the clarity act".
It seems a lot of people are waiting for this, to regain confidence in the space before re-entering. If this proves to be the case, it could be the catalyst we need to start the next run.
Whatever comes next in term of prices, if this weeks letter has shown us anything, it’s that while Crypto is still in its early stages, it is very much here to stay.
Be sure to follow us on X @Crypto_Crib_ for all the latest market moving news and we will catch you next week!