Cover photo

dogcoin scoop #2

BTC

We’re so f*cking back! Ever since Bitcoin hit ATH ($73,600) in March, many long-term holders have been dumping their BTC, increasing available supply and causing prices to chop and dip. But it looks like this correction phase is coming to an end.

In the past two weeks, Bitcoin ETFs have seen a surge in demand, averaging daily net inflows of $136 million per day, despite the $260.6 million outflow from GBTC last week. This is over four times the $32 million daily sell pressure from miners after the halving.

sosovalue
sosovalue

On top of that, Bitcoin reserves on exchanges have also been thinning as long-term holders who sold at the peak are now buying back Bitcoin for the first time since December 2023.

coinglass
coinglass

Meanwhile the number of accumulation addresses have been steadily rising the past few months.

cryptoquant
cryptoquant

ETH

Ethereum has been fairly quiet the past week, crab-walking for the most part with a small dip in price. However, I think this could change in an instant.

The number of ETH accumulating addresses saw sharp rises post ETF announcement, and is continuing to grow, although growth has tapered a bit. I think ETH is slept on right now. We have a spot ETF approved and the ETF product is expected to go live next month, and its trading under $4K… absolutely shameful.

post image

Macro tings

In the broader economy, US consumer confidence is showing mixed signals - Conference Board reported an unexpected rise, but sentiment index fell sharply. Q1 GDP growth was revised down to 1.3%, showing slower consumer spending and lower inflation. High interest rates and less fiscal support are affecting spending, with PCE prices staying relatively stable amidst low saving rates. So what does this all mean? Well, we could potentially be seeing more Fed rate cuts later this year.

Meanwhile in crypto news;

  • Tether invests $150 million into Bitcoin miner Bitdeer to expand.

  • NYSE and CoinDesk Indices are launching cash-settled Bitcoin options.

  • Franklin Templeton, VanEck, and Invesco Galaxy are gearing up to launch spot Ether ETF products.

  • BlackRock's iBIT has become the largest Bitcoin ETF, overtaking GBTC.

  • Hong Kong announced approval of 11 applicants for virtual asset trading platform licenses.

  • Upbit listed three tokens — Bounce, Stargate Finance, and BEAM — in the past three days, amidst the upcoming Virtual Asset Investor Protection Act, set to take effect in July.

  • Japanese crypto exchange DMM’s Bitcoin wallet was hacked for $306 million.