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dogcoin scoop #3

BTC

Tough week for BTC. US jobs data caused markets to dip last Friday, despite 20 consecutive days of inflows and billions in inflows. This week we’re in for more volatility, with potential inflation signals from the upcoming US CPI report and the Fed interest rate meeting.

Despite the shaky week, the fundamentals still look good. Bullish indicators:

  • Long-term Bitcoin holders that were aggressively selling through Q1 and early Q2 are now re-accumulating BTC. Inactive supply for holders has remained relatively unchanged, meaning they’re holding, not trading.

MacroMicro
MacroMicro

  • Bitcoin whales are accumulating BTC at a pace similar to the pre-2020 bull run, and they are currently sitting at new historical highs in nominal value for their Bitcoin holdings.

CryptoQuant
CryptoQuant

However, there are some risk factors to consider. Since January, short-term BTC holders have been accumulating and now command over 3.5 million BTC. This concentration around the current spot price shows interest in this range but also increases market volatility, since short-term holders are more likely to jeet. If BTC drops below $68K, we might see some of these short-term holders dumping as it weakens their conviction.

Glassnode
Glassnode

ETH

ETH's situation remains largely unchanged from last week. There hasn’t been any updates from the SEC regarding comments on ETF issuers' S-1 filings. Analysts are expecting the S-1 forms to go through at least two more rounds of draft filings before they are ready.

I think the lack of communication between the SEC and ETF issuers are making ETH holders uneasy, resulting in a slow sell off.

Fundamentals for ETH have also not been great. DAU and daily tx volume has been on a slow steady decline the past few months, meanwhile Solana has seen an explosion of on-chain activity. However, ETH remains to be the favored chain for Larry Fink, meaning there is significant long-term growth potential.

Artemis Terminal
Artemis Terminal

Project Updates

Gonna start posting project updates on a weekly scoop basis. These updates will mostly be for projects I’m interested in and/or use.

  • EigenLayer TVL surpassed $2 Billion

  • zkSync released new domain and hints at airdrop soon

  • StarkWare announced plans for Bitcoin L2 using zk-proofs

  • Swell announced $SWELL airdrop plan

  • IO.NET airdrop claim starts June 11 + Binance launchpool