A healthy week for bitcoin

The Weekly Update - Week 49

Highlights from this week’s report

Market Update

  • After some crazy weeks of upwards momentum, bitcoin and the rest of the market have been relatively quiet over the past week. A healthy week where the overly confident market has been dampened.

  • It’s been the year of institutional investors in the bitcoin market, and MicroStrategy is making headlines again this week. The company has already bought bitcoin for $475 million this year and is now looking to add even more.

  • Stablecoins have seen huge growth this year with the combined market cap of all stablecoins growing nearly 400% YTD.

Valuation

  • The crazy momentum in bitcoin has been slowing down over the past week, and we could be in for some sideways price action going forward.

  • The last week has seen futures premiums and funding rates cooling down, signaling a much healthier state for bitcoin than the over-leveraged environment we had last week.

Blockchain Activity

  • One of the main stories of the year has been the sharp decline in the aggregated BTC balance on exchanges. The aggregated exchange balance is still on the decline, after a month of ranging.

  • The momentum in deposits to the ETH 2.0 contract has continued since the threshold was reached two weeks ago, and 1% of the ETH supply is now ready for staking.

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