A healthy week for bitcoin
The Weekly Update - Week 49
Highlights from this week’s report
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.
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.
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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