The latest moves in crypto markets, in context By Lyllah Ledesma, CoinDesk reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Friday! Here's what you need to know today in crypto: |
- Bitcoin held above $64,000 on Friday while ETF outflows picked up.
- Cathie Wood's ARK Invest offloaded the last of its shares in BITO.
- The EU parliament adopted an anti-money laundering rule package.
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CoinDesk 20 Index: 2,228 +1.0%
Bitcoin (BTC): $64,116 +0.4%
Ether (ETC): $3,127 +0.7%
S&P 500: 5,048.42 −0.5%
Gold: $2,359 +1.2%
Nikkei 225: $2,359 +1.2% |
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Bitcoin (BTC) traded above $64K even as outflows from bitcoin exchange-traded funds (ETFs) picked up. Market data shows that the U.S.-listed ETFs had a daily total net outflow of $217 million. This brings the total outflow this week to $244.49 million. In comparison, bitcoin is up around 3.7% in the past seven days. According to JPMorgan, the correlation between bitcoin ETF prices and inflows has weakened, dropping from a high of 0.84 in January to 0.60 in recent assessments. |
Cathie Wood's ARK Invest offloaded the last of its shares in ProShares Bitcoin Strategy ETF (BITO) on Thursday. The investment firm sold 237,983 BITO shares worth $6.7 million at Thursday's closing price of $28.22 from its Next Generation Internet ETF (ARKW). ARK bought over 4 million of the shares late last year as a short-term play in anticipation of the approval of spot bitcoin ETFs in the U.S., with plans to swap them once the approval came. Following consistent sales in January, ARK has sold the rest of its BITO shares in the past week. The European Parliament voted to adopt a new package of laws tightening money laundering and terrorist financing measures across the EU. The laws target large cash payments, crypto firms and football clubs, among others. In addition to creating a single rulebook for the 27 nations that make up the European Union, the package approved on Thursday sets up an anti-money laundering authority based in Frankfurt to oversee the implementation of the relevant frameworks – particularly those the bloc deems as the "riskiest entities." The new laws include "enhanced due diligence measures and checks on customers' identity, after which so-called obliged entities (e.g. banks, assets and crypto assets managers or real and virtual estate agents) have to report suspicious activities to [Financial Intelligence Units] and other competent authorities," a press statement on the vote said. |
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Market Insight: The Key to Reviving Bitcoin Bull Run Is the U.S. Treasury's Refunding Announcement |
The past few weeks have been quite boring for crypto traders as bitcoin (BTC), the leading cryptocurrency by market value, has been primarily range-bound between $60,000 and $70,000. The broader uptrend, however, could soon resume as analysts expect next week's quarterly refinancing announcement (QRA) from the U.S. Treasury Secretary Janet Yellen to offer relief to riskier assets. The announcement, detailing the three-month borrowing needs of the U.S. government, has become pivotal in the post-coronavirus world of record debt, elevated inflation and interest rates. The announcement also discloses the size and duration of the bond issuance, as well as the balance to be held in the Treasury General Account (TGA). |
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- The chart shows that the crypto exchange Deribit's bitcoin volatility index (DVOL), an options-based measure of expected price volatility over the next 30 days, has collapsed from an annualized 72% to 55% in five days.
- "This is the result of spot [price] being stuck in a tight range and the basis yield drying up. The desk has seen many customers pivot to option selling strategies," Singapore-based QCP Capital said in a market update.
- Selling or writing options represent a bearish view of volatility or a degree of price turbulence.
- Source: TradingView.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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