Market Update
After a brief drawdown off the back of geopolitical concerns, BTC and the wider market showed incredible resilience. Similar events in the past have resulted in 30%+ price corrections while on the occasion BTC dropped only ~7%, indicating strong, consistent demand independent of global affairs. Perhaps what we’ve been saying about the investor class of BTC shifting to a less volatile audience is actually true .
Ethereum continues to fuel rumours of ‘Comeback Season’ with whale (large holder) accumulation at the highest point since 2018, roughly when ETH’s popularity first spiked. Wallets owning between 1k and 10k ETH have bought over $2.5bn in recent days signalling a return of confidence after the most recent Pectra upgrade.
It's encouraging to see the crypto market demonstrate resilience during these testing times, we’re keeping an eye on global money supply too and how that has affected crypto markets in the past. This kind of durability is what risk-off investors look for and most commonly found in precious metals like gold. Is there a new (digital) gold emerging?
Stay bullish.
Crypto News
Ethereum Whales are Buying Most ETH Since 2018
As of Sunday, the net position change of Ethereum wallets holding between 1,000 and 10,000 ETH had jumped by over 818,410 ETH (~$2.5 billion), marking the highest daily inflow for this cohort in more than six years. ETH price is consolidating inside a multimonth range, mirroring its 2017 breakout pattern. Analysts see a short-term ETH target at $4,000, with the potential for $10,000.
Tron to go Public after US Pauses Probe into Billionaire Founder
Crypto billionaire Justin Sun’s digital asset platform Tron is set to go public in the US, four months after market regulators agreed to pause a fraud investigation into several of his companies. Tron will go public in a reverse merger with Nasdaq-listed SRM Entertainment. Shares in SRM Entertainment rose as much as 647% this week.
GENIUS Stablecoin Act Headed to Final Vote in US Senate
After weeks of committee votes and negotiations, the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS for short, could soon be well on its way to passing the full Senate. The Senate bill would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandate annual audits for issuers with more than $50 billion in market capitalization, and add language around foreign issuance.
Disclaimer: The information contained in this blog is general in nature and is provided for informational purposes only. It does not constitute financial, legal, or tax advice, and should not be relied upon as such. Block Earner does not guarantee the accuracy or completeness of any information presented. You should consider your own personal circumstances and seek professional advice before making any financial or investment decisions. Past performance is not indicative of future results. All investments carry risk.
