Bitcoin Traders Focus on Coinbase Premium as Key Market Metric
Bitcoin Trading Update
- Bitcoin (BTC) is trading at $109.7K, flat in early Asian trading but up 4% for the week.
- An anticipated Bank of Japan rate cut is not significantly impacting the market.
- The 'Coinbase Premium' is rising, indicating strong demand from U.S. investors.
- BTC ETF inflow reached $386.27 million this week.
- Concerns exist regarding a potential staked ether ETF potentially reducing BTC institutional interest.
- Youwei Yang highlighted that an ETH staking ETF could attract more institutional investment than BTC ETFs.
- Market observers await official actions from the Bank of Japan before making significant moves.
DEX Volume Growth
- Trading volume on decentralized exchanges (DEXs) increased from 6% to 12% over the past year.
- In May, DEX volume approached 25%, driven by platforms like Hyperliquid.
- CEXs and DEXs are seen as complementary, enhancing adoption and innovation in the crypto space.
News Roundup
Brian Quintenz on Crypto Regulation
Trump’s nominee for CFTC chairman emphasized the need for Congress to establish clear guidelines for crypto innovation and consumer protection.
Aave Launches on Sony's Soneium
Aave has integrated with Soneium, an Ethereum Layer-2 supported by Sony, focusing on real-world applications of its stablecoin GHO.
Market Movements
- BTC shows signs of accumulation as exchange reserves drop sharply.
- Ethereum (ETH) surged 6.9% to $2,803 amid strong institutional activity.
- Spot gold neared $3,350, influenced by US-China trade talks.
- Nikkei 225 rose 0.69%, reflecting optimism in Asia-Pacific markets.
- S&P 500 gained 0.6%, nearing record highs due to investor sentiment.
Elsewhere in Crypto: