Fintechs and Funds Increase Bitcoin Holdings Amid Market Pause
The global crypto corporate-adoption trend continues despite a temporary pause in the bitcoin and crypto market, signaling potential for future gains. Key developments include:
- Méliuz, a Brazilian fintech, purchased 274.52 BTC, increasing its total to 320.2 BTC valued over $33.3 million.
- A1 Abraaj Restaurants Group in Bahrain announced an initial purchase of 5 BTC, planning significant expansion of holdings.
- Interest in bitcoin remains strong among institutional investors, according to Eric Trump at Consensus Toronto.
- Concerns arise from difficulties in bipartisan support for the GENUIS Act, Coinbase's data breach, and recent SEC investigations.
- Coinbase shares fell by 7% amid ongoing SEC scrutiny regarding user metrics from 2021.
- Inflows into US-listed spot BTC ETFs have decreased, while large sell orders are expected around $105,000.
- FTX creditors will begin receiving over $5 billion starting May 30 as part of the recovery plan.
Key Events to Monitor
- May 16: Galaxy Digital Class A shares start trading on Nasdaq as GLXY.
- May 19: CME Group to launch cash-settled XRP futures.
- May 19: Coinbase replaces Discover Financial Services in the S&P 500.
- May 30: Second round of FTX repayments begins.
Market Movements
- BTC price at $103,688.48 (up 0.28%)
- ETH price at $2,610.41 (up 2.62%)
- CoinDesk 20 index at 3,241.45 (up 0.92%)
- BTC funding rate at 0.0066% (7.2544% annualized) on Binance
Short-term price volatility is expected due to these developments. Investors should remain vigilant.