Crypto Daybook Americas: Bitcoin Retreats From $108K, But Bulls Aren’t Done
Bitcoin’s institutional adoption continues to accelerate, with a recent proposal suggesting that Fannie Mae and Freddie Mac consider cryptocurrency holdings in mortgage applications. This move, coupled with the Federal Reserve’s plan to overhaul bank capital requirements, is bullish for Bitcoin and other cryptocurrencies. Bitcoin’s price briefly surpassed $108,000, driven by increased liquidity and positive market sentiment. The overall crypto market cap neared a volatility threshold of $3.40–3.55 trillion, according to FxPro analyst Alex Kuptsikevich. Spot BTC ETFs saw $548 million in net inflows for 12 consecutive days.
Metaplanet further solidified its position in the crypto space, purchasing an additional 1,234 BTC, following a recent $515 million fundraising round. Bit Digital announced a transition to an Ether staking and treasury company. Hong Kong released a policy statement promoting digital asset development, focusing on regulatory streamlining and tokenized assets. Traditional markets also exhibited positive risk-on sentiment, with Nasdaq futures hitting record highs and the dollar index weakening.
Upcoming economic data releases include U.S. durable goods orders, Q1 GDP data, unemployment claims, and consumer income and expenditure data. The Bank of Mexico will announce its interest rate decision. Fed Governor Lisa D. Cook will deliver a speech. Several token events are scheduled, including governance votes on Lido DAO, Arbitrum DAO, and Polkadot. Several tokens will have unlocks in the coming weeks, including Optimism (OP), Sui (SUI), Ethena (ENA), Immutable (IMX), and Aptos (APT).
Coinbase will delist several tokens, while Sahara AI (SAHARA) will be listed on multiple exchanges. Several conferences are planned, including CoinDesk’s Policy & Regulation conference. SEI’s price surged 50% in a week, driven by multiple positive factors, including its selection as a settlement layer for Wyoming’s state-backed dollar pilot. Bitcoin’s slight pullback from its high was accompanied by increased perpetual futures open interest, suggesting potential hedging activity. Crypto equity markets saw mixed performance, with notable gains for some companies and losses for others. Spot BTC and ETH ETFs experienced significant net inflows. Finally, the rise in USDtb borrowing on Aave indicates increased demand for yield-bearing stablecoins in DeFi.
