Crypto Daybook Americas: Institutions Pile In Amid ‘High Conviction’ That Prices Will Grind Higher
Crypto markets showed resilience amidst Iran-Israel tensions, with Bitcoin and Ether trading within a narrow range. However, significant institutional activity is underway. JPMorgan filed for a crypto platform, JPMD, while Strategy reportedly bought over $1 billion worth of Bitcoin. Spot Bitcoin and Ether ETFs also saw inflows. Legislative progress on the GENIUS stablecoin bill and CLARITY Act continues.
Market caution persists, possibly due to concerns about a protracted Middle East conflict and the upcoming Federal Reserve rate decision. While a rate hold is expected, the accompanying commentary will significantly impact markets. XBTO noted selective, risk-averse capital flows, with altcoins experiencing a more substantial sell-off than major cryptocurrencies.
BRN analysts highlight a structural shift, with corporations and institutions driving demand. They predict higher prices in 2025, maintaining a bullish outlook despite the current pause in momentum. Retail investor re-engagement is key to further growth.
Rumors of Ripple burning 10% of its XRP supply are inaccurate, stemming from RealFi’s token burn on the XRP Ledger. CoinShares filed for a Solana spot ETF, following similar filings by other issuers. OKX launched compliant exchanges in Germany and Poland.
Upcoming events include the IoTeX hard fork, the launch of Purpose XRP ETF on the Toronto Stock Exchange, and BlackCoin’s SegWit activation. Several governance votes are underway for Compound, Arbitrum, ApeCoin, and Polkadot DAOs. Significant token unlocks are scheduled for ApeCoin, Fasttoken, Sonic, Optimism, Sui, and Ethena. Spark will be listed on multiple exchanges, while Coinbase will delist several tokens. Several conferences are also planned.
The meme coin USELESS experienced a dramatic price surge, highlighting the influence of hype and social media. Derivatives markets show a generally bullish sentiment, with some exceptions like HYPE exhibiting high funding rates. Increased open interest is observed for several tokens on various exchanges. Market data shows mixed performance across global indices and commodities. Technical analysis suggests Bitcoin’s 50-day SMA is providing support. Crypto equities showed mixed performance, with some experiencing significant gains. Spot Bitcoin and Ether ETFs registered substantial inflows.
