Although the cost of converting the stablecoin USDT into shares is around 3-5%, the 50-70% upside potential offered by Chinese stocks makes this strategy attractive. According to observers, since the end of September, bitcoin has rallied by 20% on the back of China's stock market stimulus policy.
Matrixport said the price had rallied above the range despite multiple headwinds and could break through yesterday's failed attempt to break through the trendline amid concerns that the US government would move bitcoin, which was said to have simply been moved to a new escrow account. In addition, there may also be profit-taking ahead of this week's FOMC meeting. Whatever the reason, this setback appears to be temporary, and a new round of breakouts may be coming.
IntoTheBlock said on the X platform that Genesis Trading still holds a large amount of bitcoin reserves, despite filing for bankruptcy in January 2023 after FTX collapsed. Currently, they hold 32,256.47 BTC worth $2.15 billion.
According to the Glassnode analysis report, although the Bitcoin market has pulled back more than 25% from its highs, realized losses have not increased significantly, indicating limited panic. The market has been in a net seller state since mid-2023, but this state has declined over the past few months, and when the Bitcoin price fell to a local low of $53,500, the proportion of the coin supply held in unrealized losses surged to about 25%. This makes the profit supply ratio (Percent Supply in ...
According to IntoTheBlock, despite the market's FUD, net inflows into bitcoin's largest wallet reached their highest level since late May. Yesterday, holders controlling at least 0.1% of the total bitcoin supply added 7,130 bitcoins, worth about $436 million.
According to HODL15 Capital, despite two weeks of net outflows, the US Bitcoin Spot ETF still saw a net inflow of 9,281 BTC in June.