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BTC is lacking positive catalysts in the near term and that’s being reflected in the altcoin market as well at a higher scale. Investors are clearly taking profits until new headlines move the market again. Futures positioning suggests a weakness in demand as spot prices are currently higher than futures, reflecting a negative development called backwardation.
However, recent price action is showing signs of improvement. On the 4h timeframe, BTC finally broke above a consolidation channel, reaching the highest level in the past two weeks. On the daily chart, prices are trading above the 20-day moving average and are about to break above the 50-day moving average as well. Also, the RSI is about to break above a long-term declining trend line, indicating potential bullish momentum ahead.
Breaking news. The U.S. SEC is set to vote on a deal with Coinbase to drop its lawsuit, a move that would mark a significant victory for the industry. The SEC had accused Coinbase of running an unregistered exchange and listing unregistered securities. If the deal is approved, the SEC’s accusations would be permanently dismissed, potentially setting a precedent for other crypto businesses facing similar regulatory challenges. This development could improve market sentiment for crypto tokens previously alleged as securities, while allowing platforms to add more tokens to boost trading revenue.
In other news, the Canary Litecoin ETF was listed on DTCC website which is leading market participants to believe that it should be approved soon. LTC is only trading 8% away from breaking its recent high, which would be the highest level since January 2022.
The News Room
US Spot Bitcoin ETFs Exceed $750B in Trading Volume, BlackRock’s IBIT Leads the Market
Cumulative trading volume for U.S. spot Bitcoin ETFs has exceeded $750 billion, just over a year after their launch in January 2024. BlackRock’s IBIT has emerged as the dominant fund, now holding 75% market share and $56 billion in AUM. While spot Bitcoin ETFs have attracted $39.8 billion in inflows, they saw $886 million in net outflows this month amid Bitcoin’s price decline. Meanwhile, spot Ethereum ETFs, launched in July 2024, have generated $55.5 billion in trading volume, with $404 million in inflows this month, outpacing Bitcoin funds.
European Central Bank Explores Digital Ledger Technology for Settling Transactions in Central Bank Money
The European Central Bank (ECB) has unveiled a two-track plan to enable central bank money settlement on digital ledgers, focusing on foreign exchange transactions and international financial use cases. The initiative aims to enhance Europe's digital asset market while maintaining financial stability. ECB Executive Board member Piero Cipollone emphasized that the move seeks to boost market efficiency through innovation. The ECB has previously supported CBDC pilots, particularly for cross-border payments, but remains cautious about crypto assets, with President Christine Lagarde rejecting Bitcoin as a treasury asset.
SEC Approves First Yield-Bearing Stablecoin as a Regulated Security
The SEC has approved Figure Markets' YLDS stablecoin, making it the first yield-bearing stablecoin registered as a security in the U.S. YLDS, pegged to the U.S. dollar, offers holders a 3.85% yield and allows self-custody and transactions. The approval reflects growing regulatory interest in stablecoins, with lawmakers pushing for clearer guidelines through proposals like the STABLE Act. Meanwhile, competitors like Tether co-founder Reeve Collins are also developing interest-bearing stablecoin solutions, signaling increasing competition in the regulated stablecoin market.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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