You are about to leave the website of SDM Inc. ("SDM") and will be redirected to the website of SDM Financial Inc. ("SDM Financial"), a US affiliate of SDM providing crypto derivatives trading services.
Please be aware that SDM Financial's services are not intended for, and should not be used by, residents of Canada.
By clicking on the link to SDM Financial's website, you acknowledge and agree that: You are not a Canadian resident.
SDM Financial is not registered with any regulatory authority in Canada and is strictly prohibited from entering, or otherwise engaging in, any transactions with Canadian residents.
Non-Canadian residents who deal with SDM Financial do so at their own risk, and SDM will not be held liable for any losses or damages incurred as a result.
By clicking 'I Accept' below, you confirm that you have read, understand, and agree to the above . If you do not agree, please select 'I Decline' and you will be redirected back to SDM's website.
Singapore's Largest Bank DBS Holds Nearly $650M in Ethereum
According to on-chain analytics firm Nansen, DBS, Singapore's largest bank, allegedly owns a blockchain address 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e holding 173,753 ETH, worth $647 million, and has made $200 million in profits from these holdings. Despite the claims, a DBS spokesperson denied the bank holding such a position. Ethereum, the native token of the leading blockchain platform for smart contracts, has become increasingly popular among investment banks. DBS already offers various crypto services, including digital asset custody and trading. This revelation comes as the crypto market anticipates the introduction of spot ether ETFs in the U.S., which are expected to enhance institutional adoption.
PayPal USD Set to Launch on Solana Blockchain
PayPal is launching its stablecoin, PayPal USD (PYUSD), on the Solana blockchain to provide faster and cheaper transactions for its users. This move comes almost a year after PYUSD was first introduced on the Ethereum network. Solana users can now utilize PYUSD for cross-border transactions, including remittances. Jose Fernandez da Ponte, PayPal’s Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group, stated that this launch supports their goal of facilitating stable value digital currency for commerce and payments. This initiative is part of PayPal's broader expansion into cryptocurrency, following its recent approval for a limited-purpose trust charter. Additionally, Visa also embraced Solana last fall by launching USDC settlement on the blockchain.
Mastercard Introduces P2P Crypto Network
Mastercard is launching a peer-to-peer (P2P) network, Mastercard Crypto Credential, for cross-border digital asset transactions in Europe and Latin America. The network, currently in pilot mode, supports transactions on Bit2Me, Lirium, and Mercado Bitcoin exchanges. Users can utilize vanity addresses, similar to Ethereum Name Service (ENS) addresses, for easier wallet identification. This initiative aims to enhance trusted interactions across blockchain networks and capture market share in the growing remittances sector, which saw an estimated $831 billion in global remittances in 2022.
Trading Desk Insights
Bitcoin has retraced to its 20-day moving average near 67,000, which may serve as a strong support level in the short term. A decline below this threshold could indicate a further move towards 65,000, aligning with the 50-day moving average.
The put-call ratio for ETH has reached a one-year high of 0.61, suggesting a bullish outlook. This bullish sentiment is supported by positive call-put skews across various time frames. Amberdata reports that the seven-day skew is at 2%, while the 30-, 60-, 90-, and 180-day skews are all above 5%.
In the realm of US BTC ETFs, the market saw inflows of $28.3 million, the lowest in the past two weeks.
BlackRock has amended its ETH ETF application, with Bloomberg analyst Eric Balchunas noting that the updated S-1 filing is a "good sign," and suggesting a launch by the end of June is a "legit possibility." The iShares Ethereum Trust ether ETF will be listed under the ticker "ETHA."
Singapore's largest bank, DBS, reportedly holds nearly $650 million worth of ETH, according to Nansen, and has profited by around $200 million from its holdings.
Stocks declined on Thursday as traders anticipated the release of key U.S. inflation data. Investors are particularly focused on Friday’s personal consumption expenditures price index report for April, the Federal Reserve’s preferred inflation gauge.
An increase in the 10-year Treasury yield, which surpassed 4.6% for the first time in a month on Wednesday, has negatively impacted investor sentiment this week. Although the yield dipped below 4.6% on Thursday, it remained above the concerning level of 4.5%, posing challenges for risk assets.
Crypto Charts
Macro Charts
Disclaimer
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.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
.png)
.png)
