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Bullish Insights Weekly Market Recap

Jun 9, 2023 3 min read

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of June 5, 2023.

Bullish exchange

This week’s peak exchange trade volume 24h: $822,711,847 (32,258 BTC) on June 6, 2023.

This week’s headlines
  • Circle has issued an announcement that they had successfully obtained a Major Payment Institution (MPI) licenses from the Monetary Authority of Singapore (MAS). This will allow the firm to provide services in digital payments, cross-border transfers etc.
  • Australia’s largest bank the Commonwealth Bank of Australia has cited scammer risk as the reason for its move to ban transfers to crypto exchanges. The bank is looking to introduce new limits of US$6,650 a month for customer transactions relating to crypto exchanges.
  • Binance US has announced the delisting of 10 trading pairs as well as OTC trading following its SEC lawsuit. Pairs include ATOM, DOT, MANA, UNI etc.
  • The US SEC has targeted Coinbase filing a lawsuit against the firm at a New York Federal Court for failing to register with the SEC as a broker, national securities exchange, or clearing agency.
  • Yesterday, the US SEC filed a lawsuit against Binance and the firm’s CEO CZ for the sale of unregistered securities. There were 12 specific tokens that were called out in the case with SOL, MATIC, ADA and BNB noted as securities.
  • Earlier in the day Kraken exchange experienced deposit and withdrawal delays on gateways Bitcoin, Ethereum and ERC-20. The issue has since been resolved according to the exchange’s status page.
  • The Metropolitan Museum of Art in New York (The Met) has agreed to return over half a million dollars in donations from FTX. The repayment is expected to be made within one month after approval.
  • Over the weekend, the Atomic wallet hack drained $35mn worth of assets. According to the project only less than 1% of their monthly active users (MAU) were affected.
Macro market highlights
  • US equity markets opened the week on a lower note in Monday's session with the tech and energy sector erasing earlier gains.
  • US equity markets retreated in Wednesday's session driven mainly by underperformance in the tech sector. The S&P 500 fell 0.4%, the Dow was up by 0.3% and the Nasdaq Composite retreated by 1.3%.
Crypto market highlights

According to Santiment, more whales are moving their ETH off exchanges into self custody with currently the ten largest non-exchange wallets recording its all-time high of 31.8 million ETH. The amount is equivalent to roughly $59.5bn.

Last week, for the 7th consecutive week, digital asset investments saw $62mn in outflows. Bitcoin saw outflows of $2.7mn, Ethereum saw outflows of $2.7mn and short bitcoin also saw outflows of $6.3mn. The majority of outflows however came from Tron seeing $51mn of alleged redemptions from seed capital by one product provider. By region, Germany saw the bulk of outflows at $62.4mn followed by the United States with outflows at $4.8mn. Switzerland and Brazil saw the largest inflows by region of $4.7mn and $2.4mn respectively.

DeFi marketcap (top 8 tokens) and TVL has seen a significant decline since its peak of $45.5bn in May 2021 to currently $6.2bn. The drawdown measures to about 86.4%. All-time high TVL has also dropped from $159.2bn to just over $40bn currently.

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