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Bullish Insights Weekly Market Recap

Jun 30, 2023 2 min read

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of June 26, 2023.

Bullish exchange

This week’s peak exchange trade volume 24h: $677,155,164 (22,264 BTC) on June 28, 2023.

This week’s headlines
  • Microstrategy has tweeted that they bought an additional 12,333 BTC at ~$28,136 per Bitcoin. This brings the firm’s total Bitcoin holdings to ~$4.52bn roughly 152,333 BTC.
  • Kucoin has stated that all their customers will be required to undergo KYC checks from July 15 onwards.
  • The new management of FTX has said that the fallen exchange has managed to recover $7bn worth of liquid assets. The firm owed $8.7bn to customers at the time it filed for bankruptcy last year.
  • The Financial Services and Markets Authority (FSMA) in Belgium has requested that Binance stop all its virtual asset trading operations including custody services in the country.
  • According to Glassnode, over the past week, a record $128mn of BTC miner revenue has been sent to exchanges. The amount is over 300% of miner’s daily revenue. The spike could be due to miners taking profit off the table when BTC price rallied above $30K.
  • Fidelity is allegedly looking to file for a spot Bitcoin ETF according to The Block. This follows BlackRock’s filing earlier in mid-June this year.
  • Sui Foundation has denied selling locked and non-circulating staked SUI tokens on Binance or other exchanges. Supply of the token is still anticipated to double by November.
Macro market headlines
  • US equity - US equity markets started the week on a lower note in Monday's session with the tech sector seeing relative underperformance.
  • US equity markets advanced in Tuesday's session after June's consumer confidence data rose to a 17-month high.
  • US equity markets saw mixed performance in Wednesday's session with tech stocks outperforming. The S&P 500 saw little change, the Dow fell by 0.2%, and the Nasdaq Composite advanced by 0.3%.
Crypto market highlights
  • According to Glassnode data, hodling remains prevalent as the illiquid supply chain has risen. Over 194,000 Bitcoin are accumulating into illiquid wallets that have an infrequent history or selling.
  • The 30-day correlation between Bitcoin and the Nasdaq 100 has reached its lowest level in three years. The asset's correlation went from ~80% in January earlier this year to 3% in June.
  • Since the beginning of 2022 the market share of stablecoin dominance on centralized exchanges has grown 16% from 60% in January 2022 to 76% in June 2023. Fiat market share on CEX's appears to have lost grounding since the closure of banking rails this year.

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