Trakx Weekly Update: June 24

Weekly Update
• Jun 24, 2024
Trakx Weekly Update: June 24

Key Crypto Market Figures

Trakx Weekly Update: June 24

CTIs Weekly Performance

Crypto markets remain in a funk, with prices continuing to decline as evidenced by the 6% weekly fall in the benchmark Trakx Top 10 Crypto CTI. The best performer over the prior seven days was the Bitcoin Momentum CTI, up 1%, while at the bottom of the performance stack was the Meme CTI having fallen 19%.

One factor acting as a dark cloud over the crypto world is concern about less favourable demand and supply conditions for the market leader Bitcoin. Since the June 12 FOMC meeting, when the Fed adopted a more hawkish than expected tone, BTC ETFs have witnessed consistent daily net selling such that cumulative flows since their launch back in January recently fell below $15bn. While still impressive in the overall scheme of things, this flip means demand-supply dynamics are no longer as price supportive as they were just a few weeks back when the same Bitcoin ETFs were hoovering up more coins then Bitcoin miners were minting. As testament to the strength of negativity at present, even last week’s announcement by Microstrategy that it had issued another convertible senior note to fund $786 million in new Bitcoin purchases failed to provide a boost to crypto prices.

It is not just the reversal in ETF flows that has unnerved crypto players. According to blockchain analytics firm Arkham, a wallet associated with the German government moved more than 6,500 Bitcoin to wallets associated with Kraken and Bitstamp. These transfers fuelled speculation that the authorities were going to begin to liquidate some, if not all, of the 50,000 Bitcoin seized as part of their investigation into the film piracy website – a development that would further exacerbate near-term demand-supply imbalances. In addition, Mt. Gox, the cryptocurrency exchange that was famously hacked in 2014, said it will start distributing assets stolen from clients from early next month - a process that needs to be completed before the October deadline set by a Tokyo court. Currently, Mt. Gox holds 141,686 BTC valued at around $9bn.

Finally, even though it may not be evident from the price action, it was not all bad news last week in the crypto world. There was, in fact, some good news for fans of Ethereum. In response to a letter from Consensys - the blockchain company behind MetaMask amongst other things - the Enforcement Division of the SEC notified them that it was closing its investigation into Ethereum 2.0. Critically, the announcement means that companies offering services based on Ethereum cannot be charged for making unregistered securities offering – the removal of a potentially very significant impediment to Ethereum adoption.

Trakx Weekly Update: June 24

Sources: Trakx, Coingecko, Alphavantage

Market Trends

  • MicroStrategy Just Bought Another $786 Million in Bitcoin: Decrypt
  • Is Germany selling its BTC? Arkham-tagged wallet sparks curiosity: Cointelegraph
  • Mt. Gox to Begin Repayments in July; BTC Slides Under $61K: CoinDesk
  • US SEC closes investigation in Ethereum 2.0, ‘major win’ for industry: Consensys: TheBlock
  • VanEck launches Bitcoin ETF in Australia as demand rises across Asia-Pacific: DLNews
  • Martin Shkreli, Barron Trump and Andrew Tate allegedly involved in Donald Trump token drama: CryptoSlate

Trakx News

  • We’re getting closer to the end of Trakx Airdrop Campaign on July 8th! With just two weeks left, keep trading to climb higher on the leaderboard!

Trakx CTIs Performance

Trakx Weekly Update: June 24
Trakx Weekly Update: June 24

Sources: Coingecko and AlphaVantage

*Return of bitcoin is calculated since 01/05/2020, while CTIs performances were calculated since their respective launch date.
**Includes simulated performance.
***The risk signal is determined according to the historical volatility level, the higher the riskier.

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