Market Update

U.S. Treasury yields and the DXY continue pushing upwards, putting downward pressure on risk assets. The SPY 0.09%  has declined 0.53%, breaking below $530, and the QQQ has decreased 0.42% to $458. Crypto assets are showing more pronounced losses, with BTC (-1.42%) trading in the low $67,000s and ETH (-2.29%) hovering near $3,750. Blackrock’s IBIT saw inflows of $102.5 million yesterday, bringing its total AUM to just under $20 billion. For comparison, the fastest ETF to reach that level of AUM was JEPI, which took 985 days, whereas IBIT has the chance to break that record today (138 days), displaying the overwhelming success of the Bitcoin ETFs and a potential foreshadowing of what’s to come upon Ethereum ETF launches.

PYUSD Expands to Solana

PayPal launched its stablecoin, PYUSD, in August 2023, and in the nine months since its launch, PYUSD has grown to a roughly $400 million market cap, a small portion of the $160 billion of total stablecoins. PayPal and Venmo collectively have over 100 million users, and getting those users to adopt digital asset technology remains one of PayPal’s primary goals. In an effort to reach their goal, PYUSD is now available on Solana. Through Solana’s token extensions, PYUSD will be able to expand functionality with confidential transfers, transfer hooks, and memo fields – all of which mirror traditional payment features. Paypal believes the enhanced features, in combination with Solana’s cost-effectiveness and high throughput, could be the key to unlocking the next wave of PYUSD adoption.

Gemini Earn Users Receive 97% of Assets In-Kind

Gemini has announced that initial distributions to Gemini Earn customers have begun. 232,000 users had lent their crypto assets to the Gemini Earn program in 2022 but were unable to withdraw funds due to Genesis’ insolvency. At the time when Gemini halted withdrawals, customer assets were worth approximately $940 million. Distributions are being made “in-kind,” meaning they will be in the form of tokens and not converted into fiat terms. As crypto assets have appreciated significantly in value over the past eighteen months, those assets are now worth over $2.18 billion, representing a 232% recovery of assets. The $2.18 billion represents approximately 97% of total customer assets, with the remaining 3% to be distributed over the next twelve months.

Technical Strategy

TRU has pushed to the highest levels in more than two years on Wednesday, exceeding March 2024 peaks of $0.1963 on above-average volume. While stretched on a short-term basis, the broader ability for May to possibly end at new multi-month highs is a bullish technical development heading into the month of June. Upside should be likely to $0.37 with 50% retracement zone resistance found at $0.478 on gains into mid-to-late June. Support lies a $0.17 and should provide buying opportunities on any minor pullbacks in the days ahead. Overall, TRU’s push to new yearly highs is a real technical positive, and should result in gains in the weeks to come.

Daily Important Metrics Crypto Size Bullish signal is tied to the crypto market growing Market cap 2.55T $-24.9B (-0.97%) BTC Dominance 52.34 % (0.02%) Stablecoins Increase in circulating stablecoins is a Bullish signal In Circulation +$112B (0.00%) In Exchanges +$20B (-1.08%) BTC Metrics A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC Exchanges +$2.3M (0.01%) Funding Rates Positive funding rates indicate traders are Bullish Aggregate +1.5802 (-0.2359) Binance +0.9933 (-0.5025) Bitfinex +0.0151 (-1.3974) Bitmex +1.4131 (0.0608) ByBit +1.3851 (0.0324) Deribit +2.5728 (-2.1305) Huobi +1.1052 (1.1052) Kraken +3.1507 (-0.2153) Mean +1.5802 (-0.2359) OKex +2.4239 (-0.8394) Sentiment BMI : 34 (-23.53%) Futures A positive spread between Futures Prices and Spot Prices is Bullish CME Price $67,925 (-0.75%) Spot Basis +$13 (0.02%) Volume 575,811 (39.63%) Open Interest 273,145 (1.66%) Options all exchanges Higher open interest change in a bull market is bullish for the sector Volume 28,106 (83.22%) Open Interest 280,378 (7.58%) Vol. Put/Call Ratio 0.9214 (14.82%) OOI Put/Call Ratio 0.4913 (1.09%) All metrics as of 2024-05-29 17:57:48 All Funding rates are in bps Crypto Prices Symbol Market Cap Last Price Daily Change Year to Date Relative to BTC YTD BTC $1.33T $67,314 -0.88% 59.38% ETH $450B $3,749 -2.20% 64.77% 3.38% SOL $78B $169 1.09% 66.23% 4.30% DOGE $171,286 $0.0002 -11.76% -99.81% -99.88% All prices as of 2024-05-29 13:51:55 Exchange Traded Products (ETPs) Symbol Prem. to Nav Last Price Daily Change Year to Date Relative to BTC YTD BITW -0.32 $36 -2.69% 54.44% -3.10% ETHE -0.02 $35 -1.92% 80.45% 13.22% News Market Data The Block Ether options trading volume on CME hits new peak in May Monthly trading volumes of Chicago Mercantile Exchange options on ether futures has reached an all-time high this month. Dose of DeFI CryptoPotato Blocksquare Hits $100M in Tokenized Properties, Unveils DeFi Launchpad Blocksquare's tokenized assets encompass 118 properties, including restaurants, hotels, healthcare facilities, apartments, and parking lots across over 21 countries. CryptoSlate Fetch, SingularityNET, and Ocean Protocol merger into AI powerhouse to be finalized in June Fetch.ai, SingularityNET, and Ocean Protocol, leading entities in decentralized AI, announced plans to finalize the Artificial Superintelligence Alliance (ASI) merger by June 2024, according to a May 29 statement shared with CryptoSlate. The merger will unify the native tokens of these AI-focused protocols into the ASI token, which would have a total supply of 2.63055 […] The post Fetch, SingularityNET, and Ocean Protocol merger into AI powerhouse to be finalized in June appeared first on CryptoSlate. Fundraising and M&A The Block CMT Digital leads $2.25 million seed round for web3 payments firm Coinflow Labs Reciprocal Ventures, Jump Crypto, Draper Dragon and Digital Currency Group also participated in the Coinflow Labs funding round. Mining The Block Bitfarms rejected Riot’s acquisition proposal because it ‘significantly undervalues’ the firm Bitfarms also claimed Riot did not respond to its request for customary confidentiality and non-solicitation protections.  Product Updates and Partnerships CoinDesk PayPal Makes Retail Stablecoin Play with PYUSD on Solana PYUSD has around 8,600 holders on the Ethereum blockchain and a market cap of a tick under $400,000 CoinDesk Crypto Bridge LayerZero Connects to Solana Blockchain Crypto holders on Solana will be able to move their assets to Arbitrum, Ethereum, Polygon and the 70 other chains it links to – and vice versa. Investment Products CoinDesk NYSE Plans Bitcoin Options, Bringing Another TradFi Giant Into Crypto CoinDesk Indices' XBX is currently the benchmark for $20 billion in ETF assets under management. Hacks, Exploits, and Scams Bitcoin.com Former FTX Executive Ryan Salame Sentenced to 7.5 Years for Criminal Charges Former FTX executive Ryan Salame was sentenced to seven and a half years in prison by Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York after pleading guilty to criminal charges, including engaging in an unlawful political influence campaign and operating an unlicensed money transmitting business. Salame, who once […]