MarketOverview

$BTC
• The bitcoin BTC $106,769.17 premium on the global derivatives behemoth Chicago Mercantile Exchange (CME)-listed futures has narrowed tightly, a reflection of diminished institutional demand.
• The three-month rolling annualized premium has fallen to 4.3%, the lowest since October 2023, based on data monitored by 10x Research. That's well off highs above 10% hit earlier in the year.
• The drop in so-called basis, even as BTC's price remained constant above $100,000, shows waning optimism or doubts regarding potential price prospects.
• The decline is in line with the fall in the funding rates on perpetual futures quoted on leading offshore exchanges. As 10x points out, funding rates recently turned negative, an indication of a discount in perpetual futures against the spot price and a further indicator of bearish short position bias.
• The shrinking price gap is a hurdle for would-be pursuers of the non-directional cash-and-carry arbitrage, wherein one buys spot ETFs (or in effect, BTC) and sells short the CME futures simultaneously.

• "When spreads on yield fall below a hurdle rate of 10%, Bitcoin ETF inflows are more likely to come from directional investors than arbitrage-hedged funds. This is often accompanied by price consolidation. Such spreads now stand at 1.0% (perpetual futures funding rate) and 4.3% (CME basis rate), pointing to a steep drop in hedge fund arbitrage," Markus Thielen, founder of 10x Research, explained to CoinDesk.
• Thielen further stated the drop-off aligns with subdued retail participation, as evidenced by suppressed perpetual funding rates and low spot market volumes.
• Padalan Capital also expressed the same view in a weekly note, referring to the reduction in funding rates as an indication of retrenchment in speculative interest.
• "A more intense risk-off signal is provided by regulated platforms, where the CME-to-spot basis for both Ethereum and Bitcoin has inverted into deeply negative territory, reflecting aggressive institutional hedging or a massive unwind of cash-and-carry arrangements," Padalan Capital explained.

$BTC $ETH $DOGE
🚀 𝗠𝗮𝗿𝗸𝗲𝘁 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄:
• Bitcoin (BTC) trades at $85,325, with a 0.90% gain in the last 24 hours. Experts predict that if the trend is sustained, BTC may hit above the $90K level during May.
• Ethereum (ETH) has crossed the $1,600 mark at $1,607, registering a 1.56% gain.
• Dogecoin (DOGE) has gained 𝟏.𝟐𝟐%, continuing to gather interest in the meme coin arena.
🔮 𝗔𝗻𝗮𝗹𝘆𝘀𝘁 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁𝘀:
• XRP is in a phase of consolidation, but analysts are forecasting aggressive price targets of $11, $57, and even $101 in the long run.
• Market analyst Peter Brandt has posted a bearish forecast for XRP, foreseeing a fall to $0.30 by the end of 2025.

🏛️ 𝗜𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝗮𝗹 𝗔𝗰𝘁𝗶𝗼𝗻𝘀:
• Charles Schwab has laid out plans to introduce Bitcoin and cryptocurrency trading services in the next 12 months. This action will be seen to add market liquidity and bring in further institutional investors.
🌐 𝗚𝗹𝗼𝗯𝗮𝗹 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁𝘀:
• Slovenia will introduce a 25% tax on crypto gains, payable when crypto is exchanged into fiat or goods and services. Crypto-to-crypto transactions, however, will not be taxed.
• The Bank for International Settlements (BIS) has cautioned that cryptocurrencies and stablecoins have the potential to destabilize financial systems and worsen economic inequality.
📈 𝗔𝗹𝘁𝗰𝗼𝗶𝗻 𝗦𝗲𝗮𝘀𝗼𝗻 𝗦𝗽𝗲𝗰𝘂𝗹𝗮𝘁𝗶𝗼𝗻:
• Crypto analyst Crypto Rover suggests that a significant drop in Bitcoin's market dominance, coupled with macroeconomic stability and increased institutional interest, could trigger an altcoin season in 2025.
#MarketOverview #TrumpVsPowell #BinanceAlphaAlert #SolanaSurge #Altcoins👀🚀