#Bitcoin (BTC) closed the week 0.73% up, while #Ethereum (ETH) continued its comeback run, ending the week up 15.8% from the week prior. Total crypto market cap inched up another 2.5% from $3.341T to close the week at $3.426T.
Despite a strong market, the volatility still resulted in large liquidations, predominantly on the long side. Funding rates fell slightly after a bearish move to close to week, with most cryptocurrency majors hovering around the low single digits range.
Michael Saylor’s Strategy has acquired 13,390 BTC for $1.34B at an average price of $99,856 per Bitcoin. - Link
Healthcare services company, KindlyMD, merges with Bitcoin-native holding company, Nakamoto Holdings, to establish a Bitcoin treasury strategy. - Link
Tether has acquired 4,812 $BTC for $459M as part of their deal with Cantor Equity Partners for Twenty One Capital. - Link
Why does it matter?
Although both the crypto and traditional markets have seen tremendous runups from the April lows, the crypto market seems to be losing a bit of steam, with Bitcoin stalling out in the 103-105K range. The traditional market continues its run, with the S&P 500 closing up 4.19% over the past week and the Nasdaq up 5.89% in the same period.
