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The bitcoin market continues to show weakness, despite a slight recovery in trading volumes. Selling pressure remains, and interest in derivatives is declining. Options markets show high hedging activity, indicating expectations of uncertainty. Against a backdrop of low liquidity and increasing demand for hedging, the threat of price declines persists.

The cryptocurrency market is in a contraction phase after Bitcoin failed to break through the $105k mark in January. Bitcoin remains stable, while Ethereum, Solana and memecoins are facing deeper corrections. Solana, previously the leader in capital inflows, is also experiencing a significant decline. Open interest in Bitcoin futures is down 11.1%, Ethereum by 23.8%, Solana by 6.2%, and the memecoin index by 52.1%, reflecting a decline in interest in leveraged speculation.

Attention! Important crypto news:

- Bitcoin price briefly exceeded $69k, breaking significant technical and on-chain levels.
- All short-term holders now have unrealized profits, which could improve market sentiment.
- Open interest in futures markets hits new all-time highs, indicating speculation is on the rise.

Glassnode and Coinbase have released their fourth joint quarterly report on crypto markets. The Q4 report notes:

- Bitcoin price fluctuated between $50,000 and $60,000.
- Institutional interest remains high: Bitcoin spot ETFs have raised $5 billion.
- Ethereum staking amount reaches record high.
- Stablecoin market cap reaches $170 billion.

The report highlights the growing liquidity and maturity of the market, and points out key trends that could impact the market later in the year.

Glassnode and Coinbase have released their fourth quarterly crypto market report. The Q4 report highlights the following key points:

- Bitcoin price fluctuated between $50,000 and $60,000 despite volatility.
- Institutional interest remains strong: US Bitcoin spot ETFs raise $5 billion.
- Ethereum staking reaches record high, reflecting growing confidence in digital assets.
- Stablecoin market cap reaches $170 billion.

The report highlights market maturity, improving liquidity, and growing institutional demand. The full report can be downloaded from Glassnode.

### Cryptocurrency News

- Demand in the cryptocurrency market has declined significantly since March 2024, when the all-time high of $73,000 was reached.
- Daily new capital inflows into the Bitcoin network are around $0.73 billion, significantly lower than the peak of $2.97 billion.
- The reduction in available supply, including short-term and highly liquid stocks, indicates a preference for HODLing among investors.
- Activity in the futures markets has also declined, indicating a reduction in speculation and investor attention.
- The Liveliness metric shows a persistent trend towards HODLing, which further narrows the available supply.
- The market is experiencing a unique period of equilibrium between supply and demand, which may foreshadow increased volatility in the future.

**Cryptocurrency Market: Analysis of Current Trends**

- Current corrections in the Bitcoin market remain relatively shallow, which is in line with historical uptrends.
- Positioning and behavior of short-term holders have improved, which is associated with price attempts to recover the $62.5k level.
- Significant volume of open futures positions can lead to liquidation cascades in high volatility.
- Despite the recent pullback to $60k, the market recovered to $63.5k by the end of the week.
- The depth of corrections in the current cycle is in line with previous ones, with a maximum decline of -26%.
- The $47k and $52.5k levels remain key for determining macroeconomic trends.
- Speculation in the futures markets is increasing, which can increase volatility.

This report does not constitute investment advice.

**Cryptocurrency News**

- Bitcoin prices are showing similar cyclical trends despite different market conditions.

- The number of long-term holders at a loss has increased, but financial pressure on their portfolios remains minimal.

- Short-term holders' returns have improved, reducing financial stress.

- Institutional demand for Bitcoin via ETFs remains strong despite minor selling pressure.

**Cryptocurrency News**

- Bitcoin has regained value for short-term holders ($61.9k) and the 200DMA ($63.9k) after the Fed's 0.50% rate cut.

- New investors are showing confidence despite small realized losses, indicating an overall uptrend.

- Perpetual futures market is showing a cautious recovery, but demand is still below strong bull market levels.

📊 **Cryptocurrency Market News**

- Demand for digital assets remains low, with small amounts of capital entering and exiting the market.
- Investors continue to HODL, leading to a decrease in active trading.
- Bitcoin price has remained stable for the past six months, indicating a possible increase in volatility in the future.
- The volume of liquid coins is decreasing, while the number of long-term holders is growing.
- The volume of stablecoins is increasing, reaching $160.4 billion, indicating potential purchasing power in the future.
- Volatility is expected to increase due to current price stability.

**Cryptocurrency and Blockchain News**

**Glassnode Expands ERC-20 Token Support**

- The Glassnode platform now supports over 500 new ERC-20 tokens.
- This extension allows users to analyze Ethereum assets with the same depth as Bitcoin.
- Includes metrics on asset fundamentals, capital expenditures, and profit and loss data.
- Access to ERC-20 metrics is free for the first 30 days.

**Cryptocurrency News**

- Bitcoin network hashrate is almost at an all-time high despite miners' revenues declining. This indicates high confidence among participants in the network.

- Investor interest in exchanges is declining, trading volumes are falling, indicating a decline in activity and appetite for speculation.

- Bitcoin and Ethereum ETFs are showing capital outflows, while interest in Bitcoin ETFs remains significantly higher.

**Cryptocurrency News:**

- Bitcoin investors are holding relatively small unrealized losses on average compared to previous cycles, indicating a favorable position.

- Short-term holders are bearing the brunt of losses, making them the most vulnerable group.

- Profit-taking and loss-taking activity remains low, which could lead to increased volatility in the near term.

- Bitcoin price pressure is increasing, causing the largest decline in the current cycle.

- Despite this, Bitcoin price is trading 22% below its all-time high, a relatively small decline.

- Unrealized losses represent only 2.9% of Bitcoin’s market cap, which is historically low.

- Short-term holders continue to bear losses, indicating further market weakness is possible before the price recovers to $62.4K.

- Overall loss-taking activity is increasing, which could indicate growing fear among investors.

- Current metrics point to a possible increase in volatility in the near future.

**News: Bitcoin Dominance in the Cryptocurrency Market**

- Since November 2022, Bitcoin's dominance in the cryptocurrency market has grown from 38% to 56%.
- Long-term holders continue to accumulate and hold coins despite volatile market conditions.
- Short-term holders have suffered the brunt of losses, which may indicate a possible overreaction to recent events.

**Market Analysis:**

- Ethereum dominance has decreased by 1.5%, remaining relatively stable.
- Stablecoins and altcoins have decreased by 9.9% and 5.9%, respectively.
- The market has shown signs of reaching equilibrium in recent months.

**Conclusion:**

- Despite market uncertainty, capital continues to flow into Bitcoin, confirming its leading position.

**Cryptocurrency News**

- After more than a decade of litigation, Mt.Gox creditors have begun to receive returned bitcoins. Of the 141,686 BTC, about 59k BTC has already been distributed through the Kraken and Bitstamp exchanges.

- Long-term investors continue to hold 45% of network wealth, above levels seen at macrocycle peaks.

- Selling pressure from long-term holders is decreasing, indicating a return to the HODLing strategy.

CME Group and Glassnode have released a joint report, Digital Assets: H1 Market Insights and Trends 2024. The report includes analysis of key developments in the digital asset market, providing institutional investors with valuable insights into the latest trends.

The report covers: market overview, analysis of capital flows and market cycles, fundamentals of the derivatives market.

Basic moments:
- CME dominance in the digital asset futures market
- Bull market correction
- ETH/BTC ratio as an indicator of market sentiment
- Comparison of Bitcoin settlement volumes with Visa and Mastercard

The report is available for download.

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The cryptocurrency market has been trading sideways since March after reaching a historical high of $73 thousand. Analysis of short-term investors shows negative demand dynamics since the beginning of May. Long-term holders, despite the fact that their share is only 4%-8% of the total, bring 30%-40% of the profit. This highlights the concentration of wealth in old coins.

Despite price volatility, investor profitability remains high, with the average profit from holding coins being around 120%. Demand is sufficient to absorb selling pressure and HODLer divestment, but not sufficient for further growth. Cash and carry trading continues, especially among institutional traders, confirming the expectation of range-bound trading for now.

Decentralized exchanges (DEX) such as Uniswap are a key element of the crypto-financial system. Uniswap, the largest DEX protocol, is known for its permissionless access and simplified user experience. The main benefits of a DEX come from the scalability of the underlying blockchain, which entails greater latency and higher transaction fees. However, unlike centralized exchanges, users retain control of their funds and transact through liquidity pools.