🏛️ BTC and ETH balances on centralised exchanges saw a 3-year low; SEC Chairman sees U.S. Spot Ether ETF S-1 approvals in summer 2024

BTC and ETH balances on centralised exchanges saw a three-year low; SEC Chairman sees U.S. Spot Ether ETF S-1 approvals in summer 2024; Australian Securities Exchange approved first spot Bitcoin ETF

Jun 17, 2024
Crypto Market Pulse

Quick Take

  • BTC and ETH balances on centralised exchanges saw a three-year low; SEC Chairman sees U.S. Spot Ether ETF S-1 approvals in summer 2024; Australian Securities Exchange approved first spot Bitcoin ETF 
  • U.S. Spot Bitcoin ETFs broke their streak of inflows last week, with a weekly net outflow (past five trading days) totaling US$581 million, compared to a $1,829 million net inflow the week before. Grayscale Bitcoin Trust ETF’s (GBTC) weekly net outflow settled at $274 million. 
  • On the macro side, the U.S. CPI held flat in May and increased 3.3% year-on-year, lower than expectations. The U.S. Fed kept interest rates unchanged, in-line with expectations while signalling that only one rate cut is expected in 2024. The Bank of Japan kept interest rates unchanged at 0%-0.1%, and is expected to announce a detailed plan on bond tapering in the July meeting. 
  • Notable updates: EigenLabs, company behind EigenLayer (EIGEN), acquired Rio Network; Artificial Superintelligence Alliance (ASI) postponed its ASI token merger to July; the Crypto.com App listed Toncoin (TON), Pirate Nation (PIRATE), Nyan Heroes (NYAN), Aethir (ATH) and io.net (IO).
  • Notable events in the coming week: Interest rate decisions from Australia’s RBA, China’s PBoC, United Kingdom’s BoE, and Switzerland’s SNB.

Weekly Market Index

Price and volume indices decreased by -4.10%and -4.14% last week, while volatility index increased significantly by +145.31%. Volatility changes were led by ONDO (+243.74%), ETH (+230.21%) and BTC (+139.18%). 


Chart of the Week

Data suggested that both BTC and ETH balances in centralised exchanges hit a three-year low. As of 16 June 2024, total BTC balance was 2.8 million ($188 billion), down 15% from three years ago. The total ETH balance was 16.7 million ($60 billion), down 49% from three years ago. 

Withdrawal from centralised exchanges may be interpreted as bullish as investors may have less tendency to trade their BTC or ETH balances for other assets. 


Weekly Performance

BTC and ETH decreased by -4.5% and -2.9%, respectively, in the past seven days. The price action for all selected top market cap tokens was negative except LDO (+12.2%). ICP (-14.6%) led the drop.

Selected key categories were all down in terms of market capitalisation changes in the past seven days, with the artificial intelligence category leading the drop. 


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Research and Insights Team

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