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Home»BLOCKCHAIN NEWS»Bitcoin (BTC) has entered an accumulation phase amid a market correction.
BLOCKCHAIN NEWS

Bitcoin (BTC) has entered an accumulation phase amid a market correction.

By Crypto FlexsJune 3, 20242 Mins Read
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Bitcoin (BTC) has entered an accumulation phase amid a market correction.
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Bitcoin (BTC) has entered an accumulation phase after significant price correction and consolidation, according to Bitfinex Alpha. After reaching a new all-time high of $73,666 in March, long-term holders (LTHs) offloaded significant amounts of BTC, increasing supply and resulting in a price correction.

Market Dynamics and Bitcoin ETFs

Demand for Bitcoin ETFs has grown again in recent weeks, with net inflows averaging $136 million per day, well above the $32 million daily selling pressure from miners following the halving. Exchange holdings of Bitcoin are decreasing while new accumulation addresses are increasing. LTH, which had previously sold at market highs, has started accumulating Bitcoin again, indicating long-term bullish sentiment.

Solana’s DeFi Ecosystem Growth

Solana’s DeFi ecosystem is growing rapidly, with activity in lending, liquidity staking, and perpetual markets. Solana currently boasts $4.78 billion in Total Value Locked (TVL) and $1.8 million in 24-hour NFT trading volume. Solana is the leader among blockchains in stablecoin transaction volume thanks to its high throughput and scalability. Despite falling behind Ethereum in TVL, Solana ranks second in decentralized transaction volume by chain.

macroeconomic indicators

In the broader economy, differing views emerged on U.S. consumer confidence. While the Conference Board showed an unexpected increase, the University of Michigan’s sentiment index showed a sharp decline. First-quarter GDP growth was lower than expected at a revised 1.3%, reflecting lower consumer spending and lower inflation.

High interest rates and reduced fiscal support are slowing consumer spending, as evidenced by the stabilization of the Personal Consumption Expenditures (PCE) price index in April and the personal savings rate remaining low. A possible interest rate cut by the Federal Reserve is expected later this year.

Notable developments in the cryptocurrency space

Tether has pledged up to $150 million to Bitcoin mining company Bitdeer to expand its business. Additionally, the New York Stock Exchange (NYSE) and CoinDesk Indexes will launch a cash-settled Bitcoin index option, enhancing their digital asset offerings and risk management tools. Franklin Templeton, VanEck and Invesco Galaxy are preparing to launch a spot Ether ETF, pending SEC approval.

BlackRock’s iBIT has surpassed GBTC to become the largest Bitcoin ETF, attracting the attention of institutional investors thanks to its growing trading volume and lower fees.

For more insights, visit the official Bitfinex Alpha (source): https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-btc-enters-accumulation-period/.

Image source: Shutterstock

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