To Marcus Sotiriou, Analyst At a Listed Digital Asset Broker global block (TSXV:BLOK).
66% of Bitcoin supply hasn’t moved in a year as it remains above $20,000. This is the highest percentage of supply that was last activated over a year ago. This shows that BTC holders are confident about Bitcoin’s longevity.
More institutions are entering the DeFi space, including JP Morgan, DBS Bank, SBI, Standard Chartered Bank, HSBC and UOB joining the Money Authority (MAS) Digital Asset Pilot in Singapore. MAS is Singapore’s central bank that has enabled the aforementioned bank to execute first-life transactions on public blockchains using DeFi, tokenized deposits, and verifiable credentials.
JP Morgan famously opposed DeFi, its CEO called cryptocurrencies a “decentralized Ponzi scheme” months ago, but the banking giant got involved in the DeFi sector. This is a big step forward for the industry.
JP Morgan used a version of Aave on the Polygon blockchain to trade tokenized SGD with SBI Holdings LLC in Japanese Yen. The Polygon Token (MATIC) is up over 20% today and over 50% over the past few weeks.
In other news, Coinbase yesterday reported revenue that showed a loss of $545 million in the third quarter. That’s 50% less than his $1.1 billion loss in the second quarter of the year, but losses are still a concern for investors.
Transaction revenue fell 44% from the second quarter to $366 billion. This points to a shift in trading volume out of the US, where regulatory certainty is lacking. Britain could take advantage of this, with Rishi Sunak becoming the new British prime minister.
“As of the end of the quarter, approximately 25% of the world’s 100 largest hedge funds by reported assets under management have elected to join Coinbase,” Coinbase said in its earnings report. This is a significant increase from last year when they claimed 10% of the largest hedge funds were on his Coinbase, and when macroeconomic conditions finally changed, hedge funds It suggests that the fund is preparing to invest in cryptocurrencies.