Bitcoin and major cryptocurrencies are experiencing a dip, influenced by the Chicago Mercantile Exchange’s denial of listing futures for XRP and SOL. Despite this, retail demand for Bitcoin remains strong, with addresses holding up to 10 BTC absorbing 1.9 times the newly mined supply last month, totaling over 25,600 BTC. Long-term holders are showing caution, reducing their spending and profit-taking. The number of whale wallets holding between 1 million and 10 million XRP has reached an all-time high of 2,083, indicating strong accumulation. Meanwhile, Bitcoin Synths are gaining popularity, allowing users to benefit from Bitcoin’s price movements without owning the cryptocurrency. Ethereum layer-2 protocols are also seeing record transaction volumes, though concerns about capacity limits persist. On the economic front, the “all tenant rent” index rose at a slower pace last quarter, suggesting that inflation concerns might be overstated, potentially leading to a more dovish stance from the Federal Reserve.
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