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Bitdeer заявила о крупнейшей в мире мощности подконтрольного майнингового оборудования
В Казахстане заблокировали более 1000 криптосервисов
В США предложили законопроект о защите разработчиков DeFi-сервисов
Пакистан хочет использовать для платежей стейблкоин Трампа
Аналитики Wintermute рассказали о главной проблеме альткоинов
Банк Таиланда будет отслеживать транзакции со стейблкоином USDT
Аналитики: Число случаев криптомошенничества выросло за два месяца
Glassnode: Вот насколько пополнили резервы в биткоинах крупные игроки
Банк JPMorgan намерен ограничить доходность стейблкоинов
Bitcoin Sell-Side Risk Ratio Falls To Lowest Since Oct ’23: What It Means
On-chain data shows the Bitcoin Sell-Side Risk Ratio has plummeted recently. Here’s what this could suggest for the cryptocurrency.
Bitcoin Sell-Side Risk Ratio Has Fallen To Multi-Year LowsIn a new post on X, Glassnode analyst Chris Beamish has talked about the latest trend in the Bitcoin Sell-Side Risk Ratio, an on-chain indicator that keeps track of the ratio between the sum of all profits and losses realized on the network and the cryptocurrency’s Realized Cap.
The Realized Cap here refers to a capitalization model that calculates BTC’s total value by assuming that the value of each coin in circulation is equal to the price at which it was last transacted on the blockchain.
The last transfer price of any token is likely to represent its cost basis, so the Realized Cap measures the sum of the cost bases of the total BTC supply. In other words, it represents the total amount of capital that the investors have put into the cryptocurrency.
As such, the Sell-Side Risk Ratio tells us about how the amount of profit and loss that Bitcoin investors are realizing compares against the total capital stored in the asset.
Now, here is the chart for the indicator shared by Beamish that shows how its value has changed over the last few years:
As displayed in the above graph, the Bitcoin Sell-Side Risk Ratio shot up to a notable value with the price crash in November. This suggests that investors took a large amount of profit and loss alongside the volatility.
Since this high, the indicator’s value has seen a steep drop and has returned to the lowest level since October 2023. The analyst has noted that this points to “subdued conviction behind distribution at current price levels.”
Typically, market volatility tends to be low when these conditions form, so it only remains to be seen how the price of the cryptocurrency will develop in the near future.
In some other news, demand from the Bitcoin retail investors has been missing recently, as CryptoQuant author IT Tech has pointed out in an X post. The indicator cited by IT Tech is the 30-day change in the Retail Investor Demand, measuring the percentage change in the volume associated with the small hands (transactions valued at less than $10,000).
As is visible in the chart, the 30-day change in the Bitcoin Retail Investor Demand has been declining inside the negative zone recently, implying that the activity of the retail entities has been going down. The indicator’s trend hasn’t changed even after the recent recovery surge.
BTC PriceAt the time of writing, Bitcoin is trading around $94,300, up more than 3% over the last 24 hours.
Майкл Сейлор: Прогресс биткоина показывают не графики
Эксперты Santiment оценили шансы биткоина на достижение $100 000
Clash Over Stablecoin Legislation: Big Banks Vs. The Crypto Industry
As the Senate Banking Committee unveiled the updated draft of the crypto market structure bill, known as the CLARITY Act, another critical battle is unfolding surrounding the GENIUS Act, which focuses on stablecoin regulations. The banking lobby is pressing for significant changes, particularly regarding stablecoin rewards.
Are Big Banks Disrupting Stablecoin Competition?Summer Mersinger, CEO of the Blockchain Association and a prominent advocate for the crypto industry in Congress negotiations, took to social media platform X (formerly Twitter) to highlight the current state of discussions following the bipartisan passage of the GENIUS Act.
She claimed that the “Big Bank lobby” is pushing Congress to revisit settled legislation concerning stablecoin rewards, not due to emerging risks but rather to suppress competition that benefits consumers.
Mersinger stated, “When Big Banks face competition, they don’t improve services. They lobby to handicap alternatives. And the consumer suffers.”
The firm’s CEO pointed out that the average American savings account currently yields only 0.39%, while checking accounts offer an even lower rate of 0.07%. In contrast, the Federal Funds rate hovers between 3.50% and 3.75%.
She argued that this discrepancy is not merely a product of market forces but stems from a substantial barrier that the major banks have constructed, preventing customers from accessing better returns.
Mersinger emphasized that the dominance of the six largest US banks, which control assets equivalent to 60% of the country’s Gross Domestic Product (GDP), only reinforces this trend.
She further stressed that when new technologies arise that can provide consumers with superior returns, the banks’ immediate response is to invoke claims of “systemic risk” while lobbying against these advancements.
Ultimately, Mersinger and her colleagues are advocating for policies that prioritize consumer options. “We urge Congress to listen,” she implored, signaling the importance of the ongoing debate between the two sectors.
Expert Advocates For Fair ReturnsMarket expert Omid Malekan also weighed in, criticizing the notion that stablecoin holders should not earn yields, arguing that the interest revenue generated from taxpayer-backed Treasury bills should be directed to average Americans rather than lining the pockets of bank executives and shareholders.
Malekan called for a broader discussion on capping credit card interest rates and swipe fees, along with the implementation of a windfall profit tax on the net interest margins of banks. He asserted, “An industry this anti-competition and consumer choice should suffer the consequences.”
Support for Malekan’s view was reinforced by recent earnings reports from major banks. This morning, JPMorgan Chase announced $25 billion in net interest income, illustrating the profits generated by not providing higher returns to savers. Malekan dismissed claims that stablecoins paying interest would harm lending as unfounded.
Featured image from DALL-E, chart from TradingView.com
