[Analysis: Bitcoin Decoupling from Global M2 Stems from U.S. Treasury Liquidity Operations] According to CoinDesk, Raoul Pal, founder of Global Macro Investor, pointed out that since the beginning of 2023, Bitcoin price movements have shown a lagging correlation of approximately 12 weeks with the global M2 money supply, reflecting that it takes about three months for liquidity to flow into the crypto market. However, this pattern broke after July 16: despite the continued expansion of global M2, Bitcoin entered a phase of sideways consolidation. Pal attributed this divergence to liquidity withdrawal by the U.S. Treasury through the TGA account. Since July, the U.S. Treasury has issued approximately $500 billion in Treasury bonds to replenish the TGA, raising its balance to nearly $800 billion, which reduced the funds available in the market and directly impacted liquidity-sensitive assets like Bitcoin. However, Pal believes that the TGA account is now nearing full replenishment, and the liquidity withdrawal effect may dissipate by the end of the month, allowing Bitcoin to potentially resume its upward trend in sync with M2. Notably, tech stocks and gold continue to hit new highs, indicating that overall risk appetite has not been significantly affected. Meanwhile, selling pressure from long-term holders may also be one of the factors contributing to Bitcoin's divergence from M2.
24시간 플래시
더보기 >SOL falls below the $200 mark
Binance SOL/USDT is currently trading at $198.89, with a 5-minute drop of 0.42%. Please be aware of the market fluctuations.
NEAR's trading volume surged 28 times in an instant surge
Bitget NEAR/USDT's perpetual trading volume surged 28 times within 10 minutes, with a turnover of 34.94 million US dollars in the past 24 hours, a decrease of 6.56% A surge in trading volume generally indicates an increase in market trading activity or large-scale fund buying and selling operations, which may be caused by certain important market changes or news announcements. According to AiCoin data, the comprehensive ranking of Bitget contracts ranks fourth globally
ETHZilla计划向Puffer部署4700万美元以太坊
[ETHZilla Plans to Deploy $47 Million in Ethereum to Puffer] Ethereum treasury firm ETHZilla (NASDAQ: ETHZ) has announced plans to deploy approximately $47 million (around 10,600 ETH) to the liquid staking protocol Puffer to enhance the yield on its Ethereum asset reserves.
SharpLink拟与Superstate合作在以太坊链上推出代币化股票SBET
[SharpLink Plans to Collaborate with Superstate to Launch Tokenized Stock SBET on Ethereum Chain] According to Golden Finance, Nasdaq-listed Ethereum treasury company SharpLink Gaming announced that it will tokenize its SEC-registered common stock directly on the Ethereum blockchain. Financial technology company Superstate will act as its digital transfer agent, enabling the on-chain native tokenization of its equity through its Opening Bell platform and expanding Superstate's multi-chain capital market infrastructure.
USDC Treasury 在以太坊销毁约6297万枚USDC
[USDC Treasury Burns Approximately 62.97 Million USDC on Ethereum] According to Whale Alert data, at 20:00:23 Beijing time, USDC Treasury burned 62,971,539 USDC on the Ethereum blockchain.