BNB falls below the $600 mark

MN Capital founder Michael van de Poppe stated that Bitcoin's daily and two-week RSI hitting historic lows may be the best time to accumulate and buy. On chain data shows that in the past 60 days, wallets holding 1000 to 10000 BTC have increased their holdings by 53000 BTC, addresses holding 100 to 1000 BTC have increased their holdings by 12200 BTC, and addresses holding 10 to 100 BTC have increased their holdings by 1283 BTC. Entities holding over 10000 BTC reduced their holdings by 39800 BTC during the same period, and groups holding 1 to 10 BTC also reduced their exposure. Analyst Titan of Crypto pointed out that the quarterly fair value gap of Bitcoin is in the range of $56800 to $44600. Glassnode co-founder Rafael stated that if the CVDD indicator repeats historical patterns, the potential bottom range for Bitcoin could be between $52000 and $59000.

According to Bloomberg, the market value of Bitcoin has decreased by about $235 billion this year, and the total market value of altcoins has dropped from $431 billion in November 2021 to about $170 billion. Nevertheless, stablecoins have an annual trading volume of $390 billion and are being integrated into the global payment system. Wall Street firms are accelerating the tokenization of stocks, bonds, and money market funds. BlackRock's tokenized money market fund BUIDL has assets worth $2.4 billion, and Nasdaq has partnered with Kraken to provide tokenized stocks. Currently, over $30 billion in assets have been tokenized.

According to Bloomberg, the US Commodity Futures Trading Commission (CFTC) has cancelled its headquarters relocation plan, renewed the lease of its current location for five years, and plans to hire up to 100 additional employees to meet industry growth and regulatory demands. The CFTC is seeking to become the primary regulator of the prediction market, and if the Clarity Act is passed, its regulatory responsibilities in the cryptocurrency industry may expand. The CFTC has recently offered deferred resignation plans to approximately 50 employees and buyout offers to some long-term employees. As of April 2024, the number of CFTC employees has decreased to 553, a decrease of nearly 25% compared to 2024. CFTC requests to increase the total number of employees to 650 in the 2027 fiscal year budget.

According to John D'Agostino, head of institutional strategy at Coinbase, Bitcoin fell below $60000 last Friday, but it did not affect the confidence of institutional investors, as family offices, governments, and sovereign funds continued to buy at low prices. He said, 'They liked it at $125000, liked it at $100000, and liked it even more at $65000.' Currently, the Bitcoin ETF exposure is about $100 billion. Despite a nearly 50% drop in Bitcoin prices at higher points, retail interest has only retreated by about 15%. He also stated that no major institutional Bitcoin holders have been found to be severely over leveraged or liquidated, and some large leveraged holders still have the ability to raise funds to support their purchases.

According to a report by Bank of America Securities, about 70% of bear market signals have been triggered, consistent with previous market peaks. The strategy team is led by Savita Sabramanian and recommends investors to 'take profits'. The valuation of the S&P 500 index is significantly high, and 17 of the 20 evaluation indicators show that it is expensive, including 8 super tech foam level. The signal sources include consumer confidence, economic growth expectations, M&A activity ratings, credit pressure, etc. The opinion survey of senior loan officers by the Federal Reserve in May showed that consumer demand continues to weaken.