Key Points:
- Nearly 70% of bitcoin’s circulating supply has not been moved for at least a year, indicating strong holder base and confidence of long-term investors.
- Bitcoin closed at $30,460 in June, reflecting an 11.9% increase for the month and finding support at its 200-week moving average.
- The discount to net asset value (NAV) of the Grayscale Bitcoin Trust (GBTC) reduced from 42% to 30% after BlackRock filed for its spot Bitcoin ETF, potentially indicating anticipation of ETF approval.
- The balance of bitcoin held on OTC desks reached a one-year high in June, suggesting increased institutional interest.
- USDC has seen a 37% decrease in supply year-to-date, while Tether has experienced a 25% increase, likely due to regulatory uncertainty in the U.S. and USDC’s depegging in March.
Hot Take:
Overall, Ark Invest’s June bitcoin report highlights positive indicators for the leading cryptocurrency, including strong holder base, institutional sentiment, and stablecoin trends. However, economic challenges such as declining new orders in the manufacturing sector and a contracting U.S. Gross Domestic Income raise concerns for the future. It will be important to monitor these factors moving forward to assess bitcoin’s resilience and potential for further growth.
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