Currency Forecast

In classic crypto fashion, analysts everywhere are dusting off their “This Could Be Altseason!” PowerPoints. Like that friend who only tweets about Mercury in retrograde, they’re obsessing over CryptoQuant’s Market Performance & Altcoin Spread— apparently at 38% now, which means bitcoin has company on the popular kids’ table. A reading above 50% is like Hogwarts sending your altcoins a letter; you’re in. But with 12 percentage points left, it’s basically a tense game of market musical chairs – and no one wants to be left holding Dogecoin when the music stops.

Yet Bitcoin, obstinate as a hero in the third act, rallied anew the very next morning, like a lost dog finding its master, on news of less-penned inflation (0.2% month-on-month). This was seen as a subtle nod from the Fates—an inflation rate of 2.3%, lower than the soothsayer’s 2.4% prophecy, has the whole market speculating that perhaps the Federal Reserve, in a rare show of generosity, will finally lower rates in the autumn.

The latest snapshot, which came at Bitcoin block height 894,668 (because apparently that’s something we need to remember), shows Binance holding a whopping 616,886 BTC. This backs up customer balances of 604,410 BTC, giving it a shiny reserve ratio of 102%. Let’s all take a moment to appreciate the magic of decimals. 😎

NODE declares itself a gateway, generously allowing entry not only to crypto barons and miners gnawing at the root of digital ore, but also to the engineers stringing the cables, the merchants spinning up exchanges, and even those broad-shouldered sorts pouring “infrastructure” into the dark, humming pits of blockchain servers. Rumor has it, even accountants seeking shelter from the rain are permitted to join, provided they mutter “onchain” thrice and ring the earnings call bell.

While taking to the stage at TOKEN2049 in Dubai (because, really, why have one number when you could have four?), Morehead suggested that Trump—yes, that Trump—might tip the scales in crypto’s favour with some regulatory razzle-dazzle. Let’s take a moment to imagine: a crystal ball, an election, genies all over the shop, and the crypto crowd running the place!

With the grace of a ballet dancer, this ETF pirouettes its way onto the Cboe exchange. And what, pray tell, does it offer to investors? Why, a splendid buffet of companies entrenched in the blockchain ecosystem. Think crypto miners, exchanges, infrastructure providers, and the like. VanEck, in their infinite wisdom, assures us that this is the way of the future – as if they’re the grand prophets of this onchain economy. 🙄

Now, don’t get too excited – even though open interest is climbing like a cat on a fence, both Dogecoin and Shiba Inu remain stuck in a perpetual struggle for survival. In the past week, Dogecoin’s futures open interest has surged by a staggering 78%. It’s like the coin is saying, “Hey, I’m still here!” But even Bitcoin’s major nosedive couldn’t stop this surge in Dogecoin. Open positions have shot up from $1.7 billion to a slightly more respectable $3.03 billion.

Ripple tweeted something suitably diplomatic about being “impressed with the leadership” of Dubai and called it a “world-leading hub for digital assets.” Translated: “Thanks for not giving us the regulatory death stare, much appreciated.” 👀

In an act that could arguably be called “brave” if not for all the lawyers present, JPMorgan Chase publicly settled its first blockchain transaction using Chainlink (LINK)—a name that sounds suspiciously like the villain in a Bond film—and Ondo Finance (ONDO), who probably only agreed to participate because no one’s ever heard of them. Even Fortune had to take a break from reporting on gold-plated yachts to cover it.

The worthy correspondents at TopMob have faithfully conveyed Bitpay’s peculiar announcement. It appears, for the privilege of HODL Pay, one must first pledge their crypto holdings on Aave—a lending assembly so decentralized that not even Lady Catherine could presume to interfere with its operations. Perchance you are already an Aave stalwart; in such case, spend freely the borrowed stablecoins. Should you not yet be acquainted, fear not: deposit what assets you can, and society—nay, the marketplace—shall open its gilded doors.