Newsletter

The Bitcoin Bungalow | Issue 9 | May 28 2024

📈 General Bitcoin Market News

Fear and Greed Index

  • Current Value: 72
  • Change Since Last Week: -4
Bitcoin Fear & Greed Index
Click Image for More

Bitcoin Price Update

  • Current Price: $67,910.25
  • Weekly Percentage Change: -5%
Click Image to View Dashboard


Market Sentiment

  • After a strong week last week, Bitcoin failed to break its highs. Since then, an Ethereum Spot ETF has been approved which could lead to some fund being allocated to the number 2 cryptocurrency.
  • US ETFs are netting an inflow of +$3.87B whilst HK are netting a modest intflow of +$17.5M bringing total net inflows across US and HK to around +$3.88B which seems to further indicate optimism despite the pullback in price: source
  • With net inflows looking very positive, the price has still take a small dip after the news of the Ethereum ETF. What likely was a 'sell the news' event could also have potential signs of investors preparing to allocate funds to the number 2 cryptocurrency.
  • The federal funds rate (FFR) is steady at 5.25-5.5%.

BTC Liquidations

  • Total Shorts Liquidated: $80.17M
  • Total Longs Liquidated: $142.61M

Source

🌐 Bitcoin Ecosystem Updates

  • BOB | Build on Bitcoin
    • Tellor deploys on BOB. Tellor is a decentralized and permissionless oracle protocol that securely brings any verifiable data on chain using robust crypto economic design. Tellor deploys to BOB.
    • Satoshi DAO introduce SATS.do which enables BTC micropayments on 7 EVMs including BOB, and also enables bridging to Solana.
    • Singular Marketplace integrates BOB to enable modular NFTs which allow users to create and trade nestable, equippable, soulbound, emotable, and multi-asset NFTs
Image

We now have BOB data you can explore – Sign up

Watch the Tutorial Below

  • B2 Network:
    • Redstone is now providing price feeds for BTC, USDT and STONE on B2.
    • Announce partnership with ChainUp to strengthen compliance adherence and enhance user asset protection.. ChainUp is a trusted advisor for leading financial institutions worldwide.

We now have B2 Network data you can explore – Sign up

  • Botanix Labs:
    • Announce a partnership with Master Protocol to introduce a liquid staking layer for Bitcoin users.
    • BitPerp to provide access to synthetic spot and perpetual leverage for trading Ordinals, Runes, and more on Botanix.
    • Announce strategic partnership with Luganodes.

We now have Botanix Testnet data you can explore – Sign up

  • Merlin Chain:
    • Mainnet upgrade is complete. Learn more.
    • Xname announces completion of X airdrop. Learn more.
    • Portal DEX partners with Merlin. The collaboration integrates mBTC into the Portal DEX allowing one-click trading with liquidity, native L1 & 2 Bitcoin assets via atomic swaps.

We now have Merlin data you can explore – Sign up

  • Rootstock:
    • Daniel Fogg shares a preview of what is to come for the next 12 months, here.
    • Rootstock Labs commits an extra $3M with rollout of 5th wave of Grants Program.
    • Gelato team up with Rootstock. Rootstock devs can now easily automate workflows & offer gasless transactions in their dApps.

We now have Rootstock data you can explore – Sign up

Here's how easy it is to create a dashboard with Stacks data on Ortege Studio:

Upcoming Events

Closing Thoughts

This week's market snapshot shows Bitcoin grappling with the effects of an Ethereum Spot ETF approval, which has slightly tilted the investment scales. Despite a decline in Bitcoin’s price, the enduring positivity in ETF inflows across the US and HK reflects a resilient optimism. Investors might be re-strategizing in light of new investment opportunities in Ethereum, marking a pivotal moment in cryptocurrency dynamics. As the landscape evolves, it’s crucial for investors and enthusiasts to stay informed and agile. Leverage our in-depth dashboards at Ortege Studio to navigate these changes effectively, ensuring you remain at the forefront of cryptocurrency innovation and investment opportunities. Sign up today to explore the data that will shape your strategy in this rapidly shifting market.