• Bitcoin recently rose to $30,000, driven by an uptick in derivatives trading, increased spot trading, and a significant number of coins being withdrawn from exchanges.
• CryptoSlate identified a rotation of stablecoins into Bitcoin which may be significant for the rise.
• To access this insight, users need to connect their Solana wallet and stake 20k ACS (native token of Access Protocol) to the CryptoSlate pool.
Bitcoin Reaches Record Highs
Bitcoin recently rose to a new all-time high of $30,000, driven by an uptick in derivatives trading, increased spot trading, and a significant number of coins being withdrawn from exchanges. CryptoSlate identified a rotation of stablecoins into Bitcoin which may be significant for the rise.
Long-term Inflation Expectations Outstrip 2% Benchmark
Long-term inflation expectations have outstripped the 2% benchmark set by central banks around the world due to increasing demand for assets that offer protection against rising prices. Rising prices have been compounded by growing uncertainty in global markets due to geopolitical tensions and global pandemic-related economic issues.
Bitcoin Options Volume Skyrockets as June Expirations Loom
Options volume on Bitcoin has skyrocketed ahead of June expirations as traders position themselves for potential volatility ahead of the event. CME saw open interest grow by over 5k contracts while Kraken saw its second largest outflow with $225M worth of Bitcoin withdrawn from its exchange as traders seek exposure elsewhere.
Rotation Of Stablecoins Into Bitcoin As It Climbed To $30K
CryptoSlate identified a rotation of stablecoins into Bitcoin as it climbed up to $30K which could be indicative that investors are seeking alternative stores of value away from traditional assets such as stocks and bonds amidst uncertain times. The demand for digital assets has grown significantly since last year when large institutions including PayPal began offering crypto services to their customers.
Accessing Alpha Insights
To access this insight into why Bitcoin reached record highs requires authentication using Access Protocol; users will need both a Solana self-custody wallet (Phantom, Solflare or Torus) and stake 20k ACS (native token of Access Protocol) to the CryptoSlate pool in order to unlock exclusive research & analysis insights provided through CryptoSlate Alpha membership program designed specifically for crypto & macro enthusiasts alike.