Bitfinex · 1642

Analysis: Bitcoin soared to an 11-week high, or as the US Treasury increased treasury buybacks

According to comparative news, Bitcoin rose sharply after the opening of US stocks on Wednesday, driven by the US Treasury's expansion of the scale of treasury bond repurchases and improvements in market liquidity expectations, reaching the highest level since June 2. Earlier, the US Treasury Department announced that it will expand the scale of long-term treasury bond repurchase operations starting September 9, and that the upper limit of a single repurchase will be raised from 2 billion US dollars to at least 4 billion US dollars. The move is viewed by the market as providing more liquidity support to the long-term bond market and driving a general rise in risk assets. Affected by the news, the yield on US 30-year Treasury bonds fell rapidly, down about 9 basis points to 5.19% from the previous 20-year high. The US Treasury Department said that the purpose of expanding the scale of repurchases is to meet the continuing needs of investors in the long-term treasury bond market and increase market liquidity. However, analysts pointed out that this buyback did not reduce US debt, but rather adjusted the treasury bond maturity structure. As the US government debt approaches $40 trillion, the market remains concerned about fiscal pressure and the risk of rising interest expenses. Bitfinex said that despite Bitcoin's recent rebound, the upside is still limited by insufficient stablecoin liquidity. The data shows that since May, the supply of stablecoins in exchanges has been reduced by about $14 billion. Furthermore, on-chain data shows that the stablecoin supply ratio (SSR), which measures the relationship between the market value of Bitcoin and the total market value of stablecoins, has continued to rise recently, rising from 9.82 to 11.69 on June 30, indicating that the liquidity environment in the market is still tight. Analysts believe that improvements in US fiscal liquidity expectations may provide short-term support for Bitcoin and risky assets, but stablecoin capital has not clearly returned, which means that subsequent increases will still require more capital confirmation.

3d ago

Bitfinex: Stablecoin supply not picking up, BTC rally lacks financial support

Comparing news, Bitfinex said that the S&P 500 continues to set new records, while Bitcoin is still hovering around $64,000. The rise in stocks was mainly driven by expectations of interest rate cuts, but Bitcoin is more dependent on actual liquidity support. The stablecoin supply has been reduced by $14 billion since mid-May, and until stablecoin supply growth resumed, Bitcoin's rebound still lacked financial support. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

3d agoburnking

Analysis: Bitcoin sends a signal at the end of the bear market, and liquidity may return to trigger the next round of fluctuations

Comparing news, Bitfinex's latest report indicates that Bitcoin (BTC) has continued to fluctuate within a narrow range recently, and volatility, trading activity, and market liquidity have all been reduced to levels similar to the end of a bear market. Currently, the price of Bitcoin is still hovering above the “median realised price” (median realised price) around $6.32 million, while the key level for short-term holders (STH) to achieve overall profit is at $671.76 million. Meanwhile, market demand is weakening: US spot Bitcoin ETFs recorded a net outflow of about US$385 million last week, corporate Bitcoin reserve-related activity also turned negative, spot trading volume fell to a multi-year low, and the rate of Bitcoin transfers fell to its lowest level in seven years. Bitfinex said that in the current market environment where liquidity is extremely scarce, any slight change in the flow of capital may cause large fluctuations in the price of Bitcoin. Meanwhile, weak retail activity, declining real revenue, and deteriorating consumer confidence suggest that demand from US residents is under pressure. Bitfinex pointed out that the current market is clearly divided: loose financial conditions drive traditional risk assets to rise, but the crypto market has yet to receive a corresponding inflow of capital. Bitfinex believes that the current core issue in the market has moved from “whether monetary policy is improving” to “whether improved liquidity can be converted into an inflow of funds from crypto assets.” If Bitcoin spot ETFs resume continuous net inflows in the future, and stablecoin supply expands at the same time, it will mean that the liquidity transmission mechanism in the crypto market is restarted, and it may become an important catalyst for BTC to break through a long period of low volatility. Although the macro environment gradually improved before capital was returned, the rise in the crypto market still lacked financial support. However, since market participation has dropped to a very low level and BTC continues to hold the key achieved price support level, once liquidity re-enters the market, it may cause sharp fluctuations, and the current structure is more inclined to usher in an upward breakthrough after demand recovers. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

5d agoburnking

Data: Linked wallet clusters hold around $600 million in XAUT, and Abraxas Capital transferred 254 million XAUT in 3 days, worth about $110 million

According to Onchain Lens monitoring, Abraxas Capital (0x73f... 32E) has once again transferred 10.1 million XAUT (worth approximately US$43.92 million) to another wallet. The entity has transferred 2.54 million XAUT (worth around $110 million) between wallets in the past 3 days, and most of its holdings have previously accumulated from Bitfinex. The linked wallet cluster holds 137.92 million XAUT worth around $600 million.

10d ago

The circulation of TRC20-USDT exceeded 91.2 billion, making it the world's largest USDT issuance network

Comparing news, the latest data shows that TRC20-USDT circulation has surpassed 91.2 billion, once again surpassing Ethereum to become the world's largest USDT distribution network. Since this year, the Wavechang TRON network has issued a total of 10 billion additional USDT. Currently, TRC20-USDT holds 75.47 million accounts, and the cumulative number of transfers exceeds 3.5 billion. At the same time, the total number of TRON transactions on the market has also recently broken the 15 billion mark. In addition, Moonpay Trade has recently integrated the Wavefield Network to allow users to complete network fee payments without holding TRX when trading on Wavefield TRON. TRC20-USDT is a dollar-anchored stablecoin issued by Tether based on the Wechang Tron Network. It has attracted a large number of users due to its fast transfer speed and low fees, and is already supported by many exchanges such as Binance, HTX, OKX, Bitfinex, MEXC, KuCoin, Gate.io, and Poloniex. USDT based on the TRC20 version will greatly enhance Wavefield TRON's existing decentralized application ecosystem, bring higher overall value storage and stronger decentralized exchange liquidity, and provide a more convenient blockchain portal for enterprise partners and institutional investors.

12d ago

Data: Bithumb BTC wallet balance decreased by 11.67% in the past 7 days, and the net outflow of Bitfinex reserve assets exceeded $109 million

In comparison, according to the official website data panel, in terms of BTC wallet balance, Bithumb dropped the most in the past 7 days, among the top 10 balance exchanges, Bithumb dropped the most, reaching 11.67%; Kraken had the biggest increase, reaching 1.24%. In terms of proof of exchange asset transparency, in the past 7 days, the top three net outflows of reserve assets were Bitfinex (-$109 million), Deribit (-$407.954 million), and OKX (-$145.321 million); the top three net inflows were Binance (+441 million US dollars), Gate (+119 million US dollars), and Bitget (+750389 million US dollars), respectively.

12d ago

CEX net inflow of 4701.35 BTC in the past 7 days

Comparative news, according to Coinglass data, the CEX has accumulated a net inflow of 4701.35 BTC in the past 7 days, of which the CEX ranked in the top three inflows is as follows: Coinbase Pro flows in 3540.44 BTC; Binance has flowed in 577.64 BTC; Bitfinex poured in 458.92 BTC. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

21d agoburnking

Analyst: Bitcoin's forced sell-off has run out of fuel, so we need to pay attention to ETF capital return signals

Comparing news, Bitfinex analysts released a report saying that derivatives traders had basically been cleaned out during the Bitcoin sell-off at the end of June. Bitcoin fell below $58,000 on July 1. Since then, the average daily liquidation amount has remained far below the typical $400 million to $500 million range this year, indicating that despite the macro shock, the forced sell-off pressure was minimal, and the decline in the crypto market was less than the leveraged stock theme because the “fuel” of forced sell-offs had been exhausted. Bitfinex analysts expect investors to remain defensive until next week's US jobs report (the next major macro catalyst after the Federal Reserve meeting). They believe that instead of worrying about a new round of forced liquidation, the more critical question is whether cash inflows to spot Bitcoin ETFs can return after the market has a clearer judgment on the Fed's path. The analyst wrote: We believe that positions will remain defensive while the risk of the Fed's interest rate hike still exists. Whether institutional buyers are aggressive or price sensitive is a sign that traders have yet to show up. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

21d agoburnking