BTCUSD in the green this week despite of FUD coming from Goldman’s CIMD division. The arguments against crypto as an asset class were much of the same; 1) direct comparison to equity/bonds, 2) illicit use of crypto, 3) exchange hacks, and 4) bubble-like market behavior. The retaliation from more modern thought leaders prevailed and BTC actually rallied after the client call.
Post-halving, we’ve been monitoring miner activity. There were rumors of another “mining ban” in Sichuan which is a hotspot for Chinese miners. For now, this news has not been significant as total hashrate has actually bounced ~20% since May 26.
From the institutions, opinions on BTC are still a mixed bag. But what do the numbers point to? CME volumes continue to reach new highs while Grayscale has bought up nearly 19k BTC since the halving; this outpaces the # of coins mined in the same period.
Right here in HK, the SFC has given the green light to a second crypto fund, this time launched by Mai Capital. All of these data points indicate demand is growing on both the retail and institutional front.