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ETFs Buy 3X New BTC Supply — 5 Things to Know in Bitcoin This Week

Bitcoin is facing renewed calls for a supply shock as exchange reserves hit seven-year lows. BTC price action focuses on final resistance levels.

• Main Points:

  • Bitcoin Nears Resistance: BTC is close to all-time highs around $69,000-$73,800.

  • Fed Watch: Economic cues from the Fed and U.S. job data could impact BTC.

  • ETF Demand Surge: Bitcoin ETFs buy three times the new BTC supply from miners.

  • Exchange Reserves Drop: BTC reserves on exchanges are at their lowest since 2017.

  • Sustainable Greed: Market sentiment is positive but not overly greedy.

• Detailed Insights:

  1. Bitcoin Nears Resistance:

     • BTC is flirting with $67,000, close to key resistance levels.

     • Traders see $68,000-$73,800 as crucial zones for bullish continuation.

  2. Fed Watch:

     • The Federal Reserve’s May meeting minutes and U.S. jobless claims data are key.

     • Market players look for signs of future economic policy shifts.

  3. ETF Demand Surge:

     • Bitcoin ETFs, led by BlackRock, show massive demand, buying 21,700 BTC in May.

     • This is three times the new supply from miners, suggesting strong institutional interest.

  4. Exchange Reserves Drop:

     • Bitcoin reserves on major exchanges have fallen to 1.9 million BTC.

     • This decrease hints at a potential supply shock as demand grows.

  5. Sustainable Greed:

     • The Crypto Fear and Greed Index stands at 70/100, indicating bullish but not extreme sentiment.

     • Positive market sentiment is key for continued price growth without excessive volatility.

Related: Bitcoin Holds $67K, But Analysis Warns of Potential 10% Drop

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Do Users Really Care About Decentralization? Industry Figures Clash

Ethereum’s Dankrad Feist and Helius Labs CEO Mert Mumtaz clash on social platform X over the importance of decentralization, revealing differing views on the crypto market’s priorities.

• Main Points:

  • Debate Ignited: Dankrad Feist asserts Ethereum realizes the crypto vision, sparking debate.

  • Differing Views: Mert Mumtaz argues market dynamics are complex and value decentralization differently.

  • Market Skepticism: Feist doubts the market’s valuation of decentralization.

• Detailed Insights:

  • Feist’s Claim: Ethereum solves all necessary problems for the real world.

  • Mert’s Counterpoint: Market participants value decentralization and would choose Ethereum if it best realizes that vision.

  • Skepticism on Valuation: Feist argues that the market does not prioritize decentralization highly.

  • Broader Context: The debate follows concerns about Ethereum Foundation’s Justin Drake taking a paid adviser role at EigenFoundation, raising issues of "conflicted incentives."

Related: Jack Dorsey Twitter Co-Founder: "Bitcoin Will Hit $1 Million"

Veteran Trader Peter Brandt Says Peter Schiff Criticizes Bitcoin to Attract Attention

This debate highlights the ongoing tensions between Bitcoin advocates and traditional finance critics, reflecting broader discussions within the financial community.