Summary
TLDR: Top majors like BTC are rallying as ETF sentiment improves, Genesis likely sold half their GBTC position, BlackRock could flip GBTC holdings soon, BTC short squeeze could liquidate $6.6bn at $75k, limited selling due to lack of on-chain activity, BlackRock sees BTC as crucial to financial system, Goldman Sachs sees resurging interest in crypto assets, Raoul Pal says crypto summer has started, and Base is outpacing SOL & ETH for trading volumes.
Key Points
1. Majors continue to rally as ETF sentiment improves. Genesis have likely sold half their GBTC position. BlackRock could flip GBTC holdings in 3 weeks.
2. BTC short squeeze would liquidate $6.6bn by $75k. Lack of on-chain activity indicates ‘limited selling’. BTC crucial to the financial system: BlackRock. Resurging interest in crypto assets: Goldman Sachs.
3. Crypto summer has started: Raoul Pal. Base outpaces SOL & ETH for trading volumes.