Weekly Roundup

The major tokens are currently sitting roughly where they were 7 days ago, albeit with some volatility during that period. BTC at around USD 28,500 and ETH at around USD 1,880 put the prices roughly 10% down from their peaks in mid-April following the successful “Shapella” upgrade of the Ethereum network.
 
Some people have held the view that the ability for stakers to withdraw their staked ETH would potentially draw in more institutional money, given that a real ETH yield can now be attained from the network itself. The latest Coinshares Digital Asset Fund Managers survey appears to show that this has been increasingly the case, with institutional managers increasing their allocations to 3% in digital assets. On a relatively small market cap, these increased allocations can make token prices move significantly.
 
A report during the week showed that stablecoin holdings are at a 2-year low. Whilst this can partly be attributed to an increase in perceived risk of holding stablecoins since Paxos’s run-in with the SEC in the US, it could also be a sign that investors are moving out of stablecoins and into tokens. If it is more the latter, this is a bullish indicator for the market.
 
Meanwhile, the former CTO of Coinbase has settled his $1m bet 45 days ahead of its expiry date. Srinivasan had wagered that the Bitcoin price would rise to $1m, with a $1m payout if he lost (and a 1BTC payout if he won). 
 
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