Bitcoin barely budged following the Federal Reserve’s most recent rate hike, underscoring that this period of heightened rates has pretty much been priced in, said Brent Xu, the CEO and co-founder of Web3 bond-market platform Umee. Bitcoin has been trading in a $29,000 to $31,800 range since mid-June, with whales holding between 10 and 100 Bitcoin and between 1,000 and 10,000 BTC neither selling nor acquiring more of the asset. Xu does not expect a return to bull market conditions until 2024’s BTC halving.
Data from on-chain analytics firm Glassnode shows that investors are equal parts reluctant to add or relinquish Bitcoin, but also that they do not see BTC as undervalued. Addresses holding between 1,000 and 10,000 Bitcoin are exhibiting similar behavior. Oddly, the amount of Bitcoin held by addresses holding between 10,000 and 100,000 has risen slightly, although for Bitcoin’s largest holders with more than 100,000 BTC, the supply balance has remained stable.
The Justice Department wants Sam Bankman-Fried to go to jail ahead of his criminal trial. Grayscale has urged the SEC to approve spot Bitcoin ETF applications in a fair and orderly manner. KIN token surged over 20% after a vote to burn 70% of its supply passed.