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US Crypto Debate is Heating Up

  • Writer: CloudAICrypto
    CloudAICrypto
  • May 31, 2024
  • 4 min read

  • US Crypto debate heats up ahead of the election

  • Does Ethereum need a narrative?

  • HODLer age bands

  • And more…


 

Market Data Prices as of 5:50am ET


Price (USD)

Change (24h)

Change (30d)

Change (YTD)

Bitcoin (BTC)

$67,961.00

+0.60%

+7.49%

+61.72%

Ethereum (ETH)

$3,743.74

+0.52%

+31.31%

+63.66%


 

This Update is Brought to You By Glassnode


Enhance your personal digital asset trading with more sophisticated on-chain market indicators and essential derivatives data.

crypto etf

Join Glassnode and Access a suite of metrics which describe the foundational components and performance of the Bitcoin blockchain. Metrics cover supply, on-chain activity, transfer volumes, mining performance, and transaction fees.



 

US CRYPTO DEBATE HEATS UP AHEAD OF THE ELECTION


BREAKING: Robert F. Kennedy Jr. Addresses Crypto Regulation in the US


crypto etf

The role of cryptocurrency in the upcoming presidential election is intensifying.


Independent candidate Robert F. Kennedy Jr. recently spoke at Consensus 2024, highlighting his views on crypto regulation.


Key Points:


Biggest Issue with Crypto Regulation in the US


“My objective, if elected president, is that crypto is a transactional currency… I think it should be treated as a currency; we shouldn't be taxing it as capital gains. I think there are issues in how we do that. I believe that it should be a currency used to purchase things like apples, lunches and coffee and that people can do that."


  • Robert F. Kennedy Jr


Thoughts on Trump’s Pro-Crypto Stance


“I'm happy about that. I think it's a good thing for our country. Commitment to crypto is a commitment to freedom and transparency. I'm not going to question if it was a political decision. I'm happy he did it, and I hope President Biden does, too.”


Two presidential candidates are now openly endorsing crypto. With the recent approval of the Ethereum ETF, it’s clear that the Biden administration is also leaning towards a pro-crypto stance, or at least not an anti-crypto one.


Although Biden hasn’t explicitly supported crypto initiatives, reports suggest his re-election campaign is reaching out to crypto industry players for guidance.


According to Coinbase, 52 million Americans owned crypto in 2023, making these votes significant.


 

DOES ETHEREUM NEED A NARRATIVE?


Bitcoin’s narrative is straightforward: it’s digital gold (or digital property, according to Saylor).


But what about Ethereum?


Is it the world computer? Digital oil?


crypto etf


Matt Hougan, Chief Investment Officer at Bitwise, one of the Bitcoin ETF issuers, suggests it doesn’t matter.


In a recent interview, Hougan predicted the success of Ethereum ETFs:


“I think you’ll have 30% of the market that’s Bitcoin only, you’ll have 50% of the market that’s mixed and you’ll have 20% of the market that’s Ethereum only.”


Hougan believes the Ethereum ETFs will benefit Bitcoin and the entire crypto industry. The approval of Ethereum ETFs makes the market more robust and appealing to professional investors.



crypto etf


“Many professional investors looking at the crypto market are looking for tech alpha, they’re looking for that high returning asset. Ethereum fits nicely into that dialogue. The market as a whole will benefit from there being multiple crypto asset ETFs.”


Currently, crypto makes up a small portion of professional investors' portfolios, typically in the 1%-5% range.


These investors are interested in the broader aspects of blockchain, DeFi, decentralized gaming, NFTs, and stablecoins, seeking exposure to the entire space.


 

HODLER AGE BANDS 💪


Let’s examine the supply of Bitcoin that hasn’t moved in over a year. This chart categorizes coins based on the last time they moved on-chain as a percentage of the circulating supply.


  • Rising Metrics: Long-term holders are accumulating coins 📈

  • Declining Metrics: Long-term holders are selling coins 📉


The chart shows significant dips when Bitcoin reaches new all-time highs, particularly in the 1+ year age band.


crypto etf

Current Breakdown (compared to two weeks ago):

  • 1+ years: 65.24% (down from 65.80%)

  • 2+ years: 54.17% (down from 54.81%)

  • 3+ years: 46.19% (down from 46.33%)

  • 5+ years: 30.57% (down from 31.19%)


These decreases are normal during a bull run. Long-term holders eventually take profits, which is expected. Continuous selling by long-term holders would indicate a market top, but the current high conviction in Bitcoin remains strong. 💪


Join Glassnode and Access a suite of metrics which describe the foundational components and performance of the Bitcoin blockchain. Metrics cover supply, on-chain activity, transfer volumes, mining performance, and transaction fees.



 

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