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Crypto
State Street launches money market fund for stablecoin issuers\' reserves
State Street has launched a money market fund for stablecoin issuers to manage reserve assets. The product is designed to align with the U.S. GENIUS Act and uses a government money market fund structure under Rule 2a-7, investing in assets such as U.S. Treasuries and repurchase agreements. State Street Bank and federally chartered crypto bank Anchorage Digital joined as initial investors. Financial firms are speeding product development as the stablecoin market expands.
Crypto
No bitcoin summer bull market, analyst sees 3 to 5 months of sideways trade
Market talk is resurfacing that bitcoin is less likely to rebound this summer. Veteran trader Peter Brandt cites a chart for ProShares UltraShort Bitcoin ETF SBIT, which bets on bitcoin declines, as suggesting further downside pressure if a technical reversal pattern plays out. Another analyst, Bob Loukas, says the market remains in a bearish phase and may need 3 to 5 months of choppy sideways trading to build a base for the next cycle.
Crypto
Strategy bitcoin sale rattles market as \'never sell\' narrative breaks
Strategy’s sale of 32 bitcoin has shaken the market premise that corporate bitcoin treasury strategies mean never selling. Cointelegraph said it was the company’s first disclosed cash-out aside from a 2022 tax-related transaction. While the amount was small relative to its holdings, investors revisited assumptions and MSTR shares fell sharply. Separately, JPMorgan CEO Jamie Dimon opposed the latest Clarity Act revision, and France’s Capital B sought approval for large fundraising plans for future bitcoin purchases.
