May 26: Strategy Pays Down Debt, and Stablecoin Risks Resurface
Brief Summary
Bitcoin is trading near $77K this morning, but the market still looks defensive after a 7% two-week decline.
Ethereum remains weaker than Bitcoin, trading around $2,100 and down more than 10% over the past two weeks.
Crypto investment products saw $1.47 billion in outflows last week, including $1.32 billion from Bitcoin funds and $223 million from ether funds.
The 11 U.S. spot Bitcoin ETFs alone lost $1.26 billion last week, following roughly $1 billion in outflows the week before.
Bitcoin is pinned between key on-chain levels near $77K and Deribit options positioning around the…
The skinny
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