Crypto Daybook Americas: Fintechs, Funds ‘Hoarding Bitcoin’ Even as Bulls Pause for Breath

By Omkar Godbole (All times ET unless indicated otherwise)
The global crypto corporate-adoption narrative is thriving even as bitcoin BTC and the wider crypto market take a bull breather, potentially establishing a base for a new high.
Méliuz, a publicly listed Brazilian fintech firm, announced Thursday the purchase of 274.52 BTC. It now holds 320.2 BTC worth over $33.3 million. On Wednesday, Bahrain-listed A1 Abraaj Restaurants Group disclosed an initial purchase of 5 BTC with plans to scale holdings significantly.
Eric Trump, the second-eldest son of President Donald Trump, captured the feeling on day 2 of CoinDesk’s Consensus Toronto event: “I’m traveling. I’m on a plane. Everybody in the world is trying to hoard bitcoin right now. Everybody. I hear it from sovereign wealth funds. I hear it from the wealthiest families. I hear from the biggest companies.”
While the global adoption race no doubt favors a continued bull market, some recent developments, such as the crumbling bipartisan support for the GENUIS Act aimed at creating a national regulatory framework for payment stablecoins and the Coinbase (COIN) data breach, are concerning.
“While many are cheering COIN’s entry into the S&P 500, it’s been quite the week otherwise,” Quinn Thompson, chief investment officer at Lekker Capital, said on X. “Obstructing the stablecoin bill to prolonging their regulatory capture at the industry’s expense, losing customer funds and jeopardizing personal data and now an SEC investigation. What amazing timing, too, that this was all announced after the S&P 500 inclusion pump that insiders sold into.”
On Thursday, Coinbase’s shares tanked 7% as the exchange confirmed an ongoing SEC investigation into potentially inflated user metrics from 2021.
Add to the pot that inflows into U.S.-listed spot BTC exchange-traded funds (ETFs) have slowed (see Chart of the Day), alongside large sell orders at around $105,000. FTX creditors are set to receive over $5 billion in distributions starting May 30, as part of the second phase of the bankrupt exchange’s court-approved recovery plan.
All this indicates scope for price volatility in the short term. Stay alert!
CoinDesk’s Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.
By Shaurya Malwa
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Source: Farside Investors