American Crypto Market Overview: Retail Investors Support Weakening Markets

Omkar Godbole reports (all times ET unless specified) that despite Bitcoin and most major cryptocurrencies experiencing a downturn after the Chicago Mercantile Exchange denied rumors of listing XRP and SOL futures, retail demand remains strong. Traditional markets are also awaiting the anticipated Bank of Japan interest rate increase on Friday. Although BTC continues to trade above $100,000, Glassnode data reveals that small-scale investors have absorbed nearly 1.9 times the newly mined supply, totaling over 25,600 BTC, while long-term holders have reduced their spending. However, dropping below $100,000 may have significant consequences, with Wintermute's OTC trader Jake Ostrovski suggesting it could trigger a sell-off. Other notable developments include a surge in XRP whale wallets, growing interest in Bitcoin Synthetics, and record transaction volumes for Ethereum layer-2 protocols. Recent Labor Department data also indicates a slower pace of shelter inflation, potentially signaling a shift in the Fed's monetary policy and a positive outlook for risk assets.