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Waves of stablecoin-to-fiat conversions and fund outflows from crypto-ETFs have decreased, and the spread of stETH to ETH has narrowed. CoinDesk writes that Citigroup analysts see this as
Waves of stablecoin-to-fiat conversions and fund outflows from crypto-ETFs have decreased, and the spread of stETH to ETH has narrowed. CoinDesk writes that Citigroup analysts see this as a sign of the end of the panic in the market.
According to experts, the decrease in uncertainty regarding the mutual risk volume of the players in the sector played a positive role after the start of the reorganization of some of them.
Experts stated that “liquidity stress” in May-June caused some “intra-market imbalances”.
One of them was the discrepancy between the bitcoin price in US dollars on Coinbase and the bitcoin price in USDT on Binance. In normal times, the former tends to exceed the latter, reflecting institutional demand. But recently, the discount has been replaced by a premium again.
The holding’s strategists emphasized that the cryptocurrency markets are still small in size to cause serious side effects on traditional financial markets and economies. They acknowledged that the dynamics of digital assets have had an impact on investor sentiment in one way or another.
Recall that in November 2021, plans of Citigroup to launch a digital asset division for the enterprise became known. Prior to that, a similar group was formed within the asset manager Citi Global Wealth Investments.
In June 2022, the institution selected infrastructure company Metaco as the launch partner for its custody platform.
Earlier, JPMorgan analysts cited the growing interest in Ethereum prior to the move to PoS as one of the reasons for the cryptocurrency market recovery.
Prior to this, the bank’s strategists suggested that the worst was over for the digital asset market.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
