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More Bitcoin Hopium, Yearn Won’t Stop, And Polygon DEX Volume

Jun 16, 2021 · 3 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

After a run up past $41,300 yesterday — a potential run on stop loss hunt — BTC is down around 2% for the day and dragged the rest of the crypto market down with it. The Federal Open Market Committee (FOMC) is convening today, so prepare yourself for some volatility. CHZ and SHIB are the biggest gainers of today thus far; LUNA, NEXO, and SNX are down the most.

BTC HODLers Back At It Again

The net positions of BTC HODLers is a strong indicator of how longer-term investors are thinking about BTC. For the first time since turning negative in Nov. 2020, this metric has flipped positive, indicating HODLers are buyers here. We noted that long-term accumulation on BTC was ramping up in yesterday’s daily, and this data point adds a layer of confluence to that.

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