Bitwise CEO: If Asset Managers Allocate 1% to Bitcoin, It Would Bring 'Hundreds of Billions of Dollars' into the Market

On May 29th, according to The Block, a Russian bank announced on Wednesday that it is currently enabling financial institutions to offer financial derivatives, securities, and digital financial assets linked to cryptocurrency prices to qualified investors. It is worthy of note that in its Wednesday announcement, the Bank of Russia stated that the conditions for allowing such issuance are that these issuances must be "non-deliverable," indicating that investors can be exposed to cryptocurrency price fluctuations but cannot access the actual digital assets. The Bank of Russia stated in the announcement: "Credit institutions are advised to adopt a conservative approach in assessing the risks associated with these instruments: provide them with full capital coverage and set separate limits for them." It also added that further guidance on such risks will be provided later this year.

On May 29th, according to an official announcement, OKX has successfully completed the EOS (EOS) token swap and will list the new asset Vaulta (A). Users can access the "Asset Management> My Assets> Funding Account" page to view the new asset Vaulta (A). The specific schedule is as follows: The opening time for depositing A: 3:00 PM (UTC+8) on May 29, 2025. The auction time for A/USDT: 5:00 PM to 6:00 PM (UTC+8) on May 29, 2025. The start time of A/USDT spot trading: 6:00 PM (UTC+8) on May 29, 2025. The opening time for withdrawing A: 10:00 PM (UTC+8) on May 29, 2025.

On May 29th, as per official channels, Bitget is set to list the Ripple stablecoin Ripple USD (RLUSD) on its Innovation Zone and Web3 Zone. The deposit channel has been opened, and the trading channel will become active at 18:00 on May 29th (UTC+8).

On May 29th, as monitored by TheDataNerd, 10 million USDC was transferred by Arrington Capital to Coinbase 10 hours ago. At the same time, 10 million USDC was also sent to Circle.

May 29th. Based on the monitoring of on-chain data analyst Yu Jin, around 12:40 today, the price of BTC once surged close to the liquidation price of whale James Wynn (approximately $107,000). A part of his position was liquidated as the stop-loss was adjusted to the liquidation price, resulting in an additional loss of $2.95 million. Currently, after James Wynn has returned all of his $87 million in profit, his principal has suffered a loss of $3 million. His current position is as follows: He is long 4,604 BTC with 40 times leverage; the position value is $496 million; the entry price is $108,334, and the liquidation price is $106,314.

On May 29th, according to Coinglass data, the current mainstream CEX and DEX funding rates exhibit a market bias towards a bearish outlook on Bitcoin. The specific funding rates are as shown in the attached image. BlockBeats Note: The funding rate is a fee set by cryptocurrency exchanges to maintain the balance between the contract price and the underlying asset price. It is usually applicable to perpetual contracts and serves as a fund exchange mechanism between long and short traders. The trading platform does not collect this fee. Its purpose is to adjust the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price. When the funding rate is 0.01%, it represents the baseline rate. When the funding rate is greater than 0.01%, it indicates a generally bullish market sentiment. When the funding rate is less than 0.005%, it indicates a generally bearish market sentiment.