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SEC Keeps Fighting as Low Volume and Volatility Continues
Bitcoin (BTC) closed last week around $29,300, a 0.7% increase in price from its previous week’s closing price of $29,100. Volatility remains low, with the BTC price ranging between $29,000 and $30,600 in the last seven weeks. The low volatility is also reflected analysing the BTC long-term holder supply, the metrics that show the percentage of BTC supply that has been held for more than 155 days. In the last few days, this ratio reached its all-time high. About 75% of the current total supply, 14.59 million BTC, have not been spent for at least 5 months. The data shows how the vast majority of BTC holders did not execute trades in the last few months, as the low volumes and the almost inexistent volatility recorded in the last two months suggest.
Ethereum (ETH) also shows low activity and volatility. The ETH open interest on CME is near a 1-year low. Open interest is the total number of outstanding derivative contracts for an asset that have not been settled. The little amount of outstanding derivative contracts highlights a period without inflow of new money in the market. Volume and open interest are directly correlated with volatility. It doesn’t come as a surprise that little volatility follows low volumes and open interest.
These numbers are also typical to be observed during the summer months, especially July and August, and do not reflect a decrease in investors’ interest towards the digital asset market.While the market activity is low, the SEC battle against digital asset service providers keeps going. During last week, Bittrex, a digital asset exchange, settled with the SEC regarding charges for failing to register as a national securities exchange. The exchange is going to pay a fine of $24 million, in what can be defined a good outcome for Bittrex. Indeed, the SEC allegation was of at least $130m in profits made by the exchange through the offering of unregistered securities. Settling for less than 20% of the allegation and avoiding a long and costly lawsuit seems a satisfying deal for the exchange.
Starting from the 29th of August another digital asset exchange, BitStamp, will stop to allow trading for US customers in regards of 7 assets, including Solana and Polygon. The SEC claimed that these assets are securities and previously sued BitStamp with the accusation of selling unregistered securities in the US. Consequently, the exchange proceeded for a cautious move waiting for more clarity on the matter.
The SEC also announced its intention of appealing against the Ripple (XRP) ruling. The judge Analisa Torres ruled that the sales to institutions classify as unregistered securities because they were directly financing Ripple Labs. In contrast, the commission decided that the sales to retail on exchanges, do not follow this pattern. As expected, the SEC is not happy with the verdict and decided to appeal and the court is planning to schedule a jury trial for the second quarter of next year. The SEC will surely try to claim that if one asset is a security, it is no matter who the buyer is and under which conditions. The SEC will try to prove how a security on the primary market must be considered a security even if it’s traded on the secondary market and does not directly finance the issuer of the asset.
Written by Matteo Greco, Research analyst at Fineqia International
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