According to BBX, yesterday's global capital markets witnessed the most compelling fiat currency absorption capacity in the balance sheet expansion of the absolute leading crypto institutions. Without fancy financial techniques or complex bond issuances, relying on the terrifying cash flow generated by their core businesses, crypto giants are using the simplest method to move core assets from the circulating market into their cold wallets:
—Profit Siphoning: Stablecoin giant Tether disclosed that its Bitcoin holdings jumped to 150,000 coins (market value of $11.5 billion), confirming that it used huge profits from the spread between US Treasury yields to buy up Bitcoin in October.
—Ecosystem Monopoly: Mining company BitMNR bought another 5,000 ETH on Kraken, pushing its cumulative holdings over a year and a half to 6.06 million ETH (worth over $20 billion), with the average price locked at $3,329.
The market is showing a clear dual evolutionary trend: "stablecoin giants are using the huge and certain US Treasury yield spread profits to accumulate large-scale Bitcoin underlying assets" and "leading listed mining companies are relying on their strong capital allocation capabilities and precise cost control to continue to monopolize the core tokens of Ethereum."
Source: bbx.com
