coinedition.com
Crypto entrepreneur Arthur Hayes believes that the current sentiment in the crypto market provides a ripe opportunity to load up on small-cap crypto tokens with little utility, aka shitcoins. According to the BitMEX co-founder, central banks around the world will start printing money around the end of the third quarter of 2023.
Arthur Hayes took to Twitter earlier today to reflect on the recent developments in the crypto market. He took cognizance of the fear, uncertainty, and doubt (FUD) induced by the Securities and Exchange Commission’s lawsuit against Binance but argued that it had little impact on market risk.
The market is down on some binance FUD. But regardless of the catalyst, risk mrkts r on edge cause of the TGA refill. By end of summer the mrkt will move past that and onto the lg amt of money printing humming along in the background. I have a few shitcoins to buy in the meantime pic.twitter.com/w52QABpgvJ
— Arthur Hayes (@CryptoHayes) June 6, 2023
According to Hayes, the SEC’s lawsuit may have acted as a catalyst for market risk, but it was already on edge given the refilling of the U.S. Department of Treasury’s Treasury General Account (TGA). The TGA is where funds from sales of Treasury debt are deposited. It is also used by the United States government to make payments.
Meanwhile, blockchain analytics firm Lookonchain shared some interesting on-chain metrics following the SEC’s lawsuit against Binance. According to Lookonchain, the lawsuit caused considerable FUD in the crypto market leading to a decline in prices market-wide. However, some institutions, crypto whales, and smart money have leveraged this opportunity to buy the bottom.
Crypto liquidity provider Cumberland withdrew 67.9 million USDC from Circle and deposited 67.1 million USDC to Coinbase. In a similar move, crypto prime brokerage FalconX withdrew 37 million USDC from Circle and deposited 29.5 million USDC to Binance. A smart money wallet that often buys low and sells high, deposited 15.9M USDT into Binance and withdrew 8,800 ETH at an average buying price of $1,808.