Bitcoin retraced to its $28K-$31K trading channel after bouncing off the $32K resistance. Although major equity indices dropped alongside cryptoassets on Wednesday, Bitcoin’s 7D average correlation to the S&P500 remains insignificant at -0.1.

According to data from glassnode, long-term Bitcoin holder supply has returned to an all-time high of 13.05M BTC. This suggests that veteran investors are increasing exposure and doubling down on cryptoassets.

Following the Terra and UST fiasco ( see more here), Terra airdropped its new LUNA token to previous holders over the weekend ( distribution). The token currently trades at 65% below its airdrop value of $19.

JPMorgan made headlines as the banking giant replaced real estate with cryptoassets as its “preferred alternative asset class.” The bank also assigned a fair Bitcoin value at $38,000, which is 27% higher than its current level. Read more.

Crypto-based venture funding continues to accelerate as a16z raised $4.5B. To read more about our thoughts on venture capital funding in digital assets, check out our previous newsletter.

Senator Cynthia Lummis seeks to introduce a crypto regulatory bill that will be released on June 7. The 70-page draft focuses on crypto regulations and allocates components across the ecosystem to various jurisdictions of watchdogs ( insights on the bill).