Bitcoin has seen its price suffer from the tremendous selling pressure that has filled the market over the last few weeks. However, as investors hope for relief, it seems that the sellers are far from done, with one notable Bitcoin sell transaction in particular sending the market into a frenzy. Whale Dumps $1 Billion Worth Of Bitcoin Whale tracker Whale Alert took to X (formerly Twitter) to inform the crypto community of a large Bitcoin transaction that was participating in the sell-off. The transaction was carrying a total of 16,276 BTC which was worth around $1 billion at the time that the transaction was carried out. Related Reading: XRP Whales Are On The Move Again, But Are They Bullish Or Bearish? While large transactions are not out of the ordinary, their destination is often the determinant of whether it is a bearish or bullish transaction. In cases where the coins are headed away from centralized exchanges and into personal wallets, it can be bullish because this often means that the investors are consolidating their coins into personal private storage and don’t plan on selling. However, in cases where coins are being transferred to centralized exchanges, it can be very bearish since it often means that investors are looking to sell their coins. This was the case with the $1 billion Bitcoin transaction, as the 16,276 BTC were transferred to the Binance exchange. Naturally, the transaction caused a stir among investors who contemplated the impact that such a large sell-off could have on the price of the cryptocurrency. However, the origin of the transaction would be revealed soon after, and prices would stabilize as a result. Binance Says 16,276 BTC Transaction Was SAFU Fund Conversion In the early hours of Thursday, Binance, the largest crypto exchange in the world, took responsibility for the 16,276 BTC transaction that was sent to the exchange. The funds were reportedly from its emergency insurance fund known as the Secure Asset Fund for Users (SAFU) fund. Related Reading: Crypto Analyst Says Don’t Buy Altcoins Just Yet – Here’s Why According to the announcement, the exchange is converting this insurance fund into stable coins to avoid fluctuations in price associated with Bitcoin. Binance explains that it maintains the balance of this fund at $1 billion, which represents an ample level that is enough to safeguard user funds on the exchange. As to why the exchange chose USDC as its stablecoin of choice, it said, “Making use of a trusted, audited, and transparent stablecoin for SAFU further enhances its reliability and ensures it remains stable at $1B.” The Bitcoin has since been converted to USDC, and the SAFU wallet maintains a balance of 1 billion USDC. BTC price stages another recovery | Source: BTCUSD on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com
Cryptocurrency exchange and trading platform, Bybit has released a new report highlighting the impacts of the upcoming Bitcoin halving event on the supply dynamics of Bitcoin within exchanges in the crypto space. The crypto firm has provided valuable insights on how the halving event would enhance scarcity and considerably influence the price of BTC. Exchanges Set To Face Bitcoin Supply Crunch On Tuesday, April 16, Bybit published a new report, providing a detailed analysis of the Bitcoin halving event set to take place this month. The crypto firm disclosed that the Bitcoin reserves within the world’s crypto exchanges have been depleting at a rapid pace, leaving only nine months of BTC supply left on exchanges. Related Reading: Arbitrum’s Massive $107 Million Token Unlock Threatens To Send Price Below $1 For a clearer perspective, Bybit explains that with just two million Bitcoin left in its total supply, a daily influx of $500 million into Spot Bitcoin ETFs would result in approximately 7,142 BTC leaving exchanges daily. This suggests that it would take only nine months to completely consume all of the remaining BTC reserves on exchanges. Bybit has stated that a major contributor to this supply squeeze would be the upcoming Bitcoin halving event, which would reduce the cryptocurrency’s total supply by 50% by cutting Bitcoin miners’ rewards in half. The crypto exchange has also disclosed that after the halving event, the sell-side supply of BTC flowing into Centralized Exchanges (CEXs) will become grossly reduced. Additionally, Bitcoin’s “supply squeeze will ostensibly be worse.” BTC To Become “Twice As Rare As Gold” In its report, Bybit compared Bitcoin’s supply after the halving event with that of gold. The crypto exchange revealed that Bitcoin was steadily growing to become one of the safest investment choices, even for the most seasoned and sophisticated investors within the crypto space. According to the exchange, the Bitcoin halving event would significantly impact the cryptocurrency’s scarcity factor, making it an even rarer asset than gold. Basing this analysis on the Stock-to-Flow (S2F) ratio, Bybit disclosed that Bitcoin’s S2F ratio is around 56 currently, while gold’s ratio is 60. After the halving event this April, Bitcoin’s S2F ratio is projected to increase to 112. Related Reading: Arkham Releases Top 5 Crypto Rich List – You Won’t Believe How Much Is Inaccessible “Each Bitcoin halving sharpens the narrative of Bitcoin as not just a currency, but a scarce digital asset, akin to digital gold. This upcoming halving in 2024 will thrust BTC into an era of unprecedented scarcity, making it twice as rare as gold,” the Co-founder and CEO of Bybit, Ben Zhou stated. While highlighting the significance of Bitcoin’s rarity following the halving event, another report also disclosed that the price of Bitcoin would experience significant upward pressure post-halving. This suggests that BTC’S supply squeeze could potentially propel its price to new heights during this period. Furthermore, the report revealed that several crypto analysts predict that the post-halving increase in Bitcoin’s price would be less remarkable than the early pre-halving surge which saw the price of Bitcoin hitting new all-time highs of more than $73,000. BTC price drops below $63,000 | Source: BTCUSD on Tradingview.com Featured image from Analytics Vidhya, chart from Tradingview.com
The Bitcoin Halving is set to take place this week. Miners’ rewards will be cut in half from 6.25 BTC to 3.125. This event is expected to have far-reaching effects on the miners themselves, as they are bound to lose a significant amount of revenue once the halving occurs. Bitcoin Miners Could Lose Up To $10 Billion In Revenue According to a Bloomberg report, Bitcoin miners could lose up to $10 billion annually following the Bitcoin Halving. This is because these miners, who currently earn 900 BTC daily from validating transactions, would see their income drop to 450 BTC once the halving happens. However, it is worth noting that this projected revenue loss is based on Bitcoin’s current price. Related Reading: Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking Therefore, this revenue loss can be cushioned if Bitcoin’s price experiences a significant surge after the halving. These miners will, however, have in mind that reliance on Bitcoin’s price rise isn’t sustainable, considering that they will also encounter subsequent bear markets, which would lead to a price decline for the flagship crypto. That is why miners like Marathon Digital and CleanSpark are reported to have invested in new equipment and have sought to weed out the competition by buying out their smaller rivals. Buying out the competition can reduce the number of miners competing for block rewards and cushion the drop in their daily revenue. Bitcoinist also previously reported that Bitcoin miners were looking to diversify their operations in a bid to boost their revenue streams and earn additional income that could cushion the effects of the halving. The artificial intelligence (AI) sector is one of those areas in which these miners are actively seeking opportunities, considering that Bitcoin mining’s infrastructure is well suited for certain AI operations. BTC Miners Facing Competition From Tech Giants Bloomberg also reported that US Bitcoin miners are facing competition from the largest tech companies in the world for electricity to power their operations. These tech giants, who also happen to be high-energy consumers, are looking for as much energy as Bitcoin miners to power their data centers. Related Reading: Market Expert Reveals Why Solana Price Is Poised To Go Higher The report further noted that electricity constraints in the US, alongside the high demand for electricity among miners and tech giants, have led to a surge in electricity rates. This development is also making it harder for Bitcoin miners to run their operations smoothly in the country. Tech companies are said to have an edge over them when acquiring power from utility companies due to their consistent revenue streams, unlike Bitcoin miners, whose success largely depends on Bitcon’s volatile price. BTC bulls reclaim control | Source: BTCUSD on Tradingview.com Featured image from Atlantic Council, chart from Tradingview.com
Bitcoin, the world’s largest cryptocurrency, has caught the attention of the ultra-wealthy elite, as individuals with assets worth millions and billions of dollars are setting their sights on entering the digital asset market, eager to become part of Bitcoin’s innovative and revolutionary ecosystem. Wealth Titans Are Shifting Focus To Bitcoin Investments In a recent interview with CNBC Last Call, Barbara Goldstein, the Managing Partner at R360, an invite-only networking and investment club for the uber-rich, discussed a new shift among wealth titans towards Bitcoin investments. Related Reading: The Era Of Flippenings: Can Dogecoin Take XRP’s Spot? Shedding light on the growing appeal for digital currencies among the elite echelons of the R360 club, Goldstein disclosed that the members of the club had engaged in thorough discussions about Bitcoin, expressing optimism regarding its potential to be a lucrative investment bracket for the wealthy. She revealed that a prominent member of the R360 club members, a leading hedge fund manager, had championed the pioneer cryptocurrency, continuously encouraging other members to invest in it. Additionally, Goldstein detailed several bullish factors she believes served as a primary catalyst for driving Bitcoin’s value, citing the upcoming Bitcoin halving event this April and the growing Spot Bitcoin Exchange Traded Funds (ETFs) market. When questioned about whether the members of the R360 club were treating Bitcoin as a casual investment or delving deeply into investing in the tokens, Goldstein responded by affirming that Bitcoin was among the investment vehicles favored by the members of the R360 club. This notable shift in Bitcoin’s appeal among wealthy individuals reflects the growing acknowledgement of the cryptocurrency’s potential to serve as a valuable hedge against inflation. Additionally, it underscores the cryptocurrency’s evolution as the preferred asset for diversification amongst investors globally. BTC Emerges As New Gold Standard During the interview, Goldstein declared that “Bitcoin was a corollary almost to Gold,” suggesting its potential to become a digital store of value. Related Reading: Crypto Analyst Predicts Shiba Inu Price Will Reach $0.0001 If This Happens The R360 managing partner has not been alone in drawing parallels between this digital asset and gold. Leading figures in the crypto industry, like Co-founder and CEO of MicroStrategy, Michael Saylor and ArkInvest CEO and Founder Cathie Wood, have also likened the pioneer cryptocurrency to the precious metal. Commending Bitcoin further, Goldstein extolled its remarkable growth and evolution, asserting Bitcoin’s position as the number one asset class in the digital asset industry. She disclosed that Bitcoin was a vital investment asset that everyone should possess, affirming its role as a hedge against inflation and praising its track record of impressive performance over the past 14 years. Additionally, Goldstein concluded by acknowledging the numerous positives related to Bitcoin, while cautioning that it remains a volatile asset class. BTC price remains above $70,000 | Source: BTCUSD on Tradingview.com Featured image from Forbes, chart from Tradingview.com
Authur Hayes, the co-founder and former Chief Executive Officer (CEO) of cryptocurrency exchange and trading platform, BitMEX has released another blog post, predicting a major fire sale and a potential price decline for Bitcoin, the world’s largest cryptocurrency. Bitcoin Fire Sale Imminent In his blog post, Hayes provided a detailed analysis, explaining his perspectives on how the Bitcoin halving event would adversely affect the price of the cryptocurrency. Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 – Here’s When The Bitcoin halving is an occurrence that takes place every four years which reduces Bitcoin miner block rewards by half. This, in turn, decreases the amount of Bitcoin created and leads to an increase in the cryptocurrency’s value. While most analysts in the crypto market anticipate a bullish rally for Bitcoin and other altcoins during the halving event, Hayes holds a more contradictory view, suggesting that the halving period could instead initiate a more bearish action than expected. Hayes has acknowledged that the price of Bitcoin and other cryptocurrencies are likely to pump during the halving period, at least in the medium term. However, the BitMEX co-founder has also predicted that the price action of Bitcoin both before and after the halving event could potentially turn negative. He revealed that because the 2024 Bitcoin halving coincides with a period of diminished liquidity in the United States Dollar (USD), it could potentially ignite a “raging fire sale for crypto assets.” The crypto founder also foresees the price of Bitcoin and other cryptocurrencies plummeting around this time. As a result, Hayes has advised the broader crypto community to refrain from trading cryptocurrencies during this period. He emphasized that when the majority of the market participants agree on a specific outcome, such as a rally induced by the Bitcoin halving, the market tends to move in the opposite direction. Despite his captivating predictions, Hayes conceded that the crypto market could defy his bearish forecasts, essentially recognizing the speculative nature of his prediction. Hayes Says April Is The Best Time To Short Sell In his blog post, Hayes unveiled that the period from April 15 to May 1, 2024, would be precarious for risky assets in the financial sector. This is attributed to tax payments draining liquidity from the system and Quantitative Tightening (QT) accelerating during this timeframe. Related Reading: Expert Maps Out Timeline For The XRP Price To Cross $1,000 The crypto founder has suggested that this period might potentially present a prime short position for traders, indicating that April could be the ideal month for short selling. He predicts that after May 1, the market will revert to its “regular programming.” BTC price above $70,000 | Source: BTCUSD on Tradingview.com Featured image from CNBC, chart from Tradingview.com
Crypto expert Ash Crypto has outlined his price predictions for several crypto tokens, including Bitcoin (BTC), Dogecoin (DOGE), and XRP, heading into this bull run. He also suggested that these price levels could be attained in the next 12 to 16 months. How High Will Bitcoin, Dogecoin, And XRP Rise? Ash Crypto predicted in an X (formerly Twitter) that BTC would rise between $100,000 and $250,000 by 2025. This prediction aligns with those made by other notable crypto analysts. One of them is Skybridge Capital CEO Anthony Scaramucci, who predicted in January that Bitcoin would rise to $170,000 18 months after the Bitcoin Halving. Related Reading: Ripple CEO Makes Bold Prediction For Crypto Market – $5 Trillion In 2024 Source: X Meanwhile, some other crypto analysts will argue that Bitcoin hitting $100,000 could even happen this year rather than 2025. This includes Tom Dunleavy, the Chief Investment Officer (CIO) at MV Capital, who claims that Bitcoin will rise to $100,000 by the end of this year. Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, also predicted that Bitcoin would rise to as high as $150,000 this year. Regarding his price target for DOGE, Ash Crypto predicted that the meme coin would rise to $1 in the next 12 to 16 months. This prediction is also a common sentiment shared by several other crypto analysts and members of the crypto community. Specifically, crypto analyst DonAlt once mentioned that “it isn’t too unlikely for Dogecoin to go to $1,” while crypto analyst Altcoin Sherpa stated that DOGE could do “something silly like go to $1 this cycle eventually.” Ash Crypto also shared his price target for XRP, stating that the crypto token could rise between $3 and $5. This price prediction, however, seems conservative, considering other predictions that crypto analysts have made for the XRP token. Crypto analyst CrediBULL Crypto recently mentioned that XRP could rise to as high as $20 in this market cycle. Meanwhile, Crypto analyst Egrag Crypto has repeatedly stated that XRP hitting $27 is possible. Undervalued Altcoins Make The List Crypto expert Michaël van de Poppe recently included Chainlink (LINK), Celestia (TIA), and Polkadot (DOT) in a list of ten crypto tokens he believes are undervalued. Interestingly, these three altcoins also made their way into Ash Crypto’s list of coins, for which he outlined price targets. Related Reading: $115-Million Bitcoin Whale Wakes Up From 10-Year Slumber – What’s Next? For LINK, Ash Crypto predicted that the crypto token could rise to between $250 and $500 by next year. LINK’s rise to such levels would undoubtedly be massive, considering it currently trades at around $17. Ash Crypto also predicted a parabolic surge in TIA and DOT’s prices, as he believes they could rise to as high as $150 and $120, respectively. DOGE price rises above $0.2 resistance | Source: DOGEUSDT on Tradingview.com Featured image from CoinGape, chart from Tradingview.com
Bitcoin (BTC) is back below $70,000 after momentarily rising above this psychological price range on April 7. This price action suggests that the bears are still in control, which could remain the case throughout this week. As the tug of war continues, here are some key events to watch out for. Is The Pre-Halving Retrace […]
Bitcoin has continued to trade sideways since hitting a new all-time high (ATH) of $73,750. That has raised concerns that BTC’s bullish momentum in this bull run may be shortlived. However, crypto analyst Lark Davis has outlined reasons why BTC’s price will keep soaring till the remainder of the year. Why 2024 Is A Bullish […]
The Bitcoin price took a sharp downturn recently, dipping below $67,000 and raising concerns among investors. However, a crypto analyst has encouraged the crypto community to buy more Bitcoin at this time, suggesting that the decline presents an opportunity to acquire BTC at a lower price. Bitcoin Decline Signals Prime Buying Opportunity Michael van de Poppe, a popular crypto analyst and enthusiast, has remained optimistic about Bitcoin’s future outlook, urging the broader crypto community to view the cryptocurrency’s recent dip as a buying opportunity. Related Reading: Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree In a recent X (formerly Twitter) post, the analyst shared insights on the crypto market, noting the regular occurrence of both bullish and bearish activities, which contribute to the market’s balance and stability. He also revealed that price corrections were normal in the crypto market, independent of market performance or conditions. Poppe has encouraged investors and crypto enthusiasts to buy more Bitcoin now that the price is currently trading at $66,528, according to CoinMarketCap. Over the past week, the cryptocurrency has witnessed significant price declines, plummeting by 4.64%. This unexpected price decline has been attributed to the crackdown on Silk Road Bitcoin, an online black market that allows users to purchase illegal and unethical commodities anonymously using Bitcoin. According to ZachXBT, a crypto community member, the United States government transferred 30,175 BTC worth $2.1 billion of Silk Road hack funds to Coinbase. This massive Bitcoin transaction has possibly led to the cryptocurrency’s present decline, fueled by bearish news and market volatility. “At peak bullish momentum, you’ll see a huge impact of every bearish narrative. This time, it’s the Silk Road Bitcoin being transferred. Anyway, buy the dip,” Poppe stated. BTC’s Peak Anticipated Before Halving Event In another X post, Poppe revealed disheartening news, noting that a critical price zone had been lost for Bitcoin. The crypto analyst asserted that the cryptocurrency would not witness a surge to new all-time highs during this pre-halving phase unless it breaks through resistance levels at $69,000. Related Reading: Solana Whales Are Making Moves – Here’s The Direction They’re Headed In The analyst foresees a period of consolidation for BTC, highlighting that during this time altcoins are expected to gain traction while Bitcoin undergoes a correction phase. He further disclosed that a price correction for Bitcoin indicates a healthy and organic market cycle. Poppe has stated that Bitcoin’s area of interest lies between the range of $56,000 to $60,000. Concluding his post, the analyst further encouraged investors to acquire Bitcoin, emphasizing that “dips are for buying in these markets.” BTC price recovers from dip | Source: BTCUSD on Tradingview.com Featured image from CNBC, chart from Tradingview.com
Bitcoin ETF outflows are on the rise once again after a change in the tide last week. These outflows, given the ETFs’ correlation with the Bitcoin price, have a substantial impact on how well the cryptocurrency performs over time. So, as outflows are ramping up, will it trigger a crash in the BTC price? ARK Invest And Grayscale Lead Outflows While Grayscale’s Spot Bitcoin ETF has been the natural culprit for ETF outflows due to its high fees, another fund has joined the trend in a surprising turn of events. Cathie Wood’s ARK Invest saw a substantial outflow from its ETF, leading to a new record for the investment firm. Related Reading: Solana Whales Are Making Moves – Here’s The Direction They’re Headed In The Ark 21Shares Fund (ARKB) saw a record $87.5 million leave its fund on Tuesday, April 2. Interestingly, the fund’s outflows were even higher than that of Grayscale, which saw around $81.9 million in outflows in the same day. For both these funds, it marked the second consecutive day of outflows, although it was more concerning on the part of the Ark 21Shares Fund. This is because Grayscale saw a decline in outflows between Monday and Tuesday, going from $302.6 million to $81.9 million. Whereas the ARK Invest fund saw outflows go from $0.3 million on Monday to $87.5 million on Tuesday, resulting in a 29,000% increase in outflows in a single day. Only these two funds have experienced outflows this week though, as the other ETFs continue to see upside. While Monday’s net flows ended up being negative to the tune of $85.7 million, Tuesday’s numbers looked better with positive net flows of $40.3 million. How Will This Affect Bitcoin Price? Since the Spot Bitcoin ETFs were approved in January, their effect on the Bitcoin price has been positive overall. However, there have been points where outflows from the funds have affected the BTC price, causing it to crash. Related Reading: Dogecoin Hits Major Roadblock As Whales Go On Massive Selling Spree A few instances of this is back in January, a week after the ETFs were first approved. Outflows had plagued the funds and the Bitcoin price had declined as a result. Then again, in March, when outflows turned negative between March 18 and March 22 and the Bitcoin price crashed from $73,000 to $61,000. Given BTC’s performance during periods where outflows prevail in Spot ETFs, this current trend does not bode well for the price. There has been a recovery in the BTC price after inflows turned positive on Tuesday. But unless they stay positive through the end of the week, the BTC price could see further crashes toward the $60,000 level. BTC price recovers above $66,000 | Source: BTCUSD on Tradingview.com Featured image from Business News This Week, chart from Tradingview.com
On-chain data shows that the world’s largest stablecoin issuer, Tether, recently added more Bitcoin to its holdings. The magnitude of the purchase has caused the crypto community to speculate on why Bitcoin’s price has dipped instead when such a development is usually bullish for the crypto token. Tether Acquires 8,888 BTC Data from the blockchain analysis platform Arkham Intelligence shows that Tether acquired 8,888 Bitcoin on March 31, and the stablecoin issuer now holds almost 75,400 BTC. With its BTC holding, Tether now ranks as one of the largest Bitcoin holders, even having more BTC than some of the most prominent crypto exchanges and Spot Bitcoin ETF issuers. Last year, the stablecoin issuer announced its plan to regularly purchase Bitcoin for its stablecoin reserves using part of the profits realized from its operations. Therefore, it is no surprise that the company has been able to acquire this amount of BTC since then, especially with the success they have attained recently. However, what is surprising is that Bitcoin has since dropped below $70,000 following this development. Usually, a Bitcoin purchase of such size should positively impact Bitcoin’s price and not cause a price dip like the one currently experienced. However, there is reason to believe other factors have overshadowed Tether’s purchase and caused Bitcoin to see such a sharp correction. Why The Bitcoin Price Is Down Crypto trading firm QCP Capital recently provided insights into why Bitcoin’s price broke below $70,000 and dropped to as low as $66,000. The firm claimed that the sharp move to the downside was due to the “large liquidations on retail-heavy exchanges like Binance, which saw perp funding rates go from as high as 77% to flat.” Related Reading: Shiba Inu Dips Below $0.00003 Again – Can Bulls Reverse The Bullish Momentum? The Spot Bitcoin ETFs, specifically Grayscale’s GBTC, also look to have contributed to Bitcoin’s decline as Grayscale continues to experience significant outflows from its fund. On April 1, GBTC saw an outflow of $302.6 million, mainly contributing to the combined net outflows of $85.7 million recorded by these Bitcoin ETFs.This has brought about more selling pressure on Bitcoin, which is currently overwhelming the buying pressure in the ecosystem. Activity in the derivatives market has also played a part in the bearish market sentiment, with the bears looking firmly in control. Data from Coinglass shows that $409 million has been liquidated from the market in the last 24 hours, with $328 million in long positions being wiped out during this period. At the time of writing, Bitcoin is trading at around $66,500, down over 4% in the last 24 hours, according to data from CoinMarketCap. BTC price falls to $65,000 | Source: BTCUSD on Tradingview.com Featured image from CFA Institute Blog, chart from Tradingview.com
Founder and Chief Executive Officer (CEO) of Morgan Creek Capital Management, Mark Yusko has predicted a massive price increase for Bitcoin during the 2024 bull cycle. Emphasizing Bitcoin’s immense potential, the hedge fund manager has crowned it as the unrivaled “King” among digital assets. $150,000 Price Target Set For BTC Appearing in a recent interview with CNBC Television on March 27, Yusko shared a bold forecast of Bitcoin, predicting that the cryptocurrency will see a significant rise to $150,000 in 2024. When asked why he believes the cryptocurrency would have such an astronomical price increase, Yusko cited the impacts of the upcoming Bitcoin halving and Spot Bitcoin Exchange Traded Fund (ETF), on the price of BTC. The hedge fund manager has revealed that historically after a BTC halving cycle is completed, the fair value of the cryptocurrency rises. Related Reading: Dogecoin Price Breaks New 3-Year High – Here Are Factors That Could Drive The Price To $1 He explained that when the upcoming 2024 Bitcoin halving occurs in April, BTC miners will face challenges, with transaction fees poised to soar, consequently driving a price increase to $75,000. After the Bitcoin halving event, the cryptocurrency is expected to surge two times its fair value to $150,000. The hedge fund manager cited factors like increased interest from investors and Fear of Missing Out (FOMO) as triggers for this price spike. Yusko also revealed that after the Bitcoin halving, there would be a surge in demand for Spot Bitcoin ETFs, while the supply of new coins would decrease from 900 BTC to 450 BTC a day. “If there’s more demand than supply, price has to rise,” the hedge fund manager stated. The investment management CEO has expressed a strong belief in BTC’S value as one of the world’s leading digital assets. He envisions the cryptocurrency “easily” skyrocketing by 10x over the next decade. “Bitcoin is the king, it is the dominant token. It is a better form of gold or digital property. And I do think it will be the best,” Yusko said. Bitcoin Price Top Expected By Year’s End During his interview, Yusko predicted that Bitcoin could reach its peak price value by the end of 2024. The hedge fund manager disclosed that historically, nine months after a Bitcoin halving event, sometime in December, BTC undergoes a surge to its peak value before entering the next bear market. Related Reading: Shiba Inu Dips Below $0.00003 Again – Can Bulls Reverse The Bullish Momentum? During this time, the investment management CEO has stated that smaller crypto projects could potentially experience substantial increases, surpassing the gains witnessed by BTC. He disclosed several altcoins and investment assets that his company, Morgan Creek Capital Management, typically buys and HODLs, including Solana, Avalanche and Coinbase. BTC bulls and bears vie for control | Source: BTCUSD on Tradingview.com Featured image from Crypto News, chart from Tradingview.com
Bitcoin has started out the new week on a rather bearish note after a flash crash sent the price below $69,000 once more. There has since been some recovery in the price of the largest cryptocurrency in the space. However, the damage has already been done as tens of thousands of crypto traders were flushed out of their leveraged positions as a result. 81,000 Crypto Traders Lose $220 Million The Bitcoin flash crash hit support just above $68,800 but crypto traders are already feeling the brunt of the large move. In the last day, more than 81,000 traders have lost their leveraged positions and the volume of their liquidations have piled up. Related Reading: Shiba Inu Dips Below $0.00003 Again – Can Bulls Reverse The Bullish Momentum? According to data from Coinglass, the numbers have climbed above 81,400 crypto traders who were liquidated as a result of the crash. In total, over $223 million was also lost during this time from all of the flushed positions. Then, the single largest liquidation took place on the OKX exchange across the ETH-USD-SWAP pair. This trader alone lost $7 million when their position was liquidated. As expected, the majority of the losses have come from long traders, with Coinglass showing a total of 70.01% of the liquidated positions being longs. This means that long liquidation volumes climbed above $156 million during the last 24 hours. The crypto exchange with the largest liquidation volumes was the OKX exchange, accounting for 46.87%, or $104.61 million, of all liquidations. Binance came in second place with 38.72%, or $86.41 million. Meanwhile, Bybit saw the third-largest liquidation volume at 8.4%, or $18.75 million. Bitcoin, Ethereum, And Dogecoin Lead Liquidations Naturally, the crypto assets with the largest liquidation volumes have been Bitcoin and Ethereum, with $36.1 million and $28.98 million. However, meme coins such as Dogecoin and PEPE have seen their own numbers ramp up as well. Dogecoin’s liquidation volumes came out at $10.4 million for the 24-hour period, which put it ahead of Solana with $8.3 million. Then coming up behind Solana is PEPE, with liquidation volumes climbing as high as $7.1 million. Related Reading: Prepping For $100,000: Bitcoin Shark And Whales Spend Over $18 Billion To Buy BTC Across all of these cryptocurrencies, long traders continue to suffer massive losses. Even in the shorter timeframe, the trends for long traders continue to look bleak. Coinglass data shows that in the last 12 hours, long traders accounted for 85.64% of liquidations. Then, in the 4-hour and 1-hour timeframes, they account for 6.182% and 72.62%, respectively. As for the Bitcoin price, bulls continue to struggle as resistance at $69,500 mounts. The price is currently trading at $69,450 at the time of this writing, with a 1.1% decline in the last day, according to data from Coinmarketcap. BTC price drops below $70,000 | Source: BTCUSD on Tradingview.com Featured image from Coinpaprika, chart from Tradingview.com
Almost every Bitcoin investor is anticipating a continued price surge as the crypto continues to trade around the $70,000 price mark. On-chain data has shown a large part of this surge can be attributed to the accumulation by large whales. Bitcoin is undoubtedly home to a lot of these whale addresses holding hundreds of millions of dollars and with transactions that can move the market. However, on-chain data has further revealed that the accumulation trend has also flowed into the next cohort of traders. These traders, also known as “Sharks,” are addresses that hold between 100 BTC and 1,000 BTC. According to Glassnode data, shark wallet addresses have accumulated 268,441 BTC in the past 30 days, which is the biggest net position change since 2012. Increased Accumulation Of BTC According to a Glassnode chart shared on social media by crypto analyst James Van Straten, Bitcoin accumulation by shark investors shot up in 2024 to reverse a multi-year consolidation since 2020. As a result, these addresses increased their holdings by 268,441 in 30 days, roughly converting to $18 billion. Related Reading: Crypto Expert Predicts Massive Shiba Inu Run As Price Mirrors 2021 While these sharks do not have as much individual power over price movement as very large whales, their collective behavior is still worth monitoring as they also relate to the sentiment among investors. Consequently, this large accumulation trend could lead to more buying which would signal a continued price surge for Bitcoin. Source: Glassnode The surge in accumulation is not really surprising, as the launch of Spot Bitcoin ETFs in the US has ushered in a bigger wave of accumulation sentiment from all cohorts of Bitcoin investors. As another analyst pointed out on social media, this shark accumulation could’ve been due to ETFs purchasing massive amounts of Bitcoins from Coinbase OTC desks. Bitcoin whales (addresses holding more than 1,000 BTC) have also upped their activity in the past few days, signaling strategic positioning in the market. Various transaction alerts from Whale Alerts have shown strategic movement from whale addresses. Notably, the crypto whale transaction tracker has revealed $1.3 billion worth of BTC exchanged between whale addresses in the past 24 hours. Among these large BTC movements was a notable transfer of 3,599 BTC worth $252 million between two unknown wallets. Another notable transaction was the transfer of 3,118 BTC from an unknown wallet to Coinbase Institutional. Bitcoin To $100,000? Data from IntoTheBlock has also reiterated this accumulation trend with its net transfer trend from exchanges. Data from ITB’s platform shows a $16.18 billion outflow from exchanges as against a $15.76 billion inflow in the past seven days. Bitcoin is now trading at $67,931 and has failed to stabilize above the $70,000 mark again. Related Reading: Crypto Analyst Predicts 600%-1000% Return For XRP, Here’s The Target However, the accumulation by whales and sharks, increasing mainstream interest from institutional investors through Spot Bitcoin ETFs, and the approaching halving all point to the possibility of substantial price appreciation to $100,000. BTC price at $70,000 | Source: BTCUSDT on Tradingview.com Featured image from BBC, chart from Tradingview.com
The outflows from the Grayscale Bitcoin ETF rocked the market hard last week, leading to a dramatic decline in the BTC price. However, with the new week, there has been a change in direction as investors begin to get bullish on Bitcoin once more. As a result, the outflows from the Grayscale ETF have slowed down, reaching one of its lowest points for the month. Grayscale Bitcoin ETF Outflows Drop 60% Grayscale outflows ramped up last week, spearheading what would turn out to be a full week of outflows from Spot Bitcoin ETFs for the first time ever. The outflows rose rapidly over the week, even moving into the new week. However, inflows into Spot Bitcoin ETFs have been on the rise, which have overshadowed the outflows from GBTC. Related Reading: Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally Despite the outflows from the GBTC continuing, it has begun to spin into a more positive narrative as the number of BTC flowing out of the fund is declining fast. To put this in perspective, data shows there was 299.8 BTC moved out of the fund on Wednesday, March 27, and on Thursday, March, 20204, this figure dropped to 104.9 BTC, representing a 60% drop. This marks the second day with the lowest outflows from the Grayscale Bitcoin ETF right behind the March 12 outflows of 79 BTC. It also points to a decline in the volume of outflows as investors start to level out and find their footing elsewhere. Nevertheless, the GBTC has remained the loser of the Spot Bitcoin ETF race, nursing a full month of outflows so far. Since the ETFs were first approved in January until now, there has been more than $14.6 billion moved out of the fund, which accounts for around 50% of its total balance. These BTC have presumably found a home in other Spot ETF funds which have been seeing massive inflows. Unlike last week, inflows have also dominated Spot Bitcoin ETFs this week. Total inflows for the week crossed above $800 million, bringing the total Assets Under Management (AuM) to almost $57 billion in less than three months. Why This Could Trigger A BTC Price Rally The last time that GBTC outflows saw a slowdown after rising for about a week, it triggered a response from the Bitcoin price in the form of a rally. Inflows also continued to dominate for the next couple of weeks and during this time, the BTC price enjoyed a long stretch of recovery. It went from $40,000 to over $70,000 in the space of two months. Related Reading: Dogecoin Holder Base Reaches New Record Amid Surge In Interest If this trend repeats itself this time around, then another massive BTC price rally could be around the corner. A similar price increase would also put Bitcoin right above $100,000 in the next few months. In this case, the uptrend would be far from over. At the time of writing, Bitcoin is still struggling to break $70,000 after a 1% drop in the last day. BTC price jumps above $70,000 | Source: BTCUSD on Tradingview.com Featured image from Which.co.uk, chart from Tradingview.com
The crypto community’s attention has been drawn to a Bitcoin whale who recently moved a huge portion of their BTC holdings across different wallets. This action has sparked the curiosity of those in the community about the reason for these transactions. Bitcoin Whale Moves $6 Billion In BTC Blockchain analysis platform Arkham Intelligence first brought this occurrence to the community’s attention when it mentioned in an X (formerly Twitter) post that the Bitcoin address (37XuVSE) had moved over $6 billion in BTC to three new addresses. Related Reading: Ripple CEO Responds To SEC’s Shocking $2 Billion Demand As part of the transactions, $5.03 billion worth of BTC was sent to one of these addresses (bc1q8yj), while the two other addresses (bc1q6m5 and bc1q592) received $561.46 million and $488.40 million worth of BTC respectively. Arkham added that one of the wallets (bc1q592) has since then proceeded to transfer the received funds to another wallet. Notably, the wallet which moved $6 billion in BTC was before now the fifth richest Bitcoin address having held over 94,500 BTC in its wallet. As of now, it still holds 1.31 BTC in the wallet in question. Interestingly, before now, this address was dormant as it had not moved any of this BTC which it received since 2019. Transactions of such magnitude are always sure to cause a stir in the crypto community, considering the impact such whales can have on the market. Usually, a move like this can cause community members to speculate that the whale may be looking to offload their tokens and take profits. However, the fact that these transactions weren’t made to exchange-linked wallets has quelled such speculations. Another BTC Whale On The Rise Bitcoinist recently reported on BlackRock’s Bitcoin wallet, which has continued to accumulate Bitcoin at an astonishing rate due to the impressive demand for its iShares Bitcoin Trust (IBIT). Despite just launching this ETF in mid-January 2024, BlackRock now holds 243,126 BTC for the fund. Related Reading: Crypto Analyst Predicts XRP Price Will Rally 800% To $6, Here’s When BlackRock’s BTC holdings has seen it rise to becoming one of the largest corporate BTC holders, only behind centralized exchanges Binance, Bitfinex, and Coinbase and fellow Bitcoin ETF issuer Grayscale. A sustained demand for the IBIT ETF could however see BlackRock surpass these entities at some point. That is also something that could reflect positively on Bitcoin’s price seeing as how instituitional demand for the flagship crypto has helped propel it to new highs. At the time of writing, Bitcoin is trading at around $70,500, up in the last 24 hours according to data from CoinMarketCap. BTC price recovers above $71,000 | Source: BTCUSD on Tradingview.com Featured image from Forbes, chart from Tradingview.com
Robert Kiyosaki, the best-selling author of the popular book, ‘Rich Dad Poor Dad’ has hailed Bitcoin as the perfect asset. Delving into the digital asset’s distinctive qualities, the financial expert offers a comprehensive comparison between BTC and traditional fiat currencies through a question-and-answer format. Bitcoin As The Perfect Asset In a recent X (formerly Twitter) […]
Bitcoin reaching $100,000 remains a highly feasible target, especially given the fact that the price of the cryptocurrency hit a new all-time high above $73,00 ahead of the halving. In preparation of the explosive move that is expected to follow the halving, Bitcoin whales are going all out as they fill up their wallets with BTC. Large Bitcoin Whales Buy More BTC As the Bitcoin price has retraced from its surge, large Bitcoin whales are taking advantage of the dip to buy more coins at cheap prices. These whales, which hold at least 1,000 BTC – which means they have $70 million on the low end, have bought up a large tranche of coins over the last three months. Related Reading: Crypto Analyst Predicts XRP Price Will Rally 800% To $6, Here’s When Since January, there has been a steady climb in the number of wallets that hold at least 1,000 as interest continues to grow. A lot of this interest is driven by institutional investors who are putting billions of dollars into Spot Bitcoin ETFs. Now, with the condition that issuers have to hold the BTC they sell to customers, it has seen these institutions buy up a good chunk of the supply. The number of addresses holding at least 1,000 BTC was sitting at less than 1,500 at the beginning of the year. However, by March, with institutions ramping up their buys, this number has climbed to 1,617. This is an 8% increase in the number of these large whales in the last three months. Source: Glassnode To put this increase in perspective, the last time that there were these many whales holding this much BTC was back in 2021 at the peak of the bull market. So, if this number is rising once again, it means that these large investors are expecting the price to rise, and as a result, are trying to maximize their profits. Spot ETF Inflows See 2,600% Spike After a week of consistent outflows, inflows into the Spot Bitcoin ETFs are starting to ramp up once again. For the first day of the week, inflows climbed to $14.5 million, bringing a welcome change from the almost $900 million worth of outflows that was recorded in the prior week. This change in the tide seems to have brought renewed interest for investors as Tuesday saw a whopping 2,600% increase in inflows. In total, there $418 million recorded going into Spot BTC ETFs on Tuesday, one of the highest inflow days since the ETFs were approved. Related Reading: Ripple CEO Responds To SEC’s Shocking $2 Billion Demand This change in direction is also evident in the Bitcoin price, which has recovered from last week’s low of $60,000. The price has since sprung back up above $70,000, with a 10% increase in the last week. This also validates the whales’ moves to acquire more Bitcoin, putting the vast majority of their holdings in profit. Now, as seen in the past, a return of high inflows into the Spot ETFs has always been bullish for the price. So, if the inflows were to continue throughout this week, then the price of Bitcoin could register a brand new all-time high ahead of the halving. BTC bulls push price toward $72,000 | Source: BTCUSD on Tradingview.com Featured image from India Today, chart from Tradingview.com
Bitcoin whales have been very active in the past few days as the crypto continues to trade below $68,000. Notably, on-chain data has shown a trend of accumulation among Bitcoin whales, with large bouts of the cryptocurrency leaving crypto exchanges into private wallets. These massive transfers appear to have piqued the interest of a few investors who are keeping a watchful eye, as this accumulation pattern points to a price increase up ahead. According to various posts by whale transaction tracker Whale Alerts, Bitcoin whales have recently transferred $2.3 billion worth of BTC in a span of 24 hours, indicating their bullish sentiment. Similarly, crypto analyst Ali Martinez recently revealed that over 25,000 BTC worth approximately $1.60 billion had been transferred into accumulation addresses. Bitcoin Whale Accumulation Signal Price Surge Ahead Bitcoin has largely traded below $69,000 since March 15, struggling to regain the momentum that saw it shooting past $70,000 earlier in the month. Interestingly, Bitcoin fell to as low as $61,766 last week, representing a 16% decline from its all-time high. Related Reading: Dogecoin Whales Go On Massive Buying Spree, Here’s How Much They’ve Bought Meanwhile, Spot Bitcoin ETFs saw consistent outflows throughout the week which was spearheaded by Grayscale’s GBTC and weak inflows into BlackRock’s IBIT and Fidelity’s FBTC. This decline became much of a concern for investors as it signaled the bullish sentiment surrounding BTC might finally be coming to an end. However, on-chain data is now telling a different tale of a strong bullish sentiment from Bitcoin whales. Data from Whale Alerts show large amounts of BTC leaving crypto exchanges, one of which was a transfer of 8,136 BTC worth $517 million from Coinbase into a new private wallet. Shortly after, 8,172 BTC worth $519 million were transferred from Coinbase into another new private wallet. Interestingly, the different alerts from the whale tracker added up to $2.3 billion worth of BTC to and from crypto exchanges on March 22. Analyst Ali Martinez noted that these transfers added up to $1.6 billion being added into accumulation addresses, the largest inflow so far this year. Yesterday, over 25,000 #Bitcoin, valued at approximately $1.60 billion, were transferred to accumulation addresses, marking the highest inflow to these $BTC wallets so far this year! pic.twitter.com/mAIHkG9ROC — Ali (@ali_charts) March 23, 2024 According to CryptoQuant data, this accumulation trend has seen the Bitcoin reserves on exchanges on a downtrend since March 21. At the time of writing, the Bitcoin exchange reserve is at 1.98 million BTC. Related Reading: Ethereum Sees Notable Rise In Daily Activity, But Why Is Price Down? Basically, whale accumulation tends to swing the balance into bullish among other traders. Fundamentals surrounding Bitcoin like the upcoming halving point to price growth in the near future, making it an ideal time for investors to position themselves in the market. At the time of writing, Bitcoin is trading at $67,478. A key price level to watch is $69,000. If Bitcoin breaks above this resistance level, it could continue surging higher with the accumulation trend. BTC price at $67,000 | Source: BTCUSD on Tradingview.com Featured image from GoBankingRates, chart from Tradingview.com
Robert Kiyosaki, the author renowned for his best-selling book “Rich Dad Poor Dad” has identified Bitcoin as a real-world asset, urging investors and the broader crypto community to shift their focus from stock investments and prioritize accumulating Bitcoin. Buy More Bitcoin Before It’s Too Late In a recent X (formerly Twitter) post, Kiyosaki advised investors […]
Bitcoin Spot ETF outflows have ramped up this week and has seen the week characterized by price declines throughout the crypto space. These outflows, like before, are being led by the Grayscale Spot ETF as investors believe their fees are too high. This has led to four consecutive week of outflows, which is the second time it is happening since Spot ETFs were approved for trading. So, where does the Bitcoin price go from here? Bitcoin Spot ETFs Hit 4 Consecutive Days Of Outflows The outflows began on Monday and continued into subsequent days. So far, the highest single-day outflow happened on Tuesday, March 19, with total net flows for the day coming out to $326.2 million, a new record for Bitcoin funds. Related Reading: Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x Subsequent days have seen lower figures when it comes to overall net flows but they continue to come out in the negative. On Wednesday, net flows were $261.5 million, and on Thursday, March 22, net flows came out to $94 million. This marked the second time that the Spot Bitcoin ETFs are seeing four consecutive days of outflows this year. The vast majority of these outflows, as mentioned above, are coming from the Grayscale Bitcoin ETF. In the last day alone, the fund saw outflows of 5,900 BTC, which translates to $339 million at current prices. Then, over the last week, Coinglass data shows that 28,207.5834 BTC has left the fund, causing its total BTC under management to fall by 7.35% in one week. Other funds have also seen outflows during this time but to a much lower degree. For example, the Invesco Galaxy Bitcoin ETF saw the second-highest outflow of all the funds, but only 667 BTC flowed out of the fund in the last day. The WisdomTree Bitcoin Fund saw 10.8.2635 BTC in outflows, while all other outflow figures came in below 100 BTC. What Happened To BTC The Last Time? The last time that Spot Bitcoin ETFs saw four consecutive days of outflows was in January, lasting from January 22 to January 25. This also bears some similarities to the current outflow trend in some was, one of which was the outflows began at the start of the week and carried through to the end. Related Reading: Crypto Analyst Says XRP Price Is Headed For $27 As 2017 Pattern Emerges However, a difference between both times is that the ETFs had just begun trading with trading days fluctuating between inflows and outflows. Meanwhile, the current trend has come after almost two consecutive weeks of inflows, something that could have an impact on the BTC price going forward. In January, after four days, the outflows had begun to slow down, and by Friday, there was a change in direction, with inflows beginning to dominate. Once the tide turned and ETF inflows began to rise, the BTC price followed sharply. With the climb came a more established rally in the Bitcoin price, causing it to go from $40,000 to over $70,000 in the space of two months. If this trend repeats and inflows into Spot BTC ETFs outpace outflows, then the BTC price is expected to start climbing again. However, if the outflows continue, then the BTC price could be in for further crashes. BTC price drops below $65,000 | Source: BTCUSD on Tradingview.com Featured image from 20 Minutes, chart from Tradingview.com
Amidst the recent Bitcoin pullback from its previous all-time high above $73,000, Ki Young Ju, the founder and Chief Executive Officer (CEO) of Crypto Quant, reassures the broader crypto community that the BTC bull market is far from over. Bitcoin Bulls Are Not Done In a recent X (formerly Twitter) post, Ju expressed strong bullish sentiment regarding Bitcoin, highlighting factors that suggest that Bitcoin’s upward trajectory is likely to continue. The Crypto Quant CEO shared a crucial indicator depicted in a price chart, showcasing the percentage of Realized Cap across four age bands for BTC. Related Reading: Top 3 Solana Meme Coins To Buy Amid The Bitcoin Crash That Could 10x According to data from the price chart, the observed trends from the Realized Cap of four age bands from 6 months to three years indicate a positive outlook for BTC in 2024. Additionally, the CEO has stated that the primary catalyst behind Bitcoin’s rise to new all-time highs is the success of the Spot Bitcoin ETF, rather than the upcoming Bitcoin halving event in April. After the introduction of Spot Bitcoin ETFs, BitcoBTCin embarked on an exponential rally, reaching heights not witnessed since its previous bull run in 2021. The cryptocurrency rose to record highs, surpassing $73,000 previously, but experienced a major pullback of about 8.33% over the past week. At the time of writing, Bitcoin’s price is below $70,000, trading at $67,225, according to CoinMarketCap. Ju has revealed possibilities for even more declines, predicting a potential price drop of 50% for the cryptocurrency if a maximum drawdown of 30% occurs. The CEO has stated that for this event to happen, new whales, particularly ETF buyers, will have to enter the Bitcoin market at $56,000 on average. While this outlook may seem bleak, the Crypto Quant founder has also expressed strong belief in the continuation of the BTC bull market, contingent upon the sustained momentum of ETF inflows. Retail Investors Still Making Their Way Into The Market Reinforcing his belief that “Bitcoin is still in the middle of the bull cycle,” Ju asserts that the cryptocurrency’s cyclic top has not yet been breached. The CEO suggested that more price upswings were still set for Bitcoin, as retail investors have not fully entered the market yet. Related Reading: Shiba Inu Sees A Shift: Short Term Holders Take Possession Of 23 Trillion SHIB According to the Crypto Quant founder, only 50% of retail investors have entered the market, indicating the halfway point towards “Bitcoin euphoria”. This suggests that if more retail investors flood the market, BTC could potentially rise to new peaks, driven by increased demand and capital inflows. Echoing Ju’s convictions about Bitcoin’s long-term price increase, Bitcoin analyst Willy Woo encourages investors to embrace the dip during the present consolidation phase. The analyst confidently asserts that “this is not the top,” but rather a simple period of consolidation reminiscent of previous all-time highs. BTC bulls begin to reclaim control | Source: BTCUSD on Tradingview.com Featured image from Decrypt, chart from Tradingview.com
Certain Bitcoin fundamentals suggest the flagship crypto token is well primed for further growth in this bull market. However, its recent price decline has sparked concerns about the reason for this downward trend despite everything pointing to a sustained upward movement. Bitcoin Supply On Exchanges Hit 4-Year Low Data from the on-chain analysis platform CryptoQuant highlighted that the supply of Bitcoin on exchanges has seen nearly a 40% drop in 4 years and is reducing ahead of the Bitcoin halving. This underscores the bullish sentiment around the Bitcoin ecosystem as the decreasing supply on supply suggests that most investors have no plans to sell their holdings anytime soon. Related Reading: Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern The CryptoQuant data also noted that Bitcoin’s demand is outpacing its supply, which is said to have been the prevailing trend since 2020. This development offers a bullish narrative as it can continue to increase Bitcoin’s value since “scarcity boosts perceived value.” This trend is also expected to be sustained once the Halving occurs since miners’ supply will be cut in half. Interestingly, the imbalance between Bitcoin’s demand and supply has led crypto analysts like MacronautBTC to believe that BTC’s price could rise to as high as $237,000. As such, there are still high expectations for Bitcoin despite the crypto token hitting a new all-time high (ATH) of $73,750. Why Bitcoin’s Price Is Crashing Crypto analyst Alex Kruger has outlined different reasons why Bitcoin’s price is crashing despite its strong fundamentals. The first reason he alluded to was the fact that crypto traders in the derivatives market look to be overleveraged, possibly because greed seems set to be setting in with traders deploying more capital in anticipation of further price surges. Kruger mentioned that the ETH could also be dragging the market down with the hopes of the SEC (Securities and Exchange Commission) approving the Spot Ethereum ETFs waning. Bitcoinist recently reported that the approval odds for these investment funds have plummeted immensely in the past few months, dropping to an alarming 35%. Related Reading: Dogecoin Growth Hits Roadblock As Holder Activity Enters Dreaded Period Of Stagnancy The third reason that Kruger mentioned is the negative Bitcoin ETF inflows, which have become a trend lately. Interest in these Bitcoin funds has cooled off, with investors opting to take profit instead. On March 19, BitMEX Research revealed that these ETFs saw a record net outflow of $326m. Crypto trader and analyst Rekt Capital also suggested that Bitcoin is already in the ‘Final Pre-Halving Retrace.’ Therefore, significant price corrections can be expected ahead of the Halving event, which is set to take place in April. At the time of writing, Bitcoin is trading at around $63,000, down in the last 24 hours, according to data from CoinMarketCap. BTC rises above $64,000 | Source: BTCUSD on Tradingview.com Featured image from Financial Commission, chart from Tradingview.com
In its most recent research newsletter, crypto research firm Kaiko alluded to an ‘Alameda Gap,’ which has been massively impacting the Bitcoin and crypto market for some time now. However, that seems to be in the past, as Kaiko stated that the gap no longer exists. What The Alameda Gap Is About According to the report, the ‘Alameda Gap’ is the gap in liquidity that existed after the collapse of the collapse of the defunct crypto exchange FTX and its sister company Alameda Research. Alameda was one of the most prominent market makers then and provided massive liquidity to the market. Related Reading: Is Ripple Behind The XRP Price Crash? Massive Selling Spree Sparks Concern Following Alameda’s collapse, this liquidity gap is said to have persisted as market makers “waited on the sidelines for sentiment and trading activity to recover.” Now, the market looks to have moved past this, as Kaiko revealed that, as of last week, the market depth has almost fully recovered and is back to its pre-FTX average. The research firm added that the Bitcoin 2% market depth is up 40% year-to-date (YTD) and briefly surpassed its pre-FTX average of $470 million. This increase is said to have been mainly due to the surge in Bitcoin’s price, which has risen faster than the market liquidity since the SEC approved the Spot Bitcoin ETFs in January. Bitcoin is up about 50% YTD and has already hit new highs since the beginning of the year, including a new all-time high (ATH) of $73,750. Meanwhile, the improvement in liquidity is also evident in the fact that the cost of trading has declined on the three major US crypto exchanges: Coinbase, Kraken, and Bitstamp. How Bitcoin Is Outperforming Gold Kaiko also highlighted in its report that the Bitcoin-to-Gold ratio, which measures both assets’ relative performance, is inching closer to its ATH, which it last hit in November 2021. Interestingly, this increase means that BTC is outperforming Gold, even though both assets have recorded ATHs these past few weeks. Related Reading: Solana Surpasses Ethereum In Major Metric Amid Surge Above $200 Furthermore, funds linked to these assets show how Bitcoin has outperformed Gold. Kaiko noted that Bitcoin ETFs have attracted $11 billion since they launched in early January. Meanwhile, the largest physically-backed Gold ETFs (SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) have registered outflows during the same period. Kaiko suggested that this could mean that investors were moving towards Bitcoin as the “new global store of value.” Interestingly, the CEO of Jan3 and Bitcoiner, Samson Mow, while giving reasons why Bitcoin will hit $1 million, also mentioned that people will start demonetizing Gold and substitute it for BTC at some point. BTC price falls to $62,700 | Source: BTCUSD on Tradingview.com Featured image from Forkast News, chart from Tradingview.com
The Bitcoin price movement last week revealed a series of ups and downs, from starting the week at a new all-time high of $73,780 to crashing 12% in the days after to reach below $65,000. Crypto data analysts have spotted massive amounts of Bitcoin being withdrawn from major exchanges during the period of uncertainty, indicating that large investors anticipate further price appreciation. According to a social media post by crypto analyst Ali Martinez, the total BTC balance on crypto exchanges fell by over 21,400 in the past week, with the creation of 13 new whales, each holding over 1,000 BTC. BTC Withdrawal From Exchanges Bitcoin crossed over $73,700 last week to register a new all-time high but has struggled to gain a footing above the price level. Interestingly, it would seem the new all-time high sparked a wave of profit-taking from some investors. However, on-chain and exchange data indicate Bitcoin is still undergoing a bullish sentiment from some investors, particularly large investors. Related Reading: XRP Records Massive 80% Surge In Trading Volume – Can Price Reach A New ATH? Crypto analyst Ali Martinez noted this bull accumulation pattern in a post on his social media platform X. According to a Glassnode chart shared by the analyst, the total amount of BTC on exchanges has been on a free-fall since the middle of January. Notably, the total BTC balance saw a brief increase in the first few days of March before resuming a free-fall on March 5. In the past week alone, 21,401 BTC were moved off crypto exchanges. As the #Bitcoin bull run momentarily pauses, it’s noteworthy that 21,401 #BTC have been moved off crypto exchanges over the past week, and the network has welcomed 13 new whales, each holding over 1,000 $BTC. pic.twitter.com/oSXaKBR4Z1 — Ali (@ali_charts) March 16, 2024 Similarly, the crypto analytics platform IntoTheBlock noted this outflow pattern during the week. According to ITB, BTC withdrawal from crypto exchanges reached its highest point this year on March 15. Interestingly, $750 million worth of Bitcoin was withdrawn on this day, the highest since May 2023. Over $750m $BTC was withdrawn from exchanges yesterday, the highest since May 2023. The majority of these withdrawals originate from Bitfinex ($524m) and Kraken ($130m) pic.twitter.com/8d3eIJROhv — IntoTheBlock (@intotheblock) March 15, 2024 What Does This Mean For Bitcoin? The Bitcoin ecosystem has witnessed serious money on the move since the beginning of the year, leading to a strong price surge for the cryptocurrency. However, this rally has since slowed down to spark a price correction, with market sentiment reaching the most negative sentiment toward BTC since December 2023. Bitcoin is currently trading at $68,201, down by 3.44% in the past seven days. Related Reading: Crypto Pundit Says God Candle Is Imminent For This Solana-Based Meme Coin After such a strong surge in price, it’s normal for the momentum to slow down as the market consolidates and decides on the next move. While momentum has slowed, the overall trend for Bitcoin remains bullish. Judging by the massive amounts of Bitcoin pulled from exchanges recently, it looks like whales are gearing up for a continued rally. Bitcoin is now showing signs of a rally, and is now up by 5% in the past 24 hours. BTC price crashes as trading week opens | Source: BTCUSD on Tradingview.com Featured image from Business Today, chart from Tradingview.com
American business intelligence and software development company, MicroStrategy has unveiled new plans to acquire an additional Bitcoin, further bolstering its already substantial BTC holdings. MicroStrategy Mega Bitcoin Purchase In The Works In a recent press release published on MicroStrategy’s official website, the software development company announced plans to raise $500 million in convertible debt offerings to purchase more Bitcoin. Just a few days ago the company had sold approximately $800 million in convertible debt offerings, using the proceeds of the sale to acquire about 12,000 BTC valued at about $821.7 million at the time. Related Reading: Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You Don’t? Quite frankly, MicroStrategy seems to be on a full-blown Bitcoin acquisition spree, potentially attributed to the cryptocurrency’s massive bullish rallies recently and its surge to new all-time highs. As of March 11, 2024, the business intelligence firm possesses a total of 205,000 BTC, worth over $15 billion based on CoinMarketCap’s Bitcoin price of $73,411, at the time of writing. With its latest purchase of 12,000 BTC, MicroStrategy has finally surpassed the Bitcoin holdings of BlackRock’s Spot Bitcoin Exchange Traded Fund (ETF). Additionally, the software development company has secured the top position as the leading public company with the largest Bitcoin holdings, surpassing the holdings of both Tesla and Coinbase. As of March 2024, MicroStrategy’s market capitalization has surged to $29.96 billion, reflecting an increase of 10.85% in the last 24 hours. The company is also presently ranked as the world’s 642nd most valuable company by market capitalization. MicroStrategy Sets Sights On Convertible Senior Notes Offerings Since the start of the year, MicroStrategy has purchased nearly 16,000 BTC. This time around the company has chosen to raise capital through convertible senior notes, marking a shift from the previous year when most of its funds for acquiring BTC were generated from equity. According to Market Watch’s report, the business intelligence firm’s stock value has also been on the rise recently, with MSTR prices witnessing an impressive 145% increase in a month. Related Reading: Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target As stated in its press release, the company intends to sell convertible senior notes to qualified institutional buyers. MicroStrategy has revealed plans to grant early purchasers of the notes an option to buy up to an additional $75 million worth of the notes within 13 days after the initial issuance. The software development firm has disclosed that the notes will remain unsecured, with interests payable semi-annually starting in September 2024. Additionally, MicroStrategy will have the right to redeem the notes from March 2028 or holders can request for the company to make a repurchase, with conversion terms determined at the offering’s prices. The proceeds and excess funds generated from its upcoming $500 million convertible senior notes sale will be used to expand MicroStrategy’s Bitcoin holdings and for general corporate purposes. BTC price falls to $72,700 | Source: BTCUSD on Tradingview.com Featured image from The Guardian, chart from Tradingview.com