The initial euphoria for the spot bitcoin ETFs has seemingly dampened and reality is slowly kicking in with inflows recently unable to keep up with the still speedy pace of exits from Grayscale's Bitcoin Trust (GBTC).
Despite the active on-chain accumulation, demand for Bitcoin exchange-traded funds (ETFs) in the United States appears to have stagnated over the past four weeks, according to Ki Young Ju, the founder of CryptoQuant, an on-chain analytics platform. This assessment, the founder notes, is even when excluding ETF settlement transactions. Spot Bitcoin ETF Demand Slumps In The […]
On-chain data shows the Bitcoin long-term holder selling pressure has been running out recently after an extended selloff from the group. Bitcoin Long-Term Holders Have Sold Huge In Past 4 Months As analyst James Van Straten explained in a post on X, the long-term holders have massively reduced distribution during the last ten days. The “long-term holders” (LTHs) here refer to the Bitcoin investors carrying their coins since more than 155 days ago. The LTHs comprise one of the two main divisions of the BTC sector, with the other cohort known as the “short-term holders” (STHs). The STHs are naturally the investors who bought within the past 155 days. Related Reading: Bitcoin Has Next Major Demand Zone At $56,000: Brace For Impact? Statistically, the longer an investor holds onto their coins, the less likely they become to sell at any point. As such, the LTHs represent the more committed part of the BTC market. The STHs, on the other hand, are fickle-minded hands who may sell at the first sight of any FUD or profit-taking opportunity. As such, selling from the STHs is usually not that noteworthy. However, Selloffs from the LTHs can be something to watch for, as they rarely occur. One way to track the behavior of these Bitcoin cohorts is through the total amount of supply they carry in their respective combined wallets. The chart below shows the STH and LTH supply trend over the past year. How the supplies held by these two cohorts have changed during the past twelve months | Source: @jvs_btc on X As displayed in the above graph, the supply of Bitcoin LTHs increased through most of 2023. At the same time, the supply of STHs naturally decreased. Something to note here is that this increase in the LTH supply didn’t mean that these HODLers were buying then. Instead, some STHs bought 155 days ago and have finally held long enough to qualify for the cohort. Thus, there is a 155-day delay between accumulation and the increase registered in the LTH supply. When it comes to selling, though, no such time lag exists, as the LTHs who transfer coins on the blockchain immediately eject from the group and become part of the STHs. The chart shows that this trend of the supply of these diamond hands going up flipped this year, and the LTHs have been selling instead. In the past four months, these investors have distributed 700,000 BTC. Related Reading: Bitcoin Whales Showing Different Behavior From Past Cycles, But Why? This excludes the selloff from Grayscale Bitcoin Trust (GBTC), which has constantly been bleeding coins since the US SEC approved the spot exchange-traded funds (ETFs) in January. These coins had also matured enough to become part of the LTHs. Recently, as the price has gone through some bearish action, the LTH supply has flatlined, implying that the selling from these HODLers has finally stopped, at least for now. Given this new trend, it now remains to be seen how BTC’s value develops from here. BTC Price Following the latest drawdown in Bitcoin, its price has dropped towards the $63,200 level. Looks like the price of the asset has gone down recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, Glassnode.com, chart from TradingView.com
A recent analysis by crypto exchange Bybit has sounded the alarm on a potential shortage of Bitcoin (BTC) on exchanges by the end of 2024 if demand remains at similar levels. The report predicts that reserves could be entirely depleted within the next nine months if current withdrawal rates persist — currently around 7000 BTC […]
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PayPal's policy update, effective May 20, 2024, will remove NFT transactions from its purchase protection.
The post PayPal withdraws user protection for NFT transactions appeared first on Crypto Briefing.
Embattled crypto platform Binance.US told CryptoSlate it appointed Martin C. Grant, a former New York Federal Reserve Bank Compliance Chief, to its Board to improve compliance efforts and restore users’ trust in its services. The crypto trading platform has faced extensive regulatory scrutiny due to its ties with the global Binance exchange, which entered into […]
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Eleven member organizations are taking part in the experiment focusing on the United Kingdom's RLN.
Demis Hassabis previously compared crypto and AI, saying both had a problem with hype and scams.
While Bitcoin prices hover around 15% below their all-time highs, with some skeptics predicting more losses, one analyst on X expects the coin to bounce strongly, even breaking above all-time highs. Taking to X, the trader argues that Bitcoin has yet to breach the Golden Ratio Multiplier’s Cycle Top, currently sitting at $79,591. Supposedly, the analyst continues, this target price increases the longer it remains unchallenged. Bitcoin Traders Need To Be Patient So far, BTC is trending lower and is technically within a bear breakout formation following sharp losses on April 13. As the coin struggles for gains and is boxed inside the bear bar, the odds of further upswings like those registered in Q1 2024 remain muted. Related Reading: Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today? However, even as BTC bulls are muted, the analyst emphasizes the prices are “respecting data points” despite prices dumping lower and taking longer to break higher. Most traders expect prices to rise higher following March 2024’s impressive surge. However, the analyst believes traders need to have patience. Looking at how BTCUSDT prices are unfolding, it is clear that momentum is fading, and participation is low. CoinMarketCap data shows that trading volume on the last day is flat, at $46 billion. Overall, trading volume–a measure of engagement and trader interest– has dropped since mid-March, when the coin soared to all-time highs of approximately $74,000. Whales Are Keeping Off From The Market Parallel data from IntoTheBlock reveals that addresses holding at least 0.1% have also been slowing down in their accumulation, making the drop even more severe. According to a CoinDesk report, when BTC fell on March 19, prices bounced strongly on March 20 following aggressive buying pressure whales. IntoTheBlock data showed they bought 80,000 BTC, forcing prices back to over $71,000. Related Reading: Ethereum Fire Sale? Deep-Pocketed Investor Snags Nearly 24,000 ETH At Bargain Price Technically, by tracking whale movements, traders and investors can gauge overall market sentiment and their confidence for gains. This, in turn, could impact the sustainability of trends. Their heavy involvement could precede sharp price gains, lifting the broader crypto markets. The fact that whales appear to be keeping off could suggest that they expect prices to drop even more. Moreover, other factors, such as the pace of inflows into spot Bitcoin exchange-traded funds (ETFs), point to a bleak future. CryptoQuant data shows that inflows have been stagnant in the past trading week. At the same time, IBIT, the spot BTC ETF offered by BlackRock, has been the only product out of the eight registering inflows. Feature image from DALLE, chart from TradingView
Cross-border payment company, Ripple has sent out an urgent message to XRP members and the broader cryptocurrency community. In its message, the payments firm warns about the risks associated with crypto scams and provides valuable information on how crypto members can identify and avoid these types of risks. Ripple Cautions About Scam Activities In a […]
The Bitcoin halving will be twice as good for blockchain games this cycle, Shrapnel’s secret revealed, Rumble Racing Star review: Web3 Gamer.
Is the halving priced in or not? Will it tank the bitcoin mining industry? Or accelerate adoption? Here's what experts and community members are saying about the fourth and perhaps most anticipated halving.
ETH derivatives data shows pro traders’ appetite for risk declining, placing pressure on the $3,000 support level.
Bitcoin has pulled back more than 15% since hitting an all-time high one month ago, with some major altcoins nosediving 40%-50%, but "few understand how normal corrections like these are in bull markets," one observer noted.
The Artificial Superintelligence Alliance (ASI), comprising Fetch.ai (FET), SingluarityNET (AGIX), and Ocean Protocol (OCEAN), said the highly anticipated ASI token will be launched in May. In an April 16 statement, the Alliance stated that the ASI token would merge the native digital assets of the three decentralized artificial intelligence protocols and rank among the top 20 cryptocurrencies, […]
The post Fetch.ai, SingularityNET, and Ocean Protocol’s planned $7.5 billion ASI token to launch in May appeared first on CryptoSlate.
OKX activates X Layer, offering a ZK L2 network with seamless EVM compatibility, enhanced security, and lower transaction fees.
The post OKX unveils ZK layer 2 network X Layer on public mainnet appeared first on Crypto Briefing.
“Homeowners effectively sell a portion of their home’s equity at today’s price and repay at tomorrow’s,” wrote Homium staff.
Arkham Intelligence, an industry leader in on-chain data tracking, has released a list of the richest people in crypto according to their wallet balances. This list has been making the rounds in the crypto community due to the top 5 alone being worth billions of dollars. But perhaps, what is more interesting is how much of this money has now been deemed inaccessible. 3 Of The Top 5 Crypto Rich List Lost Forever Arkham took to X (formerly Twitter) to share the top 10 richest individuals in crypto ranked by the net worth of their wallet holdings. But the most interesting bits actually lay in the list of the top 5 richest individuals, which included the likes of Tron’s Justin Sun and Ethereum’s Vitalik Buterin. Related Reading: Dogecoin Flashes Weekly Golden Cross: Why This Analyst Believes The Bull Rally Is Far From Over According to the data shared by Arkham, Justin Sun emerged at the top of the list with a wallet balance of $1.1 billion, followed by Rain Lohmus, the Chairman of LHV Bank, whose wallet is worth $793 million. Next in line is Ethereum founder Vitalik Buterin, with a wallet balance of $782 million. In fourth place is Stefan Thomas, a software engineer whose wallet holds a considerable $452 million. And then last but not least is James Fickel, with a total wallet net worth of $446 million. Altogether, these crypto millionaires and billionaire, hold a total of $3.5 billion. However, not all of this money is available to the owners. As Arkham notes in its report, two out of these five individuals are no longer able to access their wallets anymore. The first of these two is Rain Lohmus who had invested $75,000 during the Ethereum ICO. Lohmus’s allocation came out to 250,000 ETH, which has appreciated greatly over time. However, he can no longer access the coins. According to Lohmus, he had lost access to his Ethereum wallet and was unable to find the key to the wallet. Given this, the coins are presumed to be lost forever, but Lohmus has offered a 50-50 split to anyone who can access the wallet and recover the funds. Related Reading: Bitcoin Goes Pro: UFC Winner Wants $300,000 Bonus Paid In BTC Another individual whose coins are deemed lost is Stefan Thomas. Thomas is infamous in the crypto space for throwing out a flash drive that held the private keys to a wallet containing over 7,000 BTC over 10 years ago. Since then, Thomas has led efforts to excavate the landfill where he believes his trash was sent to, in an effort to recover the flash drive and recover the coins. However, he has run into various issues, such as the city not allowing him to excavate the dump site. The other three on the list still have access to their wallets and are still involved in the crypto space to varying degrees. Total market cap at $2.2 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from Bankrate, chart from Tradingview.com
John Deaton, a vocal advocate for XRP and broader cryptocurrency rights as well as current US Senate candidate, is reportedly considering involvement in Coinbase’s ongoing legal battle with the Securities and Exchange Commission (SEC). This news emerges as Coinbase seeks an interlocutory appeal to the 2nd Circuit Court of Appeals in its high-profile lawsuit against […]
Former Binance CEO Changpeng Zhao stepped down as chair of Binance.US’ board of directors in November 2023.
Many analysts are looking at how the cryptocurrency’s inflation rate will compare to gold’s after the halving, expected on April 19.
Already a multi-billion-dollar sector of the crypto industry, the DePIN narrative is a promising one, according to experts.
On-chain data shows the Bitcoin whales have continued to hold onto their coins despite the fact that BTC has gone through bearish action recently. Bitcoin Whales Have Participated In Net Accumulation Since March 1st As explained by the on-chain analytics firm Santiment in a post on X, the large BTC holders in the market haven’t […]
Popular cryptocurrency expert Cold Blooded Shiller has made a grim prediction that Bitcoin may be on the verge of a significant correction and could crash as low as 30%, given the current heightened volatility in the market. Bitcoin Could Be Poised For 30% Pullback Cold Blooded Shiller believes it is important to note that Bitcoin is holding up and now showing much more strength, regardless of the different factors influencing the nascent sector, such as ETFs, fundamentals, and Halving. Related Reading: Analyst Expects Bitcoin Price Correction To Persist, Targets $57,000 Support Given that pullbacks of 30% are historically common for BTC, Shiller foresees the potential for this to repite this cycle. Should the trend manifest, the price of BTC could fall as low as $51,000 in the upcoming months. The post read: With the historical tendency to produce -30% pullbacks, what happens to the landscape if BTC does head down for a -30% correction and into the $51,000? Cold Blooded Shiller drew attention to a previous post offering investors insights on taking advantage of this development when it happens. Shiller is confident that BTC might undergo the correction mentioned above, and the impact on altcoins would likely be around -50%. The expert believes some investors are eager to profit in the bull cycle but neglect the risk involved in this period. “I keep referencing buy anywhere you want with risk management that supports -30% downside and ensure you can keep buying more,” he stated. Thus, the analyst has stressed the need for investors to be well organized and understand what constitutes an opportunity-filled environment in a bull market. His post encourages investors to reassess their risk management and investing tactics to navigate the ever-changing crypto landscape successfully. BTC Price Continues To Fall The price of Bitcoin continues to move downward, falling to $63,000 after a recovery witnessed on Monday. Over the last 24 hours, the crypto asset has dropped by 5%, causing a general collapse in the market. Related Reading: Bitcoin Halving RoadMap: Analyst Outlines 3 Phases For Market Dynamics At the time of writing, BTC was trading at $63,854, indicating an over 10% decrease in the past week. On the last day, its trading volume increased by roughly 1%, while its market value fell by over 5%. Given the current trajectory in the crypto market, BTC might suffer an even greater decrease in the next few days. Several analysts anticipate a further price decline before the Halving event in less than five days. Featured image from iStock, chart from Tradingview.com
Umoja partners with Merlin Chain to launch USDb, a unique Bitcoin-based synthetic dollar designed for high yield and stability.
The post Umoja and Merlin Chain introduce Bitcoin-based USDb stablecoin appeared first on Crypto Briefing.
Decentralized cloud is the stable end state for computing.
Bitcoin derivatives traders go from de-risking to "clear pessimism," but large-volume hodlers are in no hurry to bow to BTC price pressure.