Following the awakening of numerous dormant bitcoins in March, April was rather uneventful, with just 72 transfers from idle wallets dating between 2010 and 2017. To date, May has seen 32 transfers from vintage wallets, moving about 1,181 more bitcoin in the past two weeks than during the whole month of April. May Outpaces April […]
Bitcoin News
Long-Dormant ‘Sleeping Bitcoins’ Worth $35 Million Spring to Life on January’s Final Day
On Jan. 31, 2024, a notable movement of so-called ‘sleeping bitcoins’ occurred, involving wallets from 2013 and 2016 which collectively transferred 845.06 bitcoins valued at approximately .96 million. Originating from a handful of distinct addresses, 726 bitcoins were likely the property of a single entity, considering the patterns observed.
Million in Long-Dormant Bitcoins Make a Sudden Move
At precisely block height 828,276, which occurred on Wednesday afternoon, an unidentified party initiated the movement of 118.93 BTC, marking its first transaction in a span exceeding a decade and two months. The wallet, identified as “1PUeG” by the blockchain parser web portal btcparser.com, intriguingly left the corresponding 118.93 bitcoin cash (BCH) untouched.
This transaction garnered a modest “low” rating of 45 out of 100 on Blockchair’s Privacy-o-meter, a result of the repeated use of the same address in the inputs. The entirety of the funds was transferred to a new address, employing the ‘send everything’ option. While this 2013 wallet’s activity was noteworthy, an even more compelling series of transactions originated from nine wallets created in 2016, which moved a sum of 726.13 BTC.
These nine wallets, all established on March 30, 2016, remained inactive for nearly eight years, holding the bitcoins which were then valued at merely 1K, based on the BTC price of 4.82 at the time. Fast forward to the present, their value rose to an impressive .90 million at current exchange rates.
Each of these nine transactions (1, 2, 3, 4, 5, 6, 7, 8, 9) involved slightly over 80 BTC, with the associated BCH similarly left unspent. In terms of privacy, most of these 2016 transactions exhibited a higher degree of discretion, achieving a “moderate” score of 55 out of 100 on the Privacy-o-meter. Like the earlier case, this owner also opted for the ‘send everything’ approach.
Sleeping bitcoins, particularly those from earlier periods, are a rarity in the crypto space. Over 64,000 addresses still lay dormant between 2009 and July 2017. While the awakening of the 2013 wallet was significant, the simultaneous movement of the nine wallets from 2016 was even more interesting, strongly suggesting a single owner’s involvement. Despite this, the identity behind the series of 80 BTC transactions and the owner remains shrouded in mystery.
What do you think about the sleeping bitcoins that moved on Wednesday? Let us know what you think about this subject in the comments section below.
Morgan Stanley: Crypto Winter May Be Over, Crypto Spring ‘Likely on the Horizon’
Global investment bank Morgan Stanley believes that “crypto winter may be in the past and that crypto spring is likely on the horizon.” An analyst at the bank explained that historically, most of bitcoin’s gains come directly after a halving event that occurs every four years.
Morgan Stanley Foresees Crypto Spring
Global investment bank Morgan Stanley’s wealth management division published a report titled “Will Crypto Spring Ever Come?” this week. Morgan Stanley analyst Denny Galindo outlined that there are four phases of cryptocurrency prices. “The four-year cryptocurrency cycle roughly corresponds to the four seasons of the year,” he noted.
“Just as a farmer avoids planting seedlings in the winter or too late in the spring, crypto investors want to know when crypto spring has arrived to maximize their investment ‘growing season,’” the analyst opined. While stating that “there have only been three crypto springs to date” and acknowledging that “there is still a lot to learn,” he emphasized:
Based on current data, signs indicate that crypto winter may be in the past and that crypto spring is likely on the horizon.
Galindo described crypto spring as the period preceding each halving where “the price of bitcoin generally recovers from the cycle’s low point, but investor interest tends to be weak.” He pointed out that there have been three crypto winters since 2011, lasting about 13 months each.
The Morgan Stanley analyst further shared:
Historically, most of bitcoin’s gains come directly after a ‘halving’ event that occurs every four years.
“Estimates vary, but history indicates the next halving could occur sometime in April 2024,” Galindo detailed, reiterating: “Signs indicate that ‘crypto winter’ — bitcoin’s cyclical bear-market decline — may be in the past.”
The analyst concluded: “While no one can tell you if now is the right time to buy or sell cryptocurrency, today is the right time to learn more about the crypto market’s cyclical tendencies so that you can ask questions, monitor trends and determine for yourself if the cycle will repeat a fourth time and whether to invest.”
A growing number of individuals and analysts have expressed optimism regarding the outlook for bitcoin and the overall cryptocurrency market. In April, Standard Chartered Bank said crypto winter is over, predicting that the price of bitcoin could reach 0K next year. In March, the CEO of investment management firm Vaneck said: “We are at the very beginnings of what could be a several-year cycle” in gold and bitcoin. Crypto financial services platform Matrixport predicted this week that bitcoin’s price could surge to between K and K if the U.S. Securities and Exchange Commission (SEC) approves Blackrock’s spot bitcoin exchange-traded fund (ETF).
Do you agree with the Morgan Stanley analyst about crypto spring? Let us know in the comments section below.
Dormant 2012 ‘Sleeping Bitcoin’ Addresses Spring to Life, Moving $8.6M in Vintage Coins
Onchain evidence reveals that three dormant ‘sleeping bitcoin’ addresses, established in January 2012, have awakened, moving a total of 325.19 bitcoin valued at over .6 million after an 11-year hiatus.
Vintage Bitcoin Vaults Open: .6M Moved From 2012 Dormant Addresses
Bitcoin News recently highlighted the staggering 8 million in dormant bitcoin transactions in 2023. Shortly after, around 325.19 bitcoins from January 2012 addresses were mobilized.
The initial two transfers (1 & 2) originated from wallets set up over 11 years ago on January 11, 2012. The first address shifted 145.53 BTC, while the subsequent one dispatched 21.97 BTC. Both of these transactions secured confirmation at block height 807,852 and were discovered by btcparser.com.
In quick succession, the address labeled “1HNnG” executed a transfer of 157.69 BTC, receiving confirmation at block height 807,853. Intriguingly, all three transactions, as per Blockchair’s privacy gauge, lacked advanced privacy measures, rendering them susceptible to transaction scrutiny.
Overlapping addresses were pinpointed in these three shifts, indicating repeated address usage. Diving deeper into clustering heuristics and onchain insights, it’s evident that these three transactions likely stemmed from a singular owner. This revelation implies that in 2023 alone, 43 dormant bitcoin addresses from 2012 have been reactivated, moving their vintage coins.
Moreover, factoring in the recent 325.19 bitcoin transaction from 2012, the year 2023 has witnessed a cumulative transfer of 3,700.97 BTC from this year, translating to a whopping .25 million at current BTC exchange rates.
When the owner initially secured the coins, each bitcoin had a price tag of .36. Back then, the trove’s value was a modest ,068, a stark contrast to its present worth of .6 million.
What do you think about the recent sleeping bitcoin spends in 2023? Share your thoughts and opinions about this subject in the comments section below.
Can Ethereum Tally Spring Highs After Correction? Top Analyst Shares His Views
Ethereum (ETH) is facing a challenging period as crypto trader Bluntz predicts further bearish trends before a potential reversal. This uncertainty in Ethereum’s price has sparked discussions in the crypto community, especially in light of recent whale activity.
Crypto analyst Bluntz, known for his insightful market predictions, has raised concerns about Ethereum’s short-term performance. He applies the Elliott Wave theory, a complex technical analysis method, to understand market sentiment and predict future price movements.
The theory suggests that market trends follow a wave-like pattern, reflecting the ebb and flow of investor psychology. Bluntz believes that ETH will continue to experience a bearish trend in the coming weeks, possibly reaching around ,440 before wrapping up its correction and rise.
ETH Price: Decoding The Market Psychology
In his recent social media update, Bluntz shared a chart indicating the potential for Ethereum to rally to ,500 following the expected reversal. This projection highlights the intricacies of Elliott Wave theory, where market sentiment can shift in waves, often influencing cryptocurrency prices.
eth now right back at the lows flirting with a breakdown.
looking for one more low, around 40 will be a great spot to knifecatch imo if the markets kind enough to give it.$ETH pic.twitter.com/FroPhSL9wk
— Bluntz (@Bluntz_Capital) September 11, 2023
Meanwhile, a significant whale movement in the Ethereum market has left many wondering about its implications. According to WhaleAlert, a whopping 21,938 ETH, equivalent to approximately .78 million, found its way into Coinbase’s wallets. Shortly thereafter, another 32,500 ETH, valued at around .3 million, was deposited into OKX, a prominent cryptocurrency exchange.
32,500 #ETH (51,334,467 USD) transferred from unknown wallet to #OKExhttps://t.co/WiRrtHHOy7
— Whale Alert (@whale_alert) September 12, 2023
Whale Moves Shake The Ethereum Community
Such large-scale transactions by cryptocurrency whales can send shockwaves through the market, potentially affecting supply and demand dynamics. The sudden influx of ETH into these exchanges raises questions about the intentions of these deep-pocketed investors. Are they positioning themselves for a long-term hold, or do they anticipate price movements that could favor their trading strategies?
Per CoinGecko, ETH is currently trading at ,596, with a 24-hour gain of 0.7% and a seven-day loss of 2.1%. These price fluctuations underscore the ongoing volatility in the crypto market and the need for investors to stay informed about the latest developments.
Keeping An Eye On Ether’s Movements
Ethereum’s short-term future remains uncertain as it grapples with bearish trends, as predicted by crypto analyst Bluntz. The application of Elliott Wave theory offers a unique perspective on market sentiment. Additionally, the recent whale movements involving significant amounts of ETH add an element of intrigue and uncertainty to Ethereum’s price trajectory.
Crypto enthusiasts and investors will be closely watching these developments, as they may provide clues about the future direction of the cryptocurrency market.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from DutchReview
Pantera Predicts Correlation Between Bitcoin And Traditional Markets Might Break This Spring
In a recent call with investors, executives from the crypto hedge fund Pantera Capital said they believe DeFi assets such as Ethereum could soon break out of their current correlation to traditional macro markets. The market has seen increasing similarities between these two spaces recently. But there’s no guarantee it will continue or even last for very long at all, given how quickly things change in this industry.
Pantera Capital believes the crypto market will be able to “decouple” traditional macro assets even when interest rates go up.
In the interview on February 1, CEO Dan Morehead and co-chief investment officer Joey Krug both said they believe this transition is happening now. Institutional investors are entering the space, leading them away from stocks or bonds into cryptocurrencies like Bitcoin and other related technologies like the blockchain 2030 panel discussion.
Related Reading | Top 5 Watershed Moments In BTC On-Chain Analysis’ History. Is Your Favorite In?
Pantera Capital Management shared the details from their recent call with investing public on Wednesday this week in a new Blockchain Letter.
Crypto is starting to break from its traditional correlation with macro assets. According to Krug, history has shown that when the former goes down for 70 days before decoupling and trade on its own again over weeks – as we expect soon enough!– crypto’s becoming more resilient by leaps and bounds.
Krug explained;
It doesn’t guarantee that it won’t go down a lot more next month or whenever, but it just means the odds are high that the markets are at an extreme and will bounce back relatively quickly.
Pantera Capital Predictions Proved In the Past
Since February 2021, when BTC traded at around USD 47 thousand after correcting 20% in a week, Krug predicted that “a bitcoin rally might be back by April if not sooner.” The price then increased to over ,000 before starting intense downturns, bringing its sizes below ,000.
Bitcoin struggling to maintain ,000 mark value | Source: BTC/USD Chart of Tradingview.com
Krug said that he does not think the prices for many digital assets are too high right now, with some DeFi tokens trading at P/E multiples ranging from 10-40. They have moderate value; tech stocks go up to 500x turnover rates.
This time around, he further explained why investors shouldn’t worry about over-investing in cryptocurrency or finance. Despite recent crashes caused by several governments imposing restrictions on bank transactions involving Bitcoin (BTC).
Related Reading | Bitcoin Dives To K, What Could Trigger More Downsides
P/E (price-to-earnings) ratio is a standard tool used to value stocks and can be found by dividing the market value per share (or token) of an individual company’s portfolio by its annual earnings.
Krug added;
It’s my personal view that USD 2,200 ETH was likely the bottom.
Pantera CEO says you need to consider the cash flow when discounting an asset’s value, which means lower prices if yield rates are higher.
Analysts Reviews
Crypto is not just a thing of value; it’s also an investment. Just as with gold, many factors determine its price and worth. Volatility is one such factor, supply vs. demand within different markets worldwide. As a result, the element can impact how much people want to buy or sell at any given moment in time.
The Pantera CEO said;
It can behave in a very different way from interest-rate-oriented products. I think when all’s said and done, investors will be given a choice. They have to invest in something, and if rates are rising, blockchain is going to be the most relatively attractive.
With tensions rising throughout Europe and Asia, it is expected that inflation will be at an all-time high in 2022. This could give bitcoin (BTC) a valuable hedge against volatility. In addition, provide stability for other digital assets like ethereum or Litecoin during their respective peaks next year.
Bitcoin “remains hesitant,” according to an analyst at GlobalBlock. The bitcoin price has been trading lower recently and did not participate in the futures’ recent rally. However, they are still selling off more than usual compared with spot prices which have dipped even further down over this last week or so.
Marcus Sotiriou, a GlobalBlock analyst, added;
This suggests that this price rise was driven by speculation or hedging rather than genuine demand.
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Seasonality in Bitcoin: Will Spring Bring a Return of Growth to Cryptocurrency?
With Bitcoin and other financial markets, a certain seasonality and cyclicality exists. Some chalk this up to coincidence, while others seek to try and capitalize on any opportunity to predict recurrence.
With Spring just around the corner, typically an event signifying new growth and a return to light, could it be the seasonality change that the crypto market needs for a serious recovery into new growth once again?
Bitcoin Seasonality Could Point to Recovery Starting in Spring
Bitcoin and the asset class of cryptocurrencies is inarguably a financial market unlike any other, however, it is still ruled and governed by the same market dynamics and investor sentiment and emotion that fuels the rest of the world’s finance.
Oftentimes these dynamics lead to a cyclical recurrence or seasonality to assets.
Related Reading | Market Cycle Psychology: Did The Crypto Market Just Enter Full Anxiety Phase?
Ever heard of the phrase, “sell in May, and go away” or of something called the “Halloween effect?” Both theories are based on common seasonality recurring in financial markets.
Markets also go through extended bear and bull market cycles, which are often said to last roughly four to five years in between each full cycle.
Secular market cycles can last as long as 30 years, and Kondratiev waves or super cycles last 60 years.
Legendary trader W.D. Gann saw 90 years as among the most significant market cycles, which points to the current coming economic recession occurring almost exactly 90 years following the 1929 economic collapse.
In the below Bitcoin price chart, a seasonality tool shows when each turn of the season occurs, and how the change in season also causes a change in price action.
In early 2018, a turn of the vernal equinox sent Bitcoin into its bear market for over a year following. The next year in early 2019, the vernal equinox caused a massive breakout that took Bitcoin from ,000 to ,000.
What will the next vernal equinox, occurring in just two days on March 20, bring to Bitcoin?
Cryptocurrency Seasonality Predicts Last Two Major Market Tops
Before you write off the importance of seasonality to financial markets like Bitcoin and crypto, history shows that there could be value in the timing involved.
The aforementioned W.D. Gann often looked to December to act as market tops for assets, based on Mercury being in retrograde. Aligning with this theory, both of Bitcoin’s most significant tops ever recorded, took place in December during the turn of the winter solstice.
Related Reading | Will Bitcoin’s True Value Proposition Shine During End of Times Scenario?
Why this happens, no one knows, however, according to Gann, it has to do with the location of the planets and the unknown impact of their gravitational forces on all of nature.
Featured image from Shutterstock
NewsBTC
Why Bitcoin Is Poised to Rally 25%, Spring Past $9,000 In Coming Weeks
Over the holiday season, Bitcoin (BTC) has stalled in the low-,000s, finding itself stuck between heavy macro support in the mid-,000s and rather pertinent resistance in the high-,000s, which the cryptocurrency has been rejected by multiple times.
Related Reading: Why Bitcoin’s Hash Rate High Suggests Price Explosion On Horizon
Although some say that these rejections are indicative of an impending return to the ,000s, then the ,000s, a growing sentiment suggests the leading cryptocurrency could trade in the ,000s and ,000s in the coming weeks. To add credence to this narrative, the sentiment that BTC will trade around ,000 this month has been supported by a number of technical analyses.
Bitcoin to Top ,000 By End of January?
Cryptocurrency trader Velvet on Friday posted the below analysis, showing that he believes Bitcoin is currently in the midst of reflecting a textbook Wyckoff Accumulation pattern: a strong decline, a recovery and false breakout constricted by resistance, a drop to set a fresh bottom lower than the original, failed attempts to break past resistance, then a final shakeout prior to a surge back to pre-decline levels.
Right now, as Velvet suggested, Bitcoin is in its final shakeout phase of the pattern, with the price recently dropping to the ,800s. Should this textbook technical analysis pattern play out exactly as the studies of Richard Wyckoff, a noted technician, says, BTC is likely to break ,000 and maybe ,000 by the end of January.
$BTC #BTC $XBT #BTCUSD
This is what I see..
I'll leave the narrative up to you. https://t.co/r0BaIYIwdH pic.twitter.com/2QqKGzY1GZ
— 𝓥𝓮𝓵𝓿𝓮𝓽 丝绒 (@888Velvet) January 3, 2020
Related Reading: Why Bitcoin Investors’ HODL Mentality Means a Price Surge Is Coming
Not Only Analysis Suggesting Bullish Momentum is Coming
Velvet’s assertions that Bitcoin is in the midst of an extended Wyckoff Spring/Accumulation pattern isn’t the only thing suggesting an immediate return to ,000, maybe higher.
Per previous reports from this very outlet, the first week of every January over the past three years has seen the price of Bitcoin explode higher, as noted by trader SalsaTekila. in 2017, BTC gained 21.9% during the first seven days of the year; in 2018, it was 24.3%; and last year, it was 11.8%.
The same pattern playing out for Bitcoin yet again could mean that the asset will surge towards the ,000s and ,000s.
Also, Su Zhu, the chief executive officer of forex and crypto fund Three Arrows Capital, recently remarked on Twitter that he believes Bitcoin’s price outlooking heading into 2020 is looking rather bullish. The prominent commentator specifically cited his analysis of the BTC/USDT trading pairs and their premiums to BTC/USD markets and the overall price action, which shows there are “clear signs of accumulation and money flow back into risk.”
BTC/USDT premiums and price action show clear signs of accumulation and money flow back into risk.
Would not surprise me to see 9K+ before end of Jan.
— Su Zhu (@zhusu) December 28, 2019
Related Reading: Institutions Likely to Invest Big in Bitcoin in 2020; Here’s Why
Featured Image from Shutterstock The post appeared first on NewsBTC.
NewsBTC
Op Ed Waiting for Bitcoin Spring and the Next Bull Market
Although enthusiasm has been lacking in the current bitcoin market, some indicators out of China suggest a bitcoin spring may be on its way.nThe post Op Ed Waiting for Bitcoin Spring and the Next Bull Market appeared first on Bitcoin Magazine.n
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