According to recent data, the ten spot bitcoin exchange-traded funds (ETFs), excluding Grayscale’s Bitcoin Trust (GBTC), acquired 548,556.62 BTC from the market over the last 128 days. This acquisition means the ten newly introduced spot bitcoin ETFs collectively hold 2.78% of the crypto asset’s current circulating supply. Besides Grayscale’s Pre-Existing Fund, Blackrock’s IBIT Leads New […]
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Despite $250 Billion Worth of Transactions, Digital Yuan Users Prefer Physical Cash
Some participants of China’s Central Bank Digital Currency (CBDC) pilot program, specifically state workers paid in digital yuan (e-CNY), are quickly converting their digital currency to physical cash due to concerns over its utility and lack of incentives like interest on savings. Despite China’s advancement towards becoming a cashless society, the digital yuan faces skepticism […]
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Bitcoin Whale From 2013 Resurfaces, Moves Over 1,000 BTC Worth $61 Million
On May 12, as bitcoin hovered slightly above the ,000 mark, two dormant bitcoin wallets, inactive for over ten years and eight months, executed transactions totaling 1,000 bitcoins valued at approximately .1 million. It appears that both wallets, created on the same day, were owned by the same individual. Dormant for a Decade: Bitcoin Wallets […]
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PEPE Whales Move $21 Million Worth Of Coins – Here Are The Destinations
On-chain data shows PEPE whales have moved large amounts of the memecoin during the past day. Here’s where these tokens have been heading.
PEPE Whales Have Been Active On The Network Today
According to data from the cryptocurrency transaction tracker service Whale Alert, two large PEPE transactions have occurred in the space of a few hours during the past day. Both of these moves are of a scale that’s typically associated to the whales, humongous entities that can carry some influence in the market thanks to their ability to make such large transfers.
Because of their position on the network, their moves can be worth watching, as they may end up reflecting on the price of the cryptocurrency. As for how exactly the asset may be impacted by the transfers of these investors can come down to what they intended to achieve with the moves.
It can be hard to say about any exact motive, but the details of the transactions on the blockhain can sometimes provide hints about the context surrounding it.
Below are the details of the first PEPE whale transfer from the past day:
As is visible, the sending address in the case of this PEPE whale transaction was an unknown wallet, meaning that it was unattached to any known centralized platform like an exchange. Such wallets are usually the investors’ personal, self-custodial addresses.
The receiving address, on the other hand, does have a platform affiliated to it: the cryptocurrency exchange Binance. Thus, it would appear that the whale moved 1,238,332,920,144 PEPE (worth over .5 million at the time the transfer went through) from their personal wallet to the custody of the exchange.
Transfers of this type are known as exchange inflows. The investors make exchange inflows whenever they want to make use of one of the services that these platforms provide, which can include selling. As such, exchange inflows can end up being bearish for the price.
If the whale, in the current case, indeed made the deposit to sell, then PEPE could naturally be negatively impacted, given the large scale of the transaction. Fortunately for the investors of the meme coin, though, the second transaction from today is actually the exact opposite of this transfer; it’s an exchange outflow.
As displayed above, this PEPE whale moved coins from Binance to an unknown wallet through this transaction. Investors generally transfer to personal addresses when they plan to hold in the long term, as it’s safer to do so outside the custody of central entities. Thus, it’s possible this whale plans to HODL these coins.
Interestingly, the amount involved in this move, 1,241,850,000,000 PEPE (.5 million), is quite similar to the exchange inflow. Given that the same exchange is also involved in both, it’s possible that the same whale may in fact be responsible for the both of them.
Though, since the addresses don’t quite match, it’s still uncertain. Either way, the fact that an equal-sized exchange outflow has occurred mere hours after should be able to balance out any bearish effects arising out of the inflow, at least in theory.
PEPE Price
At the time of writing, PEPE is floating around the .000008445479 mark, up more than 21% over the past week.
Ark Invest’s ETF Holds Unique ‘Bitcoin Puppet’ NFT Worth Over $27,000
According to onchain metrics, Ark Invest’s holdings in its spot bitcoin exchange-traded fund (ETF) include several inscriptions, among them an Ordinal inscription from the “Bitcoin Puppet” digital collectible series, valued at ,900. Similarly, Blackrock’s IBIT possesses an Ordinal inscription from the “Speculum Aeternum” non-fungible token (NFT) collection. Spot Bitcoin ETFs Are Holding Unique NFT Inscriptions […]
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FTX Estate Offloads $1.9 Billion Worth Of Locked Solana (SOL) Tokens In Sale
In a significant development, FTX bankruptcy trustees have reportedly sold about two-thirds of a .6 billion stash of Solana (SOL) at a “deeply discounted price.”
Industry figures such as Galaxy Trading and Pantera Capital were among the investors involved in the deal, according to people familiar with the matter, as reported by Bloomberg.
SOL Tokens’ Four-Year Journey
Per the report, the FTX estate was able to sell between 25 million and 30 million locked-up Solana coins at each, generating up to .9 billion in proceeds for the estate.
Under Mike Novogratz’s Galaxy Digital, Galaxy Trading managed to raise approximately 0 million for a fund established to purchase SOL from the FTX estate. According to the report, investors in the vehicle will be subject to a 1% management fee, and the investment will offer a yield through staking.
It is worth noting that the 41 million Solana tokens sold by the FTX estate are locked according to a pre-agreed vesting period, preventing them from being available for trading on the market.
According to Bloomberg, these tokens will gradually become available for sale over the course of four years, which could significantly impact SOL’s price action. However, as the tokens remain locked, SOL’s 739% year-to-date (YTD) uptrend remains intact, and the possibility for further gains remains in the cards.
Solana Sale Garners Interest From Prominent Figures
FTX co-founder Sam Bankman-Fried, convicted of fraud and sentenced to 25 years in prison, was a major supporter of SOL.
As previously reported, Bankman-Fried has actively engaged with guards at the Metropolitan Detention Center, where he is currently incarcerated. He offers investment advice and recommends SOL as a potential opportunity, demonstrating his bullish sentiment on the protocol.
The token, which operates on the Solana blockchain, constituted a significant portion of the digital assets stranded on the collapsed exchange, creating shockwaves throughout the crypto markets.
In addition to Galaxy Digital, Bloomberg notes that selling SOL tokens has attracted the attention of Pantera Capital. This .2 billion asset manager has reportedly raised capital for a special fund to acquire up to 0 million of SOL from the FTX estate.
Vancouver-based Neptune Digital Assets Corp. also announced the purchase of 26,964 SOL tokens for .7 million on March 27. However, FTX creditors are concerned they will be under-compensated in the SOL sale process.
Creditors Dispute FTX Bankruptcy Ruling
In January, the judge overseeing the bankruptcy case ruled that the amount of each claim should be based on what the customer or creditor was owed on the day FTX filed for bankruptcy. At that time, SOL was trading at about , well below its current market price.
As the price of SOL rallied in recent months, this discrepancy became a point of contention for some creditors. One creditor, Sunil Kavuri, expressed during Bankman-Fried’s final sentencing hearing that the SOL coins are “our property.”
Another creditor, whose name was redacted in court documents, stated in a written statement that the FTX estate is “giving away money for free to hedge funds.” In a recent interview, Bankman-Fried claimed the following regarding clients’ growing concerns about underpayment:
I’ve heard and seen the despair, frustration, and sense of betrayal from thousands of customers; they deserve to be paid in full, at current price. That could and should have happened in November 2022, and it could and should happen today. It’s excruciating to see them waiting, day after day.
Currently, the price of SOL stands at 5, reflecting a decrease of up to 6.7% within the last 24 hours and over 7% over the past week.
Featured image from Shutterstock, chart from TradingView.com
US Courts Have Serially Rejected Crypto Industry’s ‘Decade’s Worth of Arguments’ – SEC Director
Over the past decade, the U.S. Securities and Exchange Commission (SEC) has contended with “significant non-compliance” and “creative attempts” by cryptocurrency market participants to avoid its jurisdiction. According to the SEC’s enforcement director, the commission has regularly prevailed in its numerous court cases against these participants. A ‘Decade’s Worth of Arguments’ In the past decade, […]
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Families Worth up to $100 Million Prefer Algorithmic Cryptocurrencies to Tokens — Study
Families with a net worth of up to 0 million exhibit a strong preference for algorithmic cryptocurrencies over tokens (4.32% versus 0.92%), a new study has found. The study cites statistics indicating that ownership continuity is disrupted in 91% of cases involving a transition from crypto to fiat and vice versa. Traceability of Ownership Continuity […]
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UK Judge Freezes Craig Wright’s Assets Worth $7M Amid Satoshi Nakamoto Identity Dispute
After Judge James Mellor in the U.K. rendered his decision in the notable lawsuit initiated by the Crypto Open Patent Alliance (COPA) against Craig Wright, he concluded that Wright did not embody the persona of the pseudonymous Satoshi Nakamoto. Subsequently, Mellor enforced a worldwide injunction on Wright’s holdings, freezing assets valued at £6.7 million (approximately […]
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LAPD Recovers $6.9 Million Worth of Stolen Bitcoin Mining Rigs, Suspects in Custody
The Los Angeles Police Department (LAPD) has apprehended three individuals following the theft of bitcoin mining equipment valued at .9 million. The Commercial Crimes Division’s Cargo Theft Unit announced the retrieval of all stolen items. California Authorities Arrest Trio for Stealing Bitcoin Mining Hardware On March 19, 2024, the LAPD, along with detectives from the […]
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