Following Vaneck’s application with the U.S. Securities and Exchange Commission (SEC) to launch a solana-based exchange-traded fund (ETF), solana has appreciated 8.1% against the U.S. dollar. Apart from bitcoin, ethereum, and stablecoins, solana now boasts the highest daily trade volume among all other crypto assets on market aggregation platforms. Vaneck’s ETF Filing Catalyzes Increase in […]
Bitcoin News
Ethereum Whales Unfazed By Prices, Pulls $8.1 Million Of ETH From Binance And Buys NFTs
Ethereum is under pressure and has just dropped below ,600. However, on-chain data shows that a crypto whale, “0xb154”, has moved more coins from Binance, a cryptocurrency exchange, to a non-custodial wallet.
On September 21, the ETH whale transferred over .1 million of the coin.
Whale Moves More Ethereum From Binance, Buying NFTs
When crypto prices contract, outflows from non-custodial wallets to centralized ramps, including Binance and Coinbase, tend to rise. This is because centralized exchanges supporting stablecoins or fiat, including the Euro or JPY, offer an interface where they can easily swap for the “safety” of the less volatile fiat currencies or tokens designed to mirror them, including USDT.
That the holder is shifting tokens away from Binance regardless of the heightened volatility can signal confidence for ETH and the broader Ethereum ecosystem. It is not immediately clear what could have motivated the whale to move coins away from the exchange at this point.
However, what’s evident is that ETH is down roughly 4% from September 21’s peak and moving further away from April 2023 highs when it rose to over ,100.
Records show this is not the first time the whale moved funds. On September 6, the investor withdrew 9,688 ETH worth .8 million from Binance. Less than two weeks earlier, the whale notably transferred 22,340 ETH, worth .2 million, to Binance.
A closer examination of the same address shows it has 24,556.59 ETH worth over .8 million at spot rates. Besides ETH, the address controls dust amounts of other periphery altcoins, including ZUM and SWISE.
Apart from simply HODLing ETH, the whale has also been active on the non-fungible token (NFT) scene, looking at historical purchases. Over time, the investor has held over 100 NFTs where, on average, spent 0.2641 ETH; the latest purchase was on September 21.
The investor has been actively accumulating NFTs since early April 2023 and has spent over 35 ETH.
ETH And NFTs Are Fragile
The whale has accumulated more ETH and NFTs when the crypto market is fragile. To illustrate, NFT trading volume is over 90% down from 2021 peaks.
Presently, ETH prices are down 25% from April 2023 peaks. When writing, bears have successfully forced the coin below June 2023 lows as the coin moves further away from the psychological ,000 level. Candlestick arrangement points to weakness, suggesting that ETH could dump even lower to ,400—or March 2023 lows, if sellers press on.
Bitcoin Is A Legitimate Store Of Value, BTC Falls 8.1%
- Bitcoin (BTC) under pressure, down 8.1 percent
- Q1-2 2019 marked the end of the crypto winter
There is growth and Bitcoin ecosystem is improving. Corporations are sinking millions toward blockchain infrastructure development. At the same time, fund managers can capitalize on BTC’s volatility to register extraordinary gains. At the time of press, BTC is shaky and may print lower.
Bitcoin Price Analysis
Fundamentals
At a time when funds are reviewing their portfolio, Bitcoin and crypto investors are in for a big windfall. Surging, and more than tripling in the first half of the year, the rise and rise of Bitcoin is nothing but pure bliss.
Good news is, pundits and analysts expect the coin’s price to surge to new highs. The possibility of BTC blasting above ,000 and registering new highs is, in fact, on the cards. It’s not hard to see why.
Dynamics around Bitcoin and crypto, in general, is changing. Heavyweights are bullish. As they invest on the asset, regulators are back to the drawing board drafting new crypto and Bitcoin rules. Besides, the entry of Facebook and Libra is a game changer.
That’s regardless of fear given Facebook’s track record. Even though lawmakers in different jurisdictions are skeptical of their future role, citing security and privacy concerns-haunting Facebook once again, their involvement is immense.
Boasting of a large user base as well as financial muscle, Libra’s rollout will increase Bitcoin’s visibility. To that end, Jehan Chu, co-founder digital currency investor Kenetic Capital says:
“The price surge is due to two major factors. One is an increasing consensus among the investment community that Bitcoin is a legitimate store of value for the digital age, and two, Facebook’s Libra cryptocurrency launch has forced every chief executive to take crypto seriously.”
Candlestick Arrangement
Because of the latest USDT minting, the path of least resistance over this weekend is likely northwards. Even though signals are weak, bulls are optimistic. Note that support is at ,500. Presently, the failure of buyers to reverse losses of June 27 through to 30 is bearish for the coin.
BTC is consolidating inside June 27 bear candlestick. Therefore, from an effort versus result point of view, bears are in pole position. Any dip below ,500 will confirm the correction of June 26 BTC overpricing, triggering panic sells.
Ordinarily, panic sells lead to fear. Odds are BTC could tumble to ,500 or worse ,500 in a retest if such a scenario happens. Conversely, any rally past June high, erasing losses of June 27 affirm bulls of May and June as traders aim at ,000 and ,000.
Technical Indicators
June 26 bull candlestick leads this trade plan. Reiterated before, falls or expansions below ,500 or above ,000 ought to be with high participation. Ideally, the breakout bar should be with high trading volumes exceeding 82k of June 26 ushering in bears or bulls depending on breakout direction.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
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