Rich Dad Poor Dad author Robert Kiyosaki has revealed that he purchased 60 bitcoins at ,000 each and continues to buy more bitcoin every month. He explained that the crypto represents “rules-based money,” contrasting it with government fiat money, which he describes as “debt-based.” Kiyosaki emphasized that rules-based money increases wealth, while debt-based money diminishes […]
Bitcoin News
Follow The Whales? Arthur Hayes Buys Pendle, Token Soars 25%
Pendle (PENDLE), a cryptocurrency powering a decentralized finance (DeFi) protocol, has experienced a price surge in recent days. This rally comes amidst positive developments within the Pendle ecosystem and a high-profile investment from industry veteran Arthur Hayes. However, concerns regarding token distribution threaten to cast a shadow over Pendle’s long-term prospects.
Hayes Fuels The Fire: Crypto Whale Ignites Investor Confidence
The recent price surge can be partly attributed to a strategic move by Hayes, co-founder of BitMEX and a prominent figure in the crypto space.
Pendle tallied a 25% increase from its lowest point this week to an intraday peak of .21, after Hayes publicly announced his acquisition of Pendle tokens, a move interpreted by many as a sign of confidence in the project.
After Arthur Hayes(@CryptoHayes) tweeted that he is adding $PENDLE and $DOGE to his bags, one of his wallets bought 92,339.6 $PENDLE(4K) through #Wintermute.
He transferred 2.05M $USDC to #Wintermute, then received 280 $ETH(M) and 92,339.6 $PENDLE(4K).… pic.twitter.com/wo2Sl4245B
— Lookonchain (@lookonchain) June 20, 2024
This endorsement from a seasoned investor with a successful track record, like Hayes’ involvement with the fast-growing USDe stablecoin, has undoubtedly bolstered investor sentiment towards Pendle.
Pendle’s Ecosystem Takes Flight: TVL Skyrockets, User Base Expands
Beyond Hayes’ influence, Pendle’s own internal developments are driving the current momentum. The project’s total value locked (TVL), a key metric reflecting the total value of crypto assets deposited within the protocol, has witnessed a significant uptick.
The surge in TVL suggests that more and more people are using Pendle’s DeFi features. These features let users earn impressive yields on their crypto holdings, with some reaching as high as 25%.
That’s significantly better than what most users get from traditional investments like short-term US Treasuries. On top of that, the number of Pendle token holders keeps climbing, which shows a growing and active user base for the protocol.
A Cloud On The Horizon: Token Distribution Raises Concerns
While the current outlook for Pendle appears promising, a potential hurdle lies in the project’s tokenomics: a small number of addresses control a substantial portion of Pendle’s circulating supply.
This concentrated ownership structure could lead to market manipulation in the future. Furthermore, the planned release of additional tokens into circulation raises concerns about potential dilution of existing token value.
Balancing Growth With Sustainability
Pendle’s recent price surge and positive ecosystem developments paint a rosy picture, but the token distribution model presents a significant challenge. Moving forward, the token’s success will hinge on its ability to foster sustainable growth while addressing concerns regarding tokenomics.
Expanding the user base and diversifying token ownership will be crucial steps in securing Pendle’s long-term future.
Featured image from The Economist, chart from TradingView
MicroStrategy Buys Additional 11,930 BTC, Fibonacci Analysis Hints At $160K Bitcoin Price Peak
Bitcoin (BTC), the leading cryptocurrency, has regained momentum, bouncing off a weekly low of ,000 to find support above ,000, halting last week’s downtrend. This price recovery may be due to another significant investment round by business intelligence company MicroStrategy, led by Bitcoin bull Michael Saylor.
The company announced on Thursday the acquisition of an additional 11,931 BTC valued at approximately 6.0 million, further solidifying its position as a major institutional holder of the digital asset.
MicroStrategy’s Bitcoin Holdings Surge To Nearly Billion
MicroStrategy’s Chairman and Co-founder, Michael Saylor, revealed the latest acquisition in a social media post. The company purchased 11,931 Bitcoin between April 27 and June 19, utilizing proceeds from convertible notes and excess cash at an average price of ,883 per Bitcoin.
Notably, the recent purchases increased MicroStrategy’s overall Bitcoin holdings to an impressive 226,331 BTC, acquired at a total cost of .3 billion, currently valued at approximately .9 billion.
Saylor’s interest in Bitcoin dates back to 2020, when he began purchasing the cryptocurrency as a hedge against inflation and an alternative to holding cash. Since then, Bitcoin has experienced substantial growth, appreciating around 600% since Saylor’s initial investments.
The recent purchase by MicroStrategy comes at a time when market sentiment towards Bitcoin is mixed. Market intelligence platform Santiment reports that the community is “mainly fearful” or disinterested as Bitcoin’s price hovers between ,000 and ,000.
However, Santiment suggests that BTC trader fatigue, combined with whale accumulation exemplified by MicroStrategy’s latest acquisition, often leads to price bounces “that reward the patient,” as seen in the image above.
BTC’s Cycle Top To Reach New Heights
Despite the current mixed sentiment in the market, most experts and analysts are forecasting a cycle top for Bitcoin beyond the current all-time highs. Market analyst Crypto Con recently used Fibonacci retracements to forecast conservative and less conservative potential cycle top targets.
According to Crypto Con’s analysis, the .618 Fibonacci retracement level has proven reliable for previous Bitcoin cycle tops. Extension levels can be derived by retracing from the cycle bottom to the top of the first move. The cycle tops of 2013 and 2017 were predicted at 4.618, while the 2021 top was forecasted at the 5.618 level.
For the current cycle, the conservative target for the cycle top is 6,000, while the less conservative target stands at 1,000, according to Crypto Con.
Adding to the positive sentiment, wealth management firm Bernstein has made bold predictions for Bitcoin’s future price trajectory. Despite arguments from bears that the Bitcoin ETF trade is over and early allocations were driven by retail investors, Bernstein holds a different viewpoint.
The firm emphasizes that Bitcoin ETFs are on the verge of approvals at major wirehouses and large private bank platforms in this year’s third or fourth quarter. These potential approvals and institutional interest act as a catalyst for adoption.
Bernstein expects Bitcoin to reach a cycle high of approximately 0,000 by 2025, 0,000 by 2029, and an impressive million by 2033. The firm asserts that institutional investors are evaluating “net long” positions, indicating a growing interest in the cryptocurrency.
At the time of writing, BTC has limited its losses in the 7-day time frame to 3.6%, resulting in a current trading price of ,170 for the largest cryptocurrency on the market.
Featured image from DALL-E, chart from TradingView.com
After WIF, BONK, BODEN: Top Crypto Trader Now Buys These 2 Memecoins
Memecoins are once making waves in the crypto market. In the last 24 hours, 4 of the 10 best-performing cryptocurrencies in the top 100 are meme coins. The biggest gainers include BONK (+10.2%), PEPE (+4.8%), WIF (+4.7%) and FLOKI (+4.1%). With meme coins slowly regaining, crypto traders are seemingly focusing on lesser-known coins.
Top Crypto Trader Focuses On These 2 Memecoins
According to data from on-chain analysis service Lookonchain, the renowned crypto trader known as “paulo.sol” has been making significant moves into new memecoin territories. Paulo.sol, who has previously amassed substantial profits from meme coins like BONK, WIF, and BODEN, is now shifting his focus to acquiring significant stakes in PUPS and POPCAT.
What a legend!
paulo.sol has realized profits of .51M on $WIF, .04M on $boden and .28M on $BONK.
1/ Let's dig into his trades to see what he's buying.
pic.twitter.com/2axUwHb3el
— Lookonchain (@lookonchain) April 26, 2024
Lookonchain’s recent posts on X (formerly Twitter) provide a deep dive into paulo.sol’s past and present investment patterns. “What a legend! Paulo.sol has realized profits of .51M on WIF, .04M on BODEN, and .28M on BONK,” Lookonchain tweeted. In total, the crypto trader has made million in realized profits.
The posts further reveal that paulo.sol bought into BONK early in November 2023, capturing substantial gains as its value surged. “As early as Nov 11, 2023, paulo.sol noticed the rising of BONK and bought BONK. He made ~.28M by buying BONK at low prices and selling at high,” the data provider stated.
The crypto trader continued his strategy by investing in WIF and BODEN in December 2023 and March 2024, respectively, following their sharp price increases. Notably, “paulo.sol did not buy WIF and BODEN when they first went online, but paid attention to and bought heavily when they first rose sharply,” Lookonchain observes.
As of now, paulo.sol continues to hold 12.87 million BODEN tokens valued at approximately .6 million and 1.87 million WIF tokens worth around .7 million. However, his most recent activities show a pivot towards new meme coins, PUPS and POPCAT, sparking interest among investors and analysts alike.
Lookonchain noted, “We noticed that paulo.sol is buying PUPS and POPCAT recently. He spent .77M to buy 4.3M POPCAT at .42 today. And he has spent .97M to buy 101,712 PUPS at since Apr 11, becoming the largest holder of PUPS on Solana.”
The impact of paulo.sol’s investment has been palpable in the market dynamics of the newly favored meme coins. Despite a general downturn in the memecoin sector, POPCAT’s price surged by 52% today, trading at approximately .51 with a trading volume increase of 51% to 6 million. Over the past nine days, POPCAT has risen a whopping 410%.
On the other hand, PUPS is seeing a price drop of 4.2% today, trading at .96, with a 27% fall in trading volume to .82 million. Since reaching an all-time high above 2 on April 14 (on Coinex), the PUPS price is down more than 78%.
Genesis Sells Grayscale Shares, Buys $2.17 Billion in Bitcoin for Customer Reimbursement
Following Genesis Global Capital’s receipt of authorization to divest its Grayscale fund holdings, reports disclose that Genesis executed the sale last week. The proceeds were then used to procure 32,041 bitcoin, aimed at reimbursing its clientele. Genesis Liquidates Grayscale GBTC Holdings According to Bloomberg Law, court filings dated April 2 reveal that Genesis liquidated approximately […]
Bitcoin News
Tether Buys 8,888 Bitcoin For $618 Million, But Why Is Price Down?
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 ,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 ,000 and dropped to as low as ,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.”
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 2.6 million, mainly contributing to the combined net outflows of .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 9 million has been liquidated from the market in the last 24 hours, with 8 million in long positions being wiped out during this period.
At the time of writing, Bitcoin is trading at around ,500, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Ethereum Whale Buys $187 Million ETH In 3-Day Spree, Anticipating Further Surge?
In recent on-chain data from Spot On Chain, an Ethereum whale appears to have engaged in significant accumulation activity, sparking interest and speculation within the ETH community.
According to the platform, the whale address in question has purchased a total of 64,501 ETH in the past three days, amounting to roughly 7 million at current market prices,
Ethereum Whale Accumulation
Spot On Chain reported that earlier today, the whale acquired approximately 13,526 ETH at an average price of ,947 per ETH. This accumulation, valued at over million, adds to the already substantial holdings of the whale, suggesting a bullish outlook on Ethereum’s future trajectory.
The platform’s data further reveals that the whale withdrew 10,136 ETH from Binance while purchasing 3,390 ETH from 1inch. These purchases have compounded the whale’s accumulation of ETH in the past three days to a total of 64,501 ETH.
Additionally, Spot On Chain highlights the withdrawal of an additional 40 million USDT from Binance, prompting speculation regarding its potential use for further Ethereum purchases.
According to the portfolio image above that Spot On Chain shared, the whale’s wallet holds a total of 91,321 ETH, in addition to approximately .8 million worth of USDT and 5,485 STETH. These assets, in total, are estimated to be 4 million.
Giant whale 0x7a9 allegedly bought 13,526 $ETH (.85M) at ~,947 again!
• withdrew 10,136 $ETH (.85M) from #Binance
• bought 3,390 $ETH with 10M $USDT #1inchOverall, the whale has bought 64,501 $ETH (5.5M) in the past 3 days!
It also withdrew another 40M $USDT from… https://t.co/UHIVXfx6Wq pic.twitter.com/ySbvIv2mux
— Spot On Chain (@spotonchain) February 21, 2024
Ethereum’s Price Action And Expert Sentiment
Ethereum has continued to showcase bullish momentum, trading up by nearly 6% over the past week. However, despite briefly surpassing the ,000 mark, Ethereum has retraced slightly in the past 24 hours, trading around ,900 at the time of writing.
This pullback has not dampened optimism within the crypto community, with many anticipating further upward movement. Industry experts have weighed in on Ethereum’s performance, with Stefan von Haenisch of OSL SG Pte in Singapore noting the cryptocurrency’s potential to outperform Bitcoin in the coming months.
Haenisch attributes this optimism partly to speculation surrounding the potential approval of spot Ethereum exchange-traded funds in the US. Michaël van de Poppe, CEO of MN Trading, echoes this sentiment, forecasting a potential surge for Ethereum to ,800 to ,500 shortly.
#Ethereum is on its way towards ,800-4,500. pic.twitter.com/TfoBGloBsH
— Michaël van de Poppe (@CryptoMichNL) February 19, 2024
Featured image from Unsplash, Chart from TradingView
Microstrategy Buys More Bitcoin: Here’s How Much Profit It Holds Now
Software company Microstrategy bought another million worth of Bitcoin, bringing its unrealized profit to million.
Microstrategy Now Holds This Much In Unrealized Bitcoin Gain
Michael Saylor, the founder and chairman of Microstrategy, has announced in an X post that the firm purchased an additional 850 BTC at .2 million in January, which was recently approved.
In a post on X, CryptoQuant Netherlands community manager Maartunn explains four important facts about Microstrategy’s portfolio after this latest shopping spree.
First, here is a chart that shows how the total supply held by Microstrategy has grown over the last few years:
The chart shows that the company has made several Bitcoin purchases over the past year and has substantially grown its holdings. Following the latest buying move, the firm’s wallets hold 190,000 BTC.
This is a staggering amount, as the entire circulating supply of the asset is around 19.6 million BTC right now, which means Microstrategy alone holds almost 1% of the BTC supply.
For perspective, all the Bitcoin spot exchange-traded funds (ETFs), including the Grayscale Bitcoin Trust (GBTC), combined, hold about 3.3% of the coins in circulation.
Next, Maartunn has shared a chart displaying the cost of each purchase.
Adding up all these costs, the total price of Microstrategy’s Bitcoin stack is around .932 billion. However, the chart below shows that the company’s actual BTC value differs from this amount.
As the graph shows, Microstrategy’s stack’s value at the current cryptocurrency price is notably higher than the amount it used to acquire these coins. In particular, the value of the company’s holdings is currently around .1 billion.
Finally, the analyst shared a chart revealing the firm’s unrealized profit and loss trend over the years.
Microstrategy’s Bitcoin holdings had been in the red during the 2022 bear market and most of 2023, but with the start of the rally last October, the company’s fates finally changed as it returned to the green.
The firm’s BTC stack holds significant unrealized gains of almost .2 billion. It would appear that Saylor’s strategy may have paid off, at least for now.
BTC Price
At the time of writing, Bitcoin is trading around the ,000 mark, up 1% over the past week.
Ark Invest Diversifies Crypto Holdings, Buys $15.9 Million of Its Own Spot Bitcoin ETF
Ark Invest has transitioned .9 million from the Proshares Bitcoin Strategy ETF to its in-house Ark 21shares Spot Bitcoin ETF.
Cathie Wood’s Ark Invest Redirects Millions to In-house Bitcoin ETF
Ark Invest, led by fund manager Cathie Wood, has made several trades based around bitcoin exchange-traded products. The firm has sold its holdings in the Proshares Bitcoin Strategy ETF (BITO), a bitcoin futures ETF, and redirected these funds to bolster its holdings in its own Ark 21shares Spot Bitcoin ETF (ARKB).
it begins
Ark sold $BITO to buy its own spot Bitcoin ETF $ARKB in its Next Generation Internet ETF today pic.twitter.com/5WYEj564C0
— Katie Greifeld (@kgreifeld) January 17, 2024
The reshuffling involved Cathie Wood’s ARK Next Generation Internet ETF (ARKW) reducing its stake in BITO in order to increase its investment in the Ark 21shares Spot Bitcoin ETF. This move resulted in the purchase of .9 million worth of shares in ARKB. Following this transaction, ARKB shares closed at .51 on Tuesday, marking a 0.80% decrease.
Prior to the approval of spot bitcoin ETFs in the U.S., ARKW had made futures-based cryptocurrency investments. ARKW had initially acquired 20,000 shares of the ARK 21shares Active Bitcoin Futures Strategy ETF (ARKA) and 4.32 million shares of BITO. The BITO shares were paid for by completely liquidating its holdings in the Grayscale Bitcoin Trust (GBTC). This move was interpreted by Bloomberg Intelligence analyst Eric Balchunas as a “temporary parking spot,” a strategy often employed by Ark Invest and other institutions during transitional phases using highly liquid ETFs.
In addition to these strategic shifts within the cryptocurrency domain, Ark Invest has also been adjusting its broader portfolio. The firm has been offloading holdings in Coinbase (COIN) to diversify into other investments, including Tesla (TSLA). Reinforcing her optimistic outlook on bitcoin, Cathie Wood has consistently maintained a bullish stance, projecting a bitcoin price of .5 million by 2030.
Do you think Cathie Wood’s bitcoin price target is roughly correct? Share your thoughts and opinions about this subject in the comments section below.
Robinhood Goes Shiba Crazy, Buys 230 Billion SHIB In 24 Hours – Here’s The Scoop
On the widely-used trading platform Robinhood, Shiba Inu, frequently hailed as the “Dogecoin slayer,” has sparked a surge of enthusiasm within the cryptocurrency realm.
In a remarkable turn of events, Robinhood amassed a staggering 231 billion tokens within a mere 24 hours, boldly proclaiming its presence in the crypto arena.
This surge in popularity, according to crypto enthusiast Lola in her latest analysis, has catapulted SHIB to the coveted third position on Robinhood’s crypto podium, leaving established players like Litecoin and XRP trailing in its wake.
Robinhood Stuffs More SHIB To Its Cart
The Robinhood platform is not the sole arena where Shiba’s charm is proving irresistible. Based on insights from the crypto intelligence firm Arkham, in alignment with Lola’s observations, Robinhood’s SHIB holdings have expanded significantly to a jaw-dropping 36.684 trillion tokens, with an estimated value of approximately 0 million.
My #Robinhood Tweet yesterday shows 36.454 Trillion #SHIB by Robinhood from data provided by Arkham
and now in less than 24 hours , they have 36.684 Trillion $SHIB . 231 Billion Shiba INU added on that exchange
They are accumulating while #TRADEFI accumulating #Bitcoin…
— Lola (@CryptoLollla) January 17, 2024
This data, coupled with information from IntoTheBlock, paints a vivid picture of a full-blown Shiba stampede that is reshaping the crypto landscape.
Whales, considered the apex predators in the vast ocean of cryptocurrencies, seem to have fallen head over flippers for the meme coin. IntoTheBlock’s metric tracking “Large Holders Netflow” has recorded an astonishing spike of 1,542%, indicating a substantial accumulation of SHIB by these influential market players.
Whale Appetite Soars
This whale enthusiasm extends to a remarkable 181% surge in “Large Holder Inflow” and a staggering 551% increase in the “Whale Activity Index.” The collective movement of these whales resembles a synchronized swimming routine of the crypto elite, all with their synchronized wallets pointed towards SHIB.
Fresh whale wallets accumulated $SHIB, #BIGTIME, $MKR and $RNDR today!
0xF633 withdrew 1.44T $SHIB(.36M) and 3M #BIGTIME(.2M) from #Binance and #Gateio in the past 2 days.https://t.co/OkHSaNTFV9
0xAdf5 withdrew 1,075 $MKR(.9M) from #Binance 4 hours ago.… pic.twitter.com/b83nvDsP8g
— Lookonchain (@lookonchain) January 9, 2024
The feeding frenzy intensifies with the emergence of a new Shiba whale, devouring a substantial 1.44 trillion tokens.
The Robinhood-Shiba rendezvous and the orchestrated dance of the whales suggest a potential boom for the canine coin. Yet, the sustainability of this upward climb remains uncertain.
Shiba Inu, with the backing of Robinhood, Arkham, and the formidable whales, is no longer merely chasing Dogecoin’s tail. It is emphatically staking its claim on the crypto landscape, capturing the attention of the entire world.
Will Shiba Inu continue its upward climb? Only time will reveal the answer. Nevertheless, in the unpredictable realm of crypto, this underdog has undeniably earned its place at the table and is unafraid to bare its teeth in the face of potential growth and challenges alike.
Featured image from Shutterstock