According to American entrepreneur, venture capitalist, and political activist Peter Thiel, he still holds bitcoin (BTC) but is uncertain about the future value of the cryptocurrency. Peter Thiel Talks Bitcoin: A Holder With Cautious Optimism Peter Thiel, the renowned billionaire and co-founder of Paypal, Palantir Technologies, and Founders Fund, shared his thoughts on bitcoin (BTC) […]
Bitcoin News
Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode
Bitcoin continues to dominate discussions, with its recent price movements drawing particular attention. As the asset struggles to reclaim its March all-time high of over ,000, with recent attempts peaking above ,000 earlier this week, the price has since receded to approximately ,231 at the time of writing.
This retracement marks a 7.3% drop from its March peak, signifying a volatile period for the cryptocurrency, influenced by various underlying market factors.
Long-Term Holders Lessen Selling, What This Spell For BTC
Glassnode, a renowned market intelligence platform, highlights a significant development in Bitcoin’s market behavior. According to a recent analysis of the platform, there has been a notable decline in the distribution pressure from Bitcoin’s long-term holders (LTHs).
Glassnode’s “Long-Term Holder Binary Spending Indicator” tracks the sell-off activity of long-standing Bitcoin holders, and its recent data points to a marked reduction in this group’s selling pressure.
Historically, when long-term holders reduce their selling, it alleviates downward pressure on the price, potentially giving rise to more bullish market conditions.
Further insights into Bitcoin’s price behavior come from prominent crypto analyst RektCapital, who noted on social media platform X that Bitcoin typically faces resistance at the range high post-Halving and suggests a prolonged re-accumulation phase.
As the crypto asset trades just below ,000, RektCapital discloses that Bitcoin might only break out from its current re-accumulation range around 160 days post-Halving, projecting a significant breakout as late as September 2024. This analysis is crucial as it sets expectations for investors looking for signs of Bitcoin’s next big move.
Historically, Bitcoin has always rejected from the Range High on the first attempt at a breakout after the Halving
Moreover, history suggests this Re-Accumulation should last much longer
Bitcoin tends to breakout from these Re-Accumulation Ranges only up to 160 days after… https://t.co/Jw7FcQui2Q pic.twitter.com/beLdOPqZOi
— Rekt Capital (@rektcapital) May 24, 2024
Meanwhile, recent price action from Bitcoin has led to substantial losses for some traders, with Coinglass data showing about .68 million in liquidations for Bitcoin long traders and .34 million for short traders over the past 24 hours.
Overall, the crypto market has seen total liquidations amounting to 2.07 million during the same period, affecting 78,874 traders.
Upcoming Challenges For The Bitcoin Market
According to Greeks.Live, the imminent expiry of a significant volume of Bitcoin and Ethereum options adds another layer of complexity to the market’s immediate future. 21,000 BTC in options are set to expire soon, with a Put Call Ratio of 0.88 and a Maxpain point at ,000, representing a notional value of .4 billion.
Similarly, 350,000 ETH options are nearing expiration, and their dynamics could influence the broader market due to their .3 billion notional value and a Put Call Ratio of 0.58.
May 24 Options Data
21,000 BTC options are about to expire with a Put Call Ratio of 0.88, Maxpain point of ,000 and notional value of .4 billion.
350,000 ETH options are about to expire with a Put Call Ratio of 0.58, Maxpain point of ,200 and notional value of .3… pic.twitter.com/rftA9kBm4q— Greeks.live (@GreeksLive) May 24, 2024
In this context, a put option gives the holder the right to sell an asset at a predetermined price within a specific timeframe, which is often used as protection against a decline in the asset’s price.
Conversely, a call option offers the right to buy under similar conditions and is typically utilized in anticipation of a price increase. The Put Call Ratio is a tool that helps gauge market sentiment, with a higher ratio indicating a bearish outlook and a lower ratio suggesting bullish conditions.
Featured image created with DALL·E, Chart from TradingView
Dogecoin Holder Base Reaches New Record Amid Surge In Interest
Dogecoin has soared toward a new record in one notable metric as interest in the meme coin continues to surge. This time around, the holder base of the cryptocurrency has reached a new all-time high, signaling rapid adoption among crypto investors.
Dogecoin Holders Cross 6.9 Million
The month of March has come with glad tidings for Dogecoin. Not only has the meme coin’s price risen tremendously this month, its holder base has also seen a lot of growth. This month, the total DOGE holder base crossed 6.9 million for the very first time, setting a new record. However, the meme coin is not anywhere near done as the number continues to rise.
According to data from the Coincarp website, the number of Dogecoin holders on the mainnet has reached 6,932,763 as of March 28. Given the growth rate of the number of holders over the last month, the number could cross 7 million before the month of March is over.
This new record is a testament to the adoption that DOGE has witnessed over the last few months. Despite competitors such as BONK, PEPE, and WIF springing out of the woodwork, as well as its fiercest rival, Shiba Inu, continuing to put up a fight, Dogecoin has dominated as the leading meme coin.
To put this growth in perspective, the DOGE holder base started out the year 2024 with around 6.06 million holders. Three months later, it is more than 6.9 million, meaning that the holder base grew more than 14% during this time.
DOGE Outlook Continues To Be Bullish
In addition to the rapid rise in Dogecoin holders, there has been a notable uptick in other metrics, such as daily transaction counts, whale transactions, and age consumed. These point to a rise in bullish sentiment among investors who expect the price to keep going up.
The age consumed is particularly important here since it shows that more investors are choosing to hold their DOGE tokens for the longer term. This has significantly reduced the selling pressure on the meme coin, allowing it to rally at a time when most of the crypto market remains suppressed.
Another metric that has shown a significant increase is the daily transaction volume which is up almost 50% in the last day. This uptick shows more interest in trading Dogecoin and with its price surging in the last day, it suggests that the majority of this volume is skewed toward buying rather than selling.
The DOGE price is currently reflecting this surge in interest as its price is up almost 10% in the last day. However, the bears continue to maintain resistance around .2, forcing the meme coin back downward.
Dogecoin Growth Hits Roadblock As Holder Activity Enters Dreaded Period Of Stagnancy
The Dogecoin (DOGE) network has entered a period of stagnancy, as the number of addresses holding the meme coin has slowed. This is a stark contrast to February and January, when the network experienced a significant expansion.
Dogecoin Has Added Only 60,000 New Addresses In March
Data from the market intelligence platform Santiment shows that the total number of DOGE holders has increased by only 60,000 since the beginning of this month. At the start of the month, 6.51 million users were holding the meme coin, with this figure only increasing to 6.57 million since then.
This is unlike February when the total number of DOGE holders rose from 5.92 million to 6.51 million. Specifically, around this same time last month, the network had already seen an increase of 450,000 in the total number of addresses holding DOGE. Meanwhile, NewsBTC reported that over 400,000 new addresses were added in two weeks between January and February.
Dogecoin also set a new record in January alone when 247,240 new DOGE addresses were created on January 29. Crypto analyst Ali Martinez noted that a sustained uptrend in the network’s expansion “could soon reflect positively” on DOGE’s price. That underscores how significant the number of addresses holding the meme coin is.
The stagnancy in Dogecoin’s holder activity might also come as a surprise to some in the crypto community, considering the meme coin frenzy that has taken the crypto space by storm. However, a plausible explanation is that meme coin traders aren’t necessarily invested in the prominent meme tokens but have their eyes on the undervalued gems.
How Other Top Meme Coins Have Fared
Data from Santiment also shows that the other two meme coins, Shiba Inu (SHIB) and Pepe (PEPE), which make up the top three largest meme coins by market cap, haven’t fared better. Shiba Inu hasn’t seen its holder count increase since the beginning of the month, with the total number of users holding the meme coin still at 1.38 million.
On the other hand, PEPE still has less than 200,000 holders despite boasting a year-to-date (YTD) gain of over 370%. These figures place DOGE firmly ahead of SHIB and PEPE in terms of the number of users they all have. Dogecoin is expected to see its user base pick up once again as soon as there is a renewed interest in network functionalities like the Doginals.
At the time of writing, DOGE is trading at around .12, down almost 14% in the last 24 hours, according to data from CoinMarketCap.
HODLing Rewards: Average Bitcoin Long-Term Holder Now Carries 55% Profit
On-chain data shows the Bitcoin long-term holders (the so-called HODLers) are now carrying an unrealized profit of 55% on average.
Bitcoin Long-Term Holder NUPL Has Hit A Value Of 0.55
According to the latest weekly report from Glassnode, the profit that the BTC long-term holders are holding has gone up recently. The indicator of interest here is the “Net Unrealized Profit/Loss” (NUPL), which keeps track of the difference between the unrealized profit and loss that Bitcoin investors are carrying currently.
By “unrealized,” what’s meant here is that the profit or loss is yet to be harvested, as the investor carrying it hasn’t transferred their BTC on the blockchain yet. Once the holder would eventually move the coins, the profit/loss they were holding would then become “realized.”
In the context of the current discussion, the NUPL of only a specific segment of the market is of relevance: the long-term holders (LTHs). The LTHs are the Bitcoin holders who have been keeping their coins dormant on the network since at least 155 days ago.
These are the diamond hands of the market who are known to hold through periods of uptrends and downtrends alike, only selling when major market events take place.
“This includes periods when the market sets new ATHs, around cycle tops and bottoms, and during large shifts in market structure (e.g. Mt Gox, Halvings, and now the launch of spot ETFs),” explains the analytics firm.
Now, here is a chart that shows the trend in the Bitcoin LTH NUPL over the history of the asset:
As displayed in the above graph, the Bitcoin LTH NUPL has registered a rise in the last couple of months as the cryptocurrency’s spot price has gone through a notable surge.
“This metric reached 0.55 this week, which is meaningfully positive, and puts the average long-term investor at a 55% unrealized profit,” notes the report. Interestingly, BTC has registered some resistance around this level during the past.
As Glassnode has highlighted in the chart, the bulls encountered trouble here during August 2012, June 2016, July 2019, and August 2020. In all of these cases, the resulting top was only a local one, except for July 2019, where the recovery rally of the cycle hit a top that BTC wouldn’t surpass for a significant period of time.
Generally, investors in profit are more likely to sell their coins. The higher the gains that they hold, the stronger can be the allure of profit-taking. Thus, it’s not surprising to see that the LTHs holding significant profits has lead to selling pressure in the market during previous cycles.
The LTHs have indeed participated in some selling recently as well, as the data for their supply suggests.
The Bitcoin LTH supply has now come down 75,000 BTC since the all-time high registered in November, while the opposite cohort, the short-term holders (STHs), have naturally gained some share.
“Whilst 75k BTC is a meaningful sum, it should also be viewed within the context of total LTH supply accounting for a whopping 76.3% of the circulating coin supply,” says the report.
BTC Price
Bitcoin has continued its recent sideways trend during the past day as its price currently floats around the ,600 level.
Shiba Inu Bucks Bearish Trend: Large Holder Netflow Rises 1079% To 4.68 Trillion SHIB
Shiba Inu has been going against the bearish trend recently, especially with the increased adoption of the Shibarium Layer 2 network. This time around, it is large holders who are driving the bullish return. Specifically, these large holders have increased their positive net flows by more than 10x.
Shiba Inu Large Holder Netflow Jumps 1079%
According to the on-chain data tracker IntoTheBlock, the Shiba Inu large holder net flow has seen a significant rise. These large wallets saw their net flow ( the total difference between inflows and outflows) rise an outstanding 1079% starting from December 10.
In total, the net flow of these large wallets came out to a whopping 4.68 trillion SHIB. Now, this is important when placed in comparison to the numbers from the previous days which the tracker shows to be just under the 287 billion SHIB mark.
A logical explanation for this massive uptick in net flows is that these whales are looking to take advantage of the low SHIB prices. On December 10, the SHIB price was still trading above .00001, which is when the net flows were under 287 billion.
However, as the SHIB price began to drop, the net flows of these large accounts began to rise. The further the price dropped, the more the whales added to their wallets. This shows a clear intent to accumulate tokens with the belief that the price is poised to bounce back again.
SHIB Investor Sentiment Turning Bullish
The decline in price has understandably eroded investors’ bullishness to a certain degree. But this seems to be short-lived especially as metrics begin to turn toward the upside. The first of these is the SHIB burn rate seeing an uptick in the last day.
Data from Shibburn highlights a 49% increase in the burn rate of the meme coin over the last 24 hours. This comes as a total of 2.88 billion tokens were burned by the community at this time. Usually, this happens as investors expect a turning point in the price.
Additionally, the Shiba Inu Fear & Greed Index has also managed to maintain a neutral level. This suggests that there is still a good level of bullishness left after the price decline. As long as metrics continue to improve, there could be a turnback toward recovery soon.
Bitcoin Solid Above $34,000 Despite High Short-Term Holder Profit-Taking
Bitcoin has shown some impressive strength above the ,000 mark despite a high amount of profit-taking from short-term holders.
Bitcoin Short-Term Holders Are Selling, While Long-Term Holders Are Still Quiet
As explained by analyst James V. Straten in a new post on X, the short-term holders are currently participating in one of the strongest profit-taking events of the past couple of years.
The “short-term holders” (STHs) here refer to all those Bitcoin investors who have been holding onto their coins since less than 155 days ago. This group comprises one of the two main divisions of the BTC market, with the other being called the “long-term holders” (LTHs).
Statistically, the longer an investor keeps their coins dormant, the less likely they become to sell them at any point. Because of this reason, the STHs are generally the weak-minded hands of the sector, while the LTHs are the strong, persistent holders.
Whenever the sector goes through any significant FUD or FOMO, the STHs budge and participate in at least some amount of selling. The LTHs, on the other hand, usually show little reaction.
Since the Bitcoin price has enjoyed a sharp rally recently that has taken its price above the ,000 level, the STHs would naturally be selling now. One way to track whether this Bitcoin group is selling their coins can be by tracking the volume that they are transferring to exchanges.
In the context of the current discussion, Straten has decided to choose the version of this indicator that specifically tracks the transactions from investors who are in profit, as profit-taking is generally the behavior of focus during rallies. In contrast, loss transactions play a greater role in price slumps.
Now, here is a chart that shows the trend in the metric for the Bitcoin STHs over the past two years:
As shown in the above graph, the Bitcoin STHs in profit have sent large amounts to these centralized platforms since the latest rally in the asset.
This confirms that these weak hands have been selling recently. As mentioned before, it’s not unusual for such a thing to happen, but the scale of the profit-taking this time around is particularly significant.
From the chart, it’s visible that there have only been a few times in the past couple of years where the STHs in profit have transferred comparable or higher volumes to exchanges. Given this selloff, it’s impressive that Bitcoin has been able to hold on above the ,000 level during the last few days.
As expected from the LTHs, they haven’t sold much despite the rally.
The metric is currently at its sixth-largest value for this year, but as is clear from the above graph, the scale of this selloff is still not that much in pure terms.
BTC Price
At the time of writing, Bitcoin is trading at around ,700, up 13% in the past week.
Bitcoin Bounce Above $35,000 Puts Holder Profitability At Yearly Highs
Bitcoin has had an eventful week in terms of price action. The world’s largest crypto saw an 18% increase in the past seven days, its highest percentage increase this year. This unexpected surge caused a flurry of short position liquidations, and according to Glassnode, 60,000 BTC worth of futures positions were closed. Amidst all the price surge, data from Glassnode has shown a large portion of investors are now breaking above profit.
Bitcoin Surges Past ,000, Flipping Millions of Coins Into Profit
Bitcoin bulls managed to push Bitcoin price above ,100 in the past 24 hours, marking the biggest one-day increase this year. The upward movement began near the ,000 level and continued until it reached its new yearly high.
A blockchain analytics platform Glassnode report showed that Bitcoin zooming past ,000 is a big deal for holders. At this price level, millions of BTC holdings were pushed into profitability. During this rally, the percent of supply in profit from the ,000 to ,000 price jump increased by a massive 4.7M BTC, equivalent to 24% of the total circulating supply.
Long-term investors, in particular, had a big break in profit at this price point. Although approximately 29.6% of long-term holder supply is still held at a loss, their aggregate holdings recently broke into a new all-time high of 14.899 million BTC.
Source: Glassnode
Short-term holders were also not left out, as investor confidence has recovered from bearish to neutral on the cost-basis models. We’re now at a crossover point to a positive bullish sentiment for short-term holders. A look into the average buy price of short-term holders puts the majority of entry into the market at ,000, indicating a profit margin for both short and long-term traders.
What’s Behind Bitcoin’s Sudden Price Surge?
The sudden surge in Bitcoin can be attributed to the excitement behind the approval of BlackRock’s spot Bitcoin ETFs application. Bitcoin backers pointed to the listing of BlackRock’s iShares Bitcoin Trust on the Depository Trust and Clearing Corporation (DTCC) website, suggesting that BlackRock had begun seeding money for the ETF.
Although Bitcoin has since shed off some of this price gain and is now trading at ,860 at the time of this writing, metrics show that 80% of holders are making money at the current price. Exchange signals also point to bullish momentum, as traders are now exchanging their assets for BTC on crypto exchanges.
The rise in the value of Bitcoin to ,000 was reflected in the stock prices of crypto-related companies like Coinbase and MicroStrategy. At that price, MicroStrategy’s Bitcoin holdings would have generated a profit of 7 million for the company.
Coinbase Holds $25 Billion Worth Of Bitcoin, Becomes Largest Holder With 1M BTC
In a notable discovery, Arkham Intel, a leading blockchain intelligence platform, has identified billion worth of Bitcoin (BTC) reserves held by Coinbase, the prominent US-based cryptocurrency exchange.
This revelation puts Coinbase at the forefront of the Bitcoin landscape, positioning it as the largest Bitcoin entity in the world alongside the enigmatic Satoshi Nakamoto. The uncovered reserves amount to nearly 5% of the total Bitcoin supply.
Coinbase Emerges As Top Bitcoin Holder
Arkham Intel’s comprehensive analysis has successfully tagged over 36 million Bitcoin deposits and holding addresses associated with Coinbase. Remarkably, Coinbase’s largest cold wallet alone contains around 10,000 BTC, serving as a testament to the scale of their holdings.
However, Arkham Intel suggests that Coinbase’s actual Bitcoin reserves may extend beyond the identified addresses. Based on Coinbase’s recent financial reports, it is highly likely that the exchange possesses thousands more BTC that have yet to be tracked and labeled.
Moreover, Arkham Intel’s platform reveals that Coinbase holds substantial amounts of other cryptocurrencies beyond Bitcoin.
The US-based exchange is reported to possess approximately 1.68 million ETH (Ethereum) valued at around .69 billion. Additionally, Coinbase holds 68.59 million LINK (Chainlink) tokens, estimated at 1 million.
The stablecoin USDC (USD Coin), pegged 1:1 to the US dollar, is also part of Coinbase’s portfolio, with holdings totaling 222 million USDC. Lastly, Coinbase holds a 921,000 BNB (Binance Coin) valued at approximately 4 million.
Base Emerges As Top Contender Surpassing Solana In TVL Rankings
In a noteworthy development for the exchange and its new Layer-2 (L2) blockchain, Base has emerged as a formidable contender, surpassing Solana in terms of Total Value Locked (TVL).
According to the latest statistics from Defillama, Base, Coinbase’s L2 solution boasts a TVL of 0 million, surpassing Solana’s 0 million. This achievement signifies an important milestone for Base, highlighting its growing prominence and influence in the industry.
Notably, Base’s TVL positions it ahead of prominent blockchains such as Cronos, Kava, Defichain, Bitcoin, Fusion, Pulsechain, and Cardano. With its current TVL, Base accounts for approximately 0.96% of the overall .14 billion TVL in the DeFi space.
Base has secured its place among the top protocols regarding TVL, ranking just behind Mixin, Polygon, Avalanche, Optimism, Arbitrum, BSC, Tron, and Ethereum. This accomplishment highlights the growing prominence of Coinbase’s L2 blockchain within the DeFi landscape.
Data from Dune Analytics reveals that since its L2 launch, Base has successfully bridged a total value of 6.81 million. Of this, 54.4% or 2.19 million comprises 143,467 ether, demonstrating strong support and adoption from the Ethereum community. Additionally, approximately 27.2% of the bridged assets to Base consist of 115,993,548 USDC stablecoins.
However, it is not all good news for the firm. Coinbase stocks, traded under the name COIN, are experiencing a significant decline that has been ongoing since July 20.
The stocks have declined from the 1 level, followed by the lawsuit filed by the US Securities and Exchange Commission (SEC) against the firm and Binance. Presently, the exchange’s stocks are trading at .78.
Featured image from iStock, chart from TradingView.com
Pro-XRP Lawyer John Deaton Reveals The Countries Topping The 75,000 Holder List
Over the course of Ripple’s legal battle with the United States Securities and Exchange Commission (SEC), John Deaton has grown to become one of the most prominent voices in support of the crypto firm. The result of this was a list containing 75,000 potential intervenors, all of which hold XRP.
Up until now, the regional composition of this 75,000-holder list has been unknown. But Deaton has finally revealed which countries are leading the pack as ‘potential intervenors.’
The United States Leads The 75,000 XRP Holder List
In a tweet shared on the X (formerly Twitter) platform, Deaton revealed to his more than 292,000 followers that the United States made up the majority of the 75,000 XRP holder list. The tweet highlighted that US holders currently make up 53% of the list, making it the leading region.
Going forward, the pro-XRP lawyer points to the United Kingdom as having the second-largest holder base on the list. This is then followed by Australia, which the lawyer excitedly reveals has moved up to the third position as of the last time he checked the holder list. However, Deaton explained that Australia’s lead over Canada in the fourth place only comes down to a difference of around 11 holders.
The lawyer’s tweet comes in response to an announcement from the Wave of Innovation official X handle that Deaton would be the keynote speaker of an upcoming event. The event totaled “XRP Gold Coast” would run from March 22-24 in 2024, and Deaton was picked as the keynote speaker due to his “significant contributions to the XRP community through his legal work and advocacy efforts.”
Deaton went on to highlight his pleasure of being the keynote speaker at this event by pointing out Australia’s growing dominance on the 75,000 XRP holder list. “I could not say no, nor pass on the opportunity to meet many of them,” he tweeted.
I checked the 75K #XRP Holder list. Australia has moved to the #3 spot. About 53% of the 75K #XRP Holders are from the United States
The United Kingdom comes in at #2. After that, Australia has a very small lead (ie like 11 people) over Canada , as the 3rd most… https://t.co/HYfaNOioju— John E Deaton (@JohnEDeaton1) September 10, 2023
Representing The Interest Of Investors
John Deaton’s rise to fame, especially among crypto investors, first came when the lawyer began advocating for XRP holders. While Ripple Labs battled the SEC in the courtrooms, Deaton was the attorney of choice for XRP investors who wanted to make their voices heard in the case.
Support for Ripple had grown rapidly as many referred to the regulator’s actions as an overreach. Meanwhile, the number of XRP investors throwing their hats in the ring grew to over 75,000 on Deaton’s list.
According to the attorney, being on this ’75K List’ meant that XRP investors could potentially be able to seek reimbursement if the price of XRP were to suffer as a result of the regulator’s actions.
The legal battle that began in 2020 is currently still ongoing with the SEC filing an interlocutory appeal in response to Judge Analisa Torres’s ruling back in July. So whether or not there will be any reimbursement for XRP holders impacted by the regulator’s actions remains to be seen.