In a landmark event for the Bitcoin.com Verse community, the Verse Voyager NFT collection has completely sold out. This achievement underscores the growing interest and enthusiasm in the decentralized finance space and highlights Bitcoin.com’s commitment to innovation and community engagement. “In a market overwhelmed by speculative meme coins, the success of our first NFT collection […]
Bitcoin News
Bitcoin Inflow To Exchanges At 2016 Levels, Impact On Price Will Be Low Even If Mt. Gox Sells
Bitcoin briefly shot over ,000 yesterday before plunging below ,000 to spot rates. While there are hints of weakness, one analyst on X notes that inflow to exchanges like Binance and OKX is subdued, meaning that users are not keen to sell despite prices tanking and failing to break ,000.
Bitcoin Inflow To Exchanges Remain Low
The analyst notes that exchange inflows are low at spot rates. As of May 28, exchanges received just 25.9K BTC daily. From historical exchange inflow data from CryptoQuant, the current inflow rate is at the 2016 level.
There was a sharp pick-up in momentum after 2016, but the inflow to exchanges has been shrinking since the beginning of the year. It should be noted that the United States Securities and Exchange Commission (SEC) approved nine spot Bitcoin exchange-traded funds (ETFs) around this time.
With this product in the United States, some large whales likely decided to convert their coins and hold ETFs instead. In this way, they diverted custody to an approved custodian, depending on the spot Bitcoin ETF issuer they chose.
Mt. Gox Moving BTC: How Will Prices React If They Sell?
While the average inflow to exchanges is at 2016 levels, there might be changes in the coming months. On May 28, Mt. Gox, the defunct crypto exchange hacked in 2014, moved over .4 billion of BTC, data from Token Unlocks show.
This unexpected transfer sparked market concerns. Currently, the intention remains unknown. Still, the implications could be dire if they decide to liquidate on exchanges.
Even with this possibility, the analyst argued that BTC’s low average exchange inflow to exchanges would be a timely cushion. Should Mt.Gox creditors decide to sell, the analyst believes the market will easily absorb this sell-off despite increased initial volatility. What this means is that the price impact will be minimal.
Before being hacked and losing over 800,000 BTC, Mt. Gox was a popular Bitcoin exchange. At one point, it commanded over 70% of all global BTC trading volume. In the next few months, victims of the unfortunate hack will be compensated.
Iconic ‘Buy Bitcoin’ Sign From Janet Yellen’s Testimony Sells for $1 Million in Crypto Auction
Christian Langalis, famously known as “Bitcoin Sign Guy,” has auctioned the “Buy Bitcoin” sign he displayed during Janet Yellen’s 2017 Congressional testimony for 16 BTC, approximately million dollars at current prices. The sign was listed on the Scarce City marketplace, and was drawn on a yellow legal pad with a Uniball Vision pen. Langalis […]
Bitcoin News
Arthur Hayes Sells All His Holdings Of This Altcoin, How Did The Price React?
Arthur Hayes, the founder of the crypto exchange BitMEX, recently made a move on an altcoin he had held since 2022. This move saw the transfer of over 230,000 GMX tokens to Wintermute Trading, seemingly making a profit of .2 million.
Altcoin Dropped By Its Largest Personal Holder
Blockchain research platform Lookonchain revealed that Arthur Hayes seemingly sold his GMX holdings yesterday. Hayes was the largest holder of GMX, the native token of decentralized perpetual exchange GMX.
Throughout 2022, the BitMEX founder spent a total of 3,383 ETH, worth .17 million, to buy 200,581 GMX tokens. In 2023, Hayes spent another 60 ETH to buy 2,328 GMX, around 5,000.
From July to December 2023, Hayes withdrew 215,428 GMX tokens from centralized exchanges (CEX). By the end of 2023, he had bought 218,337 GMX for .5 million from CEX and decentralized exchange (DEX) Uniswap.
As of April 7, 2024, Hayes had GMX holdings worth .7 million, per Lookonchain data. The post revealed that Hayes had unstaked all 237,672 tokens and transferred them to an address linked to crypto algorithmic trading firm Wintermute Trading.
The transaction sparked rumors of a possible token sale by the former CEO of BitMEX. According to the report, the average cost of buying through Haye’s accumulation phase is around .74. After selling, Hayes’s profits would total over .2 million.
GMX investors reacted to the news, suggesting that “nothing changed” and the altcoin was “in that buy zone again.”
Did Arthur Hayes Accept Capitulation?
Crypto analyst and trader JJcycles suggested that the transaction looked like “Hayes capitulation.” Later, the trader speculated why the GMX price didn’t “tank hard” after one of its largest personal holders sold his tokens.
To the analyst, the incident looked “like the price of ETH during the FTX debacle.” Based on his perception, the trader decided to buy more GMX tokens.
One of the largest holders of GMX send his bags to a market maker. Speculation goes that he is selling which is the most logical conclusion to make.
My question, why is price not tanking hard?
Feels a bit like the price of ETH during the FTX debacle.I'm buying more.$GMX pic.twitter.com/jZi91vIghT
— JJcycles (@JJcycles) April 8, 2024
In a later post, the analyst clarified what he meant with his previous statement. According to him, GMX’s capitulation looks like ETH’s capitulation in 2023.
As reported by NewsBTC, the number of Ethereum traders selling at a loss increased around August 2023. ETH’s price bounced back from the capitulation and has continued an upward trajectory ever since.
Per the analyst charts, GMX appears to be showing an ascending triangle pattern at writing time, like the one made by ETH during its capitulation. To the trader, this suggests GMX could begin an upward trajectory like ETH.
GMX Price Reaction
The GMX token displays red numbers in most timeframes, as it’s currently 55.5% lower than its all-time high (ATH) of .07. The token registers a 7.9%, 28.9%, and 48.9% price drop on the weekly, monthly, and yearly timeframes.
After the news of Hayes’ transaction broke, the price went from hovering between the .8-.7 price range to .1, plunging 9% in just an hour.
Nonetheless, the altcoin quickly started to recover from the initial dip. At the time of writing, GMX is trading at .47, a 1% drop from 24 hours ago. Notably, the token’s market activity skyrocketed 467.6% in the last day, with a daily trading volume of .77 million.
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
Cardano Price Tumbles As Grayscale Sells All ADA From Large Cap Fund
The Cardano (ADA) price is experiencing a notable decrease, dropping by 12% since the start of the week, with a 2.6% dip recorded today alone. Despite this, with a market capitalization of .27 billion, ADA maintains its position as the 9th largest cryptocurrency.
This recent downturn comes amidst a broader crypto market experiencing mostly sideways to downward movement, with ADA recording more significant losses compared to its peers like ETH, which is down by 7.4%, BNB by 6.4%, Solana by 6.3%, and XRP by 6.1%.
Grayscale Dumps Cardano From GDLC
A pivotal factor behind Cardano’s sharper decline could be linked to the recent liquidation of all ADA holdings by the Grayscale Digital Large Cap Fund (GDLC). The fund, which currently boasts assets under management (AUM) worth 9 million, had Cardano constituting 1.62% of its portfolio on January 4, which amounts to approximately .4 million.
On Thursday, Grayscale Investments announced the decision as part of its first quarter 2024 review. According to the official press release, the adjustment to GDLC’s portfolio entailed the selling of Cardano and reallocating the cash proceeds to existing Fund Components, proportional to their weightings.
This rebalancing led to the removal of ADA from GDLC’s portfolio. The final composition of the fund as of April 3, 2024, includes Bitcoin (70.96%), Ethereum (21.84%), Solana (4.52%), XRP (1.73%) and Avalanche (0.95%).
The press release detailed, “In accordance with the CoinDesk Large Cap Select Index methodology, Grayscale has adjusted GDLC’s portfolio by selling Cardano (ADA), and using the cash proceeds to purchase existing Fund Components in proportion to their respective weightings. As a result of the rebalancing, Cardano (ADA) has been removed from GDLC.”
Grayscale also highlighted the quarterly evaluations of the GDLC, DEFG, and GSCPxE Fund compositions, aimed at updating existing Fund Components or including new ones based on index methodologies provided by the Index Provider. This practice ensures that the funds’ holdings reflect the most current market trends and asset performance.
Notably, the Grayscale Smart Contract Platform Ex-Ethereum Fund still contains Cardano. The cryptocurrency is the second-largest position after Solana (58.41%), with a weighting of 14.56%.
In response to these developments, Charles Hoskinson, the founder of Cardano, offered a terse commentary via X, stating, “Wall Street give; Wall Street take.”
This succinct remark encapsulates the volatile nature of crypto investments and the significant impact that major financial players like Grayscale can have on the market dynamics of digital assets.
Wall Street give; Wall Street take https://t.co/dkyrhHW4WS
— Charles Hoskinson (@IOHK_Charles) April 5, 2024
At press time, ADA was trading at .57. In the short term, the 100-day EMA at .58 is the key resistance that ADA needs to overcome in order to develop new bullish momentum. The 100-day EMA has served as strong support three times since mid-January. After the recent dip below this indicator, ADA is struggling to reclaim it. In the medium term, the bulls need to break above the .68 level.
Cryptopunk #7,804 Sells for $16.38 Million, Second Most Expensive Sold in the Collection
On Wednesday, March 20, 2024, Cryptopunk #7,804 exchanged hands for a sum of 4,850 ethereum (ETH), equivalent to ,382,444. This transaction marked it as the collection’s second highest-priced non-fungible token (NFT) sale. It surpassed the transaction of Cryptopunk #3,100, which was clinched 16 days earlier for 4,500 ETH or ,010,724. The record for the priciest […]
Bitcoin News
Headband-Wearing ‘Alien Punk’ NFT Sells for $16 Million, Marking Second Highest Cryptopunk Sale
As the value of cryptocurrencies continues to climb, the second-highest sale of a Cryptopunk non-fungible token (NFT) has been recorded at million, as per onchain records. This sale significantly exceeds its previous purchase price of .67 million, which was just three years prior. Ethereum Sees Spike in NFT Transactions as ‘Alien Punk’ Cryptopunk #3,100 […]
Bitcoin News
Bit Mining Sells Btc.com’s Mining Operations for $5 Million
On Friday, Bit Mining Limited declared it had sold the mining pool operations of Btc.com to a Hong Kong limited liability company for million. This transaction is anticipated to bolster the total equity of Bit Mining’s shareholders, contingent upon certain concluding conditions.
BTCM Offloads Btc.com Mining Pool for Million
Bit Mining (NYSE: BTCM) has revealed that it divested its mining pool division related to Btc.com for a sum of million. The sale was made to Esport-Win Limited, a firm based in Hong Kong. The company, listed on the NYSE and engaged in mining and blockchain infrastructure, reported that while the pool had generated 3.2 million in yearly revenue, it incurred a net operating loss of .6 million over the full year.
BTCM expressed anticipation that the divestiture would lead to heightened profitability and a more robust cash standing. Originally known as 500.com Ltd and operating as a sports lottery firm, BTCM shifted focus towards bitcoin mining in 2021, acquiring Btc.com from Bitmain. BTCM’s chief, Xianfeng Yang, is optimistic that the disposal will augment the firm’s prevailing operations.
“By selling the loss-making mining pool business, we will be more resilient with our core resources focused on advancing the research and development of our existing businesses,” Yang said. “Meanwhile, the cash proceeds from the transaction and our company’s enhanced profitability outlook will further strengthen our position to explore new areas with greater potential and room for future expansion.”
When initially acquired, Btc.com’s pool was a significant player in the bitcoin mining industry, commanding over 10% of the total hashrate at the time and ranking among the top five globally. However, as of Dec. 30, 2023, its hashrate share has dwindled to just 1% of the network’s hashrate, positioning it as the 15th largest mining pool. While BTCM sold the Btc.com pool venture, it did not sell the internet domain btc.com or blockchain explorer services.
What do you think about BTCM selling Btc.com’s mining operations? Share your thoughts and opinions about this subject in the comments section below.
Hashkey-Affiliated Wallet Sells Over $90 Million ETH In 10 Days – Report
A wallet linked to Hong Kong-based crypto exchange Hashkey has reportedly sold over million worth of Ethereum in the past 10 days. This massive selling activity appears to have triggered a slight decline in the ETH market, sparking speculations on the token’s price trajectory.
Crypto Whale Conducts Massive Ethereum Sell-Off
According to a Sunday post on X by blockchain analytics platform, Lookonchain, a crypto wallet with the address “0xD26e ” sold off 50,115 ETH, valued at .7 million, within a period of 10 days. Lookonchain notes that this wallet is related to Hashkey, having received a majority of the sold-off ETH from the Hong Kong-based exchange.
A wallet related to #HashKey dumped 50,115 $ETH(.7M) in the past 10 days.
Wallet"0xD26e" deposited 50,115 $ETH(.7M) to #Binance and #OKX, then withdrew 89.6M $USDT and 12.95M $USDC.
The average selling price probably is ,047.https://t.co/qYLUghQetE pic.twitter.com/Nj4LzeytUu
— Lookonchain (@lookonchain) November 19, 2023
At an average selling price of ,047, wallet “0xD26e” conducted its ETH sell-off on the Binance and OKX exchanges, withdrawing .6 million USDT and .95 million USDC in return.
As earlier stated, ETH dipped by over 4% in the last week, which is likely in response to such massive selling pressure. However, the second-largest cryptocurrency has now found some stability, gaining by 0.92% in the last day, as it attempts to breach the 00 mark again.
What’s Next For ETH?
Looking at ETH’s daily chart, it appears the selling spree by wallet “0xD26e” could be a precaution against an incoming significant decline in the token’s value. After all, the Relative Strength Index indicates that ETH just left the overbought zone and could still experience more losses in the coming days.
Albeit, this downward trend is likely to be short-lived, considering the high level of investor interest currently around the altcoin due to the brimming Ether spot ETF race in the United States.
On Friday, Fidelity Investments became the seventh and the latest asset management giant to join the brawl, having submitted its “Fidelity Ethereum Fund” proposal to the United States Securities and Exchange Commission (SEC).
In addition to the Massachusetts-based company, other asset managers looking to launch an Ether Spot ETF include prominent names like BlackRock, Hasdhdex, Grayscale, VanEck, and 21Shares and Ark.
It is expected that other asset managers will join the race over the next few weeks, which will lead to a rise in positive sentiments towards Ethereum.
While approval by the SEC is still very subjective and uncertain, the mere influx of Ether Spot ETF applications signals an increasing interest in the altcoin from traditional finance investors, which in turn boosts investments in any cryptocurrency.
For example, following reports of Blackrock’s filling on November 9, ETH gained by almost 13% to trade above the ,130 mark in response to the buying pressure that followed.
At the time of writing, ETH trades at ,950, with a 0.34% gain in the last hour, according to data from CoinMarketCap. Meanwhile, the token’s trading volume is down by 32.64% and valued at . 32 billion.