Amid the bitcoin price decline and the German government transferring millions of dollars worth of BTC, Tron founder Justin Sun announced on X that he is prepared to purchase the remaining BTC from the German government. “I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the […]
Bitcoin News
Quadrigacx Co-Founder Compelled to Account for 45-Bar Gold Stash
Michael Patryn, co-founder of the now-defunct Quadrigacx cryptocurrency exchange, has been compelled by Canadian officers to explain the origin of his wealth. Patryn must explain how he acquired a stash of 45 gold bars, more than 0,000 in cash, and a jewelry set with a diamond-studded Rolex watch. Quadrigacx Cofounder Must Explain 45 Gold Bar […]
Bitcoin News
Coinbase Vaults Beyond 1 Million Bitcoin Mark, Stash Valued Over $52 Billion
On Friday, Feb. 16, 2024, bitcoin’s value hovered between ,850 to ,350, with onchain insights from Arkham Intelligence revealing that the Nasdaq-listed crypto exchange giant, Coinbase, now possesses over 1 million bitcoin. Based on the current market prices, the stash secured by the San Francisco-headquartered firm is valued at just above billion. Coinbase Outshines […]
Bitcoin News
$130M Silk Road Bitcoin Stash To Be Sold By US Government
Since mid-January Bitcoin (BTC) has been facing mounting selling pressure from various market players. This includes asset manager Grayscale, bankrupt crypto exchange FTX, and now, the US government, which is set to auction off a substantial amount of Bitcoin seized from the infamous dark web marketplace Silk Road.
Sale Of Confiscated Silk Road Bitcoin
The US government has filed a notice to sell approximately 0 million worth of Bitcoin confiscated from Silk Road. The filing states that the United States intends to dispose of the forfeited property as directed by the United States Attorney General.
Individuals or entities, except for the defendants in the case, claiming an interest in the forfeited property must file an ancillary petition within 60 days of the initial publication of the notice.
Once all ancillary petitions have been addressed or the filing period has expired, the United States will obtain clear title to the property, enabling them to warrant good title to subsequent purchasers or transferees.
The ongoing selling pressure on BTC has resulted in a sharp 20% correction over the past 10 days. This trend is expected to continue and further amplify the selling pressure. Adding to the situation, asset manager Grayscale, while slowing down its selling activities, continues to transfer a significant amount of Bitcoin to Coinbase.
According to data from Arkham Intelligence, Grayscale recently sent an additional 10,000 BTC worth 0 million to Coinbase.
Since the approval of the Bitcoin spot exchange-traded fund (ETF), Grayscale has deposited a total of 103,134 BTC (.23 billion) to Coinbase Prime. Currently, Grayscale holds 510,682 BTC (.43 billion).
Ideal Buying Opportunities?
Adam Cochran, a prominent market expert, has provided insights into the recent price action and the expectations of Bitcoin buyers. Cochran highlights that aggregate open interest (OI) for BTC has decreased by 17% from recent highs but remains around 20% higher than the averages observed during more stable market ranges.
Cochran notes that the market has seen attempts to catch falling prices, suggesting a mix of “sophisticated” and leveraged buyers.
Cochran further observes that retail investors are driven by narratives surrounding the ETF and halving events, leading them to buy dips on leverage. However, many investors remain unconvinced about the market’s direction and are waiting for a clear entry point, according to Cochran’s analysis.
Notably, Cochran highlights that the current funding rates do not indicate a bearish sentiment, even in options trading, suggesting an expectation of a bottom formation shortly.
The market’s dynamics are influenced by emotions and probabilities, and Cochran believes that too many participants are overexposing themselves emotionally by trying to catch the bottom of the market on each dip.
This behavior has increased the likelihood that the recent price action may not mark the bottom yet. Cochran suggests that a sentiment reset, a decline in the 3-month annualized basis by around 25%, and a further decrease in open interest would provide a healthier environment for major plays in the market.
Ultimately, Cochran emphasizes the need for a reset in expectations, highlighting that a period of doom and despair is necessary for market participants to reassess their positions.
Cochran points out that a range between ,000 and ,000 BTC could be a suitable level for larger spot buys in the longer term. However, Cochran also notes that a potential drop to the ,000 to ,000 range could provide ideal conditions for confident, leveraged deployment.
Currently, BTC is trading at ,800, up a slight 0.6% in the past 24 hours, but down over 14% in the past fourteen days.
Featured image from Shutterstock, chart from TradingView.com
Grayscale Bitcoin Trust Stash Dips by 10,800 BTC in One Day Amid High GBTC Trading Activity
The Grayscale Bitcoin Trust, commonly referred to as GBTC, has recently divested a considerable quantity of bitcoin. Records indicate that a total of 10,823.86 bitcoin, valued at approximately 7.40 million, was withdrawn from the holdings of GBTC in the span from Thursday to Friday morning.
GBTC’s Bitcoin Cache Continues to Witness Outflows
GBTC is experiencing notable outflows and volume, particularly on Thursday, Jan. 18, 2024, when the fund recorded a significant trade volume of .11 billion. Up to this point, the Grayscale Bitcoin Trust has emerged as the frontrunner in trade volume among all the newly launched spot bitcoin exchange-traded funds (ETFs).
Nevertheless, this surge in volume has been accompanied by a marked increase in bitcoin outflows, primarily due to GBTC investors realizing their profits. Just yesterday, on Jan. 18, Bitcoin.com News covered the story that GBTC held a substantial 592,097.78 BTC. However, as of today, there has been a 1.82% decrease since that report. Current archived records, dated Jan. 19, 2024, reveal that GBTC’s holdings have diminished to 581,273.92 BTC.
This reduction of 1.82% equates to a loss of 10,823.86 BTC, valued at 7.4 million, based on the prevailing BTC exchange rates. According to GBTC’s website, the total value of assets under management (AUM) currently stands at .70 billion. The outflows from GBTC are occurring simultaneously with the inflows into spot bitcoin ETFs managed by Blackrock and Fidelity. As of Jan. 18, 2024, Blackrock’s IBIT possesses 28,622 BTC. Meanwhile, the Fidelity Wise Origin ETF (FBTC) is holding 20,507 BTC, and the Bitwise ETF BITB, as of the same date, manages approximately 8,309 BTC.
The prevailing question on everyone’s mind centers around the duration of GBTC’s substantial outflows and the impact these large bitcoin movements are having on the market. Despite these outflows, Grayscale remains the most prominent BTC holder, with an ownership of 582,134 BTC as reported by Arkham Intelligence’s platform on Jan. 19. This figure encompasses the bitcoin held by Grayscale for its Digital Large Cap Fund, which also experienced a reduction of 395.9 BTC on Jan. 16, 2024.
What do you think about GBTC’s bitcoin stash depleting since the ETFs started trading last week? Share your thoughts and opinions about this subject in the comments section below.
Microstrategy’s Bitcoin Stash Grows to 174,530 BTC With Latest Purchase
Microstrategy has expanded its bitcoin holdings with the acquisition of 16,130 more bitcoins. With this latest purchase, the Nasdaq-listed software intelligence firm is now hoding 174,530 bitcoins, acquired for around .28 billion. Since adopting its bitcoin strategy, Microstrategy’s stock has outperformed major asset classes and indices.
Microstrategy’s Bitcoin Treasury Rises to 174,530 Coins
Microstrategy (Nasdaq: MSTR) has disclosed its most recent acquisition of bitcoin. The firm’s chairman and former CEO, Michael Saylor, shared on social media platform X Thursday:
Microstrategy has acquired an additional 16,130 BTC for ~3.3 million at an average price of ,785 per bitcoin. As of 11/29/23, Microstrategy now hodls 174,530 $BTC acquired for ~.28 billion at an average price of ,252 per bitcoin.
According to the company’s filing with the U.S. Securities and Exchange Commission (SEC), the additional coins were acquired in cash during the period between Nov. 1 and Nov. 29.
Since Microstrategy adopted its bitcoin strategy on Aug. 10, 2020, its stock has surged by 321%, according to a chart shared by Saylor on X, showing the performances of MSTR, bitcoin, as well as other well-known asset classes, indices, and stocks. In the same period, bitcoin rose by 221%, the S&P 500 experienced a 36% increase, and the Nasdaq Composite index saw a 30% rise. Meanwhile, gold declined by 2%, silver fell by 16%, and bonds dropped by 22%.
The software intelligence firm also reported to the SEC in Thursday’s filing that it entered into a letter agreement on Nov. 29, terminating the sales agreement it had with Cowen, Canaccord, and Berenberg Capital Markets. The sales agreement, established on Aug. 1, allowed Microstrategy to issue and sell shares of its common stock with an aggregate offering price of up to 0 million. Before the termination, Microstrategy issued and sold 1,189,588 shares of its common stock between Nov. 1 and Nov. 28, generating net proceeds of approximately 0.9 million. The company previously stated that these proceeds would be used to acquire bitcoin.
Saylor previously explained that his company’s bitcoin strategy “seeks to maximize long-term value” for shareholders. He described the world’s largest cryptocurrency as “a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.” The executive added: “Since its inception over a decade ago, bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions.”
What do you think about Microstrategy holding 174,530 bitcoins? Let us know in the comments section below.
Alex Jones Lost a 10K-Bitcoin Stash Gifted by Max Keiser — Now He Can Regain It Doing a Quiz
International journalist and Bitcoin maximalist Max Keiser is giving Infowars host Alex Jones the chance of regaining a gift of 10,000 bitcoin he lost. According to Keiser, Jones will have the chance to recover the stash by answering a trivia round consisting of 5 questions. However, Jones has not answered Keiser’s call at the time of writing.
Max Keiser Will Give Alex Jones Opportunity to Recover 10,000 Bitcoin
Bitcoin enthusiast and journalist Max Keiser took to social networks to allow Infowars host Alex Jones to regain the 10,000 bitcoin he lost when BTC was priced at . According to Jones, Max gave him a laptop containing the bitcoin in a meeting, but Jones did not care for the item, which got lost in undisclosed circumstances.
Jones disclosed this loss on a show two years ago, when he revealed that this indeed happened. At the time, Jones stated:
Ten years ago … Max Keiser comes to me and he says I have 10,000 bitcoins for you. This is the future. It will be the new global currency. He is on record.
When he later revealed what happened, the show hosts called him a “f*cking idiot” and invited him to find the lost laptop. “I deserve it,” Jones added after being slapped twice.
Max Keiser’s 10K-Bitcoin Quiz
Nonetheless, it seems that destiny might reunite Jones with 10,000 bitcoin (valued at approximately 0 million), as Keiser recently posted this message on X:
I’ll be back on Alex Jones later this week with a quiz. If he can answer all 5 questions correctly, he gets his 10,000 bitcoin.
Jones, who was ordered to pay .5 billion due to his claims about the Sandy Hook school shootings, declared bankruptcy after the 2022 verdict. A recent ruling determined that Jones still needs to pay most of this amount despite filing for personal bankruptcy.
The regained gift might help the embattled journalist to face this situation. According to Keiser, Jones has not communicated with him to confirm his participation in the proposed quiz. On October 25, he declared:
Alex hasn’t confirmed a date or time yet. Is he about to lose the chance to own 10,000 bitcoin AGAIN!!!
Many have inferred that Keiser might still have a backup of the wallet containing the BTC gift.
What do you think about Alex Jones’ lost bitcoin stash and Max Keiser’s 10K-bitcoin quiz? Tell us in the comments section below.
Tron’s Justin Sun Mulls Over Making A Move On FTX’s Crypto Stash, Here’s Why
In a completely unexpected move, Justin Sun, Founder of Tron and Advisor to Huobi Global has expressed his interest in acquiring FTX’s considerable crypto assets worth billions of dollars.
Justin Sun Considers Making A Bid For FTX Crypto Assets
Justin Sun, Creator of Tron, one of the world’s largest blockchain ecosystems, has hinted at the possibility of acquiring the assets of insolvent crypto exchange FTX. This statement comes a year after the crypto billionaire was contemplating a majority takeover of Huobi Global.
According to data from Messari, a provider of market intelligence products, FTX liquidations hold a total of .3 billion in liquid crypto assets excluding stablecoins. The report revealed some of the largest holdings for FTX liquidators which include cryptocurrencies like Solana (SOL), Ethereum (ETH), Aptos (APT), Dogecoin (DOGE), Tron (TRX), and Polygon (MATIC).
Given the considerable holdings, there have been fears that the market could witness a crash if the exchange were to start dumping its crypto assets. In response to this, Sun revealed in a post on X (formerly known as Twitter) that he was considering the possibility of purchasing FTX holdings.
The Tron Founder explained that the reason behind it was to reduce their selling influence on the crypto market.
“Contemplating an offer for FTX’s holding tokens and assets to reduce their selling impact on the crypto community. Let’s unite to bolster our crypto ecosystem,” Sun stated.
However, data from Messari revealed that FTX and Alameda’s BTC holdings, which are approximately 3 million, account for only 1% of BTC’s weekly trading volume, meaning the crypto market can easily handle selling impacts.
Whereas, FTX’s crypto holdings such as DOGE, TRX, and MATIC which range from million to million account for 6-12% of weekly trading volumes, and liquidations could significantly impact the crypto market.
Most of FTX’s SOL are also locked up in Alameda and FTX ventures, and they have a unique liquidation pattern, which allows only .2 million SOL to be unlocked every month. This monthly liquidation system allows selling impacts of FTX’s Solana holdings to be easily managed.
FTX Insolvency Court Case Still Ongoing
On November 11, 2022, FTX and a number of its affiliates filed for bankruptcy in Delaware, United States. At the time, the exchange owed a staggering billion after it collapsed due to a liquidity crisis.
The crypto exchange is currently under investigation by the United States Securities and Exchange Commission (SEC) while its Founder and CEO, Sam Bankman Fried was charged on 13 accounts for alleged illegal proceedings he performed in FTX, five of which were later withdrawn in June.
FTX liquidators are currently scheduled for a hearing on Wednesday, September 13. The result of the hearing may see the liquidators given clearance to begin liquidations immediately.
A recent court filing has also revealed that the bankrupt crypto exchange still holds assets worth billion. Some of these assets include digital assets, venture investments, and reclaimed properties.
Casascius Bitcoin Peels: $10M Cashed in 2023, Yet a $1 Billion Stash Remains Unclaimed
While bitcoin (BTC) is already a limited asset, Mike Caldwell’s Casascius physical bitcoins take rarity to a whole new level. Between 2011 and 2013, he endowed over 27,000 coins and bars with nearly 100,000 BTC. As we step into September 2023, a limited supply of 19,082 Casascius physical bitcoins remain in circulation, with around 41,280 BTC yet to be claimed.
Just Over 19,000 Casascius Physical Bitcoins Remain Unpeeled
In the first eight months of 2023, approximately 162 physical bitcoins designed by Mike Caldwell were cashed in or peeled. These coins represented a total of 386 BTC, translating to near million based on the current BTC exchange rates.
Debuting in 2011, Caldwell’s Casascius physical bitcoins, available in both coins and bars, ranged in denominations of 0.1, 0.5, 1, 5, 10, 25, 100, and 1,000 BTC.
Yet, by 2013, Caldwell faced a hurdle. The Financial Crimes Enforcement Network (FinCEN), an arm of the Treasury Department, told him that producing these physical bitcoins classified him as a money transmitter, prompting him to halt his operations.
Despite the interruption, Caldwell had already minted an impressive 27,928 coins, with a cumulative load of 91,213 BTC. To date, nearly 50,000 BTC, precisely 49,984 BTC, have been claimed from 8,856 of Caldwell’s meticulously crafted coins and bars.
Currently, a staggering 19,082 active Casascius physical bitcoins are circulating, with a combined worth of 41,280 BTC, which surpasses billion in today’s valuation. Intriguingly, while May witnessed the highest number of Casascius BTC coin or bar redemptions with 39 units, it was July 2023 that topped the charts in value terms: a whopping 201.5 BTC was redeemed.
This signifies that July accounted for more than 52% of the year’s total Casascius physical bitcoin redemptions, while May contributed over 16% with its 65 BTC. August saw seven bitcoins being claimed, and as we tread into September, 27 BTC have been cashed in, according to data collected by casasciustracker.com.
To illustrate, on September 3, 2023, an individual redeemed a Casascius “S2-COIN-25”, which once contained 25 BTC. The previous day, two separate coins, each loaded with one BTC each, were cashed. The peak value in July is attributable to numerous redemptions of the Casascius S2-COIN-25s. For instance, on July 12, 2023, six of these specific coins were spent in one day. To date, 58.40% of Casascius S2-COIN-25s have been redeemed, leaving 41.6% unclaimed. Moreover, of the six S1-COIN-1,000s, each carrying 1,000 BTC, four remain untouched.
The motives behind individuals choosing to cash in their Casascius physical bitcoins after such a long span remain enigmatic. Perhaps they seek a safer storage option, or maybe, after years of holding, they’re ready to sell the cryptocurrency. Even after the BTC is extracted, these coins retain value and continue to be traded empty on platforms like Ebay. Additionally, since Casascius coins were minted between 2011 and 2013, they also encompass the subsequent BTC forks, including bitcoin cash (BCH).
What do you think about the remaining 19,000+ physical coins left with loaded bitcoin on them? Why do you think people decided to redeem these collectibles? Share your thoughts and opinions about this subject in the comments section below.
Is Vitalik Buterin Selling His ETH Stash? Let’s Take A Look At His Transactions
Ethereum founder Vitalik Buterin has multiple public wallets that carry a significant amount of ETH and these wallets are religiously tracked by on-chain sleuths. This is why whenever the founder makes a withdrawal, the destination of the ETH being sent is closely followed and recent reports reveal that Buterin has been sending significant amounts of ETH out to different wallets.
Two Vitalik Buterin Transactions Spark Speculations
In the early hours of Monday, the on-chain data tracking platform PeckShieldAlert took to X (formerly Twitter) to share some interesting movements that have been taking place in wallets said to belong to Buterin. This time around, the tracker flagged a single transaction carrying 3,000 ETH.
The 3,000 ETH, worth roughly .95 million at the time of the transfer was sent out from the well-known Vitalik.eth wallet to another wallet identified publicly as Vb2. This brought the latter’s balance to 3,017 ETH, worth a little over .95 million.
#PeckShieldAlert vitalik.eth labeled-address has transferred 3K $ETH (~.95M) to Vb 2 labeled-address pic.twitter.com/f8ETU42TrD
— PeckShieldAlert (@PeckShieldAlert) August 28, 2023
The speculations of whether the Ethereum founder is offloading some of his stash come in relation to an earlier transaction made by him. The transaction which was also reported by PeckShield alert showed that Buterin had sent 600 ETH worth around million at the time to the Coinbase crypto exchange.
#PeckShieldAlert vitalik.eth labeled-address has transferred 3K $ETH (~.95M) to Vb 2 labeled-address pic.twitter.com/f8ETU42TrD
— PeckShieldAlert (@PeckShieldAlert) August 28, 2023
For many, however, this transaction was insignificant in the grand scheme of things and did not lead to a cause for alarm. The most recent transaction also follows in the same vein since it looks like the billionaire founder is just redistributing his assets to other wallets.
Is This Why ETH’s Price Is Struggling?
So far, there is no indication that Buterin’s wallet movements have anything to do with the ETH price decline. As already mentioned above, the ETH liquidity is too deep for a million sell to trigger such a decline, which would suggest something else is behind the coin’s struggles.
The most obvious factor is that the broader crypto market has been taking a hit and ETH has not been left out. Bitcoin fell from ,000 to below ,000, taking the majority of the market down with it. As a result, investor sentiment swung far into the negative which is preventing new money from coming into the market.
With the bear market waxing strong, there could be more decline to come for the digital asset until investor sentiment improves and the market starts to recover once more. For now, ETH is still ranging above ,640 as bears and bulls are locked in a tug-of-war for control.