$15.5K retest is more likely, according to Bitcoin futures and options
Bybit launching a $100 million fund and Binance’s proof of reserves might have marked the cycle low at $15,500.
Bybit launching a $100 million fund and Binance’s proof of reserves might have marked the cycle low at $15,500.
On-chain data shows signs of some fresh Bitcoin accumulation taking place during the last month. Bitcoin UTXOs Aged 1 Week To 1 Month Have Risen Up In Recent Days As pointed out by an analyst in a CryptoQuant post, UTXOs purchased between 1 week and 1 month ago have risen since the FTX crash. The relevant indicator here is the “Realized Cap – UTXO Age Bands,” which tells us which age group has what percentage of the Bitcoin realized cap. The “realized cap” here refers to a type of BTC capitalization model in which the crypto’s cap is calculated by weighing each coin in the circulating supply against the price at which it was last moved, and then taking the sum for the entire supply. This capitalization method is different from the usual market cap, where all the coins are simply multiplied with the current BTC price. Related Reading: Bitcoin Capitulation Deepens As aSOPR Metric Plunges To Dec 2018 Lows The “age bands” are groups that define the time period under which the UTXOs falling into it were last moved. For example, the “1m-3m” age band includes all UTXOs that haven’t shown any movement since between 1 and 3 months ago. Now, the age band of relevance in the current discussion is the “1w-1m” group. Here is a chart that shows how the realized cap contribution of this Bitcoin band has changed during the past couple of years: Looks like the value of the metric has been trending up recently | Source: CryptoQuant As you can see in the above graph, the realized cap of the Bitcoin UTXOs falling into the 1w-1m band was in a decline during the bear market and had reached very low values by the time the FTX collapse rolled around. Since the crash, however, the age band has been observing a rapid uptrend. This means that there have been a large number of coins purchased between 1 week and 1 month ago. Related Reading: Dump Incoming? Rogue BTC-e Sends $165 Million In Bitcoin To Personal Wallets And Exchanges Based on this trend, it seems like some investors have been busy accumulating at the lows that have been seen after the crash, despite the wider market feeling uncertainty due to the FTX contagion possibly causing a cascade of bankruptcies of other platforms. BTC Price At the time of writing, Bitcoin’s price floats around $16.5k, down 1% in the last week. Over the past month, the crypto has lost 15% in value. Below is a chart that shows the trend in the price of the coin over the last five days. The value of the crypto seems to have returned to a flat curve during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
I don’t hold any COIN, mostly because I loathe the stock market. But with the recent release of $33 Billion worth of reserves, does this make COIN an obvious value stock? Generally on the stock market, a company is valued at the very least 1x their Assets. And that is just their reserves for one…
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PRESS RELEASE. According to the official news, the Rugby League World Cup 2021 (RLWC 2021) drew to a successful close on November 19, 2022. Over the last month or so, this peak event presented global rugby fans with many brilliant moments. Meanwhile, CoinEx, the Exclusive Cryptocurrency Trading Platform Partner of RLWC 2021, also witnessed all […]
Despite the widespread loss of confidence in crypto following the FTX collapse, Bitcoin’s on-chain data gives investors hope.
The entire 2022 starting from LUNA collapse to recent FTX collapse including the liquidity crunch at Genesis and Grayscale has been summarised in this flowchart. It's a bit complex, but it gives the complete picture about what happened. Flowchart image link: https://imgur.com/a/Ifrh3rc Going to add some explanation here so that you can better understand what…
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On Nov. 25, the largest cryptocurrency exchange in terms of daily trade volume, Binance, published its bitcoin proof-of-reserves (POR) system using The Merkle approach. At the time of writing, the snapshot provided by Binance shows the firm’s onchain reserves equate to 582,485 bitcoin, while the company’s customer net balance is roughly 575,742 bitcoin. Binance’s Bitcoin […]
Tiantian Kullander, known to many as TT, has unexpectedly died in his sleep on Nov. 23.
This is a sensitive topic, the collapse of Terra and its ecosystem took at least a $50B of market cap out of crypto. So definitely the people who had invested a lot of their money into it, lost nearly all. And all of that was a complete ponzi-scheme by Do Kwon and his partners. But…
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Bitcoin and most major altcoins are witnessing a relief rally but higher levels are likely to attract strong selling by the bears.