Welcome to the Ethereum Daily General Discussion on r/ethereum https://imgur.com/3y7vezP Bookmarking this link will always bring you to the current daily: https://old.reddit.com/r/ethereum/about/sticky/?num=2 Please use this thread to discuss Ethereum topics, news, events, and even price! Price discussion posted elsewhere in the subreddit will continue to be removed. As always, be constructive. – Subreddit Rules Want…
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The United Arab Emirates Ministry of Energy and Infrastructure has partnered with Shiba Inu to implement Web3 solutions for energy, infrastructure, and other areas. Public Service Efficiency Gets a Web3 Makeover The United Arab Emirates (UAE) Ministry Energy and Infrastructure (MOEI) announced on Feb. 5 that it had partnered with Shiba Inu to advance “Web3 […]
On-chain data shows the Whale Transaction Count has shot up for Chainlink recently, a sign that more volatility could be coming for the asset’s price. Chainlink Whale Transaction Count Is Now At Its Highest Since 2023 In a new post on X, the on-chain analytics firm Santiment has discussed about the latest trend in the Whale Transaction Count for Chainlink. The “Whale Transaction Count” here refers to an indicator that keeps track of the total number of LINK transfers that are valued at more than $100,000. Related Reading: Ethereum Leverage Elevated Despite Long Squeeze, Glassnode Says Such large transactions are assumed to be coming from the whale entities, so this metric’s value basically tells us about the level of activity that these humongous investors are participating in. When the indicator registers a rise, it means the whales are making a larger number of moves on the network. Such a trend suggests trading interest around the asset is going up among the large holders. On the other hand, the metric going down implies the cryptocurrency may be losing attention from the cohort as they have lowered their transaction activity. Now, here is the chart shared by Santiment that shows the trend in the Chainlink Whale Transaction Count over the last few months: As displayed in the above graph, the Chainlink Whale Transaction Count has registered a spike recently as the cryptocurrency’s price has plunged down. This means that the whales have made a large number of trades related to the asset. At the height of this activity spike, the total number of transactions of this group stood at 1,659, the most since December 2023. Since whale transactions are generally quite sizeable, this high trading interest from these large traders can induce further volatility for the asset’s price. It’s hard to say which direction the volatility emerging out of this activity might take Chainlink in, however, given that the Whale Transaction Count contains no information about whether buying or selling is dominant. The fact that the spike has come after the crash, though, could certainly be a positive sign. “When altcoins rebound, keep an eye on this asset,” notes the analytics firm. Related Reading: Ethereum Recovers To $2,800 As Exchange Outflows Near $1 Billion In another X post, Santiment has shared about which other altcoins have seen a rise in the Whale Transaction Count during the past week. From the above table, it’s visible that Dai (DAI) on the BNB blockchain has seen a jump of 400% in the metric over the last seven days, the most out of any altcoin. Out of the non-stablecoin assets, Floki (FLOKI) has topped the list with a spike of 286%. LINK Price At the time of writing, Chainlink is trading around $19.8, down around 14% in the last week. Featured image from Dall-E, Santiment.net, chart from TradingView.com
In a series of hacks, decentralized exchange aggregator Jupiter and a former Malaysian prime minister had their accounts hijacked to promote sham coins.
Kraken co-founder Jesse Powell filed a housing discrimination suit, alleging a San Francisco building’s management blocked a sale due to his involvement with crypto.
Swedish crypto asset manager Virtune is now giving investors in Finland exposure to Avalanche and Cardano via its newly launched crypto ETP products.
Institutional investors remain wary of crypto trading, according to a JPMorgan survey.
Crypto exchange Bybit has been fined and blocked in India for violating anti-money laundering laws, as authorities crack down on unregistered crypto operations in the country. Bybit Hit With Penalty, Website Blocked in India Over AML Violations The Indian Ministry of Finance announced last week that the Financial Intelligence Unit-India (FIU-IND) had imposed a financial […]
Bitcoin recent price movements have been nothing short of a rollercoaster ride. Earlier this week, BTC traded below $90,000 and quickly bounced back to above $100,000. As of today, the asset now hovers above $98,000. Amid this price performance, CryptoQuant contributor XBTManager has provided insights into an important on-chain metric, highlighting a notable shift in the 6-12 month spent output age bands. This activity sheds light on possible market dynamics and future price developments. Related Reading: Why Bitcoin’s Price Crash Could Be a Buying Opportunity for Big Players Analyzing Bitcoin’s Spent Output Age Bands The 6-12 month spent output age band reveals instances where long-held Bitcoin is moved, offering a glimpse into shifting market behavior. According to XBTManager, a significant amount—49,700 BTC—has recently been spent in this category today. Such substantial movement can often precede market volatility, as it may signal larger holders or dormant wallets re-entering active circulation. This sudden activity raises questions about how the market might react. Historically, large movements in older Bitcoin holdings can create temporary selling pressure. If these coins are sold, it can lead to short-term further price drops, potentially causing retail investors to panic. However, this downward trend can also set the stage for a rebound, with prices recovering as buyers absorb the new supply. The analyst wrote: A large portion of these Bitcoins is expected to be sold in the coming days, potentially creating selling pressure in the market. This could cause retail investors to panic and sell at lower prices. Subsequently, prices might be pushed back up, enabling these Bitcoins to be sold to retail investors at higher prices. Therefore, such movements can be seen as signs of market manipulation. Investors should remain cautious about potential market fluctuations in the coming days. Bitcoin Market Performance Meanwhile, Bitcoin continues to face selling pressure, with the asset unable to sustain a notable rebound or reclaim key levels. So far, Bitcoin has seen quite a plunge dropping roughly 10% from its all-time high above $109,000 registered in January. Related Reading: Bitcoin Traders Fearful For First Time Since October: Buying Signal? In the past week, the asset has also declined 3.5% bringing its price to trade at $98,485, at the time of writing down by 0.5% in the past day. This price decline in BTC has affected the broader crypto market significantly with over $3 billion liquidated in the crypto market in just the past few days. Interestingly, despite this negative price performance from BTC, the asset’s daily trading volume has however seen an opposite trend recording an increase from below $40 billion this time last week to sitting above $58 billion as of today. Featured image created with DALL-E, Chart from TradingView
Creating a national stockpile of Bitcoin or cryptocurrency would turn any crypto held by the government into a “political weapon,” Maelstrom’s Arthur Hayes said.
