Category: Cryptocurrency News

In line with the decline in Bitcoin’s price, the spot Bitcoin ETF market has appeared rather gloomy in recent days. According to data from analytics firm BitMEX Research, these BTC ETFs have recorded a negative netflow for the last four trading sessions.  This situation has been marked by large levels of Grayscale’s GBTC outflows and the record low inflows for the other ETFs, mainly the market leaders BlackRock’s IBIT and Fidelity’s FBTC. However, amidst these persistent declining netflows, Ki Young Ju, a prominent analyst and Chief Executive Officer at Cryptoquant, has predicted a possible resurgence in the spot Bitcoin ETF market. Related Reading: Bitcoin Long-Term Holders & Price Top: Glassnode Reveals Pattern Analyst Pinpoints $56,000 Level As Critical To Bitcoin ETF Recovery In a post on X on March 22, Ki Young Ju shared that a rise in spot Bitcoin ETFs netflows could occur even as the BTC price decline continues. Using data from the historical netflow trends, the analyst noted that demand for Bitcoin ETFs usually kicks in when the cryptocurrency traces to certain support levels.  Young Ju stated that, in particular, new BTC whales, especially ETF buyers, have shown to have a $56,000 on-chain cost basis. This suggests that the new significant holders of Bitcoin, particularly those invested in ETFs, usually purchased Bitcoin at an average price of $56,000.  Following this trend, the crypto quant boss believes the spot Bitcoin ETF market could experience massive inflows if BTC reached the specified price level. #Bitcoin spot ETF netflows are slowing. Demand may rebound if the $BTC price approaches critical support levels. New whales, mainly ETF buyers, have a $56K on-chain cost basis. Corrections typically entail a max drawdown of around 30% in bull markets, with a max pain of $51K. pic.twitter.com/vZCG4F0Gh5 — Ki Young Ju (@ki_young_ju) March 22, 2024  For now, Bitcoin’s price has oscillated between $62,000 and $68,000, as seen in the last week. However, Young Ju believes that such a descent is quite feasible as price corrections usually see a maximum decline of 30%. Using BTC’s most recent high of $73,750, the analyst predicts the asset price could still trade as low as $51,000.  Related Reading: Stablecoins Steal The Spotlight: $150 Billion Market Cap, $122 Billion Daily Trades BTC Price Overview At press time, Bitcoin continues to trade at $64,065.74, representing a decline of 3.73% and 7.17% in the last one and seven days. Meanwhile, the asset’s daily trading volume is down 3.53% and valued at $39.62 billion.  Following historical trends of the bull cycle, it is possible that BTC may have reached its price peak leading up to the halving event in April. If that is the case, Bitcoin may likely not return to previous high price levels soon and could experience further price drops in the coming weeks.   BTC trading at $64,315.00 on the hourly chart | Source: BTCUSDT chart on Tradingview Featured image from Euronews, chart from Tradingview

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A report issued by a United Nations panel of experts has concluded that cyber crypto heists have provided 50% of the foreign currency income for North Korea since 2017. The report indicated that North Korean actors have been linked to 17 theft and hack events involving over $750 million in 2023 alone, and details several […]

PRESS RELEASE. GAIMIN (www.gaimin.io), the world’s leader in delivering decentralised data processing power through gaimin.cloud (www.gaimin.cloud), and io.net (www.io.net) one of the world’s largest Decentralized Physical Infrastructure Network (DePIN) for AI compute have agreed to investigate how the synergistic technologies from both companies can be integrated to deliver the processing capability to support the growing […]

Ripple’s chief executive believes the U.S. Securities and Exchange Commission (SEC) will be unsuccessful in classifying ether as a security, similar to how the agency lost its legal battle, for the most part, against XRP. Noting that the SEC has been “losing badly in courts” against crypto firms, the Ripple CEO stated: “At what point […]

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The on-chain analytics firm Glassnode has explained that Bitcoin tends to reach a potential top when the long-term holders show this pattern. Bitcoin Long-Term Holders Have Been Ramping Up Distribution In a new report, Glassnode discussed the influence that the BTC long-term holders have on the cryptocurrency’s supply dynamics. The “long-term holders” (LTHs) here refer to the Bitcoin investors who have been holding onto their coins for more than 155 days. The LTHs comprise one of the two main divisions of the BTC user base based on holding time, with the other cohort known as the “short-term holders” (STHs). Related Reading: Bitcoin Cash (BCH) Surges 15% As Coinbase Plans Futures Listing Historically, the LTHs have proven themselves to be the persistent hands of the market. They don’t quickly sell their coins regardless of what is happening in the broader sector. The STHs, on the other hand, often react to FUD and FOMO events. As such, it’s not unusual to see the STHs participating in selling. However, the LTHs showing sustained distribution can be something to note, as selling from these HODLers, who usually sit tight, may have implications for the market. There are many different ways of tracking the behavior of the LTHs, but in the context of the current discussion, Glassnode has used the “LTH Market Inflation Rate” metric. As the report explains: It shows the annualized rate of Bitcoin accumulation or distribution by LTHs relative to daily miner issuance. This rate helps identify periods of net accumulation, where LTHs are effectively removing Bitcoin from the market, and periods of net distribution, where LTHs add to the market’s sell-side pressure. Now, here is a chart that shows the trend in the BTC LTH Market Inflation Rate over the past several years: The value of the metric seems to have been on the rise in recent days | Source: Glassnode In the chart, the analytics firm has also attached the data for the asset’s Inflation Rate, which is basically the amount that the miners are introducing into the circulating supply by solving blocks and receiving rewards for them. When the LTH Market Inflation Rate equals 0%, these HODLers are accumulating amounts exactly equal to what the miners are issuing. This implies that the indicator below the 0% mark suggests the LTHs are pulling coins out of the supply, while it being above is a sign that they are either distributing or just not buying enough to absorb what the miners are producing. The graph shows that historically, the cryptocurrency’s price has tended to reach a state of equilibrium and potentially even a top when the LTH distribution has peaked. Related Reading: Bitcoin Traders Capitulate: Here’s What Happened Last 2 Times The LTH Market Inflation Rate has been increasing recently, but it’s yet to reach any significant levels. As for what this could mean for the market, Glassnode says: Currently, the trend in the LTH market inflation rate indicates we are in an early phase of a distribution cycle, with about 30% completed. This suggests significant activity ahead within the current cycle until we achieve a market equilibrium point from the supply and demand perspective and potential price tops. BTC Price Bitcoin has retraced most of its recovery from the past few days, as its price has now declined to $63,800. Looks like the price of the asset has witnessed a drawdown again | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, Glassnode.com, chart from TradingView.com

The Avalanche Foundation announced the launch of Memecoin Rush, a program designed to incentivize meme coin liquidity providers on selected platforms in the AVAX environment. The program will allocate $1 million to participants that provide liquidity for these tokens on Trader Joe and Steakhut, two AVAX decentralized platforms, and expand to include other platforms. Avalanche […]