Category: Cryptocurrency News

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The crypto market might be about to experience a further downturn as a recent development suggests an imminent selloff is on the horizon. This comes following the recent market moves by Grayscale, which is believed to be responsible for the recent decline in Bitcoin’s price.  Celsius And FTX Crypto Funds On The Move On-chain data shows that defunct crypto lender Celsius Network recently transferred 34.08 million MATIC to the crypto exchange Binance. Meanwhile, a wallet address linked to Alameda Research, the sister company of defunct crypto exchange FTX, also recently sent 135 WBTC to Binance, 207 WBTC, and 1150 ETH to Wintermute. These transactions are more significant, considering that Celsius and FTX are in a bankruptcy liquidation process as they look to repay their customers. As such, transferring these funds to trading platforms like Binance suggests that these tokens could be dumped on the market soon enough.  Celsius, in particular, is known to have been making major moves in the market as of late. NewsBTC had recently reported how Celsisus had transferred $125 million worth of ETH last week to various crypto exchanges, something which could have possibly contributed to recent bloodbaths in the crypto market.  On the other hand, selloffs by Alameda could form part of FTX’s repayment plan, which it filed back in December 2023. This is a huge possibility, considering the defunct trading firm was used as a tool by Sam Bankman-Fried (SBF) to defraud FTX customers.  Total market cap chart from $1.58 trillion | Source: Crypto Total Market Cap on Tradingview.com Another Whale Contributing To Recent Market Downturn Grayscale is also believed to have contributed greatly to the recent downturn in the crypto market. The asset manager has had to offload some of its BTC holdings in a bid to fulfill redemptions from GBTC investors. These investors have been taking profits ever since GBTC was converted into a Spot Bitcoin ETF, with an outflow of over $2 billion from the fund since then.  Crypto analytics platform Arkham Intelligence recently revealed that Grayscale had sent out another 12,870 BTC from their wallets. That figure brought the total number of BTC that the asset manager has deposited into Coinbase to 47,900 BTC, which is said to be worth around $1.97 billion based on current prices. As noted by Arkham, these transactions likely represent redemptions of BTC shares. Interstingly, JP Morgan predicts that Grayscale’s GBTC could experience an outflow of up to $3 billion. If so, then the market could be in for more pain as the asset manager would have to offload more BTC to fulfill these redemptions.  Featured image from Toptal, chart from Tradingview.com

The story has not been much different for the price of Bitcoin this week, as the premier cryptocurrency has struggled to capitalize on its recent advancements. According to data from CoinGecko, BTC is down by more than 3% in the past week, putting doubts over the continuation of the bull run. However, the latest on-chain revelation has offered some relief, suggesting that the value of Bitcoin might be up for substantial recovery over the next few weeks.  Can Whale Accumulation Trigger Continuation Of Bull Cycle? Popular crypto analyst Ali Martinez revealed – via a post on the X platform – that the number of Bitcoin whales has witnessed a significant increase over the past few days. This is based on the “Number of Entities With At Least 1,000 BTC Balance” metric from the on-chain analytics firm Glassnode. Related Reading: Algorand (ALGO) Stuns In Q4: Market Cap Soars, TVL Doubles, And User Base Skyrockets According to the latest Glassnode data, the number of addresses holding at least 1,000 BTC surpassed 1,510 on Thursday, January 18. This figure represents the metric’s highest level in over 15 months (since August 2022).  Chart showing the number of entities with at least 1,000 BTC | Source: Ali_charts/X Large holders, commonly known as “whales,” are considered relevant entities in the cryptocurrency market due to their ability to influence prices and market sentiment. Hence, a notable uptick in the number of whales often suggests growing confidence in a cryptocurrency – in this case, Bitcoin. Furthermore, this surge in whale addresses signals potential accumulation amongst large investors and institutions. Acquisition of large Bitcoin amounts is a positive sign for the market leader, especially in terms of price performance. A recent Santiment report adds strength to this argument, saying that increased whale accumulation of Bitcoin would be a “key” factor to help trigger another bull run for the flagship cryptocurrency and the entire sector.  The blockchain analytics firm also highlighted the accumulation of the Tether and USDC stablecoins as a vital signal for the cryptocurrency market’s return to its recent high. Bitcoin Price Overview As of this writing, the price of Bitcoin stands at $41,593, reflecting a 1.1% increase in the past 24 hours. This doesn’t fully tell the story of the coin’s performance in the past day, though, as it briefly fell below $41,000. Related Reading: Bloodbath For Bitcoin: Grayscale’s $529 Million BTC Move To Coinbase Pushes Price Below $41,000 According to data from CoinGecko, BTC is down by more than 5% in the last 14 days. The cryptocurrency has reversed all its gains and more from the recent launch of spot exchange-traded funds in the United States. Nevertheless, Bitcoin maintains its spot as the largest cryptocurrency in the sector, with a market cap of over $814 billion. Bitcoin’s price reclaims $41,000 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView

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