Category: Cryptocurrency News

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If you’re a dev doing on-chain wallet analysis: I wrote a guide on bulk fetching token balances for multiple wallets and across different time periods. When I first started working with Ethereum data I found it surprisingly difficult to figure out how to do this – especially in a way that was cost effective (didn’t…
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On-chain data shows the Bitcoin realized loss metric has stayed at a low value recently, despite the volatility that the coin has experienced. Bitcoin Realized Loss Continues To Be At A Relatively Low Value According to data from the on-chain analytics firm Glassnode, investors realized just $112 million in losses during the recent plummet in the cryptocurrency’s value. The “entity-adjusted realized loss” is a metric that measures the total amount of loss (in USD) that Bitcoin investors have recently been realizing on the blockchain. Whenever a coin sits still on the network for a while (meaning that it hasn’t been transferred to another address) and the price goes above or below the value at which it was acquired, the coin is said to gain an “unrealized profit/loss.” When such a coin that’s carrying an unrealized profit or loss is finally moved or sold on the blockchain, the profit/loss it was carrying previously then becomes “realized.” The realized loss metric specifically tracks such losses being harvested throughout the network (and naturally, the counterpart indicator, the realized profit, measures the profits). Related Reading: Dogecoin Plunges 7% As Whales Make Large Moves Now, here is a chart that shows the trend in the Bitcoin entity-adjusted realized loss over the last couple of years: Looks like the value of the metric has been relatively unchanged in recent weeks | Source: Glassnode on Twitter As shown in the above graph, when Bitcoin crashed a couple of days back after the news of fresh regulatory pressure on the cryptocurrency exchange Binance, the realized loss had measured around $112 million. Then, the following day, losses were almost halved as the metric measured to around only $64 million. Usually, during volatile events like crashes, there are a large number of investors who panic and sell off their coins, even if they are holding them at a loss. Such investors are generally inexperienced short-term holders, who are quick to lose their conviction in the asset. Because of this reason, sharp plunges in the price of the cryptocurrency have historically been marked by huge capitulation events where the realized loss indicator registers a large spike. Related Reading: Bitcoin Crash To $25,800 Sends 6.5% Of Supply Into Loss From the chart, it’s visible that the May 2021 crash, the LUNA collapse in May 2022, the 3AC bankruptcy in June 2022, and the FTX collapse in November 2022 all saw widespread capitulation from the holders. Out of these, the crash after the 3AC bankruptcy saw the largest amount of realized losses, as the indicator’s value hit around $3.1 billion during it, while the FTX collapse saw the least amount of losses at $1.45 billion. Both of these values are, however, extremely large when compared to the losses that Bitcoin investors have harvested in this latest period of price volatility. According to Glassnode, this trend would suggest “an increased degree of resilience amongst market participants.” BTC Price At the time of writing, Bitcoin is trading around $26,800, down 1% in the last week. The asset seems to have made recovery during the past day | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com

The SEC just dropped a bombshell on Binance.US, the American arm of the world’s largest cryptocurrency exchange. The regulator filed an emergency action application against Binance.US to freeze its assets, as part of the regulator’s recent crackdown on the crypto exchange. Protecting Customer Funds On Binance According to the documents filed with the court, the request was brought forward with the intention of ensuring that the assets of Binance.US clients are safeguarded and kept in the United States. At least pending the outcome of the ongoing litigation being conducted by the SEC.  Related Reading: Now That Optimism ‘Bedrock’ Hard Fork Is Done, What Can We Expect? The filing is also looking to activate other emergency relief against Binance Holdings Limited, the arm of the exchange operating globally, and its founder, Changpeng Zhao. This is coming after news broke out on Monday, June 5, that SEC brought 13 charges on Binance.US and its billionaire founder, Changpeng Zhao, saying the company broke US rules by offering securities in the form of cryptocurrencies.  According to the charges, the exchange had “no oversight or controls to ensure that the assets are properly secured.”  What Does This Mean For The Industry? Basically, the SEC is arguing Binance.US has been illegally facilitating the trading of securities. As the biggest exchange in the world, this has got many investors feeling a bit rattled and confused about what it all means. However, Binance is not the only target of the SEC. The commission also went after Coinbase, alleging that popular cryptocurrencies offered by the exchange qualify as securities. A big part of the crypto community seems to be unified on the matter, as many investors see this as an attack on the entire crypto industry. Of course, Binance.US and Coinbase deny all allegations, with Coinbase CEO Brian Armstrong tweeting that the “SEC has taken a regulation by enforcement approach that is harming America.” BNB price continues to trend low as SEC goes after Binance | Source: BNBUSD on TradingView.com Stay SAFU Binance seems to be calm on the matter as in response, the exchange released a statement saying “we intend to defend our platform vigorously,” although it “will continue to cooperate with regulators and policymakers in the U.S. and across the globe.”  Changpeng Zhao also took to Twitter to announce that if the order is granted, it would only affect funds under Binance.US, and not the global Binance.com. Related Reading: Chainlink Bulls Must Uphold This Critical Support Line For Potential 8% Rally Things also seem to be level headed, as faith in crypto platforms remains strong. However, tweet alerts from Whale Alert on Twitter shows that crypto whales have moved over $60 million worth of MATIC off Binance.US to unknown wallets in two transactions after news broke out regarding the SEC’s motion to freeze the exchange’s assets. Featured image from, chart from TradingView.com

On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses the details of the SEC’s lawsuit against crypto exchange Binance and its CEO, Changpeng Zhao.