Autor Cointelegraph By William Suberg

Bitcoin exchanges see 180K BTC supply decrease amid Mt. Gox BTC sales

Bitcoin exchanges see 180K BTC supply decrease amid Mt. Gox BTC sales

Uverejnil používateľ | nov 24, 2022 |

Bitcoin (BTC) exchanges may have just seen the largest exodus of user funds ever, data suggests.Data from on-chain analytics firm Glassnode shows that on Nov. 23, major exchanges were down almost 179,000 BTC in monthly withdrawals.Major exchanges see record BTC withdrawalsWith FTX contagion still in the air, exchange users have been busy withdrawing funds to noncustodial wallets.As Cointelegraph reported, $3 billion worth of cryptocurrency left major platforms in the immediate aftermath of FTX imploding.That trend is ongoing, Glassnode shows, with its data capturing the largest-ever decrease in exchange BTC reserves for the 30 days to Nov. 23.Glassnode’s Exchange Net Position Change metric puts the 30-day change of the BTC supply held in exchange wallets at -178,683 BTC. The metric covers 20 exchanges, including FTX.Exchange BTC net position change chart. Source: GlassnodeOn a day-to-day basis, exchange user habits remain volatile. After seeing nearly 140,000 BTC in daily outflows on Nov. 9 alone, exchanges processed less in withdrawals, with a local low of under 19,000 BTC recorded for Nov. 19.Since then, however, the trend has reversed, and Nov. 23 outflows totaled more than 86,000 BTC, according to Glassnode.BTC total transfer volume from exchanges chart. Source: GlassnodeHitBTC gets Mt. Gox hack depositElsewhere, fellow on-chain analytics platform CryptoQuant raised the alarm about a major tranche of BTC from the 2014 hack of exchange Mt. Gox.Related: Crypto has survived worse than the fall of FTX: ChainalysisAccording to CEO, Ki Young Ju, the stolen BTC is on the move, with 65 BTC sent to exchange HitBTC.“7-year-old 10,000 $BTC moved today. No surprise, it’s from criminals, like most of the old Bitcoins. It’s the BTC-e exchange wallet related to the 2014 Mt. Gox hack. They sent 65 BTC to hitbtc a few hours ago, so it’s not a gov auction or something,” he tweeted.Ki called on HitBTC to freeze funds from the incoming wallet.Bitcoin exchange inflows (BTC last moved at least 7 years ago). Source: CryptoQuantSeparate research from Chainalysis meanwhile noted mass processing of Mt. Gox coins associated with exchange BTC-e, which itself shut down in 2017.Several exchanges, along with private wallets and others, have received BTC-e bitcoins in recent weeks, it explained in a blog post on Nov. 23.As Cointelegraph reported, movement of old coins in September also sparked panic, as the Mt. Gox rehabilitation process drew to an end.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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BTC price holds $16K as analyst says Bitcoin fundamentals 'unchanged'

BTC price holds $16K as analyst says Bitcoin fundamentals 'unchanged'

Uverejnil používateľ | nov 23, 2022 |

Bitcoin (BTC) lingered near $16,500 at the Nov. 23 Wall Street open as United States markets awaited Thanksgiving cues.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewGrayscale, GBTC still dominate crypto moodData from Cointelegraph Markets Pro and TradingView showed BTC/USD shunning volatility after fresh two-year lows the day prior.The pair left analysts guessing the day before U.S. markets closed for the Thanksgiving holiday, with crypto commentators still focused on Digital Currency Group (DCG).Potential liquidity problems with DCG-owned Genesis Trading continued to agitate those already expecting further losses across Bitcoin and altcoins.As Cointelegraph reported, concerns had already spread to doubt the future of the Grayscale Bitcoin Trust (GBTC), the largest Bitcoin institutional investment vehicle with assets under management worth over $10 billion.On Nov. 22, ex-Grayscale CEO Barry Silbert released a letter to DCG shareholders, widely shared on social media, seeking to shore up morale.“Not sure how to interpret the mixed reports around DGC, GENESIS, Grayscale, but Barry Silbert’s letter yesterday gave the crypto market some hopium,” analytics resource Material Indicators wrote in part of a Twitter thread on the day.It added that announcements on GBTC could nonetheless come after hours in a potential volatility catalyst.An accompanying chart of buy and sell pressure on the largest global exchange Binance showed strong resistance in place at just below $17,000. On the buy side, only $15,000 presented any solid support at the time of writing, with the bulk at $14,000.BTC/USD order book data (Binance). Source: Material Indicators/Twitter“Never have seen sentiment this bad”Commenting on the general state of the crypto market after the FTX debacle, meanwhile, popular commentator William Clemente said that sentiment should not be confused with Bitcoin’s underlying strength.Related: Bitcoin may need $1B more on-chain losses before new BTC price bottom“Never have seen sentiment this bad,” he acknowledged. “Concerns about every centralized company in the industry, people giving up, losing hope, depression. Meanwhile the fundamentals of Bitcoin are completely unchanged. Posting this to revisit when BTC is pushing to new highs in a few years.”According to classic yardstick the Crypto Fear & Greed Index, there was nonetheless room to fall, with a score of 22/100 still more than double that which traditionally accompanies bear market bottoms.Crypto Fear & Greed Index (screenshot). Source: Alternative.me“The word dead has been rapidly circulating around crypto platforms in November,” research firm Santiment added in insights of its own on Nov. 22. “As one of the more bearish sentiment words, this is a sign of traders giving up on markets rebounding. Ironically, this capitulation is historically when markets rebound.”The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Bitcoin may need $1B more on-chain losses before new BTC price bottom

Bitcoin may need $1B more on-chain losses before new BTC price bottom

Uverejnil používateľ | nov 23, 2022 |

Bitcoin (BTC) hodlers may need to triple their on-chain losses for BTC price to put in a macro low.According to market research firm Baro Virtual, the 2022 bear market is not yet harsh enough to match historical downtrends.Bitcoin losses “only” total $671 millionWith analysts predicting a return to $14,000 or lower for BTC/USD, the question of where Bitcoin will bottom is one of the hottest topics in the space this month.For Baro Virtual, which analyzed data from on-chain analytics platform Whalemap, it may be a matter of simple arithmetic.Taking Whalemap’s moving profit and loss (MPL) figures for on-chain BTC transactions, it noted that in the past, macro BTC price bottoms occurred once those transactions’ losses were equal to or more than the equivalent profits in the bull run which preceded them.In other words, on-chain losses need to equal or exceed on-chain gains from the prior bull run. Otherwise, in most cases, Bitcoin has fallen further later on.“Monthly MPL by Whalemap makes it almost sure, in most cases, to determine the global bottom of $BTC,” Baro Virtual wrote in Twitter comments on Nov. 22:“The condition is that the current loss level must be equal to or > than the max profit level of the previous bull run.”Current realized losses are thus not large enough to fit Bitcoin’s historical capitulation trend, it argued, leaving the door open to further BTC price capitulation.How much is needed, however, could mean that the ultimate macro bottom for Bitcoin lies much lower than this week’s two-year low of $15,480.“Now the losses are $671M, and the previous max profit is from $1.3B to 1$.7B,” the thread continued alongside an annotated chart:“Thus, losses from $629M to $1.029B are still missing to confirm complete capitulation.”Bitcoin moving profit and loss (MPL) annotated chart. Source: Baro Virtual/ TwitterBTC targets 80% drawdownThe findings complement a narrative that likewise suggests that the 2022 bear market is yet to rival 2014 and 2018 — years which saw macro lows in BItcoin’s two prior halving cycles.Related: GBTC next BTC price black swan? — 5 things to know in Bitcoin this weekVersus the latest all-time high in November 2021, BTC/USD has so far managed a 77% drawdown — less than in prior bear markets.Data from on-chain analytics firm Glassnode nonetheless shows how Bitcoin is gradually homing in on a retest of maximum losses versus all-time highs.BTC/USD drawdown from all-time highs chart. Source: GlassnodeLikewise, the percentage of the overall BTC currently held in profit is almost, but not quite, at lows synonymous with macro bottoms.Bitcoin supply % held in profit chart. Source: Glassnode“Bitcoin’s 78% drawdown over the last year is its largest since 2017-18 and at 376 days is now the 2nd longest, trailing only the 2013-15 decline of 410 days,” Charlie Bilello, founder and CEO of Compound Capital Advisors, additionally noted this week.The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Bitcoin price returns to $16K amid warning over BTC whale selling

Bitcoin price returns to $16K amid warning over BTC whale selling

Uverejnil používateľ | nov 22, 2022 |

Bitcoin (BTC) headed higher into the Nov. 22 Wall Street open after setting another two-year low.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewThanksgiving buywall appears at $12,000Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it recrossed the $16,000 mark, having set lows of $15,480 on Bitstamp.Momentum took the pair to $16,189 before consolidating, marking gains of 3.7% versus the day’s lows.Talk among analysts remained tied to the Digital Currency Group (DCG) family, including Grayscale, currently at the center of rumors over fallout from defunct exchange FTX.For monitoring resource Material Indicators, a “guard rail” bid at $12,000 could ultimately be what protected the market should a major capitulation occur over the Thanksgiving holiday period.“Over $300M in BTC bid liquidity between here and $12k,” it commented on a post by CryptoQuant contributor Maartunn. “This new $70M buy wall could be a guard rail for the holiday week, it could be related to speculation on a Grayscale announcement or something else. Regardless, we always keep an eye on new fat buy walls.”BTC/USD order book data (Binance). Source: Maartunn/ TwitterMaartunn had uploaded a heatmap of the Binance order book, showing various active buy and sell levels.As Cointelegraph reported, meanwhile, downside targets for BTC/USD mostly focused on $14,000 or under as the week began.BTC hodlers feel the pressureOther growing concerns centered on long-term holders (LTHs) of Bitcoin.Related: Cathie Wood’s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lowsIn its latest weekly newsletter, “The Week On-Chain,” analytics firm Glassnode warned that “non-trivial spending” from old hands was on the increase.“Their supply has declined by 84,560 BTC post-FTX, which remains one of the most significant declines in the last year,” it noted, adding that the decline was “still underway.”Likewise, the largest BTC investors, whales, were also net distributing coins to the market, this coming despite previous data showing that certain entities had already begun buying the dip.“The Whale cohort are in a mode of net distribution at present, sending between 5k and 7k in excess BTC into exchanges,” Glassnode added. “Meanwhile, the flight of coins off exchanges by almost all cohorts is at an all-time high. The whirlwind impact of the FTX collapse continues to play out, and it remains to be seen just how extensive the shake-up to investor confidence has been.”BTC supply held by LTHs annotated chart (screenshot). Source: GlassnodeThe views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Cathie Wood's ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows

Cathie Wood's ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows

Uverejnil používateľ | nov 22, 2022 |

Bitcoin (BTC) firms’ shares are a major “buy” for asset manager ARK Invest in the midst of the FTX meltdown.The latest data confirms that ARK continues to up its holdings of both exchange Coinbase (COIN) and the Grayscale Bitcoin Trust (GBTC).Cathie Wood buys the dipWith FTX contagion still rippling through the crypto industry, ARK’s decision to add exposure to two firms caught in the firing line stands out.According to numbers supplied by CEO Cathie Wood’s dedicated tracking resource, Cathie’s Ark, the firm added 176,945 GBTC shares on Nov. 21.These join a larger tranche of 273,327 shares from Nov. 15, that purchase completed just a week after FTX fell apart.ARK Invest GBTC holdings chart (screenshot). Source: Cathie’s ArkSince then, GBTC has come under the spotlight as parent company Digital Currency Group (DCG) battles FTX problems of its own.Coinbase is meanwhile another target for ARK. Since the start of November, the firm has added 1.3 million COIN shares, taking its total stake to 8.374 million — near all-time highs.COIN shares now account for ARK’s 12th-largest position.ARK Invest COIN holdings chart (screenshot). Source: Cathie’s ArkCommenting on the FTX debacle in its latest newsletter, ARK acknowledged the potential implications for DCG company Genesis Trading, and warned that other “counterparty” entities may be next.“That said, our conviction in decentralized and transparent public blockchains is as strong as ever,” it nonetheless added. “In this case and others, decentralization and transparency are paramount as antidotes to the gross mismanagement associated with centralized intermediaries, not to mention fraudulent centralized intermediaries.”BTC price hits new two-year lowsBitcoin price action meanwhile continues to decline, two weeks after problems at FTX spiraled out of control.Related: Bitcoin price levels to watch as traders bet on sub-$14K BTCBTC/USD hit fresh two-year lows on Nov. 21, data from Cointelegraph Markets Pro and TradingView shows.The pair dipped to $15,479 on Bitstamp after the Wall Street open, recovering only slightly to circle $15,750 at the time of writing.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewCOIN itself hit a record low at the same time, while equally embattled GBTC retained the majority of its discount at over 40% versus the Bitcoin spot price despite ARK’s buy-in.GBTC premium vs. asset holdings vs. BTC/USD chart. Source: CoinglassThe views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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