Autor Cointelegraph By William Suberg

$3 billion in Bitcoin left exchanges this week amid FTX contagion fears

$3 billion in Bitcoin left exchanges this week amid FTX contagion fears

Uverejnil používateľ | nov 13, 2022 |

Bitcoin (BTC) investors are withdrawing funds from exchanges at a rate not seen since April 2021 with nearly $3 billion in Bitcoin withdrawn over the past seven days.New data from on-chain analytics firm Glassnode shows the number of wallets receiving BTC from exchange addresses hit almost 90,000 on Nov. 9.Exchange users wake up to self-custodyAmid ongoing turmoil over the bankruptcy of major exchange FTX, concerns have heightened among exchange users over security of funds.Commentators have upped advice to avoid custodial wallets and take control of cryptoassets, and regulators are increasing scrutiny of the crypto industry en masse.On-chain figures suggest that a large number of hodlers have opted for non-custodial wallets over the past week.The number of withdrawing addresses saw a huge spike on Nov. 9, this surpassing the daily highs for both May and June this year when BTC price action last saw significant downside pressure.For Nov. 12, the latest date for which data is available, withdrawing addresses still totaled over 70,000.Bitcoin exchange receiving addresses chart. Source: GlassnodeThe same Glassnode data gives an hourly average of over 3,000 withdrawing addresses over the seven days to Nov. 13.Bitcoin exchange receiving addresses chart. Source: Glassnode/ TwitterAnalysis: BTC reserves may not tell whole storyThe numbers tie in with what appears to be rapidly-declining BTC reserves across major trading platforms.Related: Bitcoin will shrug off FTX ‘black swan’ just like Mt. Gox — analysisWhile the velocity of the drop suggests that the true balance tally may be difficult to confirm at present, data from fellow on-chain analytics resource CryptoQuant puts overall exchange reserves at their lowest since February 2018.CryptoQuant tracks a total of 38 exchanges, including those with reported financial problems such as FTX and Kucoin.Bitcoin exchange reserve chart. Source: CryptoQuantAnother chart, this time from Coinglass, suggested 177,000 BTC in weekly withdrawals through Nov. 13 — a U.S. dollar value of around $3 billion at today’s price.BTC balance on exchanges chart. Source: CoinglassGlassnode senior analyst Checkmate nonetheless flagged three exchanges in particular with what he called “particularly weird” Bitcoin balance readouts — Huobi, Gate.io and Crypto.com.Concluding a dedicated thread into the topic, he noted that “Exchange balances are best estimate based on wallet clustering. They are more likely to be a lower bound than an overestimate.”“These fund flows between exchanges include both real customers + FTX/Alameda. Hard to separate, thus looking as relative-to-balance,” he added.Forecasting how the current scenario may play out, Michaël van de Poppe, founder and CEO of trading firm Eight, meanwhile said that the worst was likely not yet over.“Probably we’ll have more issues with exchanges coming weeks, but probably also a ton of gossip,” he told Twitter followers at the weekend. “Stay safe, be calm and don’t make emotional decisions. We’re in terrible territories, but crypto will come out of this stronger.”BTC/USD was trading at around $16,500 at the time of writing, data from Cointelegraph Markets Pro and TradingView showed.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin will shrug off FTX 'black swan' just like Mt. Gox — analysis

Bitcoin will shrug off FTX 'black swan' just like Mt. Gox — analysis

Uverejnil používateľ | nov 12, 2022 |

Bitcoin (BTC) will recover from the FTX “black swan event” just like other setbacks, trading team Stockmoney Lizards believes.In a tweet on Nov. 12, the popular commentator argued that the week’s events were actually nothing new for Bitcoin.FTX “a real black swan event”Despite falling 25% in days, BTC/USD is not doomed as a result of the insolvencies impacting FTX, Alameda Research and possibly other major crypto companies.For Stockmoney Lizards, the unravelling, while sudden, is not hugely different to liquidity crises from earlier in Bitcoin’s history.“We have indeed seen a real black swan event, the FTX bankruptcy,” it said. “The history of BTC is lined with such events and the market will recover from it as it did in the past.”An accompanying chart flagged similar “black swan” moments from the past, stretching back to the Mt. Gox hack in 2013.Two other notable events were the hack of exchange Bitfinex in 2016 and the March 2020 COVID-19 cross-market crash.BTC/USD annotated chart. Source: Stockmoney Lizards/ TwitterAs Cointelegraph reported, ex-FTX executive Zane Tackett even offered to copy Bitfinex’s liquidity recovery plan from the time of its $70 million loss by creating a token. FTX subsequently filed for Chapter 11 bankruptcy in the United States.Reactions have included frank appraisals of the crypto industry, with Filbfilb, co-founder of trading suite Decentrader, forecasting a multi-year recovery process.Changpeng Zhao, CEO of Binance, which at one point planned to buy FTX, has warned that the industry has been “set back a few years.”Exchange BT reserves near five-year lowMeanwhile, the loss of user confidence is already showing up in declining exchange balances.Related: Hodlers in loss sit on 50% of BTC supply after $5.7K Bitcoin price dipAccording to data from on-chain analytics platform CryptoQuant, the BTC balance of major exchanges is now at its lowest since February 2018.The platforms tracked by CryptoQuant finished Nov. 9 and 10 down 35,000 and 26,000 BTC, respectively. Both days were multi-month records, nonetheless not surpassing the single-day tally from Jun. 17 — 67,600 BTC.Exchange outflows continue to be monitored by industry analysts, among them CryptoQuant contributor, Maartunn.Bitcoin exchange reserves chart. Source: CryptoQuantMore broadly, voices have been calling on social media users to withdraw funds from custodial wallets.”Bitcoin exchanges are run by people who learned fiat finance,” Saifedean Ammous, author of the popular book, “The Bitcoin Standard,” wrote in part of a Twitter post. “Gambling with depositors’ money is normal & healthy for them, because in the fiat system the central bank destroys the currency to bail them out every time it goes wrong.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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FTX ex-exec floats 'cool token' idea amid warning rebound may take years

FTX ex-exec floats 'cool token' idea amid warning rebound may take years

Uverejnil používateľ | nov 11, 2022 |

Bitcoin (BTC) and cryptocurrency may “take years to recover” from the FTX scandal, one industry analyst warns.In a Twitter thread on Nov. 11, Filbfilb, co-founder of trading suite Decentrader, said that the Terra LUNA debacle was itself still playing out.Filbfilb: “I’ve never seen such a debacle”The crypto industry is experiencing “a clear case of what goes up must come down,” Filbfilb summarizes.As the fallout from FTX and Alameda Research only begins to become apparent, many industry businesses and associated tokens have been left reduced to a shadow of their former selves.Amid bankruptcy concerns from those with exposure to FTX and investigations from regulators, the outlook looks bleak for the industry’s reputation.For Filbfilb, FTX-Alameda is itself a product of the implosion of Terra, Three Arrows Capital and others earlier this year.“1) Most of this all links back to the first 3 AC / Celius meltdown,” he began.He highlighted two other key causes: “2) Businesses in the space compounded their aspirations based on supernormal, parabolic industry growth. 3) Cash is king; cash flows of many entities are down to the tune of 80%.”The situation is in fact all too familiar; overly eager businesses create an ecosystem on steroids, which grows too quickly and takes on too much risk. “Price, users, cashflow and compounded, cross-collateralized businesses using rapidly declining assets as balance sheet assets with future obligations works when price go up – its suicide when the tide goes out,” Filbfilb continued.As such, for the cycle not to repeat itself, it may take “many years” of restructuring.“So yes, im annoyed about the whole thing, ive never seen such a debacle, i understand why we are where we are but it is inexcusable by some of the people involved and they need to be held to account,” he concluded.FTX ex-sales head shuns bankruptcy “boomer procedures”Feelings are tense for countless investors and businesses with funds tied up in now frozen FTX accounts.Related: Hodlers in loss sit on 50% of BTC supply after $5.7K Bitcoin price dipOn Nov. 11, Zane Tackett, the exchange’s former head of international sales, confirmed rough liabilities totaled -$8.8 billion.In a Twitter thread of his own, he quizzed users on whether FTX should create a “cool token” as a way of restructuring debt instead of filing for bankruptcy in the traditional manner, something he called “boomer procedures.”“There’s no way to paint a pretty image out of these numbers, but when I saw the balance sheet this evening i thought it was going to be much worse,” he revealed. “Now, granted, there’s a massive hole in liquid assets, there is a pretty big chunk of change in the ventures portfolio.”Less than an hour after publication, the survey had accrued 3,100 responses, with 71% calling for token creation.Twitter survey (screenshot). Source: Zane Tackett/ TwitterSuch a move would be similar to that of fellow exchange Bitfinex, which in 2016 released its UNUS SED LEO token after it was hacked for $70 million in BTC.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Hodlers in loss sit on 50% of BTC supply after $5.7K Bitcoin price dip

Hodlers in loss sit on 50% of BTC supply after $5.7K Bitcoin price dip

Uverejnil používateľ | nov 11, 2022 |

Bitcoin (BTC) is setting unenviable records this week as hodlers big and small battle some major pain.Data from on-chain analytics firm Glassnode shows over one-third of the BTC supply being held at a loss by long-term hodlers (LTHs) — a new all-time high.Long-term holders shoulder record unrealized lossesProfitability has taken a serious hit in recent days, and on-chain data confirms that even the most seasoned investors are suffering.As BTC/USD crashed to two-year lows of $15,600, investors began to lose big, and at current levels of $17,200, the situation is not much better.Glassnode shows that LTHs were holding 35.4% of the BTC supply — over 5.9 million coins — at a loss on Nov. 9, decreasing by only 1% on Nov. 10.Short-term holders (STHs) held another 17% of the supply at a loss, and STHs in profit accounted for just 0.06% of the supply on Nov. 9.Bitcoin relative LTH/ STH supply in profit/ loss chart. Source: GlassnodeA wallet address is classed as an LTH or STH if it has held coins for more or less than 155 days, respectively. The overall number of Bitcoin addresses in profit — 50% — is meanwhile currently at its lowest since March 2020 in the aftermath of the COVID-19 crash.Bitcoin % address in profit chart. Source: GlassnodeBTC/USD sees unprecedented trend line crossoverOther on-chain numbers underscore how profitability has managed to sink so low.Related: Bitcoin price gains $1K in minutes as CPI data deals DXY fresh 2% dipAccording to data from Cointelegraph Markets Pro and TradingView, Bitcoin has seen its 200-day moving average (MA) fall below its 200-week counterpart for the first time ever.In other words, Bitcoin’s price in the past 200 days, in relative terms, has been uniquely low compared to historical patterns.“That’s a new one,” popular Twitter analytics account TXMC Trades commented.BTC/USD 1-week candle chart (Bitstamp) with 200-day, 200-week MA. Source: TradingViewAs Cointelegraph reported, the 200-week MA is a key bear market price line in the sand, which Bitcoin has nonetheless violated consistently this year.The trend line continues to increase, however, and has never gone down.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin price gains $1K in minutes as CPI data deals DXY fresh 2% dip

Bitcoin price gains $1K in minutes as CPI data deals DXY fresh 2% dip

Uverejnil používateľ | nov 10, 2022 |

Bitcoin (BTC) surged $1,000 in five minutes before the Nov. 10 Wall Street open as United States inflation and jobs data boosted risk assets.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewCPI comes in lowest since the start of 2022Data from Cointelegraph Markets Pro and TradingView showed BTC/USD climbing to daily highs of $17,782 on Bitstamp.The pair was just hours from a more-than-two-year low below $15,700 at the time, taking its 24-hour low-to-high to 12.8%.At the time of writing, BTC/USD circled $17,400 with volatility still rampant as U.S. markets opened to digest economic data.This had come in the form of the Consumer Price Index (CPI) print for October, along with jobless claims.Both offered a positive surprise, CPI coming in below expectations and jobless claims above, both implying that the Federal Reserve’s rate hikes were working and that a pivot may come sooner than feared.Analyzing Bitcoin’s reaction to the Binance order book, monitoring resource Material Indicators showed the nearest resistance hurdle at $18,500.“Bear Market Rally is still alive,” part of accompanying comments read.BTC/USD order book data chart (Binance). Source: Material Indicators/TwitterTrading account IncomeSharks was even more optimistic, arguing that $20,000 may return as part of the risk asset rebound.“Bitcoin- Has an easy path back to $20k as Stocks pushing up and positive CPI numbers,” it told Twitter followers.At 7.7% year-on-year, the October CPI readout marked the lowest since January, an accompanying press release confirmed.“The all items less food and energy index rose 6.3 percent over the last 12 months. The energy index increased 17.6 percent for the 12 months ending October, and the food index increased 10.9 percent over the last year; all of these increases were smaller than for the period ending September,” it stated.U.S. Consumer Price Index (CPI) chart. Source: Bureau of Labor StatisticsDXY tanks 2% on economic numbersMeanwhile, an already weakened U.S. dollar index (DXY) felt instant pain at the release, dropping over 2% for the second time in recent days.Related: Analysts urge calm as Tether depegs from USD, Bitcoin loses $17K reboundDXY circled 108.6 at the time of writing, its lowest since Sept. 13.U.S. dollar index (DXY) 1-hour candle chart. Source: TradingViewAt the same time, stocks opened markedly higher, with the S&P 500 up 3.5% and Nasdaq Composite Index gaining 4.6%.Popular analyst John Wick, like others, nonetheless advised caution.“Dollar falling out of the up-channel due to CPI numbers. This giving relief to assets,” he tweeted alongside a DXY chart. “Just because an up-channel is broken does not mean a sustained downtrend always happens. Often another channel may form at a slower rate of assent, or may jump back to original channel.”U.S. dollar index (DXY) annotated chart. Source: John Wick/TwitterThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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