Autor Cointelegraph By Yashu Gola

Bitcoin on-chain data hints at institutions 'deploying capital' at expense of 'hodlers'

Bitcoin on-chain data hints at institutions 'deploying capital' at expense of 'hodlers'

Uverejnil používateľ | feb 12, 2022 |

“Sophisticated passive buying” on Bitcoin (BTC) spot exchanges coincides with the trend of BTC leaving exchanges to cold storage.Adjusted Bitcoin supply shock. Source: Willy WooThe price recovery witnessed in the Bitcoin market across the last two weeks coincided with a rise in hodlers and speculative investors selling their coins, according to data provided by researcher Willy Woo. Nonetheless, BTC’s price ability to withstand the selling pressure meant there was buying pressure coming from elsewhere. As Cointelegraph reported earlier this week, so-called Bitcoin whales are accumulating BTC at current price levels.”This selling is contrasted by exchange data showing sophisticated passive buying on spot exchanges and movement of coins to whale-controlled wallets,” wrote Woo, adding:”This view is supported by coins moving away from exchanges to cold storage. Meanwhile, whales who hold more than 1,000 BTC ($45m) are accumulating. This hints at institutional money deploying capital.”Bitcoin exchange net flows and deposits to/from whale wallets. Source: TradingViewDespite the price of Bitcoin retreating going into the weekend, the rise in whale addresses controlling 1,000 to 10,000 BTC has also not gone unnoticed by on-chain data resource Ecoinometrics.The #Bitcoin whales addresses are on a buying spree… so even though BTC could dip following a stock market crash there are signs long term holders find the current price to be a good entry point. pic.twitter.com/z0xSR5pzml— ecoinometrics (@ecoinometrics) February 12, 2022BTC price targetsHunain Naseer, a researcher at OKEx, said Bitcoin would need more time to consolidate ahead, given its recent rejections and deviation from its 20-day moving average, as shown in the chart below. Nonetheless, reclaiming $46,000 would likely have BTC’s price test $50,000 next.BTC/USD daily price chart with blue arrows marking recent Fridays. Source: OKX/TradingViewOn the other hand, Woo called $33,000 a solid bottom for Bitcoin, given the recent selling sentiment among hodlers and speculative investors. As Cointelegraph reported, $40,000 remains a key level to hold while $46,000-$48,000 remains a heavy resistance area for the bulls. 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's 30% recovery in two weeks has BTC whales back in accumulation mode

Bitcoin's 30% recovery in two weeks has BTC whales back in accumulation mode

Uverejnil používateľ | feb 11, 2022 |

Bitcoin (BTC) addresses holding at least 1,000 BTC, the so-called whales, have started accumulating more tokens during the recent market recovery. As of Feb. 10, the total supply in these addresses was 8.096 million BTC versus 7.95 million on Jan. 24, according to data from Coin Metrics.Bitcoin whales and institutional inflowsThe buying sentiment among the richest crypto investors picked momentum during Bitcoin’s recovery in the past two weeks as BTC rebounded from its 2022 low of $33,000 on Jan. 24 to around $43,500 on Feb. 11.Bitcoin supply in addresses greater than 1,000 BTC. Source: Coin Metrics, MessariSmall Bitcoin investors, addresses that hold less than 1 BTC, so-called “fishes,” also joined the accumulation spree during the recent Bitcoin price rebound.Meanwhile, data resource Ecoinometrics shows the Coin Metrics data in the form of clusters, showing a synchronous accumulation behavior among the Bitcoin whales and fishes. Interestingly, the clusters looked the same as they did in the days leading up to BTC’s record high of $69,000 in November 2021.Bitcoin on-chain divergence. Source: Coin Metrics, Ecoinometrics”Once more this cycle, this rebound in price correlates pretty well with both the small fish and the whales addresses buying simultaneously for an extended period of time, wrote Nick, the analyst at Ecoinometrics, in a note published Fed. 7, adding:”I don’t know if this signal is going to continue being predictive of a sustained rally, but hey, for now it is working fine.”A report published by CoinShares this week also showed a rise in inflow across crypto funds last week. Notably, the capital injections into these funds quadrupled to $85 billion, with $71 million flowing into Bitcoin-focused investment products, suggesting renewed institutional interest is also buoying  BTC’s price recovery.Net flows into digital assets as of Feb. 4, 2022. Source: CoinShares, Bloomberg”Right now it is just warming up”Nick suggested that Bitcoin has enough room to grow its valuation in the coming months, citing a so-called “aggregated risk score,” derived from four parameters that are: risk of overextended market, risk of low-demand, high-supply situation, risk of holders taking profits, and risk of increased selling pressure.Related: Bitcoin rejects sell-off as 7.5% US inflation fails to keep BTC down for longThe outcome is represented in colors, with red and blue suggesting a hot and cool market, respectively. The hotter the market, the higher the selling pressure.”Right now it is just warming up,” the Ecoinometrics analyst said, adding that “in theory, there is no obstacle to the price rising much higher except for the lack of momentum.”Bitcoin aggregated risk level. Source: EcoinometricsBTC price levels to watchMeanwhile, on-chain data tracking planform WhaleMap projected $46,200-$49,000 as Bitcoin’s “current resistance range,” citing higher trading activity inside the price area in the past. Similarly, the firm noted that the $41,400-$42,400 range is now acting as support, as shown in the chart below.Bitcoin volume profile. Source: WhaleMap”Closest on-chain resistance according to whale accumulations is only at ~$47,000,” it noted.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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Top dogs: Newbie Shiba Inu bites back, gains 25% vs. Dogecoin in February

Top dogs: Newbie Shiba Inu bites back, gains 25% vs. Dogecoin in February

Uverejnil používateľ | feb 10, 2022 |

Shiba Inu (SHIB) is now the 13th-largest cryptocurrency with its market valuation sitting near $18 billion, right behind its rival meme-cryptocurrency Dogecoin (DOGE), worth roughly $20 billion.But despite falling behind in ranks, SHIB’s price has outperformed DOGE in 2022. February has seen a sharp recovery for the SHIB/DOGE pair, in particular, rising by over 38% month-to-date (MTD). As a result, Shiba Inu gained more than 50% MTD against the dollar versus Dogecoin’s 11%, as shown in the chart below.SHIB/USDT vs. DOGE/USDT daily price performance. Source: TradingViewMost of the February’s — and, in fact, 2022’s — gains in the SHIB market surfaced on two dates: Feb. 6 and 7. SHIB’s price rose by a net 41% led by back-to-back optimistic updates in the Shiba Inu market compared to DOGE’s 12.5% gain.Welly’s adoption, burn party, other bullish catalystsShiba Inu’s rally in February primarily came in the wake of multiple bullish catalysts, including merchant adoption, a token burning event, and the announcement of a layer-2 blockchain solution.On Feb. 3, Welly’s — a fast-food chain selling burgers and french fries — announced a tie-up with Shiba Inu. In doing so, the firm decided to rebrand its stores to integrate Shiba Inu-themed products, including non-fungible tokens (NFTs) featuring their mascot dog’s imageries.SHIB X WELLY (.@wellyfriends)! Exceptional Shib Branded Fast Food available NOW, Shib Ecosystem integration, Global Store Expansion and our first bold step into “in-real-life” products all explained in this medium! Don’t eat like a clown, eat WELL. https://t.co/jgs4pWQNHw— Shytoshi Kusama™ (@ShytoshiKusama) February 2, 2022Welly’s customers will be able to buy their products using SHIB tokens while participating in their food chain’s expansion via Shiba Inu’s decentralized autonomous organization “Doggy DAO.” A day after the announcement, SHIB’s price rose by 7% to $0.00002219.On Feb. 5, a day before the big Shiba Inu rally, crypto company Bigger Entertainment announced a massive “coin burn” involving SHIB tokens on Valentine’s Day, effectively removing 162 million SHIB from circulation. On the same day, Singaporean blockchain solutions firm Unification, which has previously worked with Amazon and Google, announced that it had been engaging with the Shiba Inu creators to develop a layer-2 solution called Shibarium, optimized for gaming.In contrast, Dogecoin’s ecosystem stayed far from hype-building scenarios and traded, more or less‚ in sync with broader crypto market trends. Its last big update came on Jan. 14, when billionaire entrepreneur Elon Musk announced that his electric vehicle manufacturing company, Tesla, would accept payments in DOGE.Tesla merch buyable with Dogecoin— Elon Musk (@elonmusk) January 14, 2022

DOGE rallied to as high as $0.2148 after the Tesla news on Jan. 14 but has since dropped to near $0.1500.Next Shiba Inu hype in focus: metaverseUnlike Dogecoin, Shiba Inu has been holding its recent gains. On Thursday, SHIB was trading merely 5% lower than its year-to-date high of $0.00003523 while eying a breakout above its interim resistance level of $0.00003331.SHIB/USDT daily price chart. Source: TradingViewSHIB held its bullish bias as Shiba Inu creators announced on Wednesday that they would foray into the emerging metaverse sector. In doing so, they would enable users to buy plots on virtual lands. However, they did not disclose when they plan to launch the yet-to-be-named project.The news also helped LEASH, a token that would enable users to purchase and auction lands inside the Shiba Inu metaverse, rally by 45% on Feb. 9. This also coincided with someone purchasing 3.4 trillion SHIB worth almost $116 million in a single sale. On Feb. 8th a new Shiba Inu whale purchased 3.4 trillion $SHIB ($115.9 million USD) SOMETHING BIG COMING!!— Shiba Inu News (@ShibReports) February 10, 2022

But SHIB comes with its own set of risks. For starters, the token’s upside boom has done little in boosting its use case outside the cryptocurrency exchanges. For example, Cryptwerk, an online crypto directory, shows that only 618 merchants globally accept payments in SHIB. In comparison, more than 2,000 merchants have integrated DOGE into their checkout page.Extreme price volatility also puts Shiba Inu at risk of facing massive pullbacks. Related: Is Shiba Inu overheating after SHIB price gains 75% in two weeks?SHIB’s recent history shows that it has corrected 80-90% during its previous two bearish cycles. As the token now eyes a decisive close above $0.00003331 to ensure its long-term bullish bias, a pullback of equal proportion could have it wipe 40% of its recent gains, with the next downside target sitting near $0.00002091.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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Bitfinex-backed LEO soars to record high on supply crunch expectations

Bitfinex-backed LEO soars to record high on supply crunch expectations

Uverejnil používateľ | feb 9, 2022 |

Unus Sed Leo (LEO) surged by almost 70% on Feb. 9 to reach its record highs as traders assessed the potential of an incoming supply crunch in its market.The token was issued in 2016 to refinance crypto exchange Bitfinex after it lost about $70 million worth of Bitcoin (BTC) in a hacking incident. In its original whitepaper explaining LEO, Bitfinex had promised that if they could recover the lost funds, they would use 80% of the proceeds to buy back and burn LEO.Around 80% of stolen Bitcoin recoveredOn Feb. 8, the U.S. Department of Justice (DOJ) announced that it last week had seized over $3.6 billion worth of Bitcoin stolen — around 94,000 BTC — from Bitfinex in 2016, valued as per the current bitcoin-to-dollar exchange rates. Overall, Bitfinex had lost 119,754 BTC to the hack, meaning the cryptocurrency tied to the incident was worth around $4.5 billion at the time of DOJ’s seizure.Bitfinex confirmed its promise to use the recovered funds to buy back and burn LEO tokens in a statement issued Tuesday, noting that the process would complete within 18 months of the date it receives the amount.DOJ officials told the press that they plan to set up a court process for victims to reclaim their stolen Bitcoin funds. Nonetheless, they did not disclose how long the process would take to finish. If past is any indication, crypto refunds tied to exchange-related hacks take time. For instance, victims of Mt. Gox’s $460-million hack — from 2013 — are still waiting for their refunds.But LEO bulls ignored such red flags and went ahead with raising their bids for the token this Tuesday, anticipating that the upcoming supply crunch would make the token more valuable in the long run. As it happened, LEO’s price rose to its all-time high of $8.144, only to follow the upside move with a correction that saw the token going to as low as $7.04 early on Wednesday.LEO/USD daily price chart. Source: TradingViewMixed outlook for LEOAdam Cochran, Partner at activist venture capital firm Cinneamhain Ventures, identified problems with the ongoing LEO price rally, noting that not all the recovered funds would go through Bitfinex unless those holdings belong to the exchange themselves.”There could, of course, be some weird deal structure in place, with the custom tokens Bitfinex issued, where they essentially claim they bought the loss off of other customers and so the Bitcoin is theirs and they can claim it all, and then later distribute,” the executive tweeted Tuesday, adding that he “personally” won’t be purchasing LEO while expecting a quick buyback from Bitfinex.6/6But if you are buying LEO for recovery plans, I’d dial down the % chance it happens that way, and maybe wait for impatient buyers who expect an instant recover to sell into stronger hands over coming months.— Adam Cochran (adamscochran.eth) (@adamscochran) February 8, 2022Related: Bitfinex hack recovery spurs crypto community responsesConversely, Alexander Mamasidikov, co-founder of crypto wallet service, MinePlex, called the recovery of Bitfinex funds a “right fundamental” that could back LEO’s growth in the future.”Native to Bitfinex, LEO has the chance of tagging along with the future ecosystem growth of the trading platform, a move that is billed to guarantee the coin’s continuous uptrend,” said, adding:”LEO is arguably underpriced when compared to the native tokens of its major competitors. In the mid-term, LEO is poised to touch the $10 resistance point while a quarterly close of $12 is likely should this current growth pace be sustained.”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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$4K Ethereum by July? ETH price posts fastest recovery to date from 50% drawdown

$4K Ethereum by July? ETH price posts fastest recovery to date from 50% drawdown

Uverejnil používateľ | feb 9, 2022 |

The price of Ether (ETH) has pulled back to retest $3,000 support levels on Feb. 9 after Ethereum’s native token reached a three-week high.  ETH price climbs to three-week highTo date, ETH price has recovered by roughly 50% after the ETH/USD trading pair bottomed near $2,150 on Jan. 24.ETH/USD daily price chart. Source: TradingViewETH price jumped on Feb. 7 in part due to KPMG, one of the world’s four accounting giants, announcing that the firm is adding Bitcoin (BTC) and Ether to its Canadian division’s balance sheet. Bitcoin rallied to over $45,500 in the wake of the news, its best level in almost a month. However, the Big Four accounting giant chose not to disclose the degree of its exposure in the Bitcoin and Ether markets. But KPMG did state that it is helping its clientele “navigate” the world of crypto assets.Anthony Pompliano, partner at Pomp Investments, called KPMG’s move “incredibly forward-thinking,” noting that their involvement would strike confidence in their clients that might have been considering adding crypto assets to their balance sheets. Excerpts from his note published Tuesday:”Over a long enough timeframe, it feels like corporate demand will continue to explode and these assets will benefit from persistent buys, along with long-term holders, for years and decades to come.”ETH to $4K next?Ether price recently logged its seventh 50% drawdown in history in what many called a new “crypto winter.” But the ETH/USD pair recovered half of its losses by rising from its bottom level of $2,150 to as high as $3,234 in less than three weeks.ETH/USD daily price chart with Fibonacci-based support/resistance target levels. Source: TradingView This was Ether’s fastest recovery to date from a bearish cycle, compared to its average recovery time of 165 days, notes a new report by Arcane Research.”ETH decreased 94% from its ATH during the 2018 crypto winter, compared to the 50% dip in March 2016, which recovered in just 67 days,” Arcane Research wrote, adding:”Ethereum and the broader crypto ecosystem look very different from 2016-2018. Still, if history is any indication, and leaving out a new glacial period like 2018, we could perhaps see prices back in the $4,000 range as early as July 2022.”Related: Ethereum eyes $3.5K as ETH price reclaims pandemic-era support with 40% reboundETH drawdown from ATH. Source: Arcane ResearchChris Burniske, a partner at Placeholder — a New York-based venture capital firm, also offered a bullish outlook for Ethereum albeit based on its expected transition this year to proof-of-stake from proof-of-work.  “2H 2022 could be great for ETH if the merge happens on schedule and the market structure of the asset goes through a huge shift from PoW to PoS.”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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