Značka: CryptoQuant

10,000 BTC moves off crypto wallet linked to Mt. Gox hack

10,000 BTC moves off crypto wallet linked to Mt. Gox hack

podľa | nov 24, 2022 | 0 |

A crypto wallet belonging to the shutdown crypto exchange BTC-e has just moved 10,000 Bitcoin (BTC), currently worth over $165 million, to various exchanges, personal wallets, and other sources on Nov. 23.A Nov. 23 Chainalysis report suggested while this withdrawal is the largest made by BTC-e since April 2018, BTC-e and WEX — an exchange which is thought to be BTC-e’s successor — both sent small amounts of BTC to Russian electronic payments service Webmoney on Oct. 26 before making a test payment on Nov. 11, then transferring out a further 100 BTC on Nov. 21.The movement of BTC belonging to BTC-e and WEX wallets. Image: ChainalysisOf the total amount sent, 9,950 BTC is thought to still be located in personal wallets, while the rest was moved through intermediaries before ending up at four deposit addresses in two large exchanges.Blockchain analytics firm Cryptoquant co-founder and CEO, Ki Young Ju, also verified the findings noting 0.6% of the funds were sent to exchanges and may represent sell-side liquidity.In a Nov. 24 tweet, Young Ju shared images of the transfer highlighting the BTC had been in the wallet for over seven years.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.https://t.co/6LnCxFAJfX https://t.co/YdPrvJafxY pic.twitter.com/Sp2higUqbq— Ki Young Ju (@ki_young_ju) November 24, 2022Young Ju also mentioned that 65 BTC had been transferred to the crypto exchange HitBTC and called on them to suspend the account for suspicious activity.Related: Crypto has survived worse than the fall of FTX: ChainalysisMt. Gox was a Tokyo-based cryptocurrency exchange that once accounted for more than 70% of Bitcoin transactions. In 2014, the exchange was hacked with thousands of Bitcoin stolen, the exchange filed for bankruptcy shortly after. BTC-e, which had its servers located in the United States, had its website shut down and funds seized by the Federal Bureau of Investigation (FBI) in 2017 after allegations that it was involved in money laundering, including crypto stolen during the Mt. Gox exchange hack.According to Chainalysis, at the time of its shutdown BTC-e still held “a substantial amount of Bitcoin,” and in April 2018 moved over 30,000 BTC out of its service wallet.While the owners of BTC-e attempted to remain anonymous, Alexander Vinnik is thought to be the main operator and has been embroiled in legal battles for the last five years as a result.A WizSecurity report released in 2017 alleged that BTC-e and Vinnik were directly involved in the theft of Mt. Gox Bitcoin and user funds, with the latter being forced to suspend trading and close its website after the losses.

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Binance CEO shares 'two big lessons' after FTX's liquidity crunch

Binance CEO shares 'two big lessons' after FTX's liquidity crunch

podľa | nov 9, 2022 | 0 |

Binance CEO Changpeng “CZ” Zhao has shared his take on “two big lessons” to be learned from the FTX saga, saying cryptocurrency firms shouldn’t use their own tokens as collateral and should also keep “large reserves.”In a Nov. 8 tweet, Zhao laid out two learnings after the significant “liquidity crunch” at FTX which has ultimately resulted in a non-binding letter of intent from Binance to acquire the struggling exchange.Two big lessons: 1: Never use a token you created as collateral. 2: Don’t borrow if you run a crypto business. Don’t use capital “efficiently”. Have a large reserve.Binance has never used BNB for collateral, and we have never taken on debt.Stay #SAFU.— CZ Binance (@cz_binance) November 8, 2022Zhao shared that his first lesson is to ensure a firm’s collateral should not consist of a token that it has created, and claims his exchange’s token — Binance Coin (BNB) — has never been used as collateral for its services.FTX’s liquidity issues appeared to have come after a Nov. 6 tweet from Zhao saying Binance would be liquidating its holdings of FTX token (FTT) following “recent revelations” related to reported ties between FTX and the trading firm Alameda Research showing the firm had significant FTT holdings.While Binance does not currently disclose proof of what reserves it uses as collateral, Zhao mentioned in a Nov. 8 tweet that in an effort to be fully transparent Binance will soon provide proof of reserves, adding: “Banks run on fractional reserves. Crypto exchanges should not.”Zhao’s second lesson from the downfall of FTX is that crypto businesses shouldn’t be borrowing, and instead should opt to maintain large reserves — which could be in reference to FTX users complaining of sluggish withdrawals on Nov. 7, sparking rumors the exchange didn’t have enough to cover user funds.Related: Bitcoin price hits 2-week lows as FTX ‘bank run’ drains BTC reservesZhao’s tweet confirming Binance’s FTT holdings liquidation ended up triggering what some called a “bank-run” on the exchange, with analytics platform CryptoQuant data revealing that FTX’s Bitcoin (BTC) balance had fallen by 19,956 on Nov. 7 alone. At the time of writing, FTT is down 75% in the last 24 hours, with the last price around $5.70 at the time of writing compared to its opening price of $22.14.

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Wealthy Coinbase clients are still 'hodling' Bitcoin since December 2020, data suggests

Wealthy Coinbase clients are still 'hodling' Bitcoin since December 2020, data suggests

podľa | máj 31, 2022 | 0 |

Bitcoin’s (BTC) price dropped by more than 50% after peaking out at $69,000 six months ago but the plunge did little in forcing some of its wealthiest investors into selling.Notably, the number of Bitcoin under Coinbase Custody for institutional clients rose by 296% since Q4 2020, showcasing the most investors decided to “hodl” onto their investments despite BTC price down well over 50% from its all-time highs.JUST-IN: #Bitcoin under @Coinbase Custody for institutional clients increased by 296% since Q4’20. pic.twitter.com/iILge2Cane— CryptoQuant.com (@cryptoquant_com) May 30, 2022For instance, institutions that deposited 10,939 BTC (~$335 million at today’s price) with Coinbase Custody in December 2020, when BTC/USD was around $23,000, have not moved since, on-chain data from CryptoQuant shows.Ki Young Ju, CEO of CryptoQuant, noted: “For most cases, the same amount of BTC is still in the (custodian) wallets, which flowed out from Coinbase for highly likely institutional purchases in December 2020.”Coinbase custodial wallets comparison. Source: CryptoQuant/Ki Young JuIf this is the case, then these institutions are currently sitting on 30% profits from their BTC investments. Meanwhile, their decision to not unwind their Bitcoin positions, even when BTC/USD has plummeted by more than half, underscores their strong “hodling” sentiment.That also points to institutions’ ability to withstand additional declines in the Bitcoin price, at least until it drops below the investors’ breakeven level of $23,000.Bitcoin bear market not over?Bitcoin’s price has been fluctuating inside the $29,500-$30,500 range since May 12, underscoring the market’s indecision in a higher interest rate environment.Related: On-chain data flashes Bitcoin buy signals, but the bottom could be under $20KBut several technical analysts anticipate that BTC’s price would continue its prevailing downtrend. For instance, PostyXBT, an independent market analyst, argues that the token could fall toward its 200-week moving average (the $20,000-22,000 range) next, as shown in the setup below.BTC/USDT weekly price chart. Source: PostyXBT/TradingViewMeanwhile, Popular analyst Rekt Capital adds that a drop toward the 200-week MA could also have Bitcoin form a bearish wick, which might take its price to as low as $15,500-$19,000.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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Ethereum eyes mini breakout above $3K as Coinbase ETH outflows hit new record

Ethereum eyes mini breakout above $3K as Coinbase ETH outflows hit new record

podľa | máj 4, 2022 | 0 |

Ethereum’s native token Ether (ETH) is poised for a mini bull run above $3,000 primarily due to a classic bullish reversal pattern on its shorter-timeframe chart, and a huge spike in ETH outflows from Coinbase.ETH price forming falling wedgeETH’s price has been forming a falling wedge pattern since late March 2022, which raises its prospects of undergoing a breakout move in May.Falling wedges appear when the price trends lower inside a range defined by two descending, contracting trendlines. As a rule of technical analysis, these wedges resolve after the price breaks out of their range to the upside and rises to a level at length equal to the maximum distance between the pattern’s upper and lower trendline when measured from the breakout point.ETH/USD daily price chart featuring falling wedge setup. Source: TradingViewThe maximum falling wedge height is around $395. Suppose ETH’s price closes above $2,850, the potential breakout point, accompanied by an increase in trading volume, its likelihood of rising by another $395 (toward $3,150) will be higher.Coinbase ETH outflows hit all-time highThe interim upside outlook in the Ether market coincides with bullish on-chain data.Notably, the number of ETH leaving Coinbase, the second-largest crypto exchange by volume, reached its highest level on May 3, data from CryptoQuant shows.$ETH Coinbase Outflow hits an all-time-highLive Chart https://t.co/PiITw2ZFf3 pic.twitter.com/tlFQndUhvQ— CryptoQuant.com (@cryptoquant_com) May 4, 2022Simultaneously, the ETH balance on all the crypto exchanges fell on May 3 to its lowest level since August 2018, according to one of Glassnode’s on-chain metrics.Ethereum balance on exchanges. Source: GlassnodeBoth indicators imply a surge in traders’ preference to hold Ethereum tokens over trading them for other assets. They also coincide with a recent recovery in the upside sentiment of small Ether traders, namely an increase in the number of addresses that have a minimum balance of 0.1 ETH, 1 ETH and 10 ETH.Ethereum number of addresses with balance ≥ 0.1 ETH, 1 ETH, and 10 ETH. Source: GlassnodeThe Ethereum balances tick higher across the retail addresses as Ether’s price trends lower, indicating that traders have been buying ETH at local lows. That further supports the falling wedge’s bullish reversal setup.Bearish long-term prospectsEther’s likelihood of crossing the $3,000-level has not plucked it out of its prevailing, long-term bearish setup, however. As Cointelegraph covered earlier, ETH risks breaking below its ascending triangle range in Q2/2022 with its downside target sitting anywhere between $1,820 and around $2,670, depending on the breakout point.ETH/USD daily price chart featuring ‘ascending triangle’ setup. Source: TradingViewAdditional downside cues come from macro fronts, with Ethereum — like its top rival Bitcoin (BTC) — still holding its positive correlation with U.S. stocks in a sign that it would tail the traditional markets downward due to a common factor: a hawkish Federal Reserve. ETH/USD and S&P500 correlation coefficient. Source: TradingViewThe U.S. central bank will release a policy statement on May 4 at 2 pm EST, followed by chairman Jerome Powell’s press conference at 2:30 pm EST. Officials have signaled that they would increase benchmark rates by 0.5% and approve plans to unwind their $9-trillion asset portfolio.Related: Smart money is accumulating ETH even as traders warn of a drop to $2.4KResearchers from Strategas Research Partners and Morgan Stanley anticipate that the U.S. benchmark index, the S&P 500, will decline by another 15-16% into 2022, reports Bloomberg. As a result of its consistent positive correlation, ETH also faces similar downside prospects this year.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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$1.1B in Bitcoin options expire on Friday, but data points to a sub-$55K BTC price

$1.1B in Bitcoin options expire on Friday, but data points to a sub-$55K BTC price

podľa | dec 8, 2021 | 0 |

Bitcoin (BTC) bulls are still licking their wounds from the bloody Dec. 4 correction which saw the price collapse from $57,000 all the way to $42,000. This 26.5% downside move caused $850 million in long BTC futures contracts to be liquidated, but more importantly, it shifted the “Fear and Greed index” to its lowest level since July 21.Bitcoin/USD price at FTX. Source: TradingViewIt is somehow strange to compare both events, as the July 21 sub $30,000 low would have erased the entire gains in 2021. Meanwhile, the $42,000 low from Dec. 4 is still a 44% gain year-to-date. Compare this against the S&P 500 which is up 21% in 2021 and the WTI oil price which has accrued a 41% gain.Bulls might be focused on the Bitcoin reserves held at exchanges, which continues to descend and currently sits at the lowest level in 3 years. According to data from CryptoQuant, there are now less than 2.27 million BTC deposited at exchanges and having fewer coins available for trading signals that investors are unwilling to sell in the short term. This is a dynamic that many investors consider to be bullish.Even with the apparent balance between call (buy) and put (sell) options on Friday’s $1.1 billion expiry, bears are better positioned after Bitcoin stabilized slightly above $50,000.Bitcoin options aggregate open interest for Oct. 10. Source: CoinGlassA broader view using the call-to-put ratio shows a modest 7% advantage to Bitcoin bulls because the $555 million call (buy) instruments have a larger open interest versus the $520 million put (sell) options. However, the 1.07 indicator is deceptive because the 11.5% price drop over the past week caused most bullish bets to become worthless.For example, if Bitcoin’s price remains below $52,000 at 8:00 am UTC on Dec. 10, only $50 million worth of those call (buy) options will be available. That effect happens because there is no value in the right to buy Bitcoin at $55,000 if it is trading below such price.The numbers suggest that bulls are set for a major lossBelow are the three most likely scenarios based on the current price action. The number of option contracts available on Dec. 10 for bulls (call) and bear (put) instruments vary depending on the expiry BTC price. The imbalance favoring each side constitutes the theoretical profit:Between $47,000 and $50,000: 400 calls vs. 6,600 puts. The net result is $300 million favoring the put (bear) instruments.Between $50,000 and $54,000: 1,700 calls vs. 4,700 puts. The net result is $160 million favoring the put (bear) instruments.Above $54,000: 2,400 calls vs. 2,900 puts. The net result favors the put (bear) options by $30 million.This crude estimate considers the call options being used in bullish bets and the put options that are exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.For instance, a trader could have sold a call option, effectively gaining a negative exposure to Bitcoin above a specific price. But, unfortunately, there’s no easy way to estimate this effect.Bears will do their best to hold BTC below $50,000Bitcoin bears need a gentle push to sub-$50,000 to score a $300 million profit. On the other hand, bulls would need a 7.2% price recovery from the current $50,500 to reduce their loss by half.Considering the $2 billion liquidation of leverage long positions on Dec. 4, bulls are likely trying to stay afloat and will be unwilling to add more risk right now. It would be unnecessarily ineffective for bullish investors to waste their efforts trying to salvage this short-term loss. So in this instance, bears look set to maintain the upper hand in this weekly options expiry.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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