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Cryptocurrency

Bitcoin鈥檚 Price Stands Still but These BTC Wallets Are Making Big Moves: Data

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Bitcoin鈥檚 price actions in the past several days have been quite uneventful, with little to no movements after last week鈥檚 recovery from the sub-$40,000 dip.

However, data from Santiment shows that some of the largest investors have been using this moment to move sizeable portions of their holdings.

The analytics company highlighted the decline of certain wallets holding between 100 and 1,000 BTC. Such investors have dropped by 1.1% in less than a week.

Moreover, their number is down to 13,735 鈥 the lowest since November 2022 鈥 when BTC鈥檚 price slumped amid the FTX bankruptcy and the shockwaves it sent through the entire industry.

It鈥檚 not all negative, though. While these more retail-oriented investors have been disposing of their assets after the ETF approvals in the States, whales鈥 behavior has been exactly the opposite.

Within the same 6-day timeframe, Bitcoin whales, holding between 1,000 and 10,000 BTC, have grown their stashes by 2.5%. In other words, there are 47 new such wallets created within less than a week.

Their number is currently at 1,958 鈥 the highest since November 2022.

In this same time period, BTC鈥檚 price has been quite sluggish. Aside from a few brief and unsuccessful attempts to overcome $44,000, the cryptocurrency has been trading predominantly in a tight range of between $41,000 and $43,000.

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Cryptocurrency

BTC Rejected Off $64,000 As Crypto Market Suffers $600 Million Of Liquidations

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The price of Bitcoin (BTC) experienced massive volatility on Wednesday, soaring to nearly $64,000 before sinking again to $60,500 within one hour.

Amid the chaos, crypto traders have experienced $638 million in liquidation over the past 24 hours, including $391 million of liquidations in the past 4 hours alone.

  • According to Coinglass, about $55 million of liquidations in the last hour impacted a consortium of little-known altcoins, while $96 million was liquidated on BTC trades directly.
  • Meanwhile, ETH traders suffered $45 million of liquidations, and DOGE traders lost $29 million.
  • In the past 24 hours, a massive 168,988 traders were liquidated. The largest single liquidation occurred on OKX on a BTC-USDT trade for $9.45 million.
  • The price of BTC is $61,400 at writing time, up 21% within the past five days alone.
  • Many credit the asset鈥檚 recent surge to the launch of several bitcoin ETFs last month.
  • BlackRock鈥檚 Bitcoin ETF 鈥 the largest of all newcomers 鈥 now holds over $8 billion in BTC, and absorbed a record $520 million of flows on Tuesday.
Bitcoin / USD. Source: TradingView
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BlackRock Bitcoin ETF Smashes Daily Inflow Record, Ranks 2nd In United States

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BlackRock鈥檚 Bitcoin (BTC) ETF has cracked a new daily inflow record, helping push Bitcoin鈥檚 above $60,000 for the first time since November 2021.

The iShares Bitcoin Trust (IBIT) absorbed another $520 million on Tuesday, bringing the fund鈥檚 total flows since launch above $6.5 billion. Furthermore, thanks to Bitcoin鈥檚 rising price during that period, the value of the firm鈥檚 Bitcoin stash has appreciated to over $8 billion.

BlackRock Breaking Record

By comparison, Fidelity鈥檚 Bitcoin ETF now holds $5.6 billion in BTC, but absorbed a much smaller $126 million flow on Tuesday.

Meanwhile, Grayscale 鈥 IBIT鈥檚 largest competitor 鈥 suffered another $125 million of outflows. Though Grayscale still bears a significant lead in total assets at $25 billion, BlackRock鈥檚 ETF is slowly gaining ground against the incumbent fund due to its much lower management fee.

According to Bloomberg ETF analyst Eric Balchunas, BlackRock鈥檚 stellar inflow figure made it the number two ETF for inflows in the United States yesterday, only behind BlackRock鈥檚 iShares Core S&P 500 ETF (IVV).

鈥淭his means a good portion of that massive volume was new buying vs arb/algo,鈥 Balchunas wrote to X on Tuesday.

The analyst also noted that individual trades for IBIT鈥檚 ETF surpassed those of both the SPY and QQQ. This suggests that a large component of buyers trading the ETFs are retail-based 鈥 an unexpected finding given the ETF鈥檚 popularity as an institutional trading ground.

Bitcoin ETFs And Surging Price

The price of Bitcoin has skyrocketed by over 25% in the past five days, now trading at over $63,000 at writing time. Many analysts credit its success to the launch of Bitcoin spot ETFs, which have collectively absorbed over $6.7 billion of flows since going live on January 11.

After 30 days, BlackRock and Fidelity鈥檚 Bitcoin funds had already broken records as the two most successful ETF launches in history based on flows. BlackRock also tapped a new daily high for trading volume on Monday, surpassing $1.3 billion and entering into the top 11 ETFs in the country by volume.

Bitcoin now approaches its all-time high of $69,000 USD, though, in some currency denominations, it has already broken its prior records. For instance, one BTC is now worth over 95,000 Australian dollars, compared to $87,000 at its peak in November 2021.

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Cryptocurrency

3 Catalysts That Suggest More Gains for Bitcoin After Price Broke $60K

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Bitcoin surged above $61,000 on Wednesday, marking its highest level since November 2021. The rally seems fueled by significant inflows into US-based spot Bitcoin ETFs.

With bullish momentum building, all eyes are on the leading crypto asset鈥檚 trajectory, and data suggest that it might be able to break its previously established all-time high of $69,045.

MVRV Ratio Signals Buying Opportunity

The MVRV Ratio, derived from dividing an asset鈥檚 market capitalization by its realized capitalization, serves as a pivotal metric in cryptocurrency trading. When below 1, it indicates most holders are at a loss, signaling a potential buying opportunity.

On the other hand, a rising ratio suggests increased profit-taking, potentially leading to selling pressure and market corrections.

Historically, an MVRV Ratio nearing 4 signaled market tops, though this threshold has decreased in each cycle. According to Intotheblock鈥檚 latest observation, the value stands at 2.22, essentially hinting at a bullish market that is not yet excessively overheated.

Bitcoin MVRV. Source: ITB
Bitcoin MVRV. Source: ITB

Subdued Retail Crowd

Despite Bitcoin鈥檚 remarkable price movement, current data suggests an absence of retail investors. While there has been a rise in the number of new addresses, Intotheblock said it is likely attributed to active market participants engaging with Ordinals.

However, new addresses have since declined and remain relatively consistent. The same pattern is observed with active addresses. Both Google trends and app store data show no significant surge in retail interest yet.

On-chain volume is gradually increasing, reminiscent of the early phases of the 2021 bull market, but it has not reached the frenzy levels seen during the peak.

This implies that institutional investors might be driving this phase, with attention focused on ETFs as potential accumulators.

Meanwhile, those monitoring altcoins are speculating on whether renewed retail interest will shift Bitcoin鈥檚 upward trend towards broader market movements. However, the upcoming halving could change this dynamic and push the crypto asset to a new peak.

Bitcoin Halving: A Major Catalyst

The analysis from ITB suggests that the upcoming Bitcoin halving in April typically triggers a surge in price according to historical patterns. However, in the current cycle, the price rally has occurred earlier than anticipated.

This deviation may imply that investors are aware of the potential impact of the halving and are adjusting their investments accordingly ahead of time. In short, these market players are anticipating and acting upon the expected price movement associated with the halving event well before it actually takes place.

Bitcoin Price History. Source: ITB
Bitcoin Price History. Source: ITB
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