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⚡️Daily analysis of the cryptocurrency market from open and closed sources. @Disclaimer_information @PaidPromotion_only @Insider_Private Channel owner:- @MrBybit
#BTC_Update
Since April 24th of last year, starting from a level of $27.5K, there has been a decrease in address activity within the network. At present, the metric indicates a historical maximum.
The largest consolidation of funds may be a manifestation of the market growth expectation in response to the upcoming halving and may indicate increased optimism among market participants.
Activity Formula: (addresses received - addresses sent) / active addresses
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According to DL News, OpenSea CEO Devin Finzer revealed that OpenSea has received acquisition intentions and remains open to potential acquisitions, but did not specify when and who would acquire it, and said that OpenSea is not actively looking for acquirers at present. — link
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U.S. CFTC Chairman Rostin Behnam expressed concern about the risks posed by the recently approved spot Bitcoin ETF products and once again called for federal-level legislation to regulate cryptocurrencies. He said there are currently no good measures to address opaque and inconsistent practices in the digital asset cash market. — link
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#BTC_Update 2W
I think we will get one final runup towards the #Bitcoin
After that, we will get one final correction, and then the big bull run starts! 🚀
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#Bitcoin is up +33% since the July 2023 highs.
BTC mining stocks are down -32% over the same period.
#Bitcoin is up +69% since the Sept.'23 lows.
BTC mining stocks are up +56% over the same period.
Smells like another arbitrage. 🤔
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#el_crypto_prof
#Altcoins and The Wyckoff Method.✅
Most people out there will (once again) not be prepared for this scenario. The important thing is that you're.🤝🔥
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🇺🇸December PCE inflation, the Fed's preferred inflation measure, was unchanged at 2.6%, in-line with expectations.
Core PCE inflation fell to 2.9%, below expectations of 3.0%.
This is the lowest Core PCE inflation number since April 2021.
A welcomed sign by the Fed.
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OKX announced that it will shut down Bitcoin mining pool products and related services in the near future based on business adjustments, and will close all mining pool products and related services on February 26, 2024. — link
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Chairman and CEO Mark Zuckerberg continues to dump shares of $META at lightning speed, selling 59,043 shares worth $22.9 million. He has sold more than $500 million worth of shares since November.
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#BTC_Update Support and Resistance 🚧
👉 Price [USD]: 40.1К
STH 1W-1M Realized Price: 43.4K
STH 1M-3M Realized Price: 39.7K
SMA 111D: 38.2K
STH Realized Price: 38.1K
Adjusted Realized Price: 38.1K
SMA 200D: 33.6K
SMA 365D: 30.5K
STH 3M-6M Realized Price: 28.0K
Realized Price: 22.6K
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Watch what they do, not what they say
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👀
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Elon Musk has ended the 2023 year $100 billion richer than at the start of the year, to bring his net worth back to $235 billion, per Bloomberg.
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#WhaleWire
Even if a US #Bitcoin ETF was ever approved, it would have some of the lowest demand in history, which many maxis refuse to admit.
Just look at the European markets. The Jacobi #Bitcoin ETF launched and not a single person has bought in since November 2nd.
The total volume since launch is $1.7 million, which is embarrassingly low.
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According to sosovalue, the total net inflow of Bitcoin spot ETF on January 26 was US$14.81 million, of which Grayscale GBTC had a single-day net outflow of US$255 million. Other ETFs except Grayscale have a total net inflow of US$269 million, and Grayscale GBTC still holds US$20.058 billion in net assets. — link
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#thescalpingpro
#ETH is ready to pump hard 🚨
Everytime $ETH has tested this long-term upwards sloping trendline, we have seen an aggressive upside rally. Price broke down below the trendline support a few weeks back but quickly reclaimed it.
It looks like ETH/BTC is currently confirming the trendline back into support. If the support is still valid, we must see a strong reaction and continuation from here.
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The U.S. CFTC said it has pinned down several fraud schemes involving references to AI. One of them caused the loss of 30,000 bitcoins worth about $1.7 billion at the time. Scammers are making claims that it can generate huge returns using bots, trade signal algorithms, crypto-asset arbitrage algorithms, and other AI-assisted technology. — link
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Bloomberg analyst James Seyffart said the chance of spot Ethereum ETFs being approved in May is about 60%, but the SEC has many ways to delay it. If the SEC is willing to approve, they will likely do so on May 23. If approval in May is unsuccessful, Seyffart said the resolution will be delayed until 2025. — link
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#DaanCrypto
$ETH Important area here. I think this is mostly bleeding due to the high amount of ETH Celsius has been selling recently.
Keep an eye on where this makes a higher low after that initial +30% rally of the lows.
Could make for a good play after.
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🔡🔡🔡🔡
FT points out the centralization risk raised by Coinbase being the custodian for 8 of 11 #Bitcoin ETFs.
BlackRock says its bitcoin custodian has insurance coverage “of up to $320M that covers losses of the digital assets" backing up $2B in #Bitcoin at this time 😮
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#glassnode
In recent weeks we can see a meaningful uptick in trade volume for both #Ethereum futures and options contracts.
Combined, ETH markets experienced a total trade volume of $21.3B/day, surpassing the average volume of 2023 ($13.9B), but remains far from the typical levels across 2021 to 2022.
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Where's the Ether?
Ethereum is a scarce asset.
The second-largest cryptocurrency has turned deflationary upon the Ethereum merge on the 15th of September 2022, as more Ether is burned through transaction fees than what is issued to Ethereum stakers. This is fairly groundbreaking in the crypto world, as almost all other cryptocurrencies, including Bitcoin, tend to dilute their holders through inflation, often favoring miners over stakers. Since the merge, the total supply of Ethereum has decreased by slightly more than 340,000 Ether, notably, this decrease has occurred even during a period when the broader crypto market has been in a bear market.
At the same time, over 29 million Ether are staked, and a further 15 million is locked in various decentralized protocols, representing a significant portion of the total circulating supply of 120.2 million Ether. While these assets can be unlocked, some immediately and others in the foreseeable future, the majority of these holders, especially stakers, are likely to be long-term holders.
The balance of Ethereum in exchange reserves continues to decline. It has reached its lowest point since mid-2018, partly due to an increasing amount of Ether being locked in protocols, staked, and utilized for transaction fees. This suggests a decreasing likelihood of Ether being sold.
It is only a matter of time before the market recognizes the scarcity of Ethereum on par with that of Bitcoin, with Bitcoin expected to take center stage in April, during which the fourth Bitcoin halving is estimated to occur.
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#BTC_Update 2H
Bitcoin broke down from that red support line, and is bulls are really trying here to flip that white line which is acting as resistance!
The breakout of the descending channel is actually still in play, you can use the 12h 200MA as SL
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#BTC and #ETH liquidation heatmap (3 day)
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#BTC_Update
MVRV Short-Term Holders (STH) is approaching the 0 mark, which may indicate the end of the correction, and the second trigger could be the realized price of STH = $38.1K, below which most holders will stop selling, as the coins will become unprofitable.
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#BTC_Update 1W
The #Bitcoin Weekly Goldencross is about to happen!
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BlackRock names JPMorgan as an authorized participant for its Spot Bitcoin ETF.
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🇺🇸 Judge denies Binance founder CZ's request to leave US before sentencing again.
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🇺🇸 VanEck filed it's sixth amendment to it's spot #Bitcoin ETF with the SEC.
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