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The rotation of #Bitcoin futures open interest on the CME is starting towards ETH due to the ETH ETF narrative.
CME #Bitcoin open interest is down 13% from the highs ($700M), while ETH open interest is up 14%.
CME $BTC futures are now below the spot price (backwardation).
MicroStrategy representative Michael Saylor recalls how the rates of key assets have changed since August 10, 2020, when his company began buying Bitcoin.
Spoiler: BTC showed much more attractive returns compared to the S&P500 and Nasdaq indices, as well as precious metals.
As a result, Saylor recommends “never bet against Bitcoin.”
The head of Binance crypto exchange Changpeng Zhao said that most people's thoughts are mistakenly focused on a linear scale instead of a logarithmic scale. Accordingly, crypto investors need to change their approach in assessing asset prospects and be more patient with short-term collapses on the chart, counting on the long term.
As an illustration, the billionaire brought the corresponding Bitcoin rate chart. And as you can see, it is the logarithmic scale (in orange) here that shows more promising behavior of BTC.
So it is possible to get involved with cryptocurrency. The main thing is to be ready to wait.
This morning, another hashrate record, that is, total computing power, was set on the Bitcoin network. The indicator jumped to 531 exahash per second, which indicates peak activity of miners and their equipment.
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At the moment, XRP is the most traded altcoin on the US market in 2023, and the Ripple token was also able to surpass the recent leader in the person of SOL.
Obviously, the verdict of the court, which did not recognize XRP as a security in mid-July, makes itself felt here.
The hype around spot bitcoin ETFs is unabated. This time around, JPMorgan said the SEC was left with no choice but to approve the filings. Especially in the context of Grayscale's victory in court.
If the US Securities and Exchange Commission does not do this, then it will have to retroactively withdraw approvals for BTC-ETF futures.
Bernstein analysts also released a forecast that spot bitcoin ETFs will be approved from October 2023 to March 2024. Conditionally - within half a year. In their opinion, refusal is not considered in principle here.
By the way, Bitcoin halving is expected in April 2024. And this means that fundamentally the market will be as ready as possible for a bull run. 2024 promises to be interesting 🚀📈
sentiment
#Bitcoin broke above $30K again, supported by many traders who capitulated last week of price cuts. Volume rises in early August and this psychological resistance crossover can turn the mood in a positive direction.
Trading volumes on centralized cryptocurrency exchanges in the second quarter of 2023 were at their lowest level since 2020. Not the best result, of course.
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Glassnode analysts note that Bitcoin hodlers are not particularly upset by the current market collapse and continue to save coins. Now the number of coins at the disposal of long-term investors on average increases by 37.4 thousand units per month.
So capital owners are taking advantage of the situation.
Trading volumes on cryptocurrency exchanges have fallen to their 2020 lows, and bitcoin volatility has fallen to its lowest level since the beginning of the year. All of these technical indicators only indicate that we are in for a real storm in the market.
There is a theory that a long, debilitating sideways move takes out more traders than any, even the strongest correction. So everything that is happening in the market now is a norm and to some extent even a necessity.
Binance Australia Users Selling Bitcoin (BTC) A$9000 At Discount, Know Why
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As Santiment experts note, the share of bitcoins and ethers on centralized cryptocurrency exchanges is now not far from its historical lows. Specifically, we are talking about 10.1 percent of all ethers in circulation and 5.7 percent of total bitcoin supply.
Accordingly, more and more cryptoinvestors are sending their own coins to independent non-custodial cold storage-type wallets. And this is a good trend.
A year ago, the collapse of the Terra LUNA ecosystem took place, which, among other things, was facilitated by the decoupling of the UST "stabelcoin" from the value of the dollar, along with its subsequent death.
As Glassnode analysts point out, the big winner during that time was Tether USDT, which increased its market share by 20 percent. At the same time, USDC and BUSD lost 13 and 7.2 percent of the market, respectively.
The performance of DAI and TUSD remained virtually unchanged. Here is the corresponding chart.
AirDAO Announces Transition to Decentralized Leadership
AirDAO has announced its transition towards true decentralization and community governance. AirDAO has embraced a community-first ethos and is now empowering its global community to take the reins of its future. This groundbreaking shift marks a significant leap forward for AirDAO and decentralization in web3.
AirDAO will adopt a flat DAO structure, decentralizing its leadership and eliminating traditional roles such as ‘Director’ and ‘CEO.’ The AirDAO blockchain will no longer be maintained, controlled, or built by a single developer or development company. Instead, AirDAO will be developed and governed by the people, for the people.
The community will elect a nine-member AirDAO Council. This council will assume control over AirDAO’s finances, operational budget, and blockchain core-engineer multi-signature wallet in the coming weeks. By May 31st, 2023; the council will have complete control over all AirDAO assets and convene regular meetings to make roadmap and operational decisions.
The AirDAO community will nominate candidates and conduct the AirDAO Council voting process with fairness and transparency ensured through on-chain voting. The community will also shape the council’s role, establish rules, draft the AirDAO constitution, and develop the voting process. The internal AirDAO team will support the community during the formation process and council elections.
Lang Mei — the current Director of AirDAO — will oversee the change to decentralized leadership during the transition period. By May 31st, 2023, his CEO/Director role will be retired, allowing the elected council to assume total control of the roadmap, HR, financial, and operational decisions.
A community-led web3 ecosystem thrives on active participation. AirDAO invites everyone to play an instrumental role in shaping its future. Get involved in the governance process, contribute to AirDAO development, vote in the council elections, and be the change you want to see.
DYOR: Telegram | Twitter
Another clear confirmation that USDT printer and bitcoin price are not directly correlated. But in general, dollar printing happens most often in a bull market.
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The number of wallets with balance less than one BTC continues to grow, while the number of whale wallets (balance from 100 BTC) sharply decreases. It is quite possible that large players intensively reduce positions in profit (santiment)
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The return on shares of many public mining companies that mine BTC has outperformed the corresponding figure for the cryptocurrency itself since the beginning of the year. The result of the change in value during this period of time is indicated in the right column.
As you can see, buying shares of Northern Data AG on January 1 would have brought about a 300 percent profit by today. Not bad.
One of the few graphs that shows constant growth in the cryptocurrency industry is the number of holders of the stETH token. We are talking about the equivalent of ethers awarded to coin stakers through the Lido platform.
In September, the figure has already increased by approximately 10 thousand units. So there are plenty of people willing to stake ETH.
Last Friday, the number of views on the Bitcoin page on Wikipedia reached 7,830, which was a record for 2023. Analysts believe that many people are becoming interested in cryptocurrencies given the possible approval of a BTC ETF in the near future.
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Tether has reported on the finances at its disposal. Overall, the giant that issues the largest stablecoin USDT has total assets of $86.1 billion, while total liabilities are equivalent to $82.8 billion. Accordingly, USDT collateral exceeds the 100 percent mark.
Excess assets of $3.29 billion are distributed among 15 blockchain ecosystems. It is they who act as a liquidity cushion necessary for the stable operation of USDT and the absence of problems in the event of a mass withdrawal of tokens to fiat by users.
Here is the detailed distribution.
Trading volumes with Bitcoin over the weekend in 2023 are still at their lowest level since 2012. This is a curious trend - especially considering that the figure during the previous bearish trend in 2018 was more than twice as high.
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The user behavior of Coinbase and Binance platforms, which have been the victims of a lawsuit from the SEC, is markedly different. In particular, over the past few days, Coinbase platform lovers have been buying more bitcoins than selling them.
The situation on Binance, on the other hand, is the opposite. Here is the corresponding chart.
The outflow of funds from cryptocurrency products for large professional investors continues. In the last week, the equivalent of $62 million was withdrawn from there.
Overall, this is the seventh consecutive minus for a total of $329 million - here's the chart from CoinShares. So the mood of crypto investors is clearly not the best right now.
Glassnode analysts are focusing on the Bitcoin network's 3 percent increase in hash rate over the past couple of days. Given what's happening in the middle of the week, another increase in the difficulty of mining BTC awaits us.
Next comes the summer. And in recent years it often ended with a decrease in this indicator.
The popularity of decentralized cryptocurrency exchanges like Uniswap continues to peak compared to conventional trading platforms like Binance. The first category of exchanges now accounts for 22 percent of total trading volumes on centralized platforms.
This is the maximum in the history of decentralized trading platforms. Accordingly, traders are now actively trading directly from their wallets, rather than putting coins on exchanges.
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The day before the Bitcoin network commissions rose, including reaching an average level of $31. This happened because of the hype around NFT based on the Ordinals protocol and the so-called BRC20 tokens.
At the same time, a rather rare phenomenon occurred in the blockchain: commissions for transactions in the block exceeded the amount of 6.25 BTC for its creation. According to Glassnode analysts, during the network overload in the first half of May, the amount of commissions per block averaged 6.66 BTC, making the total reward for miners equal to 12.9 BTC or $348,000 per block.
This has only happened five times in the cryptocurrency's history. Here is the corresponding chart with these moments.
Breaking: Elon Musk Names New Twitter CEO, Who Is Linda Yaccarino?
https://bit.ly/3nURY0o
Bitcoin rose today on positive news about a slowdown in U.S. inflation and then collapsed on unconfirmed news about the U.S. government selling a huge batch of VTCs.
In fact, the news is not the root cause of all crypto movements. They are brought up to justify another drop or rise. But the important thing here is something else: an obvious liquid zone of 26000-27000 has formed on the bitcoin chart. Exactly there is a large amount of stops on longs now. Further growth without taking out the longists is unlikely. And there is no doubt that for this fall there will also be some info-evidence.
