How whales are hogging the Bitcoin supply

Institutional FOMO: How whales are hogging the Bitcoin supply

Grayscale knows no stopping now. The largest crypto fund on earth now holds three percent of all Bitcoin. With this, it is calling on competitors who don’t want to leave the field without a fight.

The Bitcoin hoover is sucking again. Grayscale, also known as probably the biggest crypto whale in the universe, is using the temporary price correction for a shopping spree. As the GBTC Tracker reported on Twitter (and Grayscale then officially confirmed), the fund has bought an impressive 16,244 BTC. Grayscale now holds 616,558 BTC, or 3 percent of all available coins, Bitcoin Pro according to Bitcointreasuries.org – also reported by BTC-ECHO. With the latest purchase alone, Grayscale has lightened the market by as many BTC as can be mined in 18 days.

Barry Silbert, the architect of the fund’s aggressive purchasing policy, then commented on the purchase with a clear GIF.

pic.twitter.com/4LJsRN9yr1
– Barry Silbert (@BarrySilbert) January 18, 2021

With a fund volume of 19 billion US dollars in the Grayscale Bitcoin Trust, the asset manager is slowly but surely moving up into the premier league of financial management. Naturally, this brings competition on the scene.

The most prominent example this week was the news about the asset manager BlackRock, which could soon enter the Bitcoin futures business. The world’s largest asset manager reserves the right to include bitcoin derivatives in two of its funds („BlackRock Global Allocation Fund“ and „BlackRock Funds V“). Here’s what our friend Silbert has to say about it:

Hey Blackrock pic.twitter.com/u3vOGOHnJj
– Barry Silbert (@BarrySilbert) January 21, 2021

Yet BlackRock indulged in quite different prophecies of doom in 2018, as the Twitter account „@DocumentBitcoin“ smugly notes.

#Bitcoin comes at you fast. pic.twitter.com/PZyfFWnGnm
– Documenting Bitcoin 📄 (@DocumentBitcoin) January 20, 2021

In addition, news reached us on Friday afternoon, 22 January, that MicroStrategy had acquired a further 314 BTC. The company now holds a total of 70,784 BTC.

MicroStrategy has purchased approximately 314 bitcoins for $10.0 million in cash in accordance with its Treasury Reserve Policy, at an average price of approximately $31,808 per bitcoin. We now hold approximately 70,784 bitcoins.https://t.co/zMJSH29bmC
– Michael Saylor (@michael_saylor) January 22, 2021

Craig Wright and the Bitcoin White Paper

And then there was the „Faketoshi“ case. On 20 January, the self-proclaimed Bitcoin founder Craig had wanted to assert his alleged copyright on the Bitcoin white paper via his legal team. His team demanded the immediate deletion of the original paper from the bitcoin.org and bitcoincore.org websites.

Although the paper trades under an MIT licence and should thus be accessible to all, unknown Bitcoin Core developers temporarily took the paper off the website.

Bitcoin sees massive recovery overnight – but the bulls are not in control yet

It’s been a wild 24 hours for Bitcoin as the benchmark cryptocurrency saw one of the most intense sell-offs in recent times yesterday.

After a slow grind down that had taken place over the past few days, BTC finally saw a capitulating sell-off that dropped its price to lows of nearly $ 28,000.

At this point, many investors were clearly in a panic sell as funding from short positions skyrocketed and liquidation from long positions began to pile up.

However, this marked the bottom as BTC has since seen a massive rebound from those lows

One analyst notes that there is still a critical level that needs to be clearly surpassed before BTC can see any continuation of its uptrend.

Bitcoin and the entire cryptocurrency market have been caught in the clutches of wild volatility for the past few days .

Fortunately for the bulls, BTC’s overnight rebound appears to be the „V-shaped“ rebound that many analysts have said is necessary for the cryptocurrency to form a long-term bottom.

Assuming this rally extends further, it could confirm a macro reversal and lead to another significant uptrend. However, there is one level that must first be firmly flipped over for support.

Bitcoin is showing signs of strength after the nightly recovery

Yesterday’s massive sell-off was quite violent and at the time it seemed to mark a macro reversal in Bitcoin’s bullish trend.

Since then, however, Bitcoin has bounced back and is currently trading at a 5% gain to its current price of $ 32,900 – a remarkable rise from lows of nearly $ 28,000.

Where the market travels over the medium term is likely to depend largely on whether the bulls can maintain this momentum and continue to print a textbook “V-shaped” recovery pattern.

That’s why BTC is not over the top yet

Bitcoin still has a key level that needs to be broken before it is completely out of the woods.

An analyst tweeted about this, stating that the first „point of control“ he was closely monitoring was $ 34,900.

„POC at 34900 is the first area of ​​interest right now.“

The coming days should offer insights into the longevity and importance of the rebound overnight – and whether or not another downward trend follows.

Climbed to over 1,428 US dollars: Ether price exceeds its all-time high from 2018

After three years, Ether has surpassed its all-time high.

Ether (ETH), the largest altcoin by market capitalisation, hit a new all-time high today, 19 January.

ETH/USD 1-hour candlestick chart (Bitstamp). Source: Tradingview
At the same time, open interest in bitcoin futures also hit a new record high of over $4.5 billion, according to Glassnode.

Ether price back at all-time high after 3 years
Data from Cointelegraph Markets and TradingView shows that the ETH/USD pair overtook its existing record on Tuesday, climbing above US$1,428 on Bitstamp.

This set a record that had stood since 13 January 2018. Ether climbed 15 per cent today and has seen growth of almost 100 per cent since the start of the year.

The altcoin benefited from interest in the DeFi space built around the Ethereum network. In addition, altcoins in general revived somewhat since the beginning of January.

„#Ethereum US$1,400 If this keeps going Fibonacci, we could hit US$1,600,“ Cointelegraph Markets analyst Michaël van de Poppe summarised on Twitter on Tuesday.

Van de Poppe had previously predicted that Fibonacci levels could push the ETH/USD pair up to US$2,600 in the short term.

„Ethereum’s daily transaction volume is rising Bitcoin Profit parabolically,“ added Ryan Watkins, a researcher at Messari.

„It now handles US$12 billion in transactions daily. That’s US$3 billion more than bitcoin. How could you not be bullish on $ETH.“
The Concorde of the crypto world?
As Cointelegraph reported, the Ethereum network now handles around 28 per cent more transactions per day than Bitcoin (BTC). But due to heavier usage, fees are also rising at an exorbitant rate.

In an analysis this week, well-known investment strategist Lyn Alden compared Ethereum as a concept to Concorde. She argued that, much like the supersonic aircraft, it has yet to reach the mainstream.

„Perhaps Ethereum will morph until the network finds a sustainable place for itself,“ she wrote.

„On the other hand, Ethereum may end up finding its own complexity and lack of economic use altogether a burden, just like Concorde.“

Er en Ethereum-sesong i ferd med å dominere markedet?

Er en Ethereum-sesong i ferd med å dominere markedet?

Bitcoin har vært i søkelyset med god grunn. Den daglige prisutbruddet har spenningsmarkedet, og nylig testet den ledende kryptovalutaen tidligere motstand og slo en ny heltid på $ 41.000. Ved siden av Bitcoin er den nest mest verdsatte kryptovalutaen etter markedsverdi, som er klar for en bullish eksplosjon de neste ukene. Ethereums ETH som BTC, har vært klar for en Bitcoin Profit prisutbrudd siden i fjor. På den tiden var grunnleggende analytikere mest suggestive for det bullish løp, og nå gjentar analytikere at ETH allerede er godt posisjonert til å skyte i været til månen.

Ved pressetid handles Ethereum til $ 1088, over en nedgang på 2% fra rekordhøye $ 1300. Ethereum har møtt flere avslag i $ 1300-sonen ettersom salgspresset intensiveres. Salgspresset fra i går sendte BTC og ETH til en korreksjon nedover, men oksene var raske til å taste inn og absorbere salgspresset.

Er en Ethereum-sesong i ferd med å dominere markedet?

Begge eiendelene fortsatte senere med å gjenvinne nye høyder, og for Ethereum, å få nok fart til å øke forbi motstandsnivået på $ 1300, kunne sende det til nye høyder på $ 2000, per analytikeres spådommer. På kort sikt kan Ethereum-okser måtte bekjempe salgspresset til breakout er oppnådd og opprettholdt. Når den er vellykket, hevder denne handelsmannen at prisene kan slå $ 2000 og gå enda høyere. Han forklarer dette via Twitter og sier;

“Eth på en makro tidsramme er mega bull bull bull imo.

monster utvidet w3 sannsynligvis i gang, med hvert bein oppover igjen.

det er ingen tvil om at det handler til enhver tid høyt i år, sannsynligvis mye raskere enn jeg har vist det.

Ethereum-futures har også fascinert analytikere, spesielt med den økende investeringsinteressen for ETH-futures som ble reflektert i mottakelsen fra debuten på Toronto Stock Exchange. DeFi kommer også stort med mange potensielle bullish overtakelser, og som i fjor vil ETH med stor sannsynlighet dra enda høyere nytte av DeFis økende verdi. Bitcoin-investor og Youtube-innholdsskaper, Lark Davis, bemerket dette tidligere og la til at ETH hadde potensial til å treffe en minimumspris på $ 10.000.