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Crypto Traders Searching for Further Leverage on MicroStrategy Are Winning Massively

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“T-Rex’s 2x Microstrategy ETF MSTU launched a mere six weeks ago and is already up 225% (annualized equivalent of 57,000%) and trades half a billion in volume (Top 1% among ETFs),” said Eric Blachunas, a senior Bloomberg ETF analyst. “It’s so funny they’ve long had 3x MSTR ETFs in Europe but no one cares, no assets, volume. It’s the market for that amount of heat, no degens. The U.S. on the other hand, it’s ‘make it volatile and they will come.'”



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Dormant Bitcoin Wallet From 2012 Awakens, Moving Millions—BTC Price To Dip?

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Este artículo también está disponible en español.

A Bitcoin wallet containing around 749 BTC, equivalent to roughly $53.2 million, has been reactivated after nearly 12 years of inactivity.

This sudden move in funds was detected in the early hours of Tuesday, as blockchain tracking platforms such as Mempool and Whale Alert recorded a transfer of approximately 159.2 BTC, valued at $11.3 million, from this long-dormant wallet.

The last known transaction from this address was back in November 2012, when Bitcoin’s price was around $10, making the wallet’s balance worth below $9,000.

Details Of The Moved Millions

Data from on-chain monitoring platform Mempool, shows that the recent transaction was conducted at 7:28 a.m. UTC. Of the 159.2 BTC transferred, about 124.2 BTC, or $8.8 million, was sent back to the sender’s address, labeled as “change” by blockchain analytics firm Blockchair.

The remaining 35 BTC, or $2.4 million, was transferred to an unknown address. Details surrounding the wallet’s owner and their intentions remain unidentified, leaving the crypto community speculating on the motive behind the transaction and the identity of the long-term Bitcoin holder.

However, the timing of the awakening of this dormant wallet is quite noteworthy. It comes at a time when Bitcoin has been seeing consistent increases in price in recent weeks. Particularly, the asset has finally broken above the $70,000 resistance with a current trading price of $72,638 up by 5.3% in the past day.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Notably, movements from long-inactive wallets have historically generated intrigue, with crypto enthusiasts theorizing that these could be the actions of early adopters, lost-and-found wallets, or entities choosing strategic timing to engage with the market.

Although the reason behind this wallet move of its BTC isn’t certain, reactivating wallets like this one especially as Bitcoin continues to surge in price might indicate shifts in holders’ strategies, driven by favorable market conditions or other personal financial objectives.

Bitcoin Onchain Performance

Awakening of wallet aside, Bitcoin has been seeing quite an interesting and positive trend behind the scenes, especially regarding on-chain metrics. So far, analysts have highlighted several BTC metrics that are now flashing a positive momentum for the asset, suggesting further price increases.

For instance, yesterday, a CryptoQuant analyst known as Darkfost disclosed that Bitcoin hash ribbons have flashed a buy signal. Darkfost noted:

Historically, purchasing Bitcoin during a Hash Ribbons signal has aligned with strong long-term returns. Recently, we saw another signal following the major one this past summer.

Another metric suggesting price increase for Bitcoin highlighted by a CryptoQuant analyst named BinhDang is the Stablecoin Supply Ratio Oscillator (SSRO). According to BinhDang in a recent post, this metric has bottomed to levels not seen in 2022. A move that preceded a rally.

Notably, the Stablecoin Supply Ratio Oscillator provides insights into Bitcoin market demand by analyzing Bitcoin’s market cap against that of major stablecoins.

The oscillator measures the extent to which stablecoins, commonly used for Bitcoin purchases, flow into Bitcoin and thus signal purchasing interest. A low value of the metric signals more stablecoins are being converted to Bitcoin, therefore suggesting increasing demand.

Featured image created with DALL-E, Chart from TradingView





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Bitcoin Is Having Its Best Year Ever

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I know, it’s a big statement, but really, the more I think about it, the more I’m convinced – looking back, 2024 will be remembered as the defining year for Bitcoin, the year Bitcoin transformed from magic internet money into a real institutional investment and financial asset.

The evidence is overwhelming:

Pension funds and university endowments allocated to Bitcoin.
– The long wait for a US Bitcoin ETF ended.
– Wall Street giants like BlackRock bought.
Larry Fink changed his tune on Bitcoin.

But most of all, a leading U.S. presidential candidate said he would make Bitcoin a monetary reserve asset. Now, read what I wrote again.

Of course, some Bitcoin pioneers lament this institutionalization and cringe at the institutional embrace. Some say Bitcoin is betraying its roots.

But for me, 2024 was the breakthrough year we’d long waited for. I entered Bitcoin in 2016, and feel like this year we finally crossed the chasm.

Sure, it can be argued that Bitcoin’s survival from the 2013 Mt. Gox hack, or its survival from the 2017 Fork War, or even El Salvador’s adoption of Bitcoin as legal tender in 2021 were all pivotal.

All of these were big wins for our culture and industry. But, this year, we finally saw our enemies capitulate. As someone from India, I’ve long looked at Washington and Wall Street as the center of the global power structure.

I know the world will follow their lead.

So, it’s soothing to see Wall Street and Washington finally admit Bitcoin’s power and bend the knee. For many around the world, it’s the real sign that things are about to change.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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Arthur Hayes Says New Chinese ‘Monetary Chemo’ Will Send Bitcoin Soaring – Here’s His Outlook

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Crypto veteran Arthur Hayes thinks upcoming Chinese monetary policy will boost the price of Bitcoin (BTC).

Hayes notes in a new analysis that BTC’s price “will soar” as long as fiat money is printed, regardless of who the recipient is.

“The rhetoric right now from financial analysts is that the announced Chinese stimulus measures are still not enough to right-size the economy. That is true, but tucked inside the recent announcements are clues that China, directed by President Xi, stands ready to inject the monetary chemo to cure their deflationary cancer. That means that Bitcoin will soar on a secular basis as China reflates its banking system and property sector. Given that the Chinese property bubble was the largest in human history, the amount of yuan credit created will rival the sum of dollars printed in the US in response to COVID in 2020–2021.”

The BitMEX founder notes, however, that such policies take time to implement and the market won’t instantly recognize the impact and increase the price of Bitcoin.

“It takes time for chemo to kill the patient. During these initial stages, Chinese savers are reacting as I would expect: by buying oversold domestic equities and heavily discounted flats. It isn’t obvious to the world yet that this is the policy Xi has decided to pursue. But give it time, and the effects will be undeniable.

The fact economists are bearish on the size and scale of the stimulus so far presents a great buying opportunity. Because when the average wealthy coastal living Zhou decides they must have Bitcoin at any yuan price, the upside price volatility will harken back to August 2015, when, after a shock yuan devaluation by the PBOC, Bitcoin went from $135 to $600 — an almost 5x pump in under 3 months.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney





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