Data shows around 300k in ETHUSD long positions have been closed on the Bitfinex Ethereum futures market, something that could provide impedance to the latest rally. Ethereum Long Positions Have Dropped By More Than 300k During The Last Few Days On Bitfinex As pointed out by an analyst in a CryptoQuant post, the past data of the ETHUSD long positions on the crypto exchange Bitfinex would suggest the current pattern may prove to be bearish for the value of the coin. The relevant metric here is the total number of Ethereum long positions (ETHUSD pair) currently open on the Bitfinex exchange. When the value of the indicator is high, it means a bullish sentiment is more dominant among investors on the platform right now. Related Reading: Why Bitcoin At $100K Is Just A “Matter Of Time”, Says Bloomberg Intelligence On the other hand, low values could suggest whales on the exchange currently don’t believe the coin’s price is going to go up soon. Now, here is a chart that shows the trend in the ETHUSD long positions on Bitfinex during the past year: The value of the metric seems to have sharply declined in recent days | Source: CryptoQuant As you can see in the above graph, the quant from the post has marked the relevant points of trend for the ETHUSD Bitfinex longs during the period. It looks like whenever Ethereum long positions on the platform have observed a plunge down, so has the value of the crypto. This trend has taken place either immediately after the drawdown on the indicator, or some days following the fact. Related Reading: Glassnode: Bitcoin Long-Term Holders Have Shifted To Distribution Recently The longest gap between the price plunge and the metric’s decline in the past year was back in March, where the crypto continued to rally for 18 days before forming the local top. In the past week, the Ethereum longs on Bitfinex have once again seen a sharp downwards move, amounting to around 300k such positions being closed. So far, the coin has continued to keep going up for around 6 days now. If the past pattern is anything to go by, then the current trend may mean ETH could observe a local top forming in the next 12 days. ETHUSD At the time of writing, Ethereum’s price floats around $1.7k, up 8% in the last seven days. Over the past month, the crypto has gained 40% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the price of the coin has been mostly trending sideways during the last few days | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
A robot that’s earned a reputation for outperforming the markets is unveiling its latest altcoin allocations as most cryptocurrencies give up their recent gains. Every week the Real Vision Bot conducts surveys in order to generate algorithmic portfolio assessments that reveal a “hive mind” consensus. The bot’s newest data finds that traders’ risk appetite remains […]
The Bitcoin long-term holder SOPR may suggest that the crypto has still only gone one-third of the way through the latest bear market. Bitcoin 20-day SMA Long-Term Holder SOPR Has Only Been 86 Days Into Bottoming Zone As pointed out by an analyst in a CryptoQuant post, the crypto is still only 1/3rd of the way into the 260 days average historical bottoming period. The relevant indicator here is the “Spent Output Profit Ratio” (or SOPR in brief), which tells us about whether the average Bitcoin investor is selling at a profit or at a loss right now. The metric works by looking at the history of each coin being sold on the chain to see what price it was last moved at. If this previous selling price was less than the latest BTC value, then the coin has just been sold at a profit. While if the last value was more than the current one, then that particular coin realized some loss. When the value of the SOPR is greater than one, it means the market as a whole is selling at a profit right now. Related Reading: Bitcoin Funding Rates Turn Positive, Why The Rally May Not Be Over On the other hand, the indicator being less than one implies the average holder is moving coins at a loss at the moment. The “long-term holders” (LTHs) is the Bitcoin cohort that includes all investors who have held onto their coins for at least 155 days without selling or moving them. Now, here is a chart that shows the trend in the BTC SOPR (20-day MA) specifically for these LTHs over the the last several years: Looks like the value of the metric has been pretty low recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin LTH SOPR (20-day SMA) dipped below the “one” mark a while back. Also, in the chart the quant has marked all the relevant zones of trend for the indicator in relation to the bear market. Related Reading: Here’s What Bitcoin Institutional Inflows Says About The Month Of July It seems like historical bottoming periods have lasted whenever the metric has been stuck below the breakeven point. On average, past bear markets have lasted around 260 days based on the LTH SOPR. In the current cycle, the coin has so far been 86 days into the bottoming zone. This would suggest that if Bitcoin ends this bear market in about the same time as the average, then the crypto is still only one-third of the way through. BTC Price At the time of writing, Bitcoin’s price floats around $23k, down 2% in the last week. Over the past month, the coin has gained 13% in value. The value of the crypto seems to have been moving sideways during the last few days | Source: BTCUSD on TradingView Featured image from mana5280 on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Quant Network, the provider of enterprise-grade blockchain solutions, announced today that its blockchain gateway Overledger now provides users the ability to create native QRC-721 non-fungible tokens (NFTs) and deploy them onto the Ethereum, Polygon, and XDC mainnets. Developers can work with QRC-721 through Overledger Tokenise, one of Quant’s premium APIs, which enables even those with […]
The post New Overledger release now supports QRC-721 NFTs on Tokenise developer API appeared first on CryptoNinjas.
A robot that’s garnered a reputation for outpacing the crypto markets is revealing its latest portfolio allocations as the late July rally fizzles out. Every week, the Real Vision Bot conducts surveys in order to create algorithmic portfolio assessments consistent with a “hive mind” consensus. The bot’s latest data finds that traders are voting to overweight […]
The post Robot Known for Outrunning Crypto Markets Makes Unexpected Altcoin Allocation – Here’s Its Portfolio appeared first on The Daily Hodl.
A robot that’s garnered a reputation for outpacing the crypto markets is revealing its latest portfolio allocations as the early July rally fizzles out. Every week the Real Vision Bot conducts surveys in order to create algorithmic portfolio assessments consistent with a “hive mind” consensus. The bot’s freshest data finds that traders’ risk appetite remains […]
Since Bitcoin’s value started to soar, investors have considered cryptocurrency investments a promising future investment. Nevertheless, there is a tonne of knowledge in this area. It makes selecting which cryptocurrencies to buy a challenge. As of January 2022, there are over 8,000 cryptocurrencies in use. Many people are eager to invest in something that enables […]
On-chain data shows around 800k ETH has exited wallets of the crypto exchange Gemini, a sign that could prove to be bullish for Ethereum. Crypto Exchange Gemini Observes outflows Of 800k ETH As pointed out by an analyst in a CryptoQuant post, the Ethereum exchange reserve has plunged down to lows not seen since 2018. The “all exchanges reserve” is an indicator that measures the total amount of Ethereum currently stored on wallets of all centralized exchanges. When the value of this metric goes down, it means the number of coins on exchanges are going down. Such a trend, when prolonged, can be a sign of accumulation from investors, and hence can be bullish for the price of the crypto. Related Reading | Bitcoin NUPL Shows Average Holder Back In Profit, But For How Long? On the other hand, an increase in the reserve implies users are depositing their coins right now. Since investors usually transfer to exchanges for selling purposes, this kind of trend can have bearish consequences for ETH. Now, here is a chart that shows the trend in the Ethereum all exchanges reserve over the last couple of months: The value of the indicator seems to have plummeted down over the past 24 hours | Source: CryptoQuant As you can see in the above graph, the Ethereum exchange reserve has observed a crash in the last day as a large number of coins have been withdrawn. The chart also includes data for the “netflow,” which tells us about the amount of ETH entering or exiting exchange wallets (or more simply, it measures the changes in the exchange reserve). Its value is calculated by taking the difference between the inflows and the outflows. Related Reading | Short Positions Over $165 Million Get Liquidated Following The Bitcoin And Ethereum Uptrend This indicator has shown a huge negative spike recently, a trend which makes sense given the exchange reserve has plunged down. The quant notes that these withdrawals took place on the crypto exchange Gemini and amounted to around 800k ETH. Gemini is popularly known to be used by whales. In the past, transfers to and from the exchange have usually had a noticeable impact on the market. As such, such a large number of coins exiting from the exchange can mean Ethereum’s near term outlook might be bullish. ETH Price At the time of writing, Ethereum’s price floats around $1.6k, up 13% in the last seven days. Over the past month, the crypto has gained 45% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has been moving sideways during the last few days | Source: ETHUSD on TradingView Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, CryptoQuant.com
A robot that’s garnered a reputation for outpacing the crypto markets is revealing its latest portfolio allocations as Bitcoin (BTC) and Ethereum (ETH) both start the week with positive momentum. Each week the Real Vision Bot conducts surveys in order to create algorithmic portfolio assessments consistent with a “hive mind” consensus. The bot’s newest data […]
On-chain data shows the Bitcoin exchange netflow has observed a sharp positive spike recently, a sign that could be bearish for the crypto’s price. Bitcoin All Exchanges Netflow Spikes Up Following 9% Inflation Report As pointed out by an analyst in a CryptoQuant post, exchanges have recently seen a large amount of BTC deposits. The “all exchanges netflow” is an indicator that measures the net amount of Bitcoin entering or exiting wallets of all centralized exchanges as a whole. The metric’s value is calculated by simply taking the difference between the inflows and the outflows. When the value of the netflow is positive, it means a net number of coins are moving into these wallets right now. As investors usually deposit their coins to exchanges for selling purposes, this kind of trend can prove to be bearish for the value of BTC. Related Reading | Bitcoin Funding Rate Turns Highly Positive, Long Squeeze In The Making? On the other hand, the value of the indicator being negative suggests investors are withdrawing their coins at the moment. Such a trend, when prolonged, can be a sign of accumulation from holders, and hence can be bullish for the price of the crypto. Now, here is a chart that shows the trend in the Bitcoin all exchanges netflow over the past week: Looks like the value of the metric has spiked up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange netflow has observed a positive spike over the past 24 hours. There was another spike not too long before this latest one, but that other spike was neutralized by a similarly large negative value of the metric. Related Reading | Market Update: MATIC, UNI And AAVE Outperforms While Bitcoin Strugles To Hold Above $20k The quant in the post notes that inflows on the crypto exchange Gemini (which is popularly known to be used by whales) have contributed to this positive netflow value. These deposits have come a couple of days after the CPI report for the month came out and revealed that inflation rose 9% in June. If the inflows are indeed from whales looking to dump their coins, then the near term outlook can be bearish for the price of Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $20.8k, down 4% in the last seven days. Over the past month, the crypto has lost 7% in value. The below chart shows the trend in the price of the coin over the last five days. After the upwards move, the value of the crypto seems to have been moving sideways over the last couple of days | Source: BTCUSD on TradingView Featured image from anvesh baru on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Investors in the failing cryptocurrency lending startup Celsius are still losing money weeks after the company filed for bankruptcy. Customer withdrawals had been frozen. Celcius Market Cap Crash 86% As the company’s problems worsen, investors have stepped out to relate their experiences following the withdrawal freeze and the ensuing bankruptcy application. One user who placed their entire life money in Celsius lost everything. Uncertainty over when business as usual will return further complicates the situation for the affected investors. Even though Celsius voiced optimism about allowing withdrawals, the most recent developments continue to dash investors’ hopes. The firm’s issue also seems to have played a role in the native token CEL’s notable capital outflows. According to CoinMarketCap, CEL’s market value has dropped by 85.84% year-to-date in 2022, from $1.06 billion on January 1 to $0.15 billion on July 14. CEL market cap YTD. Source: CoinMarketCap Despite attempts by Celsius holders to push the cryptocurrency back up to its highs in an effort to save the struggling company, the token has suffered huge losses. For instance, on July 4, CEL’s community’s activity produced double gains. Related reading | Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again? A Community Of Woes Early on Wednesday morning, the cryptocurrency lender issued a press release revealing that it has submitted a Chapter 11 petition to the Southern District of New York bankruptcy court. CEO Alex Mashinsky of the company stated in the statement that the filing was “the right choice” for the business. After limiting customer withdrawals due to harsh market conditions that affected liquidity, Celsius ran into difficulty early last month. The company filed for bankruptcy on July 13 even though it had previously told users that it was trying to return to normal operations. The CEO noted: “I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company,” According to the press statement, Celsius has $167 million in cash reserves and intends to continue operations. Customers of Celsius have expressed their opinions in response to the bankruptcy filing. One of the most popular posts on a subreddit devoted to the firm includes a list of suicide hotline numbers. Hours after Celsius released its message, a user opened up about their problems in a another thread titled “I am suicidal.” CEL/USD trades at $0.7. Source: TradingView Numerous reactions to Celsius’ Twitter post from customers allege they have lost access to their life savings as a result of the company’s suspension of withdrawals. “I’m a sole parent. My life’s course will shift as a result. One person tweeted, “I feel nauseous. “Please let me borrow a rope from someone. Another person added, “Celtic just filed bankruptcy for me as well. Another person described how giving the business their money caused them to “lose pretty much everything.” The troubles of Celsius have also been made worse by a lawsuit brought by a former employee who claimed the company was a Ponzi scheme and lacked adequate safeguards for client investments. Notably, Voyager, another cryptocurrency lender, filed for Chapter 11 bankruptcy protection after suffering large losses, making Celsius the third cryptocurrency processor to do so in a month. Amidst erratic market conditions, Three Arrows Capital also applied for bankruptcy protection. Suggested Reading | Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place? Featured image from Shutterstock, chart from TradingView.com and CoinMarketCap
A blockchain protocol focusing on seamless cross-chain interoperability is surging in defiance of broader crypto market momentum. The Quant Network (QNT) application programming interface (API) uses its Overledger operating system to provide enterprise-grade solutions and smart contract capabilities. The native token QNT can be used to pay for network resources and licensing fees as well […]
The post Under-the-Radar Ethereum Rival Soars 50% in Just One Week, Evading Bitcoin and Crypto Market Malaise appeared first on The Daily Hodl.
Ethereum (ETH) has been receiving more attention recently from professional investors. The general sentiment surrounding the token seems to be improving even amid the crypto bear market. The prevailing downward trend had brought a sinking wave to many prominent digital assets within the past few months. Some of them have lost more than half their values since 2022. Most crypto assets have been progressively dropping in value within the week, and ETH is no exception. The price of the token also plummeted on Wednesday trades. However, Ether sees a glimpse of light from the end of the tunnel. The change has a link to the long-awaited launch of its latest development, Merge, which is getting closer. The network has been preparing for an upgrade tagged the Merge. Its launch would transfer the blockchain from operating as a Proof-of-Work (PoW) to Proof-of-Stake (PoS). Related reading | Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again? The network has been running its final test for the upgrade to ensure its maximum functionality. If all seem to flow correctly, Ethereum will launch the upgrade before October. Positivity Around ETH Increases According to the weekly report from the CoinShares fund manager on asset fund flows, there’s a significant improvement for Ether-based products. The manager noted that for three consecutive weeks, there were positive inflows for Ether-based products. As a result, ether funds amassed about $7.6 million on institutional investments. On the contrary, Bitcoin had many outflows of up to $1.7 million. While trying to explain the possible reason that gave inflows to Ether funds, CoinShares pointed to the expectation of the Merge. It mentioned that there had been eleven weeks of outflows for the asset funds within 2022. The total outflows for the year have risen to $460 million. So, the sudden twist in sentiment is positive progress for the Ethereum crypto. Investors Lose Interest In BTC As Inflows On Short Bitcoin Funds Increases Currently, the overall institutional inflows stand at $14.6 million. However, about $6.3 million comes from short Bitcoin funds implying less confidence in the leading global cryptocurrency from many investors. Also, U.S. funds and exchange inflows of approximately $8.2 million, though 76% were in short positions. This shows the same percentage for the week ending July 8. Ether-based funds got a spike in inflows from institutional investors from late June, the same week, with records of outflows up to $423 million. Notably, Bitcoin-based funds constituted a majority of the amount. Suggested Reading | Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place? The sentimental revamp on Ether from institutional investors seem not to be reflected in its spot price. Today’s chart shows that ETH is $1,091, having dropped by 1.7% within the last 24 hours. Also, the value gives about a 28% drop in its price from last month. There’s an ongoing debate on Crypto Twitter if Ether should be categorized as a security or not. Some Bitcoin maximalists support Michael Saylor, the CEO of MicroStrategy, who proposes ETH as security. However, Ethereum proponents, including Vitalik Buterin, the protocol’s co-founder, are leaning away from such a suggestion. Featured image from Shutterstock, chart from TradingView.com
The US consumer price index, a comprehensive indicator of prices for goods and services used in daily life, increased to 9.1% over the previous year. The traditional and cryptocurrency markets have collapsed as a result of this announcement. Prices for the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), fell by almost 5%. It didn’t plummet as much, though, as was expected. Ethereum Fall To Inflation At the time of the CPI report, the price of the second-largest cryptocurrency fell as low as $1,019 per unit. Before the announcement, the price of ETH was fluctuating about $1,089 USD. It has managed to bounce back from the inceptive slump. The price of ethereum has decreased over the past 30 days by about 15%. At the time of publication, the average price of ETH is $1,037. ETH/USD hovers close to $1k. Source: TradingView The data show that the price of bitcoin decreased to trade below the 19K price barrier. But to reach $31.8 billion, its 24-hour trading volume has increased by more than 14%. However, the initial decline in the price of bitcoin was reversed. As of the time of publication, it was trading at an average price of $19,317. Related reading | Inflation Hits New 40-Year High, Will Bitcoin And Ethereum Plummet Again? The last four hours have seen a liquidation of about $49 million in Ethereum, according to the Coinglass. While within the same time frame, Bitcoin had a liquidation of about $33 million. Solana (SOL) declared a liquidation of almost $3.43 million in the meantime. Inflation Highest In 40 Years According to reports, the June adjusted CPI annual rate was 9.1 percent. A projection of 8.80 percent was made. While the prior quarter’s percentage was 8.60%. But it’s said to be the biggest increase since November 1981. The cost of food and energy are reportedly the biggest contributors to the increase. The probability that the Fed will increase the rate by a further 75 basis points in September is extremely high. Nasdaq futures decreased by almost 1.5 percent, S&P 500 futures decreased by 1%, and Dow futures decreased by 0.6 percent. Suggested Reading | Quant (QNT) Registers Gains In Past Days – A Short-Term Upswing In Place? Featured image from Shutterstock, chart from TradingView.com
The bitcoin price tends to be cyclical, and we’re all trying to time the bottom. Can hash ribbons be the metric that predicts it?