Monthly Archives: März 2023

Bulls On The Run: Short-Term Traders Profit From BTC Surge

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• Short-term holders have been profiting from the recent price surge of Bitcoin (BTC).
• Whales have been spending more of their BTC holdings.
• The number of addresses holding over 10 BTCs has also increased.

Short-term Holders Profiting from Recent Price Surge

Recent data shows that short-term holders of Bitcoin (BTC) have benefitted from the recent price surge. CryptoQuant’s data reveals that the realized price of sold outputs is higher than the cost basis, indicating that on average, short-term holders are selling their Bitcoin at a profit.

Increase in Whale Spending Activity

Observations made using CryptoQuant’s spent output value bands metric indicates an increase in whale spending activity. At press time, whales holding between 1,000 to 10,000 BTCs had already exceeded 220,000 BTCs in spent output value bands. This suggests that whales have been taking advantage of the recent price surge and cashing out some of their profits.

Rise in Addresses Holding Over 10 BTCs

Data from Santiment shows that since 2022 there has been a 70% growth in the number of Bitcoin addresses holding over 10 BTCs. The total amount held by these wallets is nearing its all-time high recorded in 2021.

Potential Support Level Emerging

With these noteworthy market movements taking place, it is possible for a new support level to emerge for Bitcoin [BTC]. Such a breakthrough could drive further gains and propel its press time prices even higher.

Bitcoin Price Prediction 2023-24

Given this positive outlook and strong fundamentals driving up demand for Bitcoin [BTC], analysts suggest bullish price predictions for 2023 and 2024 as well as potential long term gains beyond that period.

Chiliz Partners with Common Goal for NFT-Powered Fundraising

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• Chiliz recently announced a partnership with Common Goal organization to raise funds for “One Shirt Pledge” cause.
• The pledged t-shirts will have Non-fungible Token (NFT) chips embedded in them.
• CHZ retested its sub $0.1 price level earlier this month but bounced back and exchanged hands at $0.12 at press time.

Chiliz’s Latest Partnership

Chiliz [CHZ] recently announced a new collaboration with the Common Goal organization to raise funds for a cause dubbed the „One Shirt Pledge.“ As part of the collaboration, Chiliz will provide the technological infrastructure that will support the fund-raising cause. The pledge t-shirts sold will have Non-fungible Token [NFT] chips embedded in them, allowing participants to scan the chip to access the pledge video, along with other digital collectables. This highlights Chiliz’s potential as a network that can be tapped into for special access and leverage opportunities in the sports industry.

CHZ Bullish Breakout Signs

Despite bearish momentum prevailing since February, CHZ has been trading in a sideways price pattern for the last seven days, which may indicate bullish breakout signs. Some of CHZ’s metrics highlight positive observations such as its network growth currently being at a monthly low and volatility declining for several days.

Motivation To Sell

While investors may be incentivized by potential long term upside from Chiliz’s growth opportunities, short-term performance may not necessarily reflect such sentiment and investors may be motivated to sell their holdings due to lack of immediate returns.

Realistic Market Cap In BTC Terms

It is not all doom and gloom for CHZ as some of its metrics point to progress over time and it is important to consider realistic market cap in terms of Bitcoin [BTC]. Despite bearish sentiment that prevailed until recently, CHZ continues to remain relevant within crypto markets thanks to its focus on bringing blockchain tech into sports industries around the world through partnerships like this one with Common Goal organization.

Conclusion

The latest partnership between Chiliz and Common Goal organization brings more utility into sports industries through leveraging NFT technology and privileged access initiatives among others – ultimately providing investors with both long term incentive as well as short term motivation depending on risk appetite and investor goals overall.

Inflation Fears Fuel Bitcoin Rally: Investors Prefer Hard Money

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• Bitcoin’s latest rally is largely attributed to fears about traditional finance’s collapse and inflation concerns.
• Reports suggest that half of the printed $300 billion was used to bail out SVB and Signature Bank.
• This has led to increased demand for Bitcoin amongst both retail buyers and whales.

Inflation Fears Trigger Bitcoin Rally

The recent surge in Bitcoin’s price has been largely attributed to fears about traditional finance’s collapse and inflation concerns. Reports suggest that half of the printed $300 billion was used to bail out Silicon Valley Bank (SVB) and Signature Bank, leading many investors to move their funds into Bitcoin as a hedge against inflation. This has resulted in an increase in demand for Bitcoin from both retail buyers and whales.

Bitcoin Addresses Holding 0.01+ BTC Reach New High

Retail buyers have been particularly active, with the number of addresses currently holding at least 0.01 BTC recently reaching a new all-time high. This suggests that more people are looking towards Bitcoin as a safe-haven asset, given its decentralized nature and hard money status in comparison to fiat currencies which are prone to inflationary pressures.

Whales Also Accumulating BTC

Whales have also been accumulating BTC since 12 February, with the number of addresses holding over 1,000 BTC gradually increasing over time despite being still lower than its weekly high. This further confirms investors‘ preference for hard money assets such as Bitcoin during times of economic uncertainty.

Short-Term Sell Pressure or Sustained Upside?

Despite the bullish sentiment surrounding Bitcoin in recent weeks, it remains uncertain whether any short-term sell pressure will emerge or if sustained upside can be expected throughout 2021. Investors should keep an eye on how the Federal Reserve’s policies will impact fiat currency markets as well as how other macroeconomic factors may affect investor sentiment towards cryptocurrencies like Bitcoin in the future.

Conclusion

In conclusion, evidence suggests that investors are increasingly turning towards hard money assets like Bitcoin due to long-term inflation concerns caused by central banks‘ excessive printing of fiat currencies such as the US dollar – something which could ultimately benefit cryptocurrencies like Bitcoin in the long run if these trends continue into 2022 & beyond!

Bitcoin’s Fear & Uncertainty Reverse as Whales and Sharks Step Up Accumulation

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• Silicon Valley Bank run causes FUD and affects Bitcoin price.
• Whale and shark accumulation increased despite the FUD.
• Bitcoin volume reaches almost a three-month high as transactions go up.

Silicon Valley Bank Run

The California Financial Institutions Control Board closed Silicon Valley Bank, a significant bank for startups with venture capital backing, on 2023. This caused fear, uncertainty, and doubt (FUD) about Bitcoin stemming from the collapse of a single bank which contributed to its downward trend earlier this week. The process of withdrawing assets for customers with $250,000 or more sparked discussions based on a thread by Mark Cuban (an American businessman). Moreover, Circle announced in a statement that over $3 billion of its $40 billion was held by SVB leading to the flight of USDC holders exchanging their holdings for other stablecoins and Bitcoin.

Whale and Shark Accumulation

According to Santiment statistics, the accumulation of whales and sharks continued despite the FUD that was caused by the Silvergate crash. As of this writing, addresses with 10-10,000 BTC had risen to over 67%. It is clear that on 11 March there was an upswing in whale and shark accumulation coinciding with the time that USDC was experiencing a capital flight.

Bitcoin Volume Reaches Record High

In addition to whale and shark accumulation, Santiment revealed some intriguing actions regarding BTC volume metrics. By 9 a.m UTC on March 11th BTC volume had already reached 45 billion while at 17:00 UTC it had reached 35 billion – highest since December 2020 – signifying an increase in business activity with more than 39 billion as of this writing.

Bitcoin Outflow Dominates

As more Bitcoin leaves exchanges USDC has seen increased swaps; even if the amount of outflows is slightly higher than inflows there are still more outflows than inflows overall showing that people are transferring their funds from exchanges into wallets or using it for other purposes such as trading or paying for goods/services .

Conclusion

The failure of yet another bank may have reversed public opinion bringing back support for king coin yet affected differently by the Silicon Valley Bank’s run triggering drop in USDC value; even so people continue accumulating Bitcoin due to its potential future value while businesses increase their activity through increased transaction volumes thus increasing its current worth too.

Ethereum Falls 6%: Exchange Supply Hits 5-Year Low

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• Ethereum (ETH) has experienced a decline of 6% over the past three days, bringing its price to around $1,560.
• Exchange supply of Ethereum (ETH) has hit its lowest level in five years, making up roughly 11% of the total supply.
• There have been more outflows of Ethereum (ETH) than inflows recently, indicative of holders withdrawing their assets due to the price decline.

Price Decline

Ethereum (ETH) got off to a great start this year, working to regain the positions it had lost over the previous few months. However, recent price movements have stopped the increasing trend that started back in January with ETH falling by over 5%. As of writing, its price was roughly $1,560 after decreasing by approximately 6% in the last three days. The Relative Strength Index (RSI) line has just barely dipped below the neutral region indicating a bearish trend.

Exchange Supply

A recent Santiment report showed that exchange supply for Ethereum (ETH) has declined due to its decreased value and currently makes up about 11% of all ETH tokens – reaching its lowest level in almost five years. CryptoQuant’s Exchange Netflow statistic further revealed more outflows from exchanges compared to inflows since people are transferring their holdings away from exchanges rather than selling them off due to the dip in prices.

Volume Indicator

The volume indicator also indicated low activities as there have been fewer transactions taking place recently compared to before. This serves as an indication that holders are not eager to sell their tokens despite the decrease in value and instead prefer holding on to them until prices go back up again.

Market Outlook

Overall, Ethereum’s market outlook appears uncertain at this point with no definite direction yet and investors responding cautiously despite swings between highs and lows. The current decrease could be an indication for holders who want to get into ETH at lower prices but it is unclear how long these low rates will last before an uptrend occurs again.

Conclusion

Ethereum’s market performance has been unpredictable lately with both bulls and bears vying for control; however it seems like holders are still reluctant to part ways with their tokens even though there is a declining trend currently present. Whether or not Ethereum will be able recover from this dip remains unclear but what can be said for sure is that investors should exercise caution when deciding whether or not they should enter or exit positions at this time.