Navneet Bansal ◱ ◱ (@navneet) • Hey
Cryptocurrency trader and investor. Financial advisor and consultant.
Having experience in the field of cryptocurrenciens for over 4 years.
God is the almi
Publications
- The recent massive Ethereum outflow from Coinbase, totaling over 336K, raises questions about its implications. While the reason behind it remains uncertain, parallels with Bitcoin Spot ETF trading precede similar activity. Valued at null.17 billion, this withdrawal may signal whale or institutional anticipation of Ethereum price surge post-Spot ETFs. The impact and validity of this assumption will unfold in the following days. Nonetheless, such moves, reducing circulating supply, typically bode well for medium to long-term price trends.
- The current BTC price is the average purchase price of the Spot Bitcoin ETF buyers, ~$ 57K to ~$ 58K
- The Federal Reserve has not cut interest rates. Rates remain at 5.25% - 5.50%.
- Bitcoin seems poised to end April with losses, possibly signaling the conclusion of its historic streak of seven consecutive months closing in the green. We await the closing on April 30th for confirmation.
- The NUPL indicator suggests that most long-term BTC holders remain steadfast, indicating that widespread market euphoria is not imminent. According to Glassnode data, the current trend is in the early stages of active growth.
- Loving it
- Bitcoin's volatility has steadily decreased since January 2020, showing fewer extreme peaks. Currently, it sits just below 60%. As Bitcoin solidifies its status as a valuable asset, expect its volatility to further diminish over time.
- The current Bitcoin market enters the Euphoria phase; previous cycles had sharper pullbacks, current only mild corrections.
This suggests that we might witness even deeper corrections.
HODL and Do DCA
- Hong Kong may approve Spot ETF that invest directly in Bitcoin and Ethereum as early as Monday (April 15), according to Bloomberg. Unlike in the United States, Hong Kong’s cryptocurrency ETFs can support physical redemptions.
- In the past three months, the amount of Bitcoin that hasn't been touched for a year dropped from 70% to 65.8%. This likely means some people are selling their Bitcoin to make a profit as the market goes up.
- #Bitcoin volatility has been increasing as the cycle goes on.
Yet, we're still nowhere close to the levels seen in in previous cycles. The massive increase is on the way, be ready!
- Bitcoin surpassed Ethereum in monthly NFT sales volume
- ✅ Bitwise publishes the $BTC addresses for their spot Bitcoin ETF 👨🦳holdings so anyone can view them
- Kucoin
- Bitcoin supply on exchanges hit 4-year lows, dropping almost 40%
With no slowing signals ahead of the upcoming halving, According to CryptoQuant
- Over 67% of all #Bitcoin has not moved in the last year
- BNT analysis:
The price is currently attempting to hold the support area. We'll need to observe whether the candle will close above this area. If the price breaks below this level, it will be considered bearish and may push the price back towards the major support area. It's recommended to wait for a while before making any new entries.
Support Area: $ 0.79-$ 0.817
Major Support Area: $ 0.615-$ 0.665
- Bitcoin has retested the trendline and bounced from there. We may see a move towards the resistance area again. Overall market sentiments are bullish and we may see a continuation of the upward movement.
- 📢Bitcoin maintains its dominance in 2024 ETF flows so far.
- 📊Crypto Fear and Greed Index:
⏲Index Value : 83
🤔Sentiment : Extreme Greed
➡️BTC Price : $ 67,942
- MicroStrategy has bought another 12,000 BTC for approximately $ 821.7M, using funds from convertible notes and excess cash, at roughly $ 68,477 per bitcoin. As of March 10, 2024, Now MicroStrategy holds 205,000 BTC acquired for around $ 6.91B, with an average price of $ 33,706 per bitcoin.
- As on-chain flows indicate a surge in speculation, derivative markets have mirrored this trend. The collective Open Interest in futures markets has surged to $ 21 billion, marking a significant rise. Notably, only 84 out of 1195 trading days, accounting for 7%, have surpassed this value. Moreover, the USD denominated value of open futures contracts is nearing the peaks witnessed during the most exuberant periods of 2021.
- 📊Crypto Fear and Greed Index:
⏲Index Value : 84
🤔Sentiment : Extreme Greed
➡️BTC Price : $ 68,206
- Profit-taking is occurring; breaking through 69k might be challenging, and those taking profits may miss out.
- Coinbase now holds the third position in terms of Bitcoin reserves, as a lot of Bitcoin is moving out from the platform. This trend suggests that Bitcoin is being withdrawn from exchanges.
- In February, BTC outflows from centralized exchanges surged, indicating a growing demand for Bitcoin. Additionally, with the upcoming halving reducing new supply, we could be on the brink of witnessing the most significant bull run yet.
- Enormous moves by most of the crypto sector and coins moving into the higher RSI levels on the weekly.
- This wallet has purchased an average of 100 #Bitcoin per day since November 2022.
It now holds 51,164 $BTC worth $ 3.1 billion.
- The recent contraction of the spread between perpetual funding rates in Bitcoin and Ether markets signals an increase in investors' risk appetite. This development implies a sustained outperformance of alternative cryptocurrencies in the future.
- After a week of remarkable price movements and substantial capital inflows, the Bitcoin Realized Cap has nearly fully recovered, reaching $ 467.2 billion. Our current value is only -0.22% shy of the all-time high of $ 468.3 billion.
- The demand for Bitcoin vastly exceeds the daily supply from miners. With miners generating approximately $ 46 million worth daily, contrasted with an average daily demand of $ 607 million. The demand is coming from the spot ETF Market.
- The $ 51,500 level is emerging as a significant support zone, with nearly 500,000 BTC traded at this level. Notably, it holds the highest traded supply after the $ 42,500 mark.
- Bitcoin is maintaining the local support around the $ 50,500 area and has bounced back from there. We still anticipate sideways movement until Monday. It's advisable to avoid using high leverage, and you can consider trading within the range with tight stop-loss orders.
- According to Reuters, there's a growing trend among investors to choose Bitcoin ETFs over gold funds. However, despite this shift, analysts caution about Bitcoin's volatility. They remind that gold continues to serve as a reliable safe haven during periods of economic uncertainty and inflation.
- Bitcoin and Ethereum are leading the pack in terms of performance, with gains of +17.6% and +18.2% year-to-date, respectively. Ethereum has recently started to outperform Bitcoin after the approval of the Bitcoin ETF, a change from its previous underperformance.
Meanwhile, the overall Altcoin market cap hasn't seen the same level of growth, with gains less than half of what Bitcoin and Ethereum have achieved so far this year.
- Around 70% of Bitcoin has remained untouched for over a year, indicating low market liquidity
- Retail activity on Coinbase stayed low in Q4 2023.
Largest quarterly retail volume since Q2 2022, but still below Q4 2020 and a meager 16% of the Q4 2021 peak.
- The total volume of Bitcoin's Long-Term Holder (LTH) Supply currently stands at a loss of 777.8k BTC, with this figure decreasing as prices surge. Only 6.5% of the overall LTH supply is currently in the red. Historically, similar scenarios have coincided with early stages of bullish market conditions, with 2019 being a potential exception.
- World App, the first wallet built for the Worldcoin project, passed 1M daily users this week.
Worldcoin ($WLD) token has surged more than 140% over the last week
- Deribit #Ethereum futures open interest ATH record
- An overwhelming majority of coins (87%) were acquired below the $ 48k mark, with a notable concentration of Short-Term Holder supply clustered between $ 40k and $ 45k.
Interestingly, Long-Term Holders control the remaining 13% of the supply held in a loss, indicative of those who purchased at the peak of the 2021 bull market and all-time high prices.
- Marinade has successfully differentiated itself among staking strategies in #Solana
- JUST IN: Coinbase $BASE just released their full 2023 earnings report!
2023 Total Revenue: $ 3.1B
2023 Net Income: $ 95M
Q4 2023 Total Revenue: $ 954M and up 41%
- Michael Seiler’s MicroStrategy
MicroStrategy now holds $ 10b worth of Bitcoin, Investments currently have $ 4 billion in unrealized profits,
- Yesterday's ETF inflows were a solid $ 340 million. Blackrock almost at $ 5 billion now.
- Tuesday was the largest daily net inflow to spot Bitcoin ETFs thus far.
+631M USD
- Bitcoin has recently experienced a significant surge in price and has reached the $ 50,000 level. Currently, the price is trading near this key psychological level. If Bitcoin is able to sustain this level, then we may see positive momentum in the entire cryptocurrency market. However, if there is a rejection at this level, the price may fall towards the local support zone of $ 46,700-$ 47,200.
- Over the last seven years, Bitcoin has delivered an impressive average annualized return of approximately 44%, significantly outperforming other major assets, which have averaged only 5.7% during the same period.
- Tensor skyrockets from 1% to 71% market share on Solana NFTs in 1 year
- JUST IN: 25% of ETH's total supply is now staked.