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Using NUPL, we can identify the classic Euphoria phase of a bull market where unrealized profits surpass more than half the market capitalization size (NUPL > 0.5). In the 2020-21 cycle, this phase was triggered 8.5 months after the Bitcoin halving, and saw sustained upside for almost 10.5 months afterwards. However, in this cycle, NUPL breached 0.5 approximately 6.5 months before the halving. This distinct shift highlights the significance of US ETF in shaping and accelerating price action by introducing powerful demand into the market. #glassnode
Hey frens, don,t fade on Planetquest if you into gamefi. Airdrop is around the corner, get yourself some by participating: https://x.com/theyieldfarmer/status/1782133312045171142 https://twitter.com/theyieldfarmer/status/1782133312045171142
#Bitcoin's Average Dormancy hit a 13-year peak recently, indicating a transfer of old Bitcoins to new holders.
$BTC
Large token unlocks in April 🧵: • $DYDX - $ 117M April 1 • $SUI - $ 129M April 3 • $EEFI - $ 12M April 4 • $DYM - $ 23M April 6 • $GMT - $ 40M April 9 • $CGPT - $ 15M April 10 • $APT - $ 428M April 12 • $NGL - $ 35M April 12 • $SEI - $ 106M April 15 • $ZBC - $ 11M April 15 • $STRK - $ 141M April 15 • $UNI - $ 107M April 16 • $ARB - $ 153M April 16 • $LMWR - $ 21M April 16 • $AXS - $ 170M April 17 • $MANTA - $ 88M April 18 • $ALT - $ 61M April 25 • $RON - $ 152M April 27 • $AXL - $ 54M April 28
Record YTD daily net outflows yesterday of -4,452 BTC for BTC investment vehicles. The negative flows stem from U.S. vehicles, both spot (-2,297 BTC) and futures (-2,035 BTC)
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
Grayscale outflows drop to $ 125M in 3 days — a major shift from the initial week's $ 400M daily outflow. In total, Grayscale has lost 155k $BTC since ETFs launched, or 25% of its January 10th AUM.
Bitcoin ETFs saw nearly $ 500m inflows yesterday.
Digital asset investment products saw inflows of $ 1.1bn, bringing year-to-date inflows to $ 2.7bn. AuM is at highest level since early 2022 at $ 59bn. Newly issued spot-based Bitcoin ETFs in the US saw a net $ 1.1bn inflows last week, bringing inflows since the January 11th launch to $ 2.8bn
25% of ETH's total supply is now staked.🔥
Wormhole just announced their tokenomics! Token ticker: $W Initial circulating supply: 1,800,000,000 Maximum Supply: 10,000,000,000 17% for community (11% for airdrop at TGE) More details👇
Digital asset investment products saw large inflows totalling $ 708m last week, bringing year-to-date inflows to $ 1.6bn and total global assets under management to $ 53bn
After accounting for the $ 6 billion that was recovered, the net amount of cryptocurrency lost or "Rekt" since 2011 stands at approximately $ 73.24 billion.
BTC performance is behaving like that of the past 2 cycles, as the current halving cycle is ending with the fourth halving anticipated to happen in mid to late April 2024
During the last seven years, Bitcoin’s annualized return has averaged ~44%, while that of other major assets has averaged 5.7%
The outflows in Grayscale last week totalled $ 2.2bn, although data suggests outflows are beginning to subside as the daily total continued to reduce towards over the week. Newly issued US ETFs saw inflows totalling $ 1.8bn last week, and since launch on 11th January 2024 have seen $ 5.94bn of inflows.
Don't fade on this Solana drop, seeing some big names on X claiming their bag. I only have 5 invites left: https://gg.zip/ERSZO https://gg.zip/NFX7I https://gg.zip/M85L8 https://gg.zip/UK94G https://gg.zip/E62PS https://x.com/ggdotzip?s=20 https://gg.zip/ERSZO
#Bitcoin monthly returns
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Digital asset investment products saw minor outflows last week totalling $ 21m, although this top line number masks very high trading volumes which totalled $ 11.8bn
Latest Bitcoin Ecosystem Funding Rounds
U.S. ETFs saw their strongest net inflows since to date yesterday of 10,570 BTC. U.S. BTC Spot ETFs now hold 650,000 BTC - similar to GBTC's exposure at its March 2021 peak.
Top 10 Bitcoin ETFs by trading volume! (over 3 days) 1️⃣ Grayscale: $ 5,174 Million 2️⃣ iShares: $ 1,997 Million 3️⃣ Fidelity: $ 1,479 Million 4️⃣ Bitwise: $ 259 Million 5️⃣ ARK 21Shares: $ 568 Million 6️⃣ Vaneck: $ 51 Million 7️⃣ Invesco: $ 129 Million 8️⃣ Franklin: $ 88 Million 9️⃣ Valkyrie: $ 15 Million 🔟 WisdomTree: $ 12 Million Total Volume: $ 9773 Million
While VC investment has typically correlated to Bitcoin price, that correlation broke down significantly in 2023, with Bitcoin rising 160% while crypto VC capital invested continuously making new lows.
Biggest Crypto Unlocks in Jan 24 : #APT : $ 212 Million (8%) #INJ : $ 143 Million (4.53%) #OP : $ 75 Million (2.65%) #AXS : $ 25 Million (2.53%) #APE : $ 21 Million (4.23%) #ID : $ 14.1 Million (12.37%) #YGG : $ 8.49 Million (5.94%) #CYBER : $ 8.3 Million (8.51%)
$BTC ETF Fees have just been released. With extremely competitive management fees, some even below operating costs, issuers prioritize market share over short-term profits, likely in anticipation of a substantial influx of future demand for the $BTC market. Additionally, with fees up to 6x lower than Grayscale's, its market dominance could be at risk as new ETF issuers compete to attract investors with significantly more cost-effective options.
Stablecoin transfer volumes continued their upward trajectory, increasing from $ 920.6B to $ 1.2T in December. Ethereum and Tron remain the frontrunners in stablecoin activity, accounting for a hefty total of $ 740.3B. However, Solana has made notable leaps, jumping from $ 86.2B to $ 297.3B, which reflects an MoM growth of 244.9% — link
CME Bitcoin OI Dominance hits 32%, a new high. Meanwhile, Binance tanks to 25%, the lowest dominance since Jan 2022 — link
Crypto exchange volume cracks $ 1 trillion for first time since late 2022 — link
The final week of 2023 saw $ 243m of inflows into digital asset ETPs, bringing 2023 total flows to US$ 2.2bn
This will be the first year in Bitcoin's history where the annual security budget as % of market cap will be higher than the year before (from 1.8% to 1.9%) The security budget is the amount miners earn for securing the network. When this value is high, 51% attacks are expensive and vice versa — link
In 2023, the crypto market cap soared from $ 840 billion in Jan to $ 1.6 trillion by Dec, rebounding from the Nov 2022 low caused by FTX's bankruptcy fallout. Bitcoin notably rose over 125% YTD, with a general upswing in most cryptocurrencies since the start of the year — link
This Friday 8 AM UTC, 177K $BTC are set to expire on Deribit with a notional value of $ 7.65 billion. Max pain price $ 33,000, put/call ratio: 0.66
Don,t fade on Manta Pacific, the first Ethereum L2 on Celestia. Bridge a minimum of 0,25 ETH to qualify for Manta airdrop! Use my invite if you like, its only one code so fcfs: https://newparadigm.manta.network/?inviteCode=4QIIS Enjoy your day https://newparadigm.manta.network/?inviteCode=4QIIS
Limited Price Pullbacks: 2023 experienced shallower price pullbacks than usual, with the deepest being -20% for Bitcoin, suggesting strong buy-side support.
Limited Price Pullbacks: 2023 experienced shallower price pullbacks than usual, with the deepest being -20% for Bitcoin, suggesting strong buy-side support.
🌖 SEC Signals Potential Bitcoin ETF Approval by Jan. 10 🔥 Insiders linked to FOX Business are buzzing that the SEC might give the green light to the first spot Bitcoin ETF by January 10, 2024, signaling a big win for crypto in the U.S. Heavyweights like BlackRock and Fidelity have submitted a dozen applications, and signs suggest simultaneous approvals. If granted, this opens doors for regular folks to trade Bitcoin on regulated platforms. 📌 Click HERE for full details.
Bitcoin hashrate continues to rise, hits an all-time-high.
Bitcoin transaction fees hit their highest level of all time. $ 23.6 million of fees in one day — link
If your a Solana user you can check if you qualify for the Analos airdrop here https://www.analos.meme/claim?52FySbvVPFV3XpMKNLnwpUqUrMuSBU4wXtKT3EmFxWJw https://www.analos.meme/claim?52FySbvVPFV3XpMKNLnwpUqUrMuSBU4wXtKT3EmFxWJw
The quarterly net change in the supply of the top five stablecoins has turned positive for the first time since Q1 2022.
🌖 JPMorgan Predicts Ethereum's Ether to Outperform Bitcoin in 2024 🔥 JPMorgan analysts predict that Ethereum's native asset, ether, will surpass bitcoin and other cryptocurrencies in performance in 2024. The forecast is based on the anticipated impact of the EIP-4844 upgrade, also known as Proto-Danksharding, scheduled for the first half of 2024. According to the analysts, this upgrade is expected to significantly enhance Ethereum's network activity, helping it regain market share within the crypto ecosystem. Proto-Danksharding focuses on promoting the use of Ethereum rollups by reducing their fees through "data blob" transactions with a limited lifespan on the blockchain, aiming to improve overall network operability. 📌 Click HERE for full details.
🌖 JPMorgan Predicts Ethereum's Ether to Outperform Bitcoin in 2024 🔥 JPMorgan analysts predict that Ethereum's native asset, ether, will surpass bitcoin and other cryptocurrencies in performance in 2024. The forecast is based on the anticipated impact of the EIP-4844 upgrade, also known as Proto-Danksharding, scheduled for the first half of 2024. According to the analysts, this upgrade is expected to significantly enhance Ethereum's network activity, helping it regain market share within the crypto ecosystem. Proto-Danksharding focuses on promoting the use of Ethereum rollups by reducing their fees through "data blob" transactions with a limited lifespan on the blockchain, aiming to improve overall network stability.
In November, stablecoins drove more onchain value transfer than ETH and BTC. That month, there was ~$ 914B of Stablecoin transfer volume, ~$ 869B of BTC transfer volume, and ~$ 155B of ETH transfer volume.
🌖 Adidas Unveils Limited Edition Bugatti-Inspired Shoes 🔥 Adidas is set to auction a limited edition shoe collection created in partnership with Bugatti, blending the style of Bugatti cars with classic Adidas silhouettes. These unique shoes will debut on a web3 platform, offering interactive experiences and global content engagement. Crafted by hand using premium materials and intricate detailing, this exclusive collection represents a noteworthy development in luxury streetwear, likely to capture the enthusiasm of sneaker enthusiasts worldwide.
Total crypto AUM reached $31.7 billion in October, the first increase since July 2023
🇺🇸 SEC Chairman Gary Gensler on Happy 15th anniversary to Satoshi's famous white paper.
Since spring of 2023, the majority of stablecoin inflows to the 50 biggest crypto services have shifted from U.S. licensed-services to non-U.S. licensed services. We can see similar trends in looking at stablecoin on-chain transaction volume by whether or not the issuer is a U.S.-licensed entity.
Today is the 15th anniversary of the publication of the Bitcoin white paper. On October 31, 2008, Satoshi Nakamoto published an article "Bitcoin: A Peer-to-Peer Electronic Cash System".