Goldman Sachs is seeing more institutions diving into crypto, the global investment bank’s head of digital assets has revealed, noting that until now the bitcoin price action has been driven primarily by retail investors. “But it’s the institutions that we’ve started to see come in,” he stressed, adding that the appetite has “transformed.” Bitcoin ETFs […]
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ETHFI, the governance token for the Ether.fi staking protocol has seen a significant drop in price since its debut on Binance on Monday, March 18. After initially trading at $4.13, the token has lost over 25% of its value, raising concerns among investors.
Nonetheless, recent on-chain activity has fueled speculation of further sell-offs, potentially threatening the token’s stability and its ability to hold the $3 mark. In particular, blockchain analytics firm Nansen has identified interesting behavior involving Arrington XRP Capital on the Ether.fi platform, highlighting some significant transactions.
In a recent post on social media site X (formerly Twitter), Nansen’s analysis reveals interesting activity involving venture capital fund Arrington XRP Capital on the Ether.fi platform.
According to the blockchain analytics firm, Arrington XRP Capital minted 5,000 units of eETH, Ether.fi’s natively reshaped liquid staking token. Notably, these eETH tokens were distributed to ten different wallets, each containing 500 units.
Following the distribution, Arrington XRP Capital proceeded to claim a total of 200,498 ETHFI tokens across the ten wallets. The funds were transferred to another address, consolidating the acquired ETHFI tokens.
In the final step of the observed activity, Arrington XRP Capital sent the entire balance of ETHFI tokens to the Binance cryptocurrency exchange, potentially for selling purposes, which could put further pressure on ETHFI.
However, the Ether.fi team has responded to the speculation surrounding the on-chain movements made by Arrington XRP Capital.
According to Ether.fi, Arrington XRP Capital has been a consistent investor in the platform and has provided significant support since its inception. The statement further noted that as early adopters and active stakers, the Arrington team has actively staked its assets on Ether.fi, contributing to the platform’s growth.
The multi-wallet distribution observed in recent activity did not surprise Ether.fi, as they were reportedly informed of this approach in advance.
Ether.fi claimed that splitting the assets into multiple wallets did not provide additional benefits or change the distribution outcome. The protocol alleged that consolidating the assets into a single wallet would have produced the same results.
The protocol alleged that these assets are part of their liquid funds, which are “actively traded.” The decision to transfer the assets to the Binance cryptocurrency exchange was motivated by the nature of their trading activities and liquidity needs, the Ether.fi team concluded.
The Arrington Capital team also clarified the context through a social media post. They clarified that they had been long-term investors, staking over $50 million of ETH since February 2023.
The company claimed that the recent sale of a “small percentage” of its initial airdrop tokens amounted to less than $700,000, allegedly representing only 0.1% of the day’s trading volume.
Ultimately, Arrington Capital emphasized that their actions were not a “Sybil attack” and did not exploit the protocol’s distribution methodology. They wrapped up their response by claiming that airdrop distribution follows a linear model that is “unaffected” by distribution across multiple wallets.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Shares of Nordstrom (JWN 3.59%) climbed 9.4% on Tuesday amid reports that the department store chain is exploring options to go private.
According to “people familiar with the matter” speaking with Reuters earlier today, Nordstrom’s founding family has engaged investment banks Morgan Stanley and Centerview Partners to reach out to private equity firms to gauge their interest in a potential deal.
The timing of the news is no coincidence; Nordstrom shares dropped hard earlier this month after the company issued disappointing guidance that overshadowed slightly stronger-than-expected fiscal fourth-quarter results. Management warned that revenue could decline as much as 2% (the bottom end of its guidance range) in fiscal 2024.
CEO Erik Nordstrom said at that time, “We’re laser-focused on efforts we know will drive growth and profitability across the business over the next few years, including new Rack store openings, Nordstrom digital growth, and increasing comp-store sales.”
There are no guarantees that Nordstrom’s efforts will result in a successful deal to go private. The company previously made multiple unsuccessful attempts to go private back in 2018, which it abandoned after potential lenders demanded extraordinarily high interest rates to support the move.
Nonetheless, it’s hardly surprising to see shares rising today given the allure of a potentially juicy premium to go private.
Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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The value of Treasury bonds held by foreign investors fell to $8.02 trillion at the end of January, according to Treasury data released Tuesday.
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This week, the popular American rapper and Wu-Tang Clan member, Ghostface Killah, declared his intention to release exclusive tracks on the Bitcoin blockchain. The influential hip-hop artist mentioned that this issuance will encompass a 10,000-piece collection, granting owners the rights to the music. Ghostface Killah Innovates With Bitcoin-Backed Music Rights Collection Tracks produced by Wu-Tang […]
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Politically diverse fund-management teams perform better.
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The crypto market is down as most cryptocurrencies have registered red numbers for the past few days. Expectations of making big profits out of the bullish sentiment are momentarily halted. And while many patiently wait for the prices to rise again, others are seemingly looking for different options to make their bags.
The “memecoin mania” has been at the forefront of the market, stealing the spotlight since February. As a result, investors might see a window of opportunity to profit from these tokens.
During the previous bull cycle, Dogecoin (DOGE) and Shiba Inu (SHIB) were at the center of the stage, with millions of dollars invested in the tokens. This time, the biggest memecoins by market cap are being outshined by some of the newer players.
Dogwifhat and other Solana-based tokens have led the way during this leg, registering massive gains in the last month. Recently, the presale and launch of Book of MEME (BOME), which started as a small experimental project, saw its surge to a $1 billion market cap in a few days.
The memecoin surge has now turned into a memecoin presale frenzy, with presale launching left and right after becoming the “meta” of the market.
PRE SALE META pic.twitter.com/z02vQWnnhz
— duss (@dussincook) March 18, 2024
The meta term, borrowed from the gaming community, refers to the Most Effective Tactic Available. As such, investors and scammers are equally attempting to take profit off the trend.
Crypto investigator ZachXBT revealed on X that the current “presale meta” trend has raised $122.5 million since March 12. Taking the BOME project as a starting point, the crypto detective counted 27 different presales from Solana-based memecoins since that date. These projects raised approximately 655,000 SOL, according to the crypto sleuth calculations.
I was interested to see how much SOL has been sent as a result of the presale meta and calculated >655,000 SOL ($122.5M) raised from 27 presales. pic.twitter.com/dvsW4TSoov
— ZachXBT (@zachxbt) March 19, 2024
To put the numbers into perspective, ZachXBT highlighted that these figures only account for the projects on the Solana chain in the last seven days. This means that the calculations are only one part of the bigger image as the presales before March 12, and chains like Ethereum, Base, and BSC are excluded.
The biggest raiser on the list was the SMOLE token by visual artist Dekadente. This project received 169,982 SOL during the presale and has seen notable support from the community.
Similarly, the recently launched Slerf raised over 50,000 SOL. However, the token faced a dramatic launch after its creator accidentally burned the tokens reserved for the presale participants airdrop.
Many of the presales raised millions in a matter of minutes, which hints at impressive participation from the crypto community. However, many suggest that the massive figures raised come from “fabricated fomo” and “insiders sending sol that they’ll eventually get back.”
Despite raising millions in SOL, the presale meta trend left investors with nothing. As the investigator highlights, many of the presales on his list have seen a “hard rug” or the tokens’ momentum quickly fading after launch. As a result, the presale participants’ investments vanished or diminished considerably.
depends if you mean hard rug or just presale contributors down bad
— ZachXBT (@zachxbt) March 19, 2024
Moreover, scammers have taken their chance to profit off the presale frenzy. Phishing scams under the presale posts have skyrocketed, with impersonating accounts trying to drain investors’ wallets or collect whatever amount people meant to send to the presale addresses.
Members of the crypto community have expressed their concerns over the presale trend. Many crypto investors consider the trend might create memecoin fatigue, which could hurt the organic projects aiming for long-term stability.
SOL is trading at $177.9 in the 1-day chart. Source: SOLUSDT on Trading.view.com
Featured Image from Unsplash.com, Chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Realized profit represents the cumulative profit of all Bitcoins moved on-chain, calculated as the difference between the acquisition and movement prices. It’s a direct measure of the profitability for Bitcoin holders, indicating when investors are likely to sell and take profits.
On the other hand, the realized cap offers a more accurate representation of the market’s valuation than the traditional market cap. It calculates Bitcoin’s capitalization by valuing each unit at the price when it was last moved rather than the current price. This metric shows the market’s aggregate cost basis, revealing the average acquisition price of all Bitcoins.
These metrics are critical for understanding the depth of market activity, investor sentiment, and the true economic weight behind price movements.
Since the beginning of the year, Bitcoin’s realized profit has been rising steadily, and a massive spike began in March. Realized profit peaked at $3.51 billion on Mar. 13, reaching its all-time high. This spike in RP came as Bitcoin broke its ATH and traded at just above $73,100 for the day.
It was only a matter of time before a high profit-taking level occurred in the market. The second-highest realized profit was $3.130 billion, recorded on Jan. 10, 2021. Bitcoin’s price volatility in the following days was most likely a result of investors capitalizing on the price surge — the decline to $3.31 billion in realized profit by Mar. 18 suggests a normalization following the sell-off.
It’s hard to pinpoint what prevented Bitcoin from slipping below further $65,000 on Mar. 16. While some metrics show solid support was formed at that level, it’s also likely that the continuous accumulation played a significant part in absorbing much of that selling pressure.
This is seen in the consistent growth of Bitcoin’s realized cap, which increased from $429.97 billion at the beginning of the year to $528.32 billion on Mar. 18. This stable growth contrasts with the changes in the more volatile market cap, indicating ongoing accumulation despite price fluctuations. The steady increase in the realized cap, even during price corrections, shows a robust confidence in Bitcoin that seems to have established a solid foundation for further growth.
This data highlights the market’s resilience, showing that despite short-term speculative pressures, the underlying trend is one of sustained accumulation and confidence. The divergence between the realized cap’s steady ascent and the market cap’s volatility highlights a maturing market where long-term accumulation strategies still manage to prevail over short-term speculation.
The post Bitcoin’s realized profit hits ATH but market keeps accumulating appeared first on CryptoSlate.
On Tuesday, the bitcoin liquidity protocol Velar unveiled Dharma, an automated market maker (AMM) designed to enhance decentralized finance liquidity within the Bitcoin realm. The inaugural version of Velar’s Dharma is set to function on the Bitcoin layer two (L2) Stacks, featuring an initial pairing of two tokens. Velar’s Strategy to Elevate Bitcoin Within the […]
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