Per the CEO of Hut 8, a bitcoin mining company listed on the Toronto stock exchange, major financial institutions have made inquiries to purchase bitcoin directly from the firm. Additionally, the Hut 8 executive emphasized the forthcoming halving event’s “big impact,” noting a surge in demand juxtaposed with a reduction in available bitcoins. Financial Giants […]
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In a recent announcement by Binance on April 4, 2024, the firm disclosed its decision to halt support for Bitcoin-based Ordinal non-fungible token (NFT) collectibles within its NFT marketplace. The directive from Binance calls for users of its NFT marketplace to withdraw their Ordinal inscriptions by May 18, 2024. Binance NFT Marketplace to End Ordinal […]
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Crypto exchange Binance said its non-fungible token (NFT) marketplace will discontinue support for Bitcoin NFTs by April 18, per an April 4 statement.
According to the exchange:
“Starting from 2024-04-18 06:00 (UTC), users will no longer be able to buy, deposit, bid on, or list NFTs on the Binance NFT Marketplace via the Bitcoin network. All impacted listing orders will be automatically canceled at 2024-04-18 06:00 (UTC).”
It added that its platform would stop supporting airdrops, benefits, or other utilities associated with the NFTs by April 10.
Notably, this decision is coming less than a year after the platform enabled support for these digital assets.
Binance explained that its decision was part of “ongoing efforts to streamline product offerings” in its NFT marketplace.
The firm did not comment on whether trading volumes or user demand affected its decision to end those services.
The exchange launched the NFT marketplace in 2021 amid the crypto market boom. While the marketplace enjoyed early successes due to its association with the exchange and football superstar Cristiano Ronaldo, the platform has struggled for considerable adoption compared to rivals like Blur.
Besides that, Binance is navigating regulatory issues across several jurisdictions, including the United States, where it agreed to pay a record fine of more than $4 billion and stop operating within the country.
These regulatory upheavals have prompted a rethink of the exchange’s operating style and the appointment of a seven-member board of directors led by Gabriel Abed, the former ambassador of Barbados to the UAE.
Bitcoin-based NFTs have grown remarkably during the past year, fueled by the rising fascination with Ordinals.
Asset management firm Franklin Templeton pointed out that the innovations within Bitcoin’s ecosystem were primarily fueled by “Bitcoin NFTs, known as Ordinals, new fungible token standards such as BRC-20 and Runes, Bitcoin Layer 2s, and other Bitcoin DeFi primitives.”
Notably, data from CryptoSlam shows that Bitcoin’s NFT sales amounted to $6.37 million within the past 24 hours, marking the second-highest figure in the industry.
Bitcoin Cash (BCH) experienced a notable fluctuation in its value surrounding its most recent block reward halving, initially dropping to $565 just before the halving but later recovering to around $676, marking an 11% increase for the day and nearly 20% for the week. The halving event, which reduced the reward for Bitcoin Cash miners […]
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On Tuesday, Proshares introduced two new offerings: the Ultra Bitcoin exchange-traded fund, sporting the ticker BITU, and the Ultrashort Bitcoin exchange-traded fund (ETF), known as SBIT. While BITU is designed to deliver two times the daily returns of bitcoin, SBIT is structured to produce double the inverse of bitcoin’s daily returns. Proshares Introduces Leveraged and […]
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Bitcoin (BTC) exchange-traded funds (ETFs) on Apr. 2 experienced a moderate net inflow of $40.3 million, according to Farside data. Particularly noteworthy is the Grayscale Bitcoin Trust (GBTC), which saw a relatively smaller outflow of $81.9 million, signaling a significant slowdown from previous outflows. GBTC has now totaled $15,152.0 billion in net outflows.
Farside data reports that the ARK ETF (ARKB) recorded its largest single-day outflow of $87.5 million, yet it has accumulated total inflows of $2,221.5 billion. On the other hand, BlackRock’s (IBIT) Bitcoin ETF attracted a healthy inflow of $150.5 million, boosting its total net inflow to an impressive $14,274.3 billion. In a positive turn, the Hashdex Bitcoin ETF (DEFI) saw its first net inflow since Feb. 21 of $0.8 million, reducing its total outflows to just $2.9 million.
According to Farside data, cumulative net inflows across all Bitcoin ETFs now stand at $12,083.3 billion.
The post Despite Grayscale and ARK’s outflows, Bitcoin ETF market records net inflow appeared first on CryptoSlate.
On Wednesday, bitcoin’s trade volume and overall value provided insights into its current technical situation. With a daily trading volume reaching $45.30 billion and a total market value of $1.29 trillion, the cryptocurrency’s liquidity and market breadth still stands strong. However, recent downturns have left traders wary. Currently, bitcoin has declined by 6% this week […]
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On-chain data shows the Bitcoin supply in profit has plunged following the latest crash in the asset’s price towards the $65,000 level.
As analyst James Van Straten pointed out in a post on X, around 10% of the BTC supply is now in a state of loss. The on-chain indicator of interest here is the “Percent Supply in Profit,” which tracks the percentage of the total circulating Bitcoin supply holding an unrealized gain.
This metric works by going through the blockchain history of each coin in circulation to see the price at which it was last transferred. Assuming that this previous transaction involved a change of hands, the price at its moment would serve as the cost basis for the coin.
The coins with a cost basis that is less than the current spot price of the cryptocurrency would naturally be considered to be holding a profit, and as such, they would be counted under the supply in profit.
The Percent Supply in Profit adds up all such coins and calculates what part of the total supply they make up for. The opposite metric, the Percent Supply in Loss, adds up the coins not satisfying this condition.
Since the total circulating supply must add up to 100%, the Percent Supply in Loss can be deduced from the Percent Supply in Profit by subtracting its value from 100.
Now, here is a chart that shows the trend in the Percent Supply in Profit for Bitcoin over the last few months:
Looks like the value of the metric has taken a plunge in recent days | Source: @jvs_btc on X
As displayed in the above graph, the Bitcoin Percent Supply in Profit has seen a sharp drop recently as the cryptocurrency price has gone through a significant drawdown.
The indicator’s value has dropped to around the 90% mark, which means that about 10% of the supply is currently carrying a loss. The chart shows that the last time the metric touched these levels was back on 22 March. Interestingly, the asset also found its bottom around then.
Earlier, the Percent Supply In Profit had pushed towards the 100% mark, which was a natural consequence of the price setting a new all-time high (ATH), since at fresh highs, all of the supply must be out of the red.
Generally, the investors in profit are more likely to sell their coins, so if many come into gains, the possibility of a mass selloff rises. Due to this reason, high levels of the Percent Supply In Profit have often led to tops.
Similarly, bottoms become more likely when investor profitability levels drop relatively low. The current value of 90% is still quite high, but this isn’t unusual during bull runs, as there is strong demand and ATHs are being explored.
The fact that the profitability has cooled off compared to earlier levels may be constructive for the rally’s chances to see a continuation, just like it did last month.
At the time of writing, Bitcoin has been trading at around the $65,700 level, down more than 5% over the past week.
The price of the asset seems to have been tumbling down over the past couple of days | Source: BTCUSD on TradingView
Featured image from Shutterstock.com, Glassnode.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.
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After four days of consecutive inflows, the U.S. spot bitcoin exchange-traded funds (ETFs) experienced a downturn, with $85.7 million flowing out during Monday’s trading hours. U.S. Spot Bitcoin ETFs’ Momentum Halted With $85.7M in Outflows, Spotlight on GBTC Between March 25 and March 28, 2024, the U.S. spot bitcoin ETFs enjoyed an upward trend, amassing […]
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