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Bitcoin’s long-term holders shift to accumulation

by CoinNews
written by CoinNews

Quick Take

Long-term holders (LTHs) are defined by Glassnode as investors holding Bitcoin (BTC) for 155 days or more. Renowned for their astute investment strategies, LTHs typically accumulate BTC during bear markets and sell during bull runs to generate profits.

Long/Short-Term Holder Threshold: (Source: Glassnode)
Long/Short-Term Holder Threshold: (Source: Glassnode)

Glassnode data shows that since December, LTHs have offloaded around 1 million BTC; however, the recent GBTC sell-off has impacted Bitcoin’s long-term holder metrics. Excluding GBTC holdings, this accounts for roughly 700,000 Bitcoin sold by LTHs.

In contrast, short-term holders (STHs), those holding BTC for less than 155 days, persist in accumulating. During the period in which LTHs sold 1 million BTC, STHs have purchased approximately 1.2 million BTC, according to Glassnode data. While STHs have tapered their acquisition pace in the last 14 days, they remain active buyers. The interaction between LTHs and STHs indicates a promising outlook for short-term Bitcoin prices, with reduced sell pressure from LTHs.

As we can now discern from the data, because it takes 155 days to observe an LTH purchase, LTHs have capitalized on the opportunity amid the price surge from $25,000 in October 2023. Using a 14-day moving average, the LTH supply has experienced a slight increase, indicating accumulation. Currently, LTHs collectively hold approximately 14 million coins.

Long Term Holder Position Change: (Source: Glassnode)
Long Term Holder Position Change: (Source: Glassnode)

The post Bitcoin’s long-term holders shift to accumulation appeared first on CryptoSlate.

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Bitcoin Technical Analysis: Indicators Suggest a Potential Shift in Market Momentum

by CoinNews
written by CoinNews

Bitcoin Technical Analysis: Indicators Suggest a Potential Shift in Market MomentumAs of April 15, 2024, bitcoin presents a mixed landscape of consolidation and subtle recovery hints, reflecting a crucial moment for potential bullish or bearish trends. Bitcoin Despite the current market indecisiveness indicated by the 1-hour chart, the 4-hour and daily charts suggest underlying movements that could influence future price actions. The 1-hour chart displays […]

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5 Million Long-Term Holders Signal Major Market Shift

by CoinNews
written by CoinNews

Recently, reports from IntoTheBlock revealed that the Litecoin (LTC) network has exceeded five million long-term holders. This achievement represents approximately 62.5% of all LTC addresses with a balance, underscoring Litecoin’s widespread adoption and long-term viability within the crypto community.

Rising Long-Term Holder Trend Signals Optimism 

The surge in long-term holders has been particularly noticeable in recent months, underscoring a growing inclination towards holding LTC for quite a long time. In February’s closing days alone, the number of long-term holders soared by 170,000, signaling robust investor confidence in Litecoin’s long-term prospects.

In tandem with this surge in long-term holders, the number of individuals holding LTC for more than a year has steadily risen, now totaling 2.54 million addresses. Apart from the numerical growth, the profitability of holding LTC over the long term adds another dimension of interest.

According to on-chain data, roughly 67.67% of all LTC addresses currently stand in profit, collectively holding 49.76 million LTC. In contrast, approximately 26.8% of LTC holders, totaling 2.15 million addresses, are currently at a loss.

Meanwhile, a smaller segment, constituting 5.53% of holders, is situated at breakeven, which means they are neither in a loss nor a profit.

Addresses currently holding in Litecoin (LTC).
Addresses are currently held in Litecoin (LTC). | Source: IntoTheBlock

Bullish Sentiment Surrounds Litecoin Amidst Rumors of ETF Approval

So far, Litecoin has seen relatively stable movement, experiencing a minor increase of 0.3% over the past week, followed by a slight downturn of 0.1% in the last 24 hours. As of the current writing, LTC is trading at $96.72.

Litecoin (LTC) price chart on TradingView
LTC price is moving sideways on the 4-hour chart. Source: LTC/USDT on TradingView.com

Despite the altcoin’s current stability in price, analysts such as World of Charts anticipate a potential surge in the coming months, with projections suggesting a climb to $400. This bullish momentum is fuelled by growing institutional interest, particularly surrounding rumors of a potential LTC Exchange-Traded Fund (ETF).

Fox Business journalist Eleanor Terrett has hinted at institutional intrigue towards a Litecoin ETF, citing LTC’s functional similarities to Bitcoin as a potential factor in its approval by the US Securities and Exchange Commission (SEC).

Additionally, Coinbase Derivatives’ recent launch of futures contracts for Litecoin further contributes to the buzz surrounding the cryptocurrency.

Renowned crypto analyst Luke Martin echoes this sentiment, suggesting that the approval of an Ethereum ETF could pave the way for other “old altcoins” like Litecoin to gain regulatory approval. Martin emphasizes that LTC and Dogecoin may have a stronger case for not being classified as securities, particularly in comparison to Ethereum.

Featured image from Unsplash, Chart from TradingView

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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Bitcoin-Ethereum Ratio Signals Shift In Crypto Sentiment

by CoinNews
written by CoinNews

The recent ratio between Bitcoin (BTC) and Ethereum (ETH) prices suggests a potential decline in risk appetite within the crypto market. The ratio has reached its highest level since April 2021, indicating a stronger demand for Bitcoin than its smaller rival, Ethereum.

This development has led crypto asset trading firm QCP Capital to speculate that this shift in the ratio could be an early indication of a transition from “fear of missing out” (FOMO) to outright fear. 

Bitcoin And Ethereum Performance

Regarding recent market trends, the second quarter of 2024 has begun with relatively subdued activity. Bitcoin’s price has dipped below the $70,000 mark and has remained range-bound between $65,000 and $68,000 for the past few days despite briefly touching the $70,000 mark on Monday. 

According to QCP’s analysis, the inflow of funds into the spot Bitcoin Exchange-Traded Fund (ETF) market has not been substantial enough to drive significant price movements in either direction. 

As a result, the company has observed that funding rates have stabilized, and the front end of the forward curve has declined from previous highs of 50% to less than 20% currently.

Interestingly, while the front end of the forward curve has decreased, the back end remains elevated. This has led to interest in rolling spot-forward basis positions further out, potentially driven by the continued demand for long-dated Bitcoin calls extending into 2025.

Bitcoin
The daily chart shows that ETHBTC’s ratio is below the 0.50 level. Source: BTCUSD on TradingView.com

On the other hand, Ethereum’s performance has been relatively weak. QCP also notes that the ETHBTC ratio cross-tests a critical support level after breaking below 0.05. Notably, there has been sustained selling of Ethereum calls, resulting in lower volatility and downward pressure on the price.

Ultimately, QCP finds that these developments are prompting speculation as to whether this could be an early sign of FOMO turning into fear, particularly about Ethereum’s role as a proxy for altcoins.

While Bitcoin may find support from topside demand and ETF inflows, Ethereum’s performance and its impact on altcoins will be important factors to watch closely.

Will BTC Experience A Double-Top?

Renowned crypto analyst Crypto Con has raised an intriguing question about whether BTC is poised for a double top similar to the patterns observed in 2013 and 2021.

Analyzing previous market cycles, Crypto Con highlights that more evident double tops, such as those witnessed in the first and third cycles of 2021, triggered significant initial surges on the Fisher Transform indicator. 

In contrast, the 2017 double-top formation showed a more subtle initial rise in June. Notably, all final cycle tops ended with a regular bearish divergence, where the price reached higher levels while the indicator declined, as seen in the chart below.

Bitcoin
BTC’s past double top patterns. Source: Crypto Con on X

Currently, Bitcoin is approaching levels similar to those seen in 2017, as seen in the lower part of the chart. Crypto Con suggests that if the Fisher Transform indicator can consolidate around these levels without spiking to the line seen in 2013 and 2021, it could indicate a higher likelihood of a single top formation, which is the analyst’s most likely outcome, for December 2024, marking the top of this cycle.

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.

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SushiSwap proposes shift to ‘Labs model’ in DAO shake up amid social drama

by CoinNews
written by CoinNews

SushiSwap’s head chef, Jared Grey, said the ongoing controversy surrounding the protocol’s proposed transition to a Labs model is primarily driven by “former contributors who like to propagate endless FUD and misinformation.”

The controversial proposal

On March 26, a proposal titled Evolving Sushi—Burū no Shinka was submitted to allow Sushi to adopt a Labs model to restructure its current organization, enhance operational efficiency, and accelerate protocol development.

The proposal pointed out that the protocol’s current governance procedures needed more flexibility to increase its development pace. Consequently, it proposed Sushi Labs as an autonomous administrative, technical, and operational company, or group of companies, tasked with product development and management within the Sushi ecosystem.

However, the proposal has generated heated remarks from some in the community due to several proposed changes, including making the Sushi Labs more powerful and limiting the DAO’s powers to decentralized on-chain governance, such as voting on token allocations.

Additionally, the proposal will allocate 25 million Sushi tokens and other funds to the Labs while making it the sole beneficiary of future airdrops.

This move has been heavily scrutinized, mainly because the amount in the treasury differs from what the proposal states. The treasury wallet appears to contain 168 ETH, 13 million SUSHI, and 88,900 USDC. However, the proposal mentioned 1,228 ETH, 33.55 WBTC, and 1.574 million DAI, which are not in the treasury address.

Interestingly, Naïm Boubziz, a former contributor to SushiSwap, alleged that the Sushi Labs team might be manipulating the voting by adding liquidity to vote for themselves and removing the liquidity. He said:

“SushiSwap’s latest move is THE real hostile take over. They’ve introduced a new snapshot, sidelining the DAO and seizing the entire treasury without consulting the community.”

These dramas have led some community members to label the proposal “End of DAO.” Grey replied, stating,

“Labeling it as the “End of DAO” seems melodramatic when many view it as a needed upgrade, reducing the friction and inefficiencies plaguing Sushi’s less organized DAO model compared to its contemporaries and the need to deploy a more decentralized structure. Still, you’re entitled to your opinion, and sharing is encouraged.”

SushiSwap team response

In his response, Grey said that successfully implementing the Burū No Shinka will lead to a new era of streamlined governance for the Sushi DAO.

According to him, the DAO will no longer require a head chef figurehead, and his role will transition to leading Sushi Labs’ product development. He added:

“Sushi Labs’ goal is to foster the advent of a multi-product-and-token ecosystem, unlocking new opportunities for utility, governance, and value creation, which will remain under the control of the governance council structure, with increased on-chain and decentralized controls. We view this as a win-win for Sushi DAO.”

Grey also debunked claims that the team was manipulating the votes, revealing that a whale purchased a substantial amount of the SUSHI token to disrupt every effort of progress by the Sushi team.

Mentioned in this article
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Massive Bitcoin Shift: $6B Moved as 5th Largest BTC Wallet Reactivates After Years of Dormancy

by CoinNews
written by CoinNews

Massive Bitcoin Shift: $6B Moved as 5th Largest BTC Wallet Reactivates After Years of DormancyThis week, blockchain observers noticed that the “37X” wallet, once holding the title of the fifth-largest bitcoin wallet, was activated for the first time since 2019. This significant move involved the transfer of 94,504.03 bitcoin into three distinct addresses. One of these recipient wallets has now risen to become the sixth-largest bitcoin holder, showcasing a […]

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Goldman Sachs Sees More Institutions Diving Into Crypto — Says Bitcoin ETFs Prompt a ‘Psychological Shift’

by CoinNews
written by CoinNews

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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Celsius billion-dollar Ethereum shift stirs speculation on creditor payback plans

by CoinNews
written by CoinNews

Bankrupt crypto lending platform Celsius has shifted 459,561 Ethereum (ETH), valued at over $1 billion, to centralized exchanges, including Coinbase, Paxos, and FalconX, in the past 24 hours, per on-chain data.

In detail, more than 300,000 ETH, equivalent to $673 million, was sent to Coinbase Prime. The firm also moved 146,507 ETH, valued at around $323.3 million, to Paxos, and another 7,800 ETH, worth $17.2 million, were transferred to FalconX.

This latest transfer follows a series of similar fund movements by Celsius in recent days. On Jan. 24, blockchain investigator Lookonchain reported that the firm deposited 18,000 ETH, worth $40 million, to Coinbase.

Meanwhile, the crypto analytical platform Spot on Chain provided a more in-depth analysis of the transfers. According to the firm, Celsius has deposited 740,321 ETH, worth an estimated $1.69 billion, to centralized exchanges, including FalconX, Coinbase, OKX, and Paxos, since November 2023.

However, despite these transactions, the firm still holds a sizeable amount of ETH. Its address retains 62,468 ETH, approximately $139 million as of press time.

Why is Celsius making these transfers?

Spot On Chain’s analysis suggests the possibility of an over-the-counter (OTC) transaction, as around 97.2% of the total deposited funds to Coinbase were withdrawn to 12 newly created wallets.

“We noticed that 12 fresh wallets have withdrawn 296,835 $ETH (660M) from Coinbase shortly after Celsius deposited $ETH to the CEX, accounting for ~97.2% of the total deposited amount. This is probably an OTC deal,” the firm said.

Meanwhile, the motive behind the transfer remains undisclosed. But it coincides with creditors’ anticipation of a potential repayment launch in February.

On Jan. 25, the Celsius Newco Community suggested that the firm had an effective date of Jan. 31, with expectations of distributing liquid crypto to Earn Creditors starting mid-February.

A Celsius distribution FAQ hints at Coinbase being the platform of choice for creditor repayments in specific countries. Eighty-nine countries (excluding the United States) are eligible for the Coinbase distribution.

The Celsius Creditors Community group on social media platform X (formerly Twitter) also includes several creditors of the failed firm, who reveal that they received instructions to prepare for their Celsius distribution via Coinbase.



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Ethereum sees major shift from centralized exchanges to DeFi

by CoinNews
written by CoinNews

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Celsius faces hurdle as judge hints at new vote for Bitcoin mining shift

by CoinNews
written by CoinNews

Celsius Network, a cryptocurrency lending platform, might need to secure a fresh vote from creditors for its planned shift to a Bitcoin mining venture, suggested a U.S. bankruptcy judge in a recent court session.

The crypto lender provided details on Nov. 30, of its plan to only mine Bitcoin (BTC) once it emerges from bankruptcy, a scaled-down business that reflects guidance from regulators.

According to a report, Judge Martin Glenn, responsible for Celsius Network’s Chapter 11 proceedings, voiced displeasure on Nov. 30 regarding the abrupt change, emphasizing his repeated advisories to Celsius about the importance of reaching an agreement with the Securities and Exchange Commission.

Judge Glenn reportedly highlighted that the proposed transformation into a Bitcoin mining business deviates significantly from the deal creditors initially voted on, potentially encountering considerable resistance from creditors.

Celsius recently announced a scaled-back post-bankruptcy strategy, narrowing its focus to Bitcoin mining due to the U.S. Securities and Exchange Commission’s skepticism about its original business plans. While the SEC didn’t outright object to Celsius’ bankruptcy plan, the company stated that the agency was reluctant to endorse crypto lending and staking, activities it had previously disapproved of.

Celsius attorney Chris Koenig reportedly contended during the Nov. 30 hearing that the court-approved bankruptcy plan allowed the company the flexibility to shift to a mining-exclusive business. According to Koenig, a new vote isn’t necessary as the revised deal is equally beneficial for creditors.

As per the report, two customers, proceeding without legal representation, expressed dissent toward the agreement in the court documents, contending that Celsius should undergo complete liquidation instead.

Related: Celsius grants access to withdrawals for eligible crypto holders

Celsius filed for Chapter 11 protection in July 2022, one of several crypto lenders to go bankrupt following the industry’s rapid growth during the COVID-19 pandemic. The updated Celsius plan releases $225 million in cryptocurrency assets from the control of external investors, known as the Fahrenheit consortium, as outlined by Koenig.

Under the new proposal, Celsius creditors are projected to receive a 67% recovery, surpassing the 61.2% under the previous Fahrenheit arrangement, according to court records. During the preceding bid, the post-bankruptcy Bitcoin mining venture for Celsius will be overseen by US Bitcoin Corp, a participant in the consortium alongside Arrington Capital.

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