Lưu trữ cho từ khóa: whales

Altcoin

66% of Ethereum addresses are in profit, data shows

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Ethereum addresses in profit stood at 66% as of August 12, 2024, according to data from IntoTheBlock.

Per data from IntoTheBlock, 79.5 million Ethereum (ETH) addresses are currently in profit as ETH hovers just above $2,600. This accounts for 66.04% of ETH holders, an increase from the 63% that remained above water when the price of Ethereum fell to lows of $2,100.

IntoTheBlock analysts wrote:

“Last week’s market downturn significantly impacted Ethereum, pushing many holders into the red. The last time we saw a similar percentage of profitable holders was in October 2023, when Ethereum was trading around $1,800.”

IntoTheBlock data showing percentage of Ethereum addresses in profit at current price near $2,600

While the percentage of addresses in profit has increased from last week’s total, this number is lower than the 75% that were in the green as ETH traded above $3,159 on Aug. 1.

The price will need to increase significantly before more of the 37.2 million addresses currently in the red flip green. Addresses out of the money relate to those that bought ETH at an average price higher than the prevailing market figure.

If the price moves higher, 3.59 million addresses that acquired Ethereum at prices between $2,679 and $2,755 will become profitable. ETH has stagnated around these levels amid recent Jump Trading selling and the surprise awakening of dormant wallets related to the Plus Token Ponzi scam.

Whales deposits 5,000 ETH to OKX

On-chain data shows an Ethereum whale from the Ethereum ICO era has moved significant amounts of coins in the past few days.

The latest is a transfer of 5,000 ETH to crypto exchange OKX, which Lookonchain links to an address that received the coins at the price of $0.31. This same wallet address has moved more than 48,500 ETH, worth over $154 million, to OKX.

The movement of such large sums of coins has often accompanied substantial sell-off pressure on the respective cryptocurrency, and Ethereum may yet see this happen if the whale decides to sell. As such, traders are likely to react to these exchange deposits if the whale decides to liquidate.

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Theo Crypto News

Phân tích

BEAM plummet to December lows triggers whale accumulation

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After Beam fell to its December 2023 lows, whales showed increased interest in the asset and started accumulating it.

Beam (BEAM) plunged to $0.0106 on Aug. 5 for the first time since December 2023. Following the market-wide recovery, the native token of the Beam network emerged as the top gainer with a 12.2% surge in the past 24 hours.

BEAM price and RSI – Aug. 11 | Source: crypto.news

Beam is trading at $0.014 with a $700 million market cap at the time of writing. The asset’s daily trading volume recorded a 130% rally, surpassing the $23 million mark. 

According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of BEAM tokens increased from 15 to 27 unique transactions over the past day. 

BEAM price, active addresses, exchange activity and whale activity – Aug. 11 | Source: Santiment

The heightened whale activity around the Beam token started on Aug. 5 when its price was at a local bottom.

Data from the market intelligence platform shows that the BEAM accumulation from exchanges has also surged following the asset’s price recovery. Per Santiment, over 162.6 million BEAM tokens have left exchanges in the past 24 hours.

The number of BEAM tokens entering crypto exchanges is currently sitting at 147 million.

According to Santiment, the number of Beam daily active addresses has consistently declined over the past week — from 647 on Aug. 5 to 290 active wallets at the reporting time.

Due to the increased whale activity, the Beam Relative Strength Index also surged to 72. The indicator shows that BEAM is overbought, and a price correction would be expected.

When whale activity around an asset suddenly increases, on-chain data would usually show overheated conditions since the price could be potentially manipulated by large token holders. 

In addition, investors would have to take heed of macroeconomic events, since they could suddenly change the cryptocurrency and stock market conditions fast.

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Theo Crypto News

Phân tích

XRP surpassed the $0.60 mark, but likely to face resistance

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Ripple witnessed an impressive rally over the past day, but might soon face resistance due to short-term profit-taking.

Ripple (XRP) is up by 18% in the past 24 hours and is trading at $0.605 at the time of writing. The asset briefly reached an intraday high of $0.64 at 21:30 UTC on Aug. 7 as its daily trading volume rallied 210%, surpassing the $5 billion mark.

XRP price – Aug. 8 | Source: crypto.news

XRP’s market cap is currently sitting at $33.8 billion, closing the gap with USDC’s $34.5 million.

According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of XRP rose from 869 to 935 unique transactions over the past day. The increased trading volume and whale activity could hint at potential high price volatility for the seventh-largest crypto asset.

XRP price, RSI, whale activity and supply in profit – Aug. 8 | Source: Santiment

Data from the market intelligence platform shows that the XRP Relative Strength Index surged from 41 to 57. The RSI indicator shows that XRP is slightly overbought at this price point.

Moreover, XRP’s total supply in profit increased from 70.46 billion on Aug. 5, when its price fell to $0.43, to 77.49 billion at the reporting time. It’s highly expected that short-term traders would try to take profits as the crypto market is still moving in a highly volatile zone.

In the last week of July, investors were discussing a mega breakout for the XRP price which soon came to an end with the geopolitical tensions in the Middle East and the fear of recession in the United States.

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Theo Crypto News

Bitcoin

Negative Bitcoin funding rates could be bullish: analyst

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The Aug. 5 market plunge reversed Bitcoin’s funding rate for margin positions, potentially setting the stage for a bullish fourth quarter.

Pseudonymous CryptoQuant analyst ShayanBTC said that Bitcoin’s (BTC) early-August decline may benefit the digital asset before this year ends. The dip to $49,000 triggered a massive deleveraging sweep, flushing nearly $1 billion in BTC longs. The slump also wiped out over $1.2 billion in crypto margin positions and reset funding rates to negative.

As a result, short sellers dominated leveraged positions. According to the CryptoQuant researcher, investors could view the development as a net positive “as it suggests the future markets are no longer overheated.”

BTC funding rates | Source: CryptoQuant

“Smart Money” remained optimistic about markets as Bitcoin whales padded their holdings by over 404,000 tokens in the last 30 days after last month’s brief ascent to $70,000 and the plunge below $50,000. CryptoQuant data indicated that the accumulation spree coincided with several liquidation events, including Germany’s $3 billion offload and over $6 billion in Mt. Gox creditor repayments.

Investors adding BTC to their coffers is usually bullish for the largest cryptocurrency and signals strong market sentiment adopted by long-term investors, especially when funding rates have declined and created more room for upside momentum.

Bitcoin could range lower before an uptick

While whales bought more BTC, Bitfinex analysts predicted on Aug. 5 that the token could retest support around $48,900 before charging toward all-time highs again. 

The assertion agrees with historical data showing that Bitcoin typically struggles in August and September. Gains achieved in July were wiped out by macro-driven market fear, but the year’s fourth quarter may bring relief for BTC.

Before global markets retraced, investors and markets widely expected Federal Reserve rate cuts in September. A dovish outcome at the Federal Open Market Committee meeting next month could direct much-needed liquidity into the crypto market and propel prices.

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Theo Crypto News

Phân tích

Bitcoin holding close to $57k, 9.8m holders still at loss

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Bitcoin has been moving close to the $57,000 mark as the market-wide fear cools down, but a huge number of addresses are still at a loss.

Bitcoin (BTC) quickly recovered from the $50,000 mark on Aug. 5 as the uncertainty around geopolitical and recession tension slowly cooled down. The leading cryptocurrency briefly touched a local high of $57,220 earlier today and has been consolidating between $55,000 and $57,000 over the past 24 hours.

BTC price – Aug. 7 | Source: crypto.news

BTC gained 1.7% in the past 24 hours and is trading at $56,900 at the time of writing. Following the price surge, Bitcoin’s market cap surpassed the $1.1 trillion mark with a daily trading volume of $47.4 billion.

According to data provided by ITB, 9.87 million Bitcoin addresses are still at a loss, with most of them, 6.88 million wallets, having acquired the asset at an average price of $66,441. Moreover, 2.99 million holders bought BTC at an average price of $59,978.

BTC holders’ profitability map – Aug. 7 | Source: IntoTheBlock

These addresses have a total trading volume of 4.53 million Bitcoins.

At this price point, 1.27 million addresses that are holding 907,070 BTC tokens are either at a small loss or profit. They purchased Bitcoin at an average price of $55,776.

On the other hand, 42.24 million addresses are seeing notable profits on their Bitcoin holdings. 

Data from ITB shows that 37.84 million addresses have been holding Bitcoin for over one year while only 2.66 million addresses belong to short-term traders.

At this point, lower selling pressure would be expected from the addresses that are still at a loss, resulting in lower price volatility and even a potential price hike. 

According to a crypto.news report, CryptoQuant CEO Ki Young Ju expects a new all-time high for the Bitcoin price if it stays above the $45,000 mark. 

He also pointed out that BTC whales have accumulated 404,448 coins, worth roughly $23 billion, over the past 30 days. This movement shows increased accumulation while the market was wandering in FUD.

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Theo Crypto News

Altcoin

Ethereum price nears death cross as ‘7 Siblings’ buys the dip

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Ethereum price bounced back on Tuesday, Aug. 6 after forming a big hammer candlestick pattern and as some investors, including ‘7 Siblings,’ bought the dip.

Ether (ETH) was trading at $2,445, up by over 15% from its lowest point this week. This price action was in sync with that of Bitcoin (BTC), Cardano (ADA), and Bittensor (TAO). 

Ethereum whales are buying

There are signs that some big investors bought the dip on Black Monday , hoping that the token will bounce back. One of the buyers was an entity known as ‘7 Siblings,’ which has over $1.57 billion in assets. 7 Siblings bought 56,093 ETH tokens worth over $129 million.

There are also signs that Exchange Traded Funds investors bought the dip. According to Bloomberg, these investors bought assets worth $49 million, in a sign of increased investor optimism. 

Still, the crypto industry is being cautious, with some big holders selling their tokens. Jump Trading, a prominent player in the industry, has sold Ether tokens worth over $609 million in the past few weeks. Another big holder known as Longling Capital moved 20,000 coins after being dormant for almost 2 years.

Ethereum’s recovery faces additional risks. For one, not every analyst believes that the Federal Reserve should cut interest rates in September. In a CNBC interview, Komal Sri-Kumar, founder of Sri Kumar Global Strategies, said that the Fed should wait for inflation to fall before cutting interest rates. 

Still, he seems to be in the minority as the CME Fedwatch tool has a 76.5% probability of a 50bps rate cut in September followed by another one in November and December.

Another positive for Ethereum is that its staking yield has risen by 6.3% in the past 24 hours to 9.46%. This rebound happened as the staking market cap dropped by 26% to $81.95 billion. 

Ethereum price has some technical risks

Ethereum price | Chart by TradingView

The other potential risk for Ether is technical. On the daily chart, the coin formed a triple-top pattern whose neckline was at $2,810. It has now dropped below this neckline, meaning that bears have prevailed.

Ether is also about to form a death cross as the 50-day and 200-day Simple Moving Average are about to make a bearish crossover. Also, as was previously noted about Bitcoin, any rebound after a sell-off could prove to be a dead cat bounce.

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Theo Crypto News

Phân tích

Bitcoin is undervalued at $60k, price rebound expected

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The Bitcoin price has seen a constant downward momentum over the past few days as the broader cryptocurrency market faces correction.

Bitcoin (BTC) briefly touched a local high of almost $70,000 on July 29. The flagship cryptocurrency has since been declining and even dropped below the $60,000 mark earlier today.

BTC price, whale activity, MVRV ratio, RSI and supply in profit – Aug. 4 | Source: Santiment

Bitcoin is down by 1.55% in the past 24 hours and is trading at $60,532.45 at the time of writing. The asset’s market cap is sitting at $1.19 trillion. Moreover, Bitcoin’s daily trading volume plunged by 36%, hovering at $27.4 billion.

According to data provided by Santiment, the Bitcoin RSI dropped from 66 on July 29 to 38 at the reporting time. The indicator shows that BTC is oversold at this price point and is in good condition for a potential price hike.

Data from the market intelligence platform shows that the Bitcoin MVRV ratio is at negative 0.94%, showing that short-term holders are currently at a loss at this point.

Historically, the BTC price witnessed mild rebounds when the MVRV ratio slightly dropped below the zero mark. 

Per Santiment data, the total Bitcoin supply in profit declined from 18.96 million on July 29 to 16.19 million coins at the time of writing. Notably, there are currently 19.73 million BTC tokens in circulation.

The Bitcoin whale activity has also been declining since the start of the month. According to data from Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC dropped from 10,353 on Aug. 1 to 8,349 unique transactions in the past 24 hours.

The decline in the Bitcoin whale activity and trading volume could hint at lower price volatility and even a price rebound due to the low levels of RSI and MVRV ratio. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Aave price surges amid whale accumulation and V3.1 launch

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Decentralized finance protocol Aave is seeing a significant spike in whale activity as the market looks to bounce from the recent dump that pushed most altcoins to key support areas earlier this week.

On July 31, Lookonchain shared details indicating whales had aggressively accumulated Aave (AAVE) over the past two days. According to the data, whales withdrew over 58,848 AAVE worth $6.47 million from exchanges during this period.

In one instance, the whale address 0x9af4 withdrew 11,185 AAVE worth $1.23 million from Binance. Meanwhile, another address moved 21,619 AAVE worth over $2.38 million from the exchange and deposited the tokens into Aave.

These withdrawals followed an earlier transfer of 26,044 AAVE by the whale address 0xd7c5, which amounted to over $2.83 million withdrawn from Binance.

AAVE’s price surged by more than 7% in the past 24 hours amid buy-side pressure from these whales. Currently, the DeFi token trades around $111, having jumped more than 18% in the past week.

Recently, AAVE price increased by more than 8% after Aave founder Marc Zeller announced a fee switch proposal aimed at adopting a buyback program for AAVE tokens.

Aave v3.1 goes live

The total value locked in the Aave protocol currently stands at around $22 billion. According to DeFiLlama, about $19.9 billion is on Aave V3, while the V2 chain still holds about $1.9 billion in TVL and V1 about $14.6 million.

Aave Labs announced earlier in the day that Aave V3.1 had gone live across all networks with active Aave V3 instances.

The V3.1 version features enhancements set to improve the DeFi protocol’s overall security. Aave DAO governance approved the v3.1 improvements, which also include operational efficiency and usability for the network.

Meanwhile, Aave Labs recently outlined an ambitious roadmap for the project, with a 2030 vision for Aave V4 among other developments.

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Theo Crypto News

DeFi

Mantle Network’s MNT token sees 12% surge amid whale buying

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MNT, the native token of Mantle Network, the Layer-2 technology stack for scaling Ethereum, has experienced a price surge of 12% in the last 24 hours, now trading at $0.8578.

This surge in MNT’s value comes amidst a broader decline in the cryptocurrency market. Currently, Mantle boasts a market capitalization of around $2.8 billion, placing it 31st in global cryptocurrency rankings by market cap, according to price data from crypto.news.

Over the past 24 hours, MNT’s trading volume has also risen by 12.7%, reaching $240 million. Within the same period, MNT’s price fluctuated between a low of $0.77 and a high of $0.86.

Formerly known as BitDAO, Mantle is an ecosystem investment DAO with close ties to Bybit. The Mantle token, MNT, is used for governance, gas fees on the Mantle Network, and staking on various platforms. The Mantle Network utilizes an Optimistic Rollup (ORU) to scale Ethereum and aims for EVM compatibility.

Operating on the Ethereum network, Mantle offers a seamless, secure, and scalable platform for decentralized application (dApp) developers to launch their projects. This has made Mantle an attractive protocol for supporting GameFi applications, prompting the creation of an in-house Web3 gaming team.

The recent price surge in MNT coincides with an increase in daily active and new addresses involved in MNT transactions.

On-chain data from IntoTheBlock indicates a 19% rise in the number of active addresses completing at least one MNT transaction over the past week. Additionally, the number of new addresses created to trade MNT has increased by 15% during the same period.

Mantle daily active addresses | Source: IntoTheBlock

An uptick in daily active addresses and new addresses typically signifies growing network activity and heightened interest in the asset, suggesting increased demand and potential for future value appreciation.

The spike in MNT’s price has also garnered attention from large holders or whales. These are addresses holding over 0.1% of an asset’s circulating supply. When the net flow of these large holders increases, it indicates that whale addresses are accumulating the asset, which is generally a bullish signal.

According to IntoTheBlock, MNT’s large holders’ net flow has surged by 134% over the past seven days, highlighting substantial accumulation by these investors.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News