Из жизни альткоинов
Mt. Gox Is Far From Done With Distributing Bitcoin, Here’s How Much BTC Is Left
Many Mt. Gox creditors have finally been repaid their Bitcoin (BTC) after a decade of waiting. News reports have shown many creditors have been repaid through the US-based crypto exchange Kraken. As expected, the news of more BTC potentially flooding the market has led to concerns about its effects on the price of Bitcoin. Analysts and investors alike have expressed concerns that the influx of Bitcoin into the market could result in increased selling pressure, potentially driving down the price of the cryptocurrency.
However, data reports have shown many of the repaid creditors are opting to hold their assets rather than selling them. This trend reflects a prevailing bullish sentiment among these BTC holders, who appear confident in the long-term potential of the cryptocurrency.
Despite the bullish mentality, on-chain data suggests Mt. Gov still has enough BTC to potentially flood the market. According to Arkham Intelligence, the defunct exchange still has over 80,000 BTC, which is valued at approximately $5.37 billion at the current price of Bitcoin.
Analyzing Mt. Gox’s Bitcoin HoldingsBitcoin is not out of the woods yet from the hands of Mt. Gox. As shown by Arkham’s dashboard, Mt Gox’s BTC holding has fallen from 142,000 BTC at the start of July to 80,000 BTC at the time of writing. This indicates over 62,000 BTC have been distributed to its creditors in the past three weeks.
While some creditors have chosen to hold their Bitcoin, many have undoubtedly taken the chance to cash out after a decade of waiting. This wave of selling contributed to a $170 billion wipeout from the crypto market when Bitcoin fell below $54,000. Many might argue this was an overreaction from other market participants, as many rushed to reduce their exposure even before creditors initiated any selloffs. Interestingly, Bitcoin was under intense pressure from a concurrent selloff of seized Bitcoins by the German State of Saxony.
The initial fear and uncertainty have since cooled down, even though on-chain data shows that Mt. Gox creditors continue to receive repayments. Notably, Arkham’s data indicates approximately 0.02 BTC were recently sent to eight Bitstamp deposit addresses, another exchange being used for these repayments. Similarly, CryptoQuant CEO Ki Young Ju revealed that these repayments have not led to a spike in spot trading volume dominance on Kraken.
So far, Mt. Gox has managed the repayments effectively, mitigating selling pressure. Bitcoin has also responded positively, demonstrating stability and growing maturity that have helped prevent further declines. Mt. Gox still holds 80,128 BTC in its wallet. We will see how the market reacts as the repayments unfold in the next few weeks. At the time of writing, Bitcoin is trading at $67,085, up by 5% in the past 24 hours.
Ripple CLO Alderoty Donates $300,000 In XRP To Donald Trump
The Chief Legal Officer (CLO) of Ripple Labs, Stuart Alderoty, has contributed $300,000 in XRP to Donald Trump’s presidential campaign. According to a CNBC report, the donation was made on June 11, 2024, and became public just yesterday. Notably, Alderoty recently attended a Trump fundraising event hosted by venture investor David Sacks in San Francisco.
Potential Motives Behind The Ripple CLO’s DonationThe transaction involved Alderoty sending 624,000 XRP to Trump’s campaign, which was subsequently converted to the stablecoin USDC, reflecting an exchange rate of approximately $0.48 per XRP. Thus, Trump does not hold any XRP anymore. However, the conversion was standard action. “President Trump’s campaign has a standard procedure to convert all received cryptocurrencies to USDC,” stated James Delmore, a former analyst at FOX News.
This contribution comes at a time when Trump has notably shifted to a pro-crypto stance, which might have influenced Alderoty’s decision to donate. However, unlike the Winklevoss twins, Alderoty has not publicly disclosed his reasons for the contribution. Ripple has been embroiled in a legal dispute with the US Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, for over three and a half years.
There is a general belief that Trump, if re-elected, would replace the SEC chairman with a pro-crypto advocate. Such a change could fulfill a strategic purpose behind Alderoty’s donation: to support the replacement of Gary Gensler. With a new chairman, the introduction of pro-crypto legislation and clearer regulations could become more likely, potentially affecting Ripple’s ongoing legal dispute with the SEC favorably.
It’s conceivable that under Trump’s administration, the new SEC might either drop the case against Ripple or avoid escalating it to higher courts in the event of an unfavorable ruling. A Trump presidency thus paints a positive future for Ripple, possibly allowing the company to operate in the US without restrictions and to expand the deployment of XRP-based services to the US.
Crypto Industry Unites For TrumpThe Ripple CLO joins a long list of donors from the crypto industry for Trump. The broader crypto community is rallying behind Trump, whose campaign has raised significant amounts from the sector. From April 1 to June 30, Trump’s “47” joint fundraising committee garnered over $118 million, with $4 million coming in various cryptocurrencies, including Bitcoin, Ether, and XRP. High-profile donors include crypto billionaires Tyler and Cameron Winklevoss and BitGo CEO Mike Belshe.
Trump is slated to further engage with the crypto community, with a keynote address at a major Bitcoin conference in Tennessee on Saturday and a high-ticket fundraiser in Nashville on the same day.
Brian Hughes, a Trump campaign aide, highlighted the significance of the crypto support to CBNC: “Crypto innovators and others in the technology sector are under attack from Kamala Harris and the Democrats. President Trump is ready to encourage American leadership in this and other emerging technologies.”
At press time, XRP traded at $0.6031.
Bitcoin Is The Path To Transactional Freedom, Robert K. Kennedy Declares
Bitcoin continues to become a major discussion in the political landscape, as United States GOP Presidential candidate Robert F. Kennedy Jr has declared that Bitcoin is the way that individuals in the nation can achieve transactional freedom. Kennedy emphasized the value of financial independence and privacy and cited BTC’s decentralized structure as a major component for residents to conduct transactions without intervention from institutions or the government.
Bitcoin Represents Pathway To Transactional IndependenceTFTC, a media company, shared the Presidential candidate Robert F. Kennedy Jr’s opinion on the X (formerly Twitter) platform on Thursday, alongside a clip of Kennedy in an interview on CNBC. In the interview, the crypto advocate started by disclosing his confidence in BTC’s future value growth, noting he still holds some of it.
When asked about Bitcoin’s real role in the financial system, since some members of Congress desire for the asset to be banned in the US, Kennedy answered saying they want it outlawed because large banks like JP Morgan and Blackrock, which profit from inflation and money printing by the Federal Reserve (FED), are funding them.
He further noted that the American middle-class class citizen is getting rolled by these Congress members, and Bitcoin is the exit from the FED money printing machine. This is because the crypto asset is considered a hard currency while stressing the need to make it transactional available to middle-class citizens and those who desire to safeguard themselves against economic turmoil like inflation, allowing them to have control over their funds.
Kennedy pushed for transactional freedom among the residents because he believed it was as important as freedom of speech, drawing attention to a scenario in Canada where the government shut down the citizens’ bank accounts after initiating a peaceful protest.
By doing so, the government could control the residents’ transactional freedom thereby controlling their speech, and according to the presidential candidate, Bitcoin is the only means against this government’s control over citizens’ financial independence. “Transactional freedom is as important as freedom of speech, and you only get that from Bitcoin, and we are not going to get that as long as the government controls our digitalized currencies,” Kennedy stated.
Will The US BTC Holdings Worth $615 Billion Under Kennedy?In recent weeks, Robert K. Kennedy Jr has demonstrated his staunch support for BTC, endorsing it as a potential asset that could lead to a financial breakthrough for the US. In another interview on The Street with popular YouTuber, Scott Melker, Kennedy has revealed his plans to make the US the largest owner of Bitcoin.
Currently, the nation is the largest owner of Gold, with over 8,134 tons of the precious metal, valued at a whopping $615 billion. Should Kennedy be elected as the next president of the country, he intends to mirror this value in BTC, which will bring the US holding to over 9.4 million BTC.
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FTX Japan Fully Acquired By BitFlyer, Eyes Launch Of Crypto Spot ETFs – Details
On Friday, Japan-based cryptocurrency exchange BitFlyer announced the completion of its acquisition of 100% of the outstanding shares of FTX Japan, making FTX Japan a wholly-owned subsidiary.
The acquisition, finalized on July 26, 2024, comes after FTX Trading and related entities, including the Japan subsidiary, filed for Chapter 11 bankruptcy protection in the United States on November 11, 2022.
Plans To Transform FTX Japan Into A Crypto Custody GiantAs announced, following approval of the sale order by the US Bankruptcy Court on July 16, BitFlyer has successfully integrated FTX Japan into its operations, with significant changes on the horizon to capitalize on the acquisition.
As part of the transition, FTX Japan will change its name by August 26, 2024, with the tentative new name being the “new custody company.”
The rebranding is a strategic move, the company said, to align the acquired business with BitFlyer’s core focus on providing “advanced” crypto custody services to institutional investors. The exchange further stated:
The background to the basic policy of the crypto custody business is the growing need for institutional investors to enter the crypto asset market and the need for specialized security measures.
By developing a focused crypto custody business under the BitFlyer Group umbrella, the company aims to meet the growing demand from institutional investors seeking compliant access to the digital asset ecosystem in the Asian country.
BitFlyer Bets On Crypto Spot ETFsFriday’s announcement revealed that the new custodian is exploring the possibility of offering services related to crypto asset spot exchange-traded funds (ETFs) in the future, subject to establishing the necessary legal and regulatory framework in Japan.
This is in line with recent regulatory developments in the United States, where the US Securities and Exchange Commission (SEC) approved the listing of several spot Bitcoin ETFs in January, and most recently, the new spot Ethereum ETFs approved on Monday. BitFlyer also said on the matter:
We believe that by providing crypto custody services and crypto asset spot ETF related services through the new custody company, we will be able to provide value that is unique to the bitFlyer Group.
BitFlyer’s CEO, Yuzo Kano, stated in a recent social media post that the inflow of funds from institutional investors has increased in recent months due to the regulated Bitcoin ETF market, and he also believes that crypto-related ETFs will one day be listed in Japan.
“Through our custody business, we aim to become a public service that serves as an industry infrastructure,” Kano stated.
At the time of writing, FTX’s native token, FTT, is trading at $1.41, up over 6% in the wake of BitFlyer’s new acquisition on Friday. The token has also seen an 18% increase in trading volume since Thursday, reaching $13 million, according to CoinGecko data.
Featured image from DALL-E, chart from TradingView.com
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Research Firm Says Wall Street Doesn’t Understand Ethereum As Outflows Plague Spot ETFs
The Spot Ethereum ETFs haven’t exactly gotten off to the perfect start, with these funds experiencing mixed flows in their first three days of trading. Crypto research firm 10x Research has provided some answers as to why institutional investors aren’t so enthusiastic about these funds.
Wall Street Doesn’t Fully Understand What ETH Is About10x Research suggested in a recent report that institutional investors haven’t warmly received the Spot Ethereum ETFs because they don’t fully understand what it is about. The report, written by Markus Thielen, noted that these Wall Street investors “usually don’t place bets on things they don’t understand.”
Interestingly, Bloomberg analyst Eric Balchunas pointed out this issue immediately after the Spot Ethereum ETFs were approved in May. Back then, he noted that one of the challenges these fund issuers would face was distilling ETH’s use case in an “easy-to-understand” way, just as Bitcoin is easily referred to as “digital gold.”
10x Research again highlighted this issue, alluding to the fact that the Spot Ethereum ETF issuers have so far had a hard time explaining ETH to these traditional investors. The research firm specifically referred to BlackRock’s description of ETH as “a bet on blockchain technology,” but these investors still don’t look hooked.
Additionally, 10x Research noted that the Spot Ethereum ETF issuers haven’t really made an effort to create awareness of their respective funds, with these funds lacking major marketing campaigns. This lack of an easy-to-understand narrative for Ethereum and the efforts from Spot Ethereum ETF issuers form part of the reasons the research firm remains bearish on ETH.
Thielen remarked, “Ethereum might be the weakest link, where fundamentals (new users, revenues, etc) have been stagnant or lower.” The research firm also alluded to ETH’s diminishing use case in this market cycle as another reason to be bearish on ETH. 10x Research argues that Solana, especially with its superior meme coin ecosystem, has stolen ETH’s shine in this cycle, which is why SOL has been outperforming ETH.
Meanwhile, from a technical perspective, 10x Research highlighted the stochastics indicator, suggesting that ETH is currently overbought. They warned that the crypto token will likely experience significant declines in the short term and stated that “it might make sense to press the ETH short a bit longer.”
Outflows Plague The Spot Ethereum ETFsAccording to data from Soso value, the Spot Ethereum ETFs witnessed a net outflow of $152.3 million on July 25 (day 3 of trading), with Grayscale’s Ethereum Trust (ETHE) solely responsible for this development with an individual net outflow of $346.22 million. The other Spot Ethereum ETFs recorded net inflows, but the amount that flowed into these funds wasn’t enough to plug the bleed.
Since they began trading on July 23, these Spot Ethereum ETFs have witnessed a cumulative total net outflow of $178.68 million, with $1.16 billion already flowing out from Grayscale’s ETHE in the first three days of trading. These Spot Ethereum ETFs enjoyed a great outing on the first day of trading, with a net inflow of $106.78 million on July 23.
However, they eventually succumbed to the outflows from Grayscale’s ETHE, witnessing a cumulative net outflow of $133.16 million on day 2 of trading and a net outflow of $152.3 on July 25. The outflows from ETHE are already putting significant selling pressure on ETH, potentially leading to price declines for the crypto token in the short term until the other Spot Ethereum ETFs begin to witness an increased demand that can shore up the Grayscale outflows.
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Bitcoin Deposits To Binance Spike: Selling Not Over Yet?
On-chain data shows the Binance exchange has received large net Bitcoin inflows during the past day, indicating that BTC’s decline may extend further.
Bitcoin Binance Netflow Has Just Taken To Positive ValuesIn a new post on X, CryptoQuant community manager Maartunn discussed the latest trend in the Bitcoin exchange netflow for the cryptocurrency exchange Binance.
The “exchange netflow” here refers to an on-chain metric that measures the net amount of Bitcoin entering or exiting out of the wallets attached to any given exchange. The indicator’s value is calculated by subtracting the outflows from the inflows.
When the metric’s value is positive, the inflows overwhelm the outflows, and a net number of tokens enter the platform. As one of the main reasons investors deposit to exchanges is for selling purposes, this trend can be bearish for BTC.
On the other hand, the negative indicator suggests the exchange is observing net withdrawals currently, which may be a bullish sign for cryptocurrency in the long term, as it implies investors are potentially taking coins off into self-custody for HODLing.
Now, here is a chart that shows the trend in the Bitcoin exchange netflow specifically for Binance over the past week:
As displayed in the above graph, the Bitcoin Binance exchange netflow has held positive values during the recent plummet in the cryptocurrency’s price, suggesting that the platform has been receiving net deposits.
Interestingly, the metric has registered positive values even after the price decline has stopped, and its spikes have only been larger. This could mean that the whale entities only plan to sell more, which could be bad news for the asset.
So far, Bitcoin has made some recovery since these net inflows to the number one cryptocurrency exchange by trading volume have appeared, implying that the whales may not have pulled the trigger on their selling yet.
It remains to be seen if these deposits have a bearish effect on the asset, thus elongating the drawdown, or if they have made the inflows for purposes other than selling.
In other news, an old Bitcoin whale appears to have moved many tokens in the past day, as Maartunn pointed out in another X post.
This Bitcoin whale has transferred 700 BTC (around $45.4 million at the current exchange rate), which has been dormant for over ten years.
BTC PriceBitcoin plunged to $63,400 during its latest decline, but the asset has since rebounded to $64,800.
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Could Bitcoin Be The US ‘Trump Card’ Against China’s Economic Power? Riot Executive Answers
In the ongoing global economic and geopolitical rivalry, the United States may have a powerful new weapon – Bitcoin (BTC). That is the argument made by Sam Lyman, the director of public policy at Riot Platforms, one of the largest Bitcoin mining companies.
America’s Key To Economic Supremacy?Writing for Forbes, Lyman drew parallels between today’s competition in the digital asset economy and the historic “space race” between the US and the Soviet Union during the Cold War.
Just as the US prevailed in the space race by landing the first man on the moon, Lyman believes Bitcoin could become America’s “Trump card” in its economic rivalry with China.
The key, Lyman says, is for the US to classify Bitcoin as a strategic reserve asset – a resource that a nation accumulates to bolster its defenses, stabilize its economy, or gain a competitive edge over rivals. Historically, commodities like gold, oil, and critical minerals have served this purpose for countries worldwide.
However, Lyman argues that with its scarcity, portability, and emerging status as a store of value, Bitcoin could be an ideal digital complement to physical gold reserves.
Bitcoin Vs GoldAs China and Russia “aggressively” accumulate gold to reduce their dependence on the US dollar, another administration in the US could counter by making Bitcoin a key part of its financial arsenal. Lyman added:
Classifying Bitcoin as a strategic reserve asset would be the starting pistol in the Bitcoin Space Race. If the United States – the wealthiest country in the world and the home of global capital – begins accumulating Bitcoin on its balance sheet, then other countries would have powerful incentives to do the same.
According to Lyman, this could slow or even reverse the recent flight from the US dollar into physical gold by major US adversaries. Instead, Lyman argues, it would spark a “digital gold rush” as nations scramble to stockpile the world’s most scarce digital asset.
The idea has already gained traction among some US politicians. Riot’s executive revealed in the article that House Majority Leader Tom Emmer told Lyman that “diversifying our investments is a common-sense next step” as the US continues to embrace the “ownership economy.”
Emmer reportedly expressed to Lyman an eagerness to discuss the matter further with former President Donald Trump, who has publicly supported Bitcoin and warned of the dangers of ceding ground to China and Russia in the digital asset space.
As Bitcoinist reported on Wednesday, Senator Cynthia Lummis is reportedly preparing to announce a bill requiring the Federal Reserve to purchase and hold BTC as a strategic reserve asset. Ultimately, the goal is to get Trump’s support for the supposed bill.
Whether the US will ultimately wield Bitcoin as a “Trump card” against its rivals remains to be seen. However, with growing interest from political leaders and the crypto industry, it’s possible that it could have significant geopolitical implications in the years ahead.
When writing, the largest cryptocurrency on the market is trading just above $65,000 after failing to consolidate above its 1-month high of $68,000 earlier this week.
Featured image from DALL-E, chart from TradingView.com
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Bitcoin HODLer Selling Exhausts, Supply Now Up By $8 Billion
On-chain data shows that long-term Bitcoin holders have reversed their trend recently, as their supply has absorbed $8 billion worth of tokens.
Bitcoin HODLers Have Gone Back To Net AccumulationAs explained by CryptoQuant author Axel Adler Jr in a post on X, the long-term holders have been increasing their supply recently. The “long-term holders” (LTHs) here refer to the Bitcoin investors who have held onto their coins for more than 155 days.
These holders make up one of the two main divisions of the BTC market based on holding time, with the other cohort being known as the “short-term holders” (STHs).
Statistically, the longer an investor holds onto their coins, the less likely they become to sell, so the LTHs, who tend to hold for long periods, represent the stubborn side of the market.
Generally, this group doesn’t easily sell, even during rallies or crashes, unlike the STHs. Still, this year’s rally was too good a profit-taking opportunity for even the diamond hands to miss out on.
As the below chart shared by the analyst shows, the Bitcoin LTHs sharply reduced their combined supply during the rally to the new price all-time high (ATH).
The Bitcoin HODLers had slowed their selloff soon after the price had dropped, but they participated in one final batch of sharp selling when BTC observed a rebound to $68,000.
The LTH supply dropped to 14,431,517 BTC following this selling spree, but since then, these holders have reversed their behavior. The chart shows that the metric has risen to 14,557,609 BTC now, which suggests an increase of 126,092 BTC, worth a whopping $8.1 billion at the current exchange rate.
Something to remember, though, is that whenever the LTH supply registers a rise, it doesn’t mean that these diamond hands are buying in the present. Rather, the increase suggests that some buying took place five months ago, and those coins have matured enough to be a part of this group.
The same principle doesn’t apply to selling, of course, since coins see their age reset back to zero as soon as they are moved on the Bitcoin blockchain, so they are instantly removed from the LTH supply.
The recent renewal of the uptrend in the indicator could be a sign that the diamond hands have finished selling and are now back to HODLing. If this is truly the case, then the trend can naturally be a bullish sign for cryptocurrency.
BTC PriceThe past day has been bearish for Bitcoin as its price has dropped by more than 3%, now floating around the $64,600 level. The chart below shows what the asset’s recent performance has looked like.
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Bitcoin Whales Scoop 358,000 BTC As USDT Liquidity Spikes: Are Bulls Ready To Rumble?
Bitcoin is bearish at press time, fading last week’s strong gains. Even though buyers expect prices to recover and break above $69,000, bears have been unyielding, even piercing the upper range of the current consolidation.
At spot rates, Bitcoin is down 6% from last week’s highs and roughly 12% from all-time highs. Contracting prices also mean lower lows from all-time highs, a bearish signal.
Bitcoin Whales Ramping Up PurchaseDespite this confluence of bearish signals, there are hints that buyers are accumulating at spot rates. As prices breach $66,000, the primary support, on-chain data shared by Ki Young Ju on X, points to strength, at least looking at whale behavior.
Though prices might be inching lower, Ju, the CEO of CryptoQuant, notes that whales have been aggressively buying in the past few weeks. Over the past month alone, 358,000 BTC were moved to permanent holder addresses. These wallets tend to HODL and not get shaken off by price volatility, as seen with retailers when prices drop.
Most importantly, these addresses are not associated with spot Bitcoin ETF issuers or miners. So far in July, BlackRock, Fidelity, and other spot ETF issuers, like Bitwise, have bought over 53,000 BTC on behalf of their clients.
The fact that coins are moving to these wallets suggests that whales are confident of what lies ahead and are unwilling to offload their stash, coming at a time when spot Bitcoin ETF issuers are scooping more coins from circulation.
Mt. Gox Distribution Soaked Impressively Well By The BTC MarketInterestingly, whales are gulping more BTC and HODLing just when Kraken, a crypto exchange, had completed their Mt. Gox creditor repayment process. The BTC market was concerned that Mt. Gox distribution would cause a blood bath from late June to early July.
However, looking at events in the past few days, the market seemed to have handled any sell-off well without causing much volatility. In a post on X, Ju said that spot trading volume and exchange flows remain normal on Kraken.
Amid this development, more users are flowing back into the crypto market. The Mt. Gox repayment via Kraken coincides with a marked increase in USDT and stablecoin liquidity. Historically, any upsurge of USDT inflows to exchange has preceded sharp price gains in Bitcoin.
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