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On-chain data shows the number of big money investors has gone up for XRP recently, something that could be bullish for the coin’s price.

XRP Holders With At Least 1 Million Tokens Are Back Near All-Time High

According to data from the on-chain analytics firm Santiment, the amount of XRP wallets carrying at least 1 million coins has been surging recently. The indicator of interest here is the “Supply Distribution,” which keeps track of the total number of addresses that belong to the different wallet groups.

The addresses are divided into these cohorts based on the amount of the asset that they are carrying in their balance right now. The 1 to 10 coins group, for instance, includes all investors who own between 1 and 10 XRP.

In the context of the current discussion, the addresses holding 1 million or more coins are of interest (with the upper limit being infinity). At the current exchange rate, this lower limit is worth around $544,300, so the investors belonging to this group would be those with some significant holdings. The whales, as well as the larger of the sharks, would fall into this range.

The below chart shows how the Supply Distribution for addresses in this range has changed over the past year:

As displayed in the above graph, the XRP addresses carrying at least 1 million tokens have seen their count rise over the last few weeks. There are now 2,013 wallets that fall into this range, just 1 shy of the all-time high value set back in June.

The fact that the indicator’s value has been going up recently suggests that some big money has been entering into the cryptocurrency. Naturally, this could be a constructive sign for the coin’s price.

The trend of big money accumulation is also visible from another angle: the total amount of holdings held by the whales. As the chart shared by analyst Ali in an X post shows, these entities carrying between 10 million and 100 million XRP have been buying recently.

From the graph, it’s visible that a lot of this accumulation has come after the recent plunge in the cryptocurrency’s price, suggesting that these humongous investors have been buying the dip.

In just the past week alone, the XRP whales have loaded up 31 million tokens, worth almost $17 million. Since these latest buys have come, the asset’s price has registered some recovery, implying that the accumulation may already be paying off for some of these giants.

It now remains to be seen if this recovery would lead towards a proper return for the rally, given the buying push the whales have been applying recently.

XRP Price

At the time of writing, XRP is floating around $0.54, up over 11% in the past seven days.

Ассоциация блокчейна (AB) и Техасский альянс свободы криптовалют (CFAT) подали в окружной суд Техаса на Комиссию по ценным бумагам и биржам США (SEC), требуя отменить недавно принятые правила для брокеров-дилеров.

On Monday, the Shiba Inu team behind TREAT announced a significant financial boost with a $12 million investment from strategic venture capital partners led by Cypher Capital. This funding is set to advance the development of a next-generation Fully Homomorphic Encryption (FHE) blockchain utilizing TREAT, the final non-stable token within the Shiba Inu ecosystem.

Lucie, the marketing lead for Shiba Inu, detailed the plans for TREAT in a series of posts on X (formerly Twitter). These announcements come at a critical juncture as the ecosystem prepares for the deployment of its layer-3 blockchain, expected to commence with a testnet phase in the third quarter of this year. The mainnet launch will follow, contingent on the successful completion of rigorous testing and auditing procedures.

Why TREAT Matters For Shiba Inu

Lucie’s statements reveal the multifaceted utility of TREAT within the Shiba Inu ecosystem. Primarily, TREAT will serve as the ecosystem reward token. With its launch, users who engage in staking or participate in liquidity pools using their SHIB tokens will be rewarded with TREAT tokens. This mechanism is designed to foster a more active and engaged community, rewarding users directly for their participation and support of the network.

Moreover, TREAT is set to play a dual role as both a governance token and a gas token on the new Layer 3 blockchain. This integration is critical because it elevates TREAT from being a mere utility token to one that is integral in facilitating the operation of the blockchain.

Users will leverage TREAT to execute transactions and interact with various decentralized applications (dApps) running on the Layer 3 platform. Additionally, holding TREAT grants users voting rights, enabling them to participate in decision-making processes that will shape the future development of the ecosystem.

Lucie further explained that the synergy between TREAT and SHIB is essential for the holistic enhancement of the Shiba Inu platform. The two tokens are designed to work in concert, with SHIB acting as the primary medium for transactional activities and TREAT enhancing those transactions through additional rewards and governance capabilities. This strategic interplay is expected to enhance the overall value and functionality of the ecosystem, promoting a sustainable growth model that benefits all stakeholders.

In her detailed social media exposition, Lucie also discussed the strategic significance of implementing a Layer 3 solution over the existing Shibarium Layer 2 framework. The new layer is aimed at enhancing privacy by using advanced cryptographic techniques to obscure transaction details, thereby safeguarding user identities and sensitive data. This layer maintains high transaction speeds and low costs, ensuring that the blockchain’s performance remains optimal without sacrificing the privacy or security of its users.

The Layer 3 addition is also designed with regulatory compliance in mind, enabling private transactions to be auditable when necessary to adhere to legal and regulatory requirements. This feature is crucial for businesses and institutions that require a balance between operational transparency and confidentiality.

Furthermore, the introduction of Layer 3 is likened to adding a customizable privacy feature to the blockchain architecture, which Lucie compares to a “cloak of invisibility over fast-moving transactions.” This not only enhances security but also allows for modular upgrades and changes without disrupting the underlying efficiency of Layer 2.

Overall, the deployment of TREAT and the development of a Layer 3 blockchain are poised to significantly advance the Shiba Inu ecosystem. These innovations are designed to attract more users, increase transaction volumes, and solidify Shiba Inu’s position in the crypto space.

At press time, SHIB traded at $0.00002628.

BlackRock’s iShares Bitcoin Trust (IBIT) has become the talk of the financial world, recording a record-breaking 70 consecutive days of inflows. This unprecedented streak has propelled IBIT into the top 10 exchange-traded funds (ETFs) for the longest daily inflow run, putting it in league with industry heavyweights. But is IBIT’s success a sign of a resurgent Bitcoin or simply a fad capitalizing on current market trends?

Bitcoin ETF Landscape Redefined

The arrival of spot Bitcoin ETFs in January 2024 significantly altered the landscape for cryptocurrency investment. These ETFs, unlike their futures-based counterparts, allow investors to gain exposure to the top crypto asset’s price movements without directly owning the cryptocurrency itself. This newfound accessibility has ignited a surge in investor interest, with IBIT leading the charge.

IBIT’s impressive inflows have translated into a war chest of over $15 billion worth of Bitcoin. This rapid accumulation has financial analysts predicting IBIT’s imminent dethronement of the Grayscale Bitcoin Trust (GBTC) as the world’s largest Bitcoin fund. GBTC, which operates on a different structure, has been experiencing consistent outflows, further strengthening IBIT’s position.

IBIT Vs. FBTC: A Battle For Bitcoin ETF Supremacy

While IBIT reigns supreme in terms of total holdings, a new challenger has emerged – Fidelity’s Bitcoin ETF (FBTC). Over the past few trading sessions, FBTC has managed to outpace IBIT in daily inflows. This neck-and-neck race highlights the growing competition within the Bitcoin ETF space.

However, IBIT enjoys a distinct advantage – the backing of BlackRock, a financial behemoth with nearly $11 trillion asset portfolio. BlackRock’s reputation and reach could prove instrumental in attracting further investment towards IBIT.

Top Analyst Weighs In

Adding fuel to the IBIT fire is Eric Balchunas, a renowned ETF analyst at Bloomberg. Balchunas closely monitors the performance of ETFs and has been a vocal supporter of IBIT’s trajectory.

On social media, Balchunas celebrated IBIT’s nearing of the 70-day inflow milestone, highlighting its potential to join the ranks of some of the most successful ETFs ever.

$IBIT inflow streak currently at 69 DAYS. one more day and it moves into Top 10 and ties $JETS (a streak I was equally as fascinated by) altho streak ending today would be pretty hilarious, show financial gods have sense of humor via @thetrinianalyst pic.twitter.com/niDzfaKqgp

— Eric Balchunas (@EricBalchunas) April 22, 2024

Balchunas even compared IBIT’s feat to the impressive 70-day inflow streak achieved by the JETS ETF, which tracks airline industry companies. This comparison underscores the significance of IBIT’s achievement, particularly within the fledgling Bitcoin ETF market.

Is IBIT A Sustainable Investment Option?

Despite IBIT’s meteoric rise, questions linger regarding its long-term viability. The future of Bitcoin itself remains shrouded in uncertainty. The cryptocurrency’s volatile nature and susceptibility to market fluctuations raise concerns about the stability of Bitcoin-linked investments.

Additionally, regulatory hurdles and potential changes in government policies could throw a wrench into IBIT’s growth trajectory.

Featured image from Pexels, chart from TradingView

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A crypto analyst has shed light on the latest trends regarding the Bitcoin (BTC) dominance within the crypto market, suggesting a potential shift in investor sentiment as they diversify their portfolios beyond the pioneer cryptocurrency. 

Bitcoin Dominance Is Waning

Popular crypto analyst and trader, Michael van de Poppe took to X (formerly Twitter), on Monday, April 22, to share valuable insights on Bitcoin’s dominance and investors’ sentiment on the cryptocurrency following the halving event. 

The halving event occurred in the early hours of April 20, cutting the block rewards of miners by 50% and reducing the cryptocurrency’s supply. This previously anticipated event had triggered excitement amongst crypto enthusiasts and investors, as market analysts predicted a bull run following the event. 

However, the conclusion of the fourth Bitcoin halving cycle failed to produce any profound effect on BTC’s price, particularly when compared to its massive rise to new all-time highs before the halving. During the pre-halving period, Bitcoin skyrocketed above $75,000 in March, fueled by the surging demand for Spot Bitcoin Exchange Traded Funds (ETFs). 

As of writing, the cryptocurrency is trading at a price of $66,205, down by more than $8,000 from its previous all-time high, according to CoinMarketCap. 

Poppe has explained that following the completion of the Bitcoin halving event, the general cryptocurrency market has been experiencing an upward trend. The analyst affirmed that BTC’s dominance within the crypto market was waning significantly. Additionally, data from TradingView has shown that Bitcoin’s dominance over the market capitalization is presently 55.29%, reflecting a decrease of 0.26% over the past week. 

This decline in dominance suggests that investors are beginning to potentially move away from the popular cryptocurrency to diversify their holdings into other digital assets. Poppe referred to this shift as a “rotation,” highlighting that the movement has started slowly but steadily. 

He shared a price chart of Bitcoin against Tether (USDT) displaying the BTC’s price movements from February through April. The crypto analyst predicted a support level, pinpointing $57,000 as the potential bottom if BTC fails to break above $70,300. 

Altcoin Season On The Horizon?

The altcoin season typically occurs when the prices of lesser cryptocurrencies soar significantly higher and outperform Bitcoin. This period usually follows a major decrease in Bitcoin’s dominance in the crypto space. 

“It’s possible we’ll see another altcoin season if Bitcoin’s dominance index continues to wane, shifting investor focus towards altcoins,” a crypto community member stated.

Moreover, Poppe has declared that “the time for altcoins is on the horizon.” He revealed his strategy of taking a long position in anticipation of this potential rally, emphasizing that an altcoin bull run would depend on Ethereum’s performance in the market and the possibility of an Ethereum Spot ETF. 

The deserts of the Middle East are experiencing a new kind of gold rush – a digital one. Cryptocurrency markets and investments are exploding in popularity, with the region witnessing a surge in daily traders and a growing embrace of crypto-friendly regulations.

Crypto For The Everyman

Research by Bitget reveals a thriving crypto scene with an estimated 500,000 daily traders. The United Arab Emirates (UAE) stands out as a leader, boasting a regulatory framework that welcomes cryptocurrency investment. This openness is a stark contrast to the past, where many Middle Eastern nations outright banned crypto. Now, other countries are following suit, transitioning from prohibition to a more compliant approach.

Beyond regulations, what’s driving this digital frenzy? When it comes to investment preferences, the Middle East reveals a fascinating dichotomy. Retail investors are proving to be adventurous, venturing beyond established players like Bitcoin and showing a strong appetite for meme coins – those internet-fueled, often joke-based cryptocurrencies.

This enthusiasm for meme coins highlights a trend of retail investors seeking a quick win in a volatile market. However, institutional investors in the region seem to be taking a more measured approach, focusing on established crypto assets with a proven track record.

Beyond Trading: The Middle East As A Potential Mining Mecca?

The Middle East’s crypto story goes beyond just trading. The abundance of energy resources in the region, coupled with its evolving regulatory landscape, has caught the eye of major North American crypto miners. These companies, facing stricter regulations and crackdowns in their home countries like China, are scouting locations with a more relaxed approach.

With its vast resources and openness to crypto, the Middle East is emerging as a potential new hub for crypto mining. This influx of mining companies could further propel the region’s crypto ecosystem, creating a more robust infrastructure and fostering innovation.

A Land Of Opportunity

While the Middle East’s crypto market is undeniably thriving, it’s important to acknowledge its current limitations. Compared to giants like North America and Asia, the region’s overall crypto adoption rate remains moderate. However, considering the rapid growth trajectory, this is likely to change.

The combination of progressive regulations, a growing user base, and the potential for attracting major mining companies positions the Middle East as a significant player in the future of cryptocurrency.

The future of the Middle East’s crypto market is brimming with possibilities. As regulations continue to evolve and user preferences solidify, the region has the potential to become a major force in the global crypto landscape.

Featured image from Pexels, chart from TradingView

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Following the much-awaited fourth Bitcoin Halving, cryptocurrency hedge fund QCP Capital becomes a lighthouse of knowledge, providing an in-depth analysis of what the post-halving landscape could hold in store in the short term.

Bitcoin Bulls To Hold Larger Long Position Post-Halving

In a Monday broadcast on Telegram, QCP offered a comprehensive analysis that explores the complexities of post-halving dynamics and provides projections for investor sentiment, industry trends, and technical advancements.

Related Reading: Crypto Pundit Says Bitcoin Halving Is A ‘Buy The News’ Event

QCP Capital noted that following the conclusion of the fourth BTC Halving, the spot price increased slightly over the weekend, but not significantly. According to the company, in just 50 to 100 days after the actual halving day, the spot price rose in the past three events dramatically. Should this pattern be replicated, there are still a few weeks left for BTC bullish investors to build up a bigger long position.

While Extended Range Knockouts (ERKOs) offer appealing risk-reward ratios for long-term optimism, QCP Capital advises traders to use them to take bullish BTC positions. This is due to the firm’s ongoing, substantial purchases of Bitcoin calls that will expire at the year’s end and later.

The broadcast read:

We continue to see consistent large buying of BTC calls expiring at the end of the year and beyond. We think ERKOs provide good risk-reward if you have a longer-term bullish view.

In order to generate BTC longs in the upcoming weeks, QCP suggests purchasing BTC at a steep discount at $55,000 ahead of the usual post-halving exponential upward surge. This is in light of considering options such as the BTC Accumulator, which have a $55,000 strike price and a $80,000 upper barrier expiring approximately 20 weeks from now.

Potential Short-Squeeze Post Halving

QCP also highlighted the possibility of a short squeeze in the short term, especially in altcoins and meme coins, which can cause price increases if risk appetite returns. Some of these altcoins and meme coins presently have already witnessed constant negative funding rates of up to -100%.

Meanwhile, speculative sentiment around Ethereum has improved, and risk reversals are trending upward, which might lead to short covering and return to leveraged long positions. While investors navigate this crucial turning point in Bitcoin’s trajectory, the company’s emphasis may be a useful tool that aids in decision-making and promotes a better comprehension of the dynamic cryptocurrency ecosystem.

Late Friday, the Halving went into effect, cutting the amount of new bitcoin issued. Due to the positive effects seen on previous occasions, the event is anticipated to catalyze significant gains for BTC and the crypto market. Given the halving event’s impact is still felt throughout the cryptocurrency industry, crypto investors are curious to learn about the ramifications and possible future paths of Bitcoin.

Бывший глава банкротящейся FTX подписал мировое соглашение с группой потерявших средства клиентов криптовалютной биржи, обещая помогать преследовать известных промоутеров. В ответ инвесторы обещают отказаться от группового иска против сооснователя FTX Group.

Числящиеся владельцами рухнувшей криптобиржи Wex представители сингапурской World Exchange Services добились от московского Савеловского районного суда решения взыскать в их пользу 18 млрд рублей.

Широко разрекламированная инициатива интеграции Telegram блокчейна TON и его собственного токена Toncoin привлекла мошенников, продвигающих схему заработка на реферальных ссылках.

Charles Hoskinson, the founder of Cardano, has expressed his enthusiasm for the formation of PRAGMA, a new independent open source association. This initiative marks a pivotal move towards achieving global scalability—a goal that Cardano aims to fulfill as it endeavors to become the financial operating system of the world.

Cardano Makes Crucial Step Forward

During a recent update shared on X, the Cardano Foundation, alongside partners Blink Labs, dcSpark, Sundae Labs, and TxPipe, announced the launch of PRAGMA. This association aims to foster a robust and diverse ecosystem, crucial for the scalability and resilience required at a global level.

Hoskinson highlighted the critical nature of such developments in his statement, saying, “Multiple clients and a diverse and resilient ecosystem of open source projects and utilities are required for a global scale protocol seeking to build the financial operating system of the world. I’m excited to see groups come together to start building these clients and projects.”

Interestingly, PRAGMA’s formation comes as a distinct and independent initiative within the ADA community, not directly coordinated with existing governance bodies such as IOHK. When questioned about the new group’s relation to these entities, Hoskinson stated, “They decided to form an entirely different group and not coordinate with Intersect. I’ve never had a formal meeting with them about their intent or the exactly structure and funding behind Pragma. I was actually only recently informed about their existence.”

He further elaborated on the potential benefits of PRAGMA’s independence, stating, “I’m glad to see the community forming their own structures and development priorities. While Pragma will not speed up feature delivery to Cardano, it does add operational resilience and also a second set of eyes on the formal specifications of Cardano.”

What Pragma Is About

The official press release by the Cardano Foundation sheds more light on PRAGMA’s mission and initial projects. It stated that this new not-for-profit open source association is dedicated to advancing blockchain software projects and fostering an alternative open-source ecosystem for ADA and potentially other blockchains. The signing of statutes, scheduled for 22 April, signifies the formal commencement of the association’s activities.

Sebastian Bode, Director of Engineering at the Cardano Foundation and a Board Member of PRAGMA, underscored the collaborative spirit driving this initiative. “PRAGMA represents an important step forward in the Cardano Foundation’s mission to support Cardano becoming a public infrastructure. Together, we are a team of passionate software engineers from various backgrounds who build open-source tools for developers aiming for mass adoption of blockchain.”

PRAGMA’s initial focus will be on a select number of pivotal projects. One such project is Amaru, which is the development of a full node written in Rust and designed to operate side-by-side with the existing Haskell nodes in a fully interoperable manner. Another key initiative is Aiken, a smart contract platform that aims to both simplify and enhance the development of smart contracts.

Frederik Gregaard, CEO of the Cardano Foundation, emphasized the broader implications of PRAGMA’s establishment for the ecosystem. “At the Cardano Foundation we are advocates for the open source maturity of the Cardano ecosystem, supporting collaborative initiatives that increase the diversity, as well as the quality and quantity of blockchain solutions. PRAGMA represents a significant milestone on this path.”

Looking ahead, PRAGMA plans to expand its membership to developers within the broader ADA ecosystem by 2025. This long-term strategy aims not only to integrate existing projects but also to stimulate the emergence of new and meaningful tools that could fundamentally enhance blockchain technology’s adoption and functionality.

At press time, ADA traded at $0.517.

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