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The rotation of #Bitcoin futures open interest on the CME is starting towards ETH due to the ETH ETF narrative.

CME #Bitcoin open interest is down 13% from the highs ($700M), while ETH open interest is up 14%.

CME $BTC futures are now below the spot price (backwardation).


Another clear confirmation that USDT printer and bitcoin price are not directly correlated. But in general, dollar printing happens most often in a bull market.


MicroStrategy representative Michael Saylor recalls how the rates of key assets have changed since August 10, 2020, when his company began buying Bitcoin.

Spoiler: BTC showed much more attractive returns compared to the S&P500 and Nasdaq indices, as well as precious metals.

As a result, Saylor recommends “never bet against Bitcoin.”


The number of wallets with balance less than one BTC continues to grow, while the number of whale wallets (balance from 100 BTC) sharply decreases. It is quite possible that large players intensively reduce positions in profit (santiment)


The head of Binance crypto exchange Changpeng Zhao said that most people's thoughts are mistakenly focused on a linear scale instead of a logarithmic scale. Accordingly, crypto investors need to change their approach in assessing asset prospects and be more patient with short-term collapses on the chart, counting on the long term.

As an illustration, the billionaire brought the corresponding Bitcoin rate chart. And as you can see, it is the logarithmic scale (in orange) here that shows more promising behavior of BTC.

So it is possible to get involved with cryptocurrency. The main thing is to be ready to wait.


The return on shares of many public mining companies that mine BTC has outperformed the corresponding figure for the cryptocurrency itself since the beginning of the year. The result of the change in value during this period of time is indicated in the right column.

As you can see, buying shares of Northern Data AG on January 1 would have brought about a 300 percent profit by today. Not bad.


This morning, another hashrate record, that is, total computing power, was set on the Bitcoin network. The indicator jumped to 531 exahash per second, which indicates peak activity of miners and their equipment.


One of the few graphs that shows constant growth in the cryptocurrency industry is the number of holders of the stETH token. We are talking about the equivalent of ethers awarded to coin stakers through the Lido platform.

In September, the figure has already increased by approximately 10 thousand units. So there are plenty of people willing to stake ETH.


At the moment, XRP is the most traded altcoin on the US market in 2023, and the Ripple token was also able to surpass the recent leader in the person of SOL.

Obviously, the verdict of the court, which did not recognize XRP as a security in mid-July, makes itself felt here.


Last Friday, the number of views on the Bitcoin page on Wikipedia reached 7,830, which was a record for 2023. Analysts believe that many people are becoming interested in cryptocurrencies given the possible approval of a BTC ETF in the near future.


The hype around spot bitcoin ETFs is unabated. This time around, JPMorgan said the SEC was left with no choice but to approve the filings. Especially in the context of Grayscale's victory in court.

If the US Securities and Exchange Commission does not do this, then it will have to retroactively withdraw approvals for BTC-ETF futures.

Bernstein analysts also released a forecast that spot bitcoin ETFs will be approved from October 2023 to March 2024. Conditionally - within half a year. In their opinion, refusal is not considered in principle here.

By the way, Bitcoin halving is expected in April 2024. And this means that fundamentally the market will be as ready as possible for a bull run. 2024 promises to be interesting 🚀📈


Tether has reported on the finances at its disposal. Overall, the giant that issues the largest stablecoin USDT has total assets of $86.1 billion, while total liabilities are equivalent to $82.8 billion. Accordingly, USDT collateral exceeds the 100 percent mark.

Excess assets of $3.29 billion are distributed among 15 blockchain ecosystems. It is they who act as a liquidity cushion necessary for the stable operation of USDT and the absence of problems in the event of a mass withdrawal of tokens to fiat by users.

Here is the detailed distribution.


sentiment
#Bitcoin broke above $30K again, supported by many traders who capitulated last week of price cuts. Volume rises in early August and this psychological resistance crossover can turn the mood in a positive direction.


Trading volumes with Bitcoin over the weekend in 2023 are still at their lowest level since 2012. This is a curious trend - especially considering that the figure during the previous bearish trend in 2018 was more than twice as high.


Trading volumes on centralized cryptocurrency exchanges in the second quarter of 2023 were at their lowest level since 2020. Not the best result, of course.


The user behavior of Coinbase and Binance platforms, which have been the victims of a lawsuit from the SEC, is markedly different. In particular, over the past few days, Coinbase platform lovers have been buying more bitcoins than selling them.

The situation on Binance, on the other hand, is the opposite. Here is the corresponding chart.


Glassnode analysts note that Bitcoin hodlers are not particularly upset by the current market collapse and continue to save coins. Now the number of coins at the disposal of long-term investors on average increases by 37.4 thousand units per month.

So capital owners are taking advantage of the situation.


The outflow of funds from cryptocurrency products for large professional investors continues. In the last week, the equivalent of $62 million was withdrawn from there.

Overall, this is the seventh consecutive minus for a total of $329 million - here's the chart from CoinShares. So the mood of crypto investors is clearly not the best right now.


Trading volumes on cryptocurrency exchanges have fallen to their 2020 lows, and bitcoin volatility has fallen to its lowest level since the beginning of the year. All of these technical indicators only indicate that we are in for a real storm in the market.
There is a theory that a long, debilitating sideways move takes out more traders than any, even the strongest correction. So everything that is happening in the market now is a norm and to some extent even a necessity.


Glassnode analysts are focusing on the Bitcoin network's 3 percent increase in hash rate over the past couple of days. Given what's happening in the middle of the week, another increase in the difficulty of mining BTC awaits us.

Next comes the summer. And in recent years it often ended with a decrease in this indicator.

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