Tag: ETHUSDT

Ethereum Supply On Exchanges Fall To 2015 Levels, 3 Price Targets For Bulls | Bitcoinist.com
[ad_1]
The Ethereum supply on exchanges has been on a steady decline since the FTX crash happened back in 2022. This was triggered by a growing distrust for centralized exchanges and investors choosing to self-custody their tokens as a result. The constant decline has now seen the Ethereum being held on exchanges fall to the lowest point since its inception.

Available ETH On Exchanges Fall To Genesis Levels

When the Ethereum network was first launched back in 2015, the available ETH on exchanges was very low due to it being a new player. The exchange balances would steadily rise over the next few years as the digital asset gained widespread acceptance and began trading on countless exchanges.

However, there has been a shift in the tide where crypto investors are now choosing to hold their ETH in private wallets rather than leaving them on exchanges. The result of this is now there is only 8.41% of the total ETH circulating supply available on exchanges.
```
Source: Santiment on X
```
On-chain data tracker Santiment points out that this is the lowest that Ethereum exchange balances have been since Genesis in 2015. “Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of $ETH supply on exchanges is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high,” Santiment said in an X post.

The move away from exchanges coincides with a rapid increase in price which suggests that holder accumulation has played a major role in the digital asset’s recovery. And if exchange balances continue to fall, meaning less willingness to sell off ETH and lower sell pressure, the value could continue to soar.
```
ETH price gears up to retest $1,800 | Source: ETHUSD on Tradingview.com
```
3 Price Targets For Ethereum Bulls

Now that the $1,700 resistance has been cleared by Ethereum bulls, they have begun to turn their attention toward much higher price points. The next significant resistance lies at $1,850 as was demonstrated on Tuesday when the bulls were rejected from that level. So $1,850 is the first price trade foo clear in the bid to establish a stronger bull trend.

Next on the list is the $1,920 level where a major roadblock is expected to happen for the ETH price. This will be one of the last defenses of the bears to prevent a full-blown bull rally and bulls are sure to run into a lot of resistance at this level.

Last but not least is the $2,000 mark which has eluded bulls for the better part of this year. It is arguably the most significant price level for Ethereum right now that could signal an end to the bleed. So ETH bulls will need to reclaim this level from the bears and turn it into support.
[ad_2]

Best Owie

Source link
October 25, 2023
Crypto Turmoil: How The US Banking Collapse Dented Institutional Trading

[ad_1]

March witnessed a series of bank failures that have had ramifications for institutional crypto trading, putting a damper on what was once considered a bustling market space.

According to the latest insights from the blockchain intelligence platform Chainalysis, concerning North America, the fallout from these bank closures has been far-reaching, impacting the pace and volume of large-scale crypto transactions.

A Dip In Institutional Crypto Activity

Chainalysis’s recent report highlights the drop in “institutional” cryptocurrency transaction volume – transactions valued at more than $10 million. Starting in April 2023, the volume of these transactions plunged sharply, particularly in the North American region.

Interestingly, this downturn was specific to institutional transactions, as professional and retail trading volumes reportedly “remained constant.”

Transaction volume transfer-wise from July 2022 to June 2023. | Source: Chainalysis

The report points directly to the banking crisis in March, which led to several major US bank shutdowns, including the “Silicon Valley Bank and the crypto-friendly banks Signature and Silvergate” as factors that resulted in this drop.

In addition, the failure of troubled digital currency exchanges and lending desks, such as FTX and Alameda Research, in the preceding November further exacerbated the decline, according to the Chainalysis report.

The Exodus Of Stablecoins From North America

Furthermore, in the Chainlalysis report, one of the notable aftermaths of the banking crisis has been the dwindling dominance of stablecoins in North America. Stablecoins, primarily USD-pegged tokens, accounting for roughly 90% of global activity, began to lose ground in North America from February 2023 onwards.

Within a short span from February to June, the percentage of digital currency volume in the region attributable to stablecoins declined from 70.3% to 48.8%.

North America crypto transaction volume by asset type from June 2022 to July 2023. | Source: Chainalysis

Chainalysis’s research further underscores that since the spring of 2023, there has been a noticeable shift of stablecoin inflows from US -US-licensed crypto services to their non-U.S. counterparts.

This shift denotes a broader migration pattern, with businesses and traders seeking financial shores beyond US jurisdictions. The report noted:

Since [the] spring of 2023, the majority of stablecoin inflows to the 50 biggest crypto services have shifted from US licensed-services to non-U.S. licensed services, undoing a shift in the opposite direction that occurred over the course of late 2022 and early 2023.

Stablecoin inflows in US-licensed services compared to non-US-licensed services. | Source: Chainalysis

Chainalysis further disclosed that non-U.S. licensed platforms received 54.6% of stablecoin inflows among the top 50 services as of June.

The global crypto market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Featured image from iStock, Chart from TradingView

[ad_2]

Samuel Edyme

Source link

October 23, 2023
Ethereum Set To Outperform: Crypto Analyst Predicts 18% Rise To $1,900
[ad_1]
Ethereum (ETH) has so far relatively underperformed in comparison to the flagship cryptocurrency Bitcoin. However, that could change soon enough as a crypto analyst has predicted the second-largest crypto token by market to gain some momentum soon enough.

Ethereum To Hit $1900

In a post shared on his X (formerly Twitter) platform, prominent crypto analyst Ali Martinez mentioned that Ethereum could rise to as high as $1,900. His prediction was based on data that he had pulled up from the chart which he shared in his post.

The chart (a 3-day timeframe) featured an ascending triangle pattern, which usually represents a bullish formation. According to Ali, Ethereum is “poised” to rebound off the hypotenuse of the ascending triangle. Most importantly, for Ethereum to go as high as $1,900, the analyst noted that It has to experience a “firm close” above the 18-day SMA (Simple Moving Average).
```
ETH getting ready to breakout | Source: X
```
If that happens, Ethereum could hit $1,800 and further rise to $1,900 based on Ali’s predictions. It is worth mentioning that the last time Ethereum hit $1,900 was back in July 2023. A rise to that price again will represent about an %18 increase from its current price of $1,600.

Ali also had something to say about the flagship cryptocurrency, Bitcoin. In a subsequent post, he noted that the crypto token could see a correction to $28,800; a prediction he made based on the TD Sequential from a 4-hour chart.

Bitcoin rose to as high as $30,000 on October 20, with many speculating that a Spot Bitcoin ETF approval could be on the way, something that represents a bullish momentum for Bitcoin and the crypto market in general.
```
ETH price holding $1,600 | Source: ETHUSD on Tradingview.com
```
Bitcoin’s Dominance Is On The Rise

Data from TradingView shows that Bitcoin’s dominance has been on the rise this year, with the token currently boasting over 52% coin dominance in the crypto market. Interestingly, it has steadily risen since the Ethereum Merge occurred.

This is significant considering that many speculated that ‘the Flippening’ could happen after the Merge, where Ethereum overtakes Bitcoin to become the most dominant crypto token. However, that hasn’t happened so far, with Ethereum’s move from proof-of-work to proof-of-work being seen as ‘disastrous’ for the crypto token.

Bitcoin and Ethereum, however, share the podium when it comes to the best-performing assets of the year. Both crypto tokens are said to have outperformed the NASDAQ, S&P500, and Gold. Bitcoin has seen an %80 increase year-to-date (YTD), while Ethereum has seen a %35 increase YTD.

Featured image from Analytics Insight, chart from Tradingview.com
[ad_2]

Best Owie

Source link
October 21, 2023
Ethereum ICO Participant Wakes Up After 8 Years, Moves $3 Million In ETH
[ad_1]
The Ethereum initial coin offering (ICO), which took place in 2014, represents one of the most significant events in the history of cryptocurrency. As the network had not begun generating tokens autonomously, the ICO event allowed early investors and enthusiasts to accumulate ETH, currently the second-largest cryptocurrency by market cap.

Latest on-chain data shows that one of the ICO participants has become active for the first time in more than eight years, transferring their pre-mined stash of Ether tokens to different addresses on Saturday, October 21.

💤 A dormant pre-mine address containing 2,000 #ETH (3,198,920 USD) has just been activated after 8.2 years!https://t.co/0Mpx77N5fs

— Whale Alert (@whale_alert) October 21, 2023

Ethereum ICO Participant Awakens From Dormancy

According to blockchain data tracker Lookonchain, the address, which was part of the Ethereum Genesis, initially received 2,000 ETH over eight years ago. At the time, the Ether tokens were purchased for $620 at an ICO price of $0.31 per token. On Saturday, the ETH tokens in question changed wallets for the first time.

An #Ethereum #ICO participant woke up after 8.2 years of dormancy and transferred all 2,000 $ETH($3.2M currently) to 4 addresses 10 mins ago.

He/she received 2,000 $ETH(the cost is ~$620) at Ethereum Genesis, and the ETH ICO price is ~$0.31.https://t.co/zyMsEZIlb3 pic.twitter.com/juvlKCnIsW

— Lookonchain (@lookonchain) October 21, 2023

The wallet holding the pre-mined stash of ETH had been dormant for exactly 8.2 years (July 2015). Thanks to the exponential growth of Ethereum and the entire crypto market, the value of these holdings has grown to nearly $3.2 million at the current price.

In the X (formerly Twitter) post, Lookonchain highlighted that the ICO participant transferred the Ethereum tokens to four different addresses. About 500 Ether tokens were sent to each address, with minutes separating the transactions.

It remains to be seen whether the wallet owner is preparing to sell the tokens, stake on the network, or carry out other transactions. In the event of a sell-off, though, the price of ETH may experience momentary downward pressure.

Large transfers from early ICO participants are not exactly common occurrences, but there have already been a couple of similar transactions in 2023. Notably, an ICO participant moved $116 million worth of pre-mined ETH to a Kraken exchange address in July.

ETH Price Overview

As of this writing, Ethereum’s price stands at $1,605, reflecting a 0.7% decline in the past day. This comes on the back of a week where the value of ETH showed signs of recovery, registering a 3.8% price increase in the past seven days.

The past week was dominated mainly by the optimistic performance of Bitcoin and the false news of a spot ETF approval. This positive run of BTC, however, eventually rubbed on the broader cryptocurrency market, including the price of Ethereum.
```
Ethereum price hovers around the $1,600 mark on the daily timeframe | Source: ETHUSDT chart on TradingView
```
Featured image from The Economic Times, chart from TradingView
[ad_2]

Opeyemi Sule

Source link
October 21, 2023
Whale Moving Large Stash Of Ethereum To Kraken, Prices Bullish And Unmoved

[ad_1]

Data from Lookonchain, a blockchain analytics platform, on October 20, shows that one Ethereum (ETH) whale is actively moving coins to Kraken, a crypto exchange, and appears to be selling. The unidentified whale deposited 35,176 ETH, worth over $56.5 million when writing, and withdrew $10 million in USDT hours later. USDT is the world’s most liquid stablecoin, tracking the value of the USD.

Ethereum Whale Selling On Kraken

Still, it is not immediately clear whether the whale ended up selling the whole stash and only choosing to withdraw $10 million. What’s evident is that the unknown whale has been actively accumulating Ethereum for some years before deciding to take profit.

Looking at market trends, the whale appears to be taking profit and exiting. Often, when coins are moved to centralized crypto exchanges, market participants interpret the event as net bearish. This can impact sentiment, even forcing prices lower, especially if the broader crypto market is falling.

Deposits to Kraken| Source: Lookonchain on X

According to Lookonchain, the whale accumulated 35,176 ETH on Kraken at an average price of around $415. When the address chose to liquidate, its realized profit was approximately $41.8 million. Ethereum prices have more than quadrupled the average entry price at spot rates, meaning the whale remains “in green” despite recent market gyrations.

Ethereum whale accumulating| Source: Lookonchain on X

Since prices have been primarily dicey, moving horizontally and occasionally posting sharp falls, the whale might have chosen to exit. Even so, it could not be ascertained what motivated the ETH holder to sell when sentiment is overly improving across the crypto scene.

Presently, Ethereum traders are bullish, expecting prices to increase in the sessions ahead. Notably, as of October 20, prices were relatively firm and rising. To illustrate, Ethereum is up roughly 3%, and bulls are soaking selling pressure. At the same time, the coin is up 5% from October 2023 lows.

Traders Bullish, Will ETH Clear $2,000?

Ethereum price charts show that the immediate resistance level in the medium term is at around $1,750, recorded in early October. On the flip side, support is at $1,530. A bullish breakout at the back of rising volumes pushing the coin above the resistance level may trigger more demand, propelling it toward the psychological $2,000 level.

Ethereum price on October 20| Source: ETHUSDT on Binance, TradingView

In early October, the United States Securities and Exchange Commission (SEC) approved several Ethereum Futures Exchange-Traded Funds (ETFs), including VanEck Ethereum Strategy ETF (EFUT) and ProShares Ether Strategy ETF (EETH). Analysts interpreted this decision as a boost for ETH since it allowed institutions to have a regulated way of investing in Ethereum without necessarily having to buy and store the coins by themselves.

Feature image from Canva, chart from TradingView

[ad_2]

Dalmas Ngetich

Source link

October 20, 2023
Lido Finance Fees Exploding, Should Comparatively Low Revenue Be A Concern?

[ad_1]

The total amount of Ethereum (ETH) staked on Lido Finance, one of the many liquidity staking protocols available, has risen steadily over the past few years. Surprisingly, revenue accrued by the platform (compared to staking rewards distributed) remains comparatively low.

Lido Finance Revenue Isn’t Growing As Fast As Expected

Looking at Token Terminal data shared on October 19, the blockchain analytic platform observed that while staking rewards paid, counted as “fees” by Lido Finance grew from less than $10 million in early 2021 to over $60 million in June 2023, revenue has grown at a much slower pace. To illustrate, Lido Finance’s average revenue is roughly less than $5 million during this period.

Lido Finance fees versus revenue| Source: Token Terminal

Overall, Lido Finance is a liquidity staking protocol that supports the staking of multiple proof-of-stake (PoS) coins like Ethereum (ETH) without necessarily locking them up. Users can concurrently earn staking rewards while accessing their hard-earned ETH–or any other coin supported.

LDO price on October 19| Source: LDOUSDT on Binance, TradingView

The protocol issues another derivative, stETH, for every ETH staked to achieve this. This token can be freely traded on exchanges. It can even be used as collateral for users keen on taking trustless loans on supported platforms.

Ethereum recently shifted to be a proof-of-stake blockchain to be greener and conserve the environment. This transition was a boon for protocols that supported the first smart contract platform to confirm transactions and remain secure, especially after the activation of Shanghai in April 2023.

The Shanghai upgrade allowed Ethereum validators to withdraw their staked ETH for the first time, permitting them to use alternatives, of which Lido Finance, looking at total value locked (TVL), was preferred. As of October 19, Lido Finance had a TVL of $13.913 billion, most of it being assets on Ethereum.

Lido Finance TVL| Source: DeFiLlama

Ethereum Centralization Concerns: How Will This Be Addressed?

Lido Finance makes staking more accessible to everyone while concurrently enhancing liquidity. However, the revenue generated appears low versus the amount of staking rewards distributed to stakers, most of whom are from Ethereum. Part of the revenue the network generates is also distributed to LDO holders and node operators. Whether the liquidity staking protocol plans to increase the 10% fee charged to increase revenue earned remains to be seen.

Presently, there are concerns that Lido Finance’s role on Ethereum could lead to centralization. Ethereum has been accused of being “centralized,” mainly in how it is built. Critics assert that the reliance on its co-founder, Vitalik Buterin, for endorsement and guidance could slow down development in the future.

Feature image from Canva, chart from TradingView

[ad_2]

Dalmas Ngetich

Source link

October 19, 2023