#Binance The NFT market experienced a significant shock in the past three days, with over 1,200 NFTs being liquidated due to a record-low plunge in the floor price of several prominent or ‘blue-chip’ NFTs

Data from the NFT analysis site, Snow Genesis, shows that hundreds of #NFTs used as collateral for loans are at risk of being liquidated. While some of these debts have been repaid, several NFTs have already been listed for auction. The table below shows the most recent NFT liquidations from Snow Genesis as of press time.

CirrusNFT, Wumbo Labs, noted that several investors who took loans on their blue chips NFT, including #Azuki , CloneX, MAYC, and BAYC, were impacted during the period. Beanz NFT collection saw the most liquidation as 636 of its NFTs—3% of its total supply— were affected.

Cirrus said the pace of these liquidations was alarming, highlighting the daily average for last year to be between 10-15 NFTs. However, He added:

“Good news is that the rate of liquidations has slowed drastically over the last few hours and there aren’t a crazy amount of underwater loans left.”

NFTs floor price tank

Over the past week, the floor price of several NFT collections massively plunged despite the upward price movement across the broader #crypto market.

Bored Ape NFTs floor price crashed below 30 ETH on July 2, its lowest value since October 2021, before recovering to its current worth of 31.5 ETH, according to Coingecko data.

At its peak, Bored Ape NFTs sold for over 500 ETH, with several A-list celebrities, including Justin Bieber spending over $1 million on one of the collections.

Azuki also recorded substantial losses for its holders following the shoddy release of its Elementals collection. The floor price of the collection fell by more than 20%, with its community members proposing to sue its founder Zagabond for 20,000 ETH.

Meanwhile, other blue-chip NFT collections like DeGods, Pudgy Pegions, Azuki Elementals, and BAKC, Moonbirds also took significant hits to their value during the reporting period.#pepe

Analyzing Spent Output Age Bands: Unveiling Trader Behavior and Long-Term Holder Dynamics

1)- Short Intro

In the world of #Bitcoin spent outputs refer to amounts of Bitcoin that have been transferred as part of a transaction. The age of a spent output represents the time elapsed between its creation and when it was spent. By categorizing spent outputs into different age bands, we can gain insights into trader behavior and long-term holder dynamics. This report aims to analyze the trends observed in spent output age bands and their implications. $BTC

2)- Methodology

To conduct this analysis, a dataset of Bitcoin transactions and corresponding spent outputs were collected. The spent outputs were categorized into age bands based on the time elapsed between their creation and spending. Various statistical techniques and data visualization tools were utilized to uncover patterns and trends within the dataset. #crypto2023

3)- Key Findings and Analysis

I. Dominance of Short-Term Traders:

The age band representing outputs spent within 1 day to 1 week consistently exhibits the highest value among the other bands. This suggests that traders engaged in short-term trading (within a day or up to a week) contribute significantly to the spent outputs flowing into exchanges. These traders likely aim to capitalize on immediate price fluctuations and take advantage of short-term trading opportunities. #BTC

II. Reduced Activity of Long-Term Holders:

The age bands representing longer time periods, such as '1w ~ 1m', '1m ~ 3m', etc., generally display lower values. This indicates that fewer spent outputs flowing into exchanges originate from Unspent Transaction Outputs (UTXOs) created in the more distant past. Long-term holders, who tend to hold their coins for extended periods, exhibit less activity in terms of moving their coins to exchanges. This behavior aligns with the mindset of investors focused on long-term appreciation and potential benefits from holding Bitcoin. #crypto

III. Occasional Spikes in Activity:

Periodic spikes can be observed across all age bands, indicating increased activity during specific time periods. These spikes may coincide with significant market events, such as major news announcements, regulatory developments, or substantial price movements. They highlight periods of heightened trading activity and increased movement of Bitcoin to exchanges.

IV. Stability of Long-Term Holder Dynamics:

The age bands representing longer time periods, such as '2y ~ 3y', '3y ~ 5y', etc., show relatively stable values over time. This suggests that the activity of long-term holders is less influenced by short-term market fluctuations. Long-term holders tend to maintain their positions and are less likely to be swayed by short-term price volatility. This stability in their behavior reflects a commitment to the belief in Bitcoin's long-term value proposition.

Hello, it's CryptoPatel here!

Passionate about providing you with the latest insights and analysis on cryptocurrencies. Join me for high-quality updates on the ever-evolving crypto world.

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#Azuki

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Miners Send Over $1 Billion in BTC to Exchanges, But It May Not Be a Bad Sign

#Miners have sent over $1 billion worth of #Bitcoin ( $BTC ) to exchanges in recent weeks. This has raised concerns that miners may be selling their BTC, which could put downward pressure on the price. However, a closer look at the data suggests that this may not be the case.

Analysis:

The majority of the BTC that has been sent to exchanges has been sent to derivatives exchanges. Derivatives are financial instruments that derive their value from an underlying asset, such as BTC. In this case, the miners are likely using the #BTC they have mined as collateral to enter into derivative contracts. This means that they are not actually selling their BTC, but are instead using it as a guarantee to enter into a financial arrangement.

There are a few reasons why miners might do this. First, it allows them to hedge their risk. If the price of BTC falls, they will be able to offset their losses by selling the BTC they have used as collateral. Second, it allows them to generate income. By entering into derivative contracts, they can earn interest on the BTC they have used as collateral.

Recommendations:

Investors should keep an eye on the activity of miners in the derivatives market. If miners start to sell their BTC in large quantities, it could be a sign that they are bearish on the price. However, if the miners continue to use their BTC as collateral for derivative contracts, it is likely that they are simply trying to generate income and hedge their risk.

Unique Selling Proposition:

This article is unique because it provides a comprehensive analysis of the recent outflow of BTC from miners' wallets. It explains why miners might be sending their BTC to exchanges, and it provides insights into the derivatives market. This information can be helpful for investors who are trying to understand the dynamics of the Bitcoin market.

Hello, it's CryptoPatel here!

Passionate about providing you with the latest insights and analysis on cryptocurrencies. Join me for high-quality updates on the ever-evolving crypto world.

If you enjoy my content, please show your support by liking, sharing, and following. Let's stay connected for exciting updates!

Source:- CryptoQuant

#crypto2023 #Azuki

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