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Ancient Bitcoin (BTC) Whales Reawakening: Details The Bitcoin network is witnessing a remarkable phenomenon: the reawakening of ancient BTC whales. These entities, which have not moved their holdings for over a decade, are now resurfacing, contributing to a significant spike in on-chain activity. This surge in activity among long-dormant Bitcoin addresses marks a significant trend in this current market cycle, reflecting an increase in the movement of old BTC holdings. According to Julio Moreno, the head of research at CryptoQuant, This current cycle has awakened more Bitcoin OG's than ever. The 10+ year-old Bitcoin spending indicator reached a record high of 3.7% in March, when Bitcoin traded near $70,000, Moreno added. Interestingly, this indicator is currently at 2.5%, which represents the 30-day cumulative spending annualized of Bitcoin with more than 10 years old. This uptick is not far from the record high of 3.7% observed in March, signaling the resurgence of Bitcoin ancient whales. The term "ancient whales" refers to the earliest adopters of Bitcoin, who mined or purchased the cryptocurrency when it was in its infancy and far less valuable than it is today. As reported in the week, an early Bitcoin miner from the Satoshi era has moved 2,000 BTC coins mined way back in 2010. The reactivation of these ancient Bitcoin wallets is not merely a curiosity but a significant event that could have profound implications for the market. The spending of such old coins is a rarity, and when it happens, it is monitored closely for potential impacts on market dynamics. Old Bitcoin miners and whales often act as a source of liquidity and distribution, hence the attention such moves get. The cryptocurrency community and market analysts are closely monitoring this trend. Some view the reactivation of old addresses as a natural progression as Bitcoin matures as an asset class. Others are more cautious, considering it a sign of potential market cooling or preparation for a major price move. #bitcoin

What Caused Ethereum’s Price Drop?🧐🧐 On the final decision date for the VanEck ETF, the SEC granted approval to all eight pending Ethereum spot ETFs. 🚀 These investment vehicles enable investors to gain exposure to Ethereum’s price movements without directly purchasing the tokens.💸🔥 ETFs are a well-known financial instrument in traditional markets, allowing investors to bypass the complexities of crypto exchanges and wallets. 🚨🚨 The approval of Ethereum ETFs was anticipated, mirroring the process seen with Bitcoin spot ETFs earlier this year.🔥🔥 Historically, despite initial declines following approval, ETFs have driven substantial price increases for Bitcoin, reaching all-time highs (ATH). However, the Ethereum market reacted with a nearly 3% price drop, accompanied by broader market negativity.🔥🔥 #Ethereum #ETF @Bitcoin Farmer 2018

Ethereum ETF Launch Next Month Becomes ‘Certainly Possible’ with S-1 Submissions. Excitement builds in the crypto space as the newly approved spot Ether (ETH) exchange-traded funds (ETFs) are possibly launching as early as mid-June. However, this development is still dependent on the promptness with which the approved clients amend their S-1 registration statements and the following feedback rounds they’ll receive from the Securities and Exchange Commission (SEC). Bloomberg ETF analyst James Seyffart suggests that the approvals of S-1 might be seen within a few weeks, but he also acknowledges that the process is supposed to take up to months. However, fellow analyst Eric Bachunas continues to be optimistic, expecting a mid-June launch. He states that the SEC’s feedback process required around two weeks to spot Bitcoin ETFs. #Ethereum #ETF #Ether

SEC Eth ETF Discussions Underway, S-1 Approval Expected in Hours The U.S. Securities and Exchange Commission (SEC) began discussions with potential issuers of Eth (ETFs) on May 22, leading some to anticipate an imminent approval. Journalist Eleanor Terrett noted that discussions between SEC staff and Ether ETF issuers about the S-1 forms concluded with the understanding that there was still “work to do.” Source: Eleanor Terrett S-1 forms are registration statements that companies have to file with the SEC, including detailed information about the company and the securities they intend to offer/issue. Whereas 19b-4 forms are regulatory filings issued to the SEC for approval, used by self-regulatory organizations (SROs) like stock exch or trading platforms to propose new rules or change existing ones. In a subsequent post, Terrett deferred to “the ETF experts” in a separate post. Assuming that the SEC approves the 19b-4 forms on May 23, Terrett speculated that the SEC might work with Eth ETF issuers “on S-1’s over the next few weeks/months.” Eric Balchunas, a Senior ETF Analyst at Bloomberg, expects the SEC to issue an announcement on May 23, around the same time they did for the spot Bitcoin ETF. “My best guess is we hear from the SEC around 4pm tomorrow. For spot btc they dropped it at 3:45pm, some others in past were slightly after 4pm. Anything poss tho.” Related: Ethereum ETF decision due in hours as BTC price gets $80K May target This development follows the approval of the FIT21 crypto bill in the U.S. House of Representatives, which passed on May 22 with 208 Republicans and 71 Democrats in favor to 136 against. Consensys CEO Joseph Lubin recently weighed in on the discussion in anticipation of the potential looming Eth ETF approvals. Speaking exclusively to Cointelegraph at DappCon in Berlin, Lubin stated that Eth ETFs in the U.S. were “as good as done.” According to Lubin, the 19b-4 applications filed by high-profile firms like BlackRock would be approved, but the process behind the S-1s “could drag on for a while.”

Gala Games Announces Destruction of Nearly 1 Billion GALA Tokens. 🔈 $GALA Gala Games has announced the destruction of nearly 1 billion GALA tokens. 📶 The news comes after a governance proposal initiated by the Gala community regarding temporary GALA token contract upgrades and token destruction. 🌈 This proposal was made in response to a recent security incident that led to the unauthorized minting and sale of approximately 600 million GALA tokens, as well as the permanent locking of approximately 44 billion tokens. 🐋⬆️ The goal of this proposal is to officially destroy approximately 44 billion of these GALA tokens, along with approximately 600 million GALA tokens from the GALA treasury, to ensure the stability and sustainability of the ecosystem. ⬆️🐋 This move by Gala Games is seen as an important step to maintain the integrity of the GALA token ecosystem following the security breach.🌈😃 #GALA #GalaGames @Bitcoin Farmer 2018

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