Bitcoin miners could liquidate $5 billion in BTC after the halving, according to calculations by 10x Research head Markus Thielen

"The surplus from this sale could last four to six months, which explains why bitcoin could move sideways over the next few months, as it has done after previous halvings."

Thielen said the same thing could happen again: that crypto markets could potentially face "a major challenge in a six-month 'summer' lull."

Thielen also believes that altcoins, in particular, could bear the brunt of this situation. Many of them have pulled back sharply over the past week and many are still a long way from their 2021 highs.

“Even if there is a correlation between the halving and an altcoin rally, as some predict, historical evidence shows that the rally usually begins almost six months later.”

Thielen posited that Marathon, the world's largest bitcoin miner, has built up inventory "that will likely be sold off gradually after the halving to avoid a revenue cliff."

As Marathon (currently) produces between 28 and 30 BTC per day, this could result in 133 days of additional supply hitting the market plus the BTC it produces, which would be 14-15 BTC per day after the halving, he said.

“Other miners are likely to follow a similar strategy to gradually liquidate some of their inventory.”

The researcher concluded that if all miners have a similar strategy for selling post-halving inventory, "it could result in a maximum of USD 104 million of BTC sales per day, reversing the imbalance between supply and demand that caused the rally." of BTC pre-halving"

Marathon CEO Peter Thiel said the company's breakeven rate would be around $46,000 per BTC to remain profitable after the halving, predicting that significant price movements are unlikely in the six months following the event. .

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Will #Solana reach $450?

Solana price $SOL hits 3-month high
These 5 analysts expect a new yearly high

Solana (SOL) price has been rising rapidly since October 13 and is approaching its yearly high.

Solana price also broke an inverse head and shoulders pattern.
How long will it continue to rise?

Analysts are optimistic about Solana
Analysts at #criptomonedas have a predominantly bullish sentiment towards Solana.

Tradermayne believes the price will rise to $40. But his bullish analysis is conditional on a bullish weekly candle close.

Rager and DaanCrypto also noted the importance of the $38 horizontal resistance area, which coincides with the yearly high. This area has been crucial since 2021, supporting and resisting.

Finally, CryptoGodJohn believes that SOL price will eventually reach $250 in the long term and may even reach $450 if it reaches the market cap of #Ethereum

Will it reach the new yearly high?
The daily time frame shows that SOL price has been trading within an inverse head and shoulders (IH&S) pattern since February.
The IH&S is considered a bullish pattern, which usually leads to breakouts.

Today, SOL price is in the process of breaking out of the pattern neckline. A daily close above $26 will confirm the altcoin's breakout.
#crypto2023 #cryptocurrency

Coinbase Premium Index Suggests Bitcoin Price Could Be Near Or Already Bottomed

Previous deeply negative readings occurred near local lows in price, with the most recent occurring just before BTC's October-March rally to all-time highs, noted FalconX's David Lawant.

Bitcoin (BTC) is trading at a deep discount on cryptocurrency exchange Coinbase, which could be a sign that the price of the largest crypto asset is bottoming out, heralding the next bull leg.

“It's always darkest before the dawn,” asked David Lawant, head of research at institutional cryptocurrency trading platform FalconX, in an X post. “The last time Coinbase's premium was this negative was a couple of months ago.” before the massive rally from October 2023 to March 2024," he added.

The so-called "Coinbase Premium Index" measures the price difference of bitcoin on Coinbase, widely used by US users and many institutional market participants, compared to the offshore Binance, the main exchange by trading volume and popular among users retailers.

The metric has been negative for an extended period through June and most of May, reminiscent of last year's market calm in August and September, according to data from analytics firm CryptoQuant. On Friday, it fell to almost -0.19, its lowest reading on the daily time frame since the collapse of cryptocurrency exchange FTX in November 2022.
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Potential rally at #Bitcoin could face resistance at $65,000, according to OnChain analysis

Short-term wallet holders racking up losses could liquidate holdings near $65,000, limiting a further rally in Bitcoin's price.

June's decline, which reversed May's rally, came primarily due to mining company selling and concerns that ETF inflows represent non-directional arbitrage bets rather than outright bullish bets.

Notably, the drop has pushed prices well below the widely tracked aggregate cost basis of short-term bitcoin holders, or the cost of holding wallets for 155 days or less. At the time of writing, the aggregate cost basis for short-term holders was $64,592, according to data source LookIntoBitcoin. Onchain analytics companies consider the realized price as the basis of the aggregate cost, which reflects the average price at which coins were last spent on the chain.

In other words, short-term holders are now facing losses or holding positions in the red and could try to exit the market at a loss or break even, which could increase selling pressure near $65,000.

"The price of bitcoin has fallen below short-term holders' aggregate cost basis for the first time since August 2023. In the near term, we should expect some resistance around the ~$65,000 level as market speculators In the short term they may seek to exit their positions at a 'breakeven' level," Blockware Intelligence analysts said in the latest edition of the newsletter.

“Last summer, when BTC lost the STH RP [price realized] support level, the price traded sideways for another two months before finally rising again,” the analysts added.
#BTC☀ #HotTrens $BTC

SEC Sues ConsenSys Over MetaMask Staking, Broker Allegations

The SEC alleged that MetaMask acted as an unregistered securities broker and that its staking service violated securities laws.

The U.S. Securities and Exchange Commission on Friday sued Ethereum software provider ConsenSys over its MetaMask service, alleging that the wallet tool was an unregistered broker that "engaged in the offer and sale of securities."

MetaMask also offered an unregistered securities program through its betting service, the SEC alleged in a document filed in court for the Eastern District of New York.

The SEC alleged in its lawsuit that it offered staking services for Lido and Rocket Pool as investment contracts, meaning they are also unregistered securities.

"Consensys has collected more than $250 million in fees," the SEC alleged.
#SEC #Metamask #HotTrends #Ethereum #ETH🔥🔥🔥🔥 $ETH

Bitcoin Put-Call Ratio Turns Bearish Ahead of Friday's Quarterly Expiration

The put-call ratio for the bitcoin option on Deribit until today's expiration has increased to 1.66. A ratio greater than one means that significantly more put options are traded than call options. This indicates that more investors are betting or hedging against a price drop rather than a rise.

Deribit options data from late June shows 107,000 bitcoin options expiring with a critical high of $61,500 and a face value of $6.6 billion. At the time of writing, the price of bitcoin is at $61,398, approaching the critical high point before today's expiration.

This indicates that the price of bitcoin is approaching the level where most options will expire worthless. Traders could be positioning themselves to benefit from this alignment, which could lead to lower volatility and greater market stability around expiration.

Quarterly options on outstanding bitcoin and ether contracts, with a combined face value exceeding $10 billion and expiring on Deribit, expire today. This major event accounts for over 40% of Deribit's current open interest.

According to Luuk Strijers, CEO of Deribit, Friday's big quarterly expiry could be influenced by a "quadruple witch" and the associated volatility in US markets. The quadruple witch occurs four times a year, towards the end of each quarter, when index futures, index options, options and futures contracts expire simultaneously.
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$ETH

VanEck Files for Solana ETF in US, Claiming SOL is a Commodity

“I am pleased to announce that VanEck has just filed for Solana's FIRST exchange-traded fund (ETF) in the US,” said Matthew Sigel, head of digital asset research at VanEck in a post on X on Thursday.

This comes after the US Securities and Exchange Commission approved spot ETFs for both Bitcoin and Ethereum. The agency approved Forms 19b-4 for Ethereum spot ETFs last month and still needs to greenlight registration statements so they can begin trading, although some analysts believe that could be as early as next week. . 

VanEck Solana Trust would be listed on the Cboe BZX Exchange, Inc. and would "hold SOL and value its shares daily based on the reported MarketVectorTM Solana Reference Rate," according to the company's S-1 registration statement.

Sigel stated that SOL is a commodity because it "functions similarly" to bitcoin and ether. The SEC said SOL is a security when it filed charges against crypto exchange Binance last year. 

The question of whether certain cryptocurrencies are securities under the jurisdiction of the SEC or commodities, under the jurisdiction of the Commodity Futures Trading Commission, has been ongoing. 

"SOL's decentralized nature, high utility and economic viability align with the characteristics of other established digital products, reinforcing our belief that SOL can be a valuable product with use cases for investors, builders and entrepreneurs seeking alternatives to the duopoly app stores," Sigel said Thursday.
#SOL #Solana #SOLETF #SOLANAETF #HotTrens $SOL

Renewed Optimism Expected After Bitcoin and $10 Billion Ethereum Options Expire on Friday

The time has come again when discussions about crypto derivatives activity take priority.

On Friday at 08:00 UTC, $6.68 billion worth of bitcoin (BTC) options and $3.5 billion worth of ether (ETH) options will expire on leading crypto derivatives exchange Deribit.

The impending expiration, which represents more than 40% of the current accumulated open interest of more than $23 billion, could trigger increased market volatility. Large quarterly expirations often lead to higher volatility, making prices more unpredictable due to higher trading volumes and position closing/rolling over.

"As we approach Friday's big quarterly expiry, potentially influenced by the 'quadruple witch' and related volatility in the US stock markets, more than 25% of Deribit's open interest will expire in-the-money , which is equivalent to more than $2.7 billion. The total notional size of the maturity exceeds $10 billion," Luuk Strijers, CEO of Deribit, told Coindesk in an interview.
#BTC☀ #Bitcoin❗ #HotTrens #MtGoxJulyRepayments #MicroStrategy $BTC

Rep. Matt Gaetz Introduces Bill Requiring IRS to Accept Bitcoin as Payment for Federal Income Taxes

Florida Republican Matt Gaetz introduced legislation Tuesday that would allow people to use bitcoin to pay their federal income taxes.

The bill would require the U.S. Secretary of the Treasury to implement a program that allows federal income taxes to be paid through bitcoin, Gaetz said in a statement.

“My groundbreaking legislation will modernize our tax system by allowing federal income taxes to be paid with Bitcoin,” Gaetz said. "By allowing taxpayers to use Bitcoin to pay federal taxes, we can promote innovation, increase efficiency, and offer more flexibility to American citizens. This is a bold step toward a future where digital currencies play a role. vital role in our financial system, ensuring that the United States remains at the forefront of technological advancement.”

At the state level, only Colorado has allowed the use of cryptocurrencies to pay taxes. The Colorado Department of Revenue said it would accept cryptocurrencies as a form of payment for corporate income tax and individual tax, among others, which began in September 2022.

At the federal level, Sen. Ted Cruz, R-Texas, has pushed a bill that would require Capitol Hill stores to accept cryptocurrency as payment, although that has not come up for a vote.
#Bitcoin❗ #btc #HotTrens #IRS #BinanceTournament $BTC

The Solana Foundation presents tools that turn any website or application into a starting point for crypto transactions

The first new tool, called "Actions," allows users to complete on-chain transactions on websites, social media platforms and QR codes, the foundation said in a statement Tuesday.

The foundation also said it is introducing “blinks,” an acronym for blockchain and links, which can turn any “Action” into a shareable link. This means that any digital avenue where a URL can be displayed becomes a starting point for a cryptographic transaction on the Solana blockchain.

“Access to blockchain protocols has long been isolated from dapps and other wallet tools,” said Jon Wong, head of ecosystem engineering at the Solana Foundation. "Shares and blinks on Solana allow any website and application on the Internet to be a distribution point for chain interactions, furthering the goal of widespread adoption."
#Solana #SOL #Solana_Blockchain #SolanaUSTD #HotTrens $SOL

German Government Entity Moves $24M in Bitcoin to Kraken and Coinbase

Tuesday's moves come days after the entity moved $425 million between wallets, with some bitcoin transferred to exchanges.

A wallet connected to Germany's Federal Criminal Police Office (BKA) moved $24 million in bitcoins (BTC) today through two transactions to cryptocurrency exchanges Kraken and Coinbase in the European morning hours, data from Arkham.

Another $30 million in BTC was moved to a new wallet, which has not been labeled as an exchange as of Tuesday. These transfers are in addition to the $130 million in BTC sent to exchanges on June 19 and the $65 million in BTC sent on June 20, as previously reported.

Arkham CEO Miguel More told CoinDesk via Telegram last week that moving to exchanges may indicate an intention to sell the assets.

A $24 million bitcoin sale is a relatively small amount. More than $40 billion in BTC exchanged hands in the last 24 hours.

There is liquidity available for up to $20 million in a BTC trade on Binance alone, meaning the amount is unlikely to move prices immediately.
#BTC☀ #Bitcoin❗ #HotTrens #BinanceTournament #bitcoin $BTC

Bitcoin Price Falls as Investors 'Sell the News' on MtGox Payment Announcement

Bitcoin's downward move comes as defunct bitcoin exchange MtGox will begin distributing bitcoin payments and bitcoin cash in July.

Bitget Research analyst Ryan Lee told The Block that MtGox's paid announcement is "a classic 'selling the news' scenario."

"Payment in bitcoins is raising market concerns about an influx of supply, and beneficiaries are likely to sell their coins to capitalize on the significant gains made over the past decade," Lee added.

The analyst added that although the proposed $9 billion refund is substantial, it runs into several factors that may contribute to bitcoin's resistance.

"In the macroeconomic environment, the Fed's Net Liquidity Ratio has exceeded $6.5 trillion, releasing $400 billion of liquidity into the market, reaching a 24-month high. Combined with the likely rate cuts, "Bitcoin has the advantage and potential to withstand any negative impact of the Mt. Gox liquidation," Lee said.
#MtGoxJulyRepayments #BTC☀ #Bitcoin❗ #MtGox #HotTrens $BTC

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Bitcoin threatens $60,000 on MtGox News, but sales could be less than feared

At least one analyst believes that fewer coins will be distributed than commonly thought and therefore selling pressure could be less than expected.

Bitcoin is leading the sharp decline in cryptocurrency prices on Monday after the administrator of defunct cryptocurrency exchange Mt. Gox said it will begin returning more than 140,000 BTC in July to customers whose assets were stolen in a 2014 hack. .

Those who sell today are contemplating the effect of more than 140,000 bitcoins hitting the market in less than a month. Putting that number in perspective, it would be slightly less than the immediate liquidation of Fidelity's spot bitcoin ETF, which at last check held 167,375 bitcoins.

"We believe that fewer coins will be distributed than people think and that this will cause less selling pressure on bitcoin than the market expects," said Alex Thorn, head of research at Galaxy.

Thorn said his research suggests that 75% of creditors will accept "early" payment in July, meaning a distribution of about 95,000 coins. Of that, Thorn believes 65,000 coins will go to individual creditors, but he believes more "diamond hands" may result than most expect. Among the reasons, he said, is that they have already weathered years of "compelling and aggressive claims fund offers," not to mention the capital gains taxes involved, given that bitcoin has risen 140-fold since the bankruptcy.
#MtGoxJulyRepayments #MtGox #Bitcoin❗ #BTC☀ #HotTrens $BTC

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Mt. Gox to begin payments in July

BTC slides below $61,000

The defunct crypto exchange is supposed to return more than 140,000 bitcoins to victims of the 2014 hack.

Defunct bitcoin exchange Mt. Gox said Monday it will begin distributing assets stolen to customers in a 2014 hack in the first week of July, years after continually changing deadlines.

"The Rehabilitation Trustee has been preparing to make payments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan," trustee Nobuaki Kobayashi said in a Monday statement posted on the Mt. Gox website.

"Refunds will be made starting in early July 2024," Kobayashi said, adding that due diligence and certain security measures will be required before payments are made.

The redemptions are largely seen as adding selling pressure to bitcoin (BTC) markets, as early investors will receive assets at a much higher value than their inflows before 2013, inclining them to sell at least one part of their share, the merchants said.
Mt. Gox was once the world's leading crypto exchange, handling over 70% of all bitcoin transactions in its early years. In early 2014, hackers attacked the exchange, resulting in the loss of approximately 740,000 bitcoins ($15 billion at current prices). The hack was the largest of many attacks on the exchange in the years 2010-13.

In May, the exchange moved more than 140,000 BTC, worth around $9 billion, from cold wallets to an unknown address in 13 transactions for the first time, marking the first on-chain wallet movements for the first time in five years.
#MtGoxJulyRepayments #BTC☀ #MtGox #Bitcoin❗ #HotTrends $BTC

Here's why altcoin investors are struggling despite Bitcoin and Ether near yearly highs

Constant dilution of supply with token unlocks, selling pressure from venture funds, lack of new entries into cryptocurrencies, and seasonal trends contributed to the brutal drop in altcoin prices.

The cryptocurrency market is undergoing healthy consolidation after a huge surge from October to March, at least for those invested in the two largest digital assets.

However, for those who own smaller cryptocurrencies, this is a brutal correction, with sentiment in crypto social media circles resembling bear market desperation.

While Bitcoin (BTC) and Ethereum's Ether (ETH) are only 15% below their yearly highs, several major cryptocurrencies such as Solana (SOL) and Avalanche (AVAX) are down 40-50% from their peaks. March peaks, while layer 1 sui (SUI) and apt (APT) rivals have 60% to 70% craters.

For example, the Ethereum Layer 2 network's Arbitrum (ARB) token is approaching its all-time lowest price since last September, even though its market cap has risen from $1 billion to $2.5 billion. million dollars due to a massive increase in its supply.

Another example is Solana, whose supply is inflating by 75,000 tokens each day, worth about $10 million at current prices.

“Unlike stocks that have constant passive supply from ETF inflows and bond buybacks, cryptocurrencies, and particularly altcoins, have the opposite: a constant flow of selling pressure,” Quinn noted in an X Thomson, founder of cryptocurrency hedge fund Lekker Capital. mail.
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Bitcoin Options Market Not Buying BTC Price Weakness, Shows Bias on $100,000 Calls

BTC call demand at $100,000 suggests traders are preparing for a new rally through 2025, according to a trading firm.

Crypto options traders are making strategic bets that diverge from the current downward trend in the price of bitcoin (BTC).

In the last 24 hours, the leading cryptocurrency by market value has decreased more than 2.6% to $63,500.

Still, the flow of bitcoin options listed on leading exchange Deribit has skewed toward call options at levels (strikes) well above the cryptocurrency's market rate, perhaps a sign that sophisticated investors expect Let the current price weakness set the stage for a longer run higher.

In the options market, we see an abnormally large buying flow of December and March calls [expiration] from $90 to $100 thousand in the last 24 hours. "We believe this suggests the market is bottoming out and positioning itself for a sustained rally, possibly lasting through 2025," Singapore-based QCP Capital said in a market update.

A call option gives the buyer the right, but not the obligation, to purchase the underlying asset, BTC, at a predetermined price at a later date. A call buyer is implicitly optimistic in the market.

The chart shows the most active bitcoin options on Deribit over the last 24 hours. Activity has primarily focused on options with June expirations at $65,000, $68,000 and $70,000, options with July expirations at $110,000, and options with December expirations at $95,000.
#BTC☀ #Bitcoin❗ #HotTrens #HotTrens #Btcpricealert $BTC

Michael Saylor's MicroStrategy Acquires 11.9 Thousand More Bitcoin for $786 Million

The company now owns 226,331 bitcoins worth just $15 billion.

Nasdaq-listed software company MicroStrategy (MSTR), the largest corporate holder of bitcoin (BTC), acquired another 11,931 BTC for $786 million, according to a Thursday morning press release.

Led by CEO Michael Saylor, the company had 214,400 bitcoins at the end of April. This latest acquisition brings the company's total holdings to 226,331 tokens worth just under $15 billion at the current bitcoin price of approximately $66,000. The company's bitcoins were purchased at an average price of $36,798 each, or approximately $8.33 billion.

This most recent purchase followed the company's $800 million convertible note offering to institutional investors. The deal size was originally going to be $500, then raised to $700 million, and finally closed at $800 million. In March, the company added 9,245 BTC for $623 million after raising money in a similar debt issuance.

Saylor and MicroStrategy began accumulating the largest and oldest cryptocurrency in 2020 and have since attempted to spearhead a movement to adopt BTC as a reserve asset for other corporate treasuries.
#Bitcoin❗ #BTC☀ #Saylor #MicroStrategу #HotTrens $BTC

LayerZero says users must pay 10 cents per ZRO to claim the token

Donations appear to be mandatory and the LayerZero Foundation will match profits up to $10 million.

LayerZero's newly introduced ZRO token, which will be available on Thursday, requires applicants to pay 10 cents of ether (ETH) or a stablecoin for each token they want to unlock from its airdrop kit.

“By donating to Protocol Guild, eligible recipients show long-term alignment with the LayerZero protocol and a commitment to the future of cryptocurrency,” LayerZero said in an X post. “To claim ZRO, users must donate $0, 10 in USDC, USDT or native ETH per ZRO. This small donation goes directly to the Protocol Guild.”

"The LayerZero Foundation will match all donations up to $10 million," he added.

The so-called “proof of donation” mechanism is the first time a project asks users to donate a small amount of money to claim tokens. While crypto donations are common and appreciated among marketplace developers, they are generally not mandatory or imposed as a requirement for users, especially for an airdrop.
#LayerZero #LayerZeroAirdrop #ZRO #HotTrens

Bernstein Predicts Bitcoin Spot ETFs Close to Approval at Major Wirehouses

Maintains the goal of $200,000 by the end of 2025.

Although bitcoin bears argue that Bitcoin spot ETF trading is "over," they fail to take into account two key factors, according to analysts at research and brokerage firm Bernstein.

The arguments against Bitcoin ETF trading revolve around early allocations driven by retail investors, with institutional participation confined to "cash and carry" basis trading rather than net long positions, meaning ETFs are not "real," Gautam Chhugani and Mahika Sapra wrote in a note to clients on Tuesday.

Bernstein analysts agreed that recent 13F filings revealed that institutional participation in Bitcoin ETF spot holdings was only 22% and that the increase in liquidity in CME bitcoin futures contracts after the launch of the ETF was evidence of the basis trading.

However, what the bears are missing, Chhugani and Sapra wrote, is that Bitcoin ETFs are "poised to be approved" on major wirehouses and large private bank platforms in the third or fourth quarter of this year. , echoing recent views from Bloomberg ETF analyst Eric Balchunas. and Bitwise CIO Matt Hougan.

Bernstein analysts stated that institutional-based trading is a "Trojan horse" for adoption, and these investors are now evaluating "net long" positions as they become comfortable with improving ETF liquidity.
#BTC #altcoins #BTCETF #Btcpricealert #Bitcoin❗ $BTC

A great victory for the Cryptoindustry

US SEC closes investigation into Ethereum 2.0

Consensys Software Inc. announced that the enforcement division of the US Securities and Exchange Commission notified the blockchain company that it is closing its investigation into Ethereum 2.0, which it described as a "major victory" for the industry.

“Ethereum survives the SEC,” Consensys wrote in its X post. “This means that the SEC will not file charges alleging that ETH sales are securities transactions.”

Consensys detailed in a thread on They meant that he would end his research into Ethereum 2.0.
The approval of ETH spot ETFs, while not final, was based on the premise that ETH tokens were commodities, Consensys wrote.

#Ethereum #ETH🔥🔥🔥🔥 #SEC #altcoins #HotTrens $ETH