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. .

😱🚀😱 SURPRISE YOURSELF😱🚀😱

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

NYSE Plans Bitcoin Options, Bringing Another TradFi Giant to Crypto

CoinDesk Indices' XBX is currently the benchmark for $20 billion in ETF assets under management.

The New York Stock Exchange plans to include index options that track the price of bitcoin, bringing another traditional financial giant into the cryptocurrency space.

The cash-settled derivatives will track the CoinDesk Bitcoin Price Index (XBX), a 10-year benchmark operated by CoinDesk Indices.

The XBX is currently the benchmark for $20 billion in exchange-traded fund assets under management, according to Wednesday's press release announcing the partnership.

"As traditional institutions and everyday investors are demonstrating widespread enthusiasm for the recent approval of bitcoin spot ETFs, the New York Stock Exchange is pleased to announce its collaboration with CoinDesk Indices," said Chief Product Officer at NYSE, Jon Herrick, in the statement. "Upon regulatory approval, these options contracts will offer investors access to an important liquid and transparent risk management tool."
#bitcoin #BTC #HotTrens #altcoins #NYSE $BTC

Riot plans hostile takeover of Bitfarm, proposes $2.30 per share

Riot privately offered its proposal last month, and Bitfarms rejected it.

Riot Platforms (RIOT) has sought to acquire fellow bitcoin miner Bitfarms (BITF), having acquired 9.25% of the company to become its largest shareholder.

The Castle Rock, Colorado-based miner proposed selling all outstanding BITF shares for $2.30 each, representing a 24% premium to its one-month volume-weighted average price as of May 24. , Riot announced on Tuesday.

If the proposal comes to fruition, the combined entity would be the largest bitcoin miner in the world, Riot added.

Riot privately offered its proposal last month. Riot cited the rejection of Bitfarms' bid along with allegations from a lawsuit by recently fired CEO Geoffrey Morphy as "raising serious questions about whether certain directors are committed to acting in the best interests of all shareholders."

Bitfarms shares rise 7.18% to $2.17, following Riot's announcement.
#Bitcoin #BTC #altcoins #HotTrens $BTC

Ethereum Options Open Interest Now Dominated by Call Options

Call options are dominating ETH open interest as investors position themselves for a potential surge in institutional demand for Spot ETFs, analysts noted.

Ether spot ETFs were approved by the U.S. Securities and Exchange Commission last Thursday, but unlike bitcoin ETFs, which began trading the day after approval, the ETFs may of ether will not come online for a few weeks or months.

In light of the recent approvals, analysts at QCP Capital expressed a positive structural outlook for ether, noting that the largest increases in ether options open interest in the last 24 hours occurred primarily in calls.

This observation aligns with data from derivatives exchange Deribit, which shows that the ether put/call ratio for all maturities is now 0.56. A call to put ratio below one indicates that the buying volume exceeds the selling volume, signifying bullish sentiment in the market.

The analysts added that the implied volatility of short-term ether call options is higher than that of put options, a situation that indicates that the market is anticipating an upward price movement or increased demand for calls in relation to put options.

"Initial Ether volumes could remain 15-20 vols above Bitcoin, and Ethereum's bias is likely to remain in favor of calls," QCP Capital analysts added.
#EtheruemETF #ETH🔥🔥🔥🔥 #ETH #Ethereum #ETHETFS $ETH

💣🔥💣BIG SALES?💣🔥💣

#MtGox transfer $9 billion from #Bitcoin to a single address as part of payment plans

Almost 140,000 $BTC have moved since early Asia on Tuesday, and bitcoin lost 3.06% on expectations of selling pressure.

Wallets belonging to the defunct Bitcoin exchange Mt. Gox transferred more than 140,000 bitcoins, valued at around $9 billion, to an unknown address beginning in the early Asian morning hours of Tuesday.

Mt. Gox, once the world's largest bitcoin exchange, closed in 2014 after it was revealed that it had lost hundreds of thousands of bitcoins in a hack. Creditors have since awaited repayment of their holdings, something widely seen as adding selling pressure to the #BTC markets.

In a press release, rehabilitation administrator Nobuaki Kobayashi said that no sales of bitcoin or bitcoin cash ($BCH ) had been made and that the group was "safely managing bitcoin and bitcoin cash."

Wallet activity shows that the movements were made in thirteen transactions. A probable test transaction worth $3 was made on May 20, and another smaller transaction of $160 was made early Tuesday. The remaining transactions ranged from $1.2 million to $2.2 billion worth of bitcoins.

This is the first movement of assets from Mt. Gox cold wallets in more than five years and is likely part of a plan to distribute assets to creditors by October 31, 2024.

All coins have been transferred to a new address "1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6," said CryptoQuant head of research Julio Moreno in an X post.

Alex Thorn, head of research at Galaxy, said in an X post that he expected most of the transferred bitcoins to be held by creditors, rather than sold on the open market.

Floki Developers Look to Improve Token Fundamentals with New Trading Bot

The bot charges a 1% fee for each transaction and 50% of the fees collected will be used to purchase FLOKI on the open market, increasing demand for the token.

Floki developers today introduced a trading robot tool that allows FLOKI holders to trade any token on the BNB Chain network, the developers told CoinDesk in a Telegram interview.

The Telegram-based bot will initially be available to a small number of users during a beta testing period to find and resolve any technical errors. Developer B said public availability is expected in "mid-June."

B said the service will later be expanded to the Ethereum and Base blockchains. The developers hope that the service will increase demand for FLOKI tokens, because users will need to have the currency to use the bot.

The product is the latest release in a line of utility tools and metaverse that are part of the Floki ecosystem. The token was initially launched in 2021 as a meme coin themed after the Shiba Inu dog breed. It has since been rebranded as a utility token that powers Floki-based protocols and products.
#Floki🔥🔥 #FLOKI✅ #flokiinu #altcoins #memebull
$FLOKI

TON blockchain's total locked value exceeds $300 million

The total value locked on The Open Network blockchain has surpassed $300 million for the first time, a more than tenfold increase since early March.

The network is experiencing an increase in locked value amid an ongoing ecosystem initiative, The Open League. This is contributing to the rise of TVL by rewarding users of top TON decentralized applications.

Since the incentive program launched, the network's TVL has gone from $23 million in early March to $315 million today, according to DeFiLlama data. TVL's rapid growth has been primarily driven by decentralized exchanges like Ston.fi and Dedust, as well as liquid staking projects like Tonstakers and bemo.

The network recently onboarded 1 million wallets during the token generation event for Notcoin, a viral clicker game built as a Telegram Mini app. TON's architecture allowed these users to transact without network disruptions, fee increases, or processing delays.

Telegram Mini Apps are small applications built into the Telegram messaging platform, allowing users to interact with various services without leaving the application.
#buythedip #ton_blockchain #TonChain #Toncoin

Standard Chartered Analyst Says Other Crypto ETFs Like SOL and XRP “Are Likely a 2025 Story”

Following the recent approval of ether spot exchange-traded funds, Standard Chartered Bank analyst Geoffrey Kendrick says the next chapter for crypto ETFs may be just around the corner in 2025.

“For other coins (e.g. SOL, of Standard Chartered Bank, in a statement to The Block.

The approval of ether spot ETFs on Thursday suggests that ETH is not classified as a security by the SEC, implying that other coins similar to ETH, which previously came under scrutiny in cases like the 2023 XRP case, may also not considered values. , according to Kendrick.

"In several cases, the core technology is so similar to ETH that it would be difficult for the SEC to claim they were securities given ETH's position," Kendrick said. “The cryptocurrency industry now appears to have political support on both sides of the aisle.”

He called this support for cryptocurrencies in the US a “true watershed moment.” Kendrick said the next question is not if the market will see more regulatory changes, but when.
#ETHETFsApproved #altcoins #Solana #Xrp🔥🔥 $ETH $SOL $XRP

Ethereum ETFs Clear Major Hurdle, Though Not Yet Cleared for Trading by the SEC

Ethereum spot exchange-traded funds (ETH) took a big leap toward reality on Thursday after the U.S. Securities and Exchange Commission approved key regulatory documents tied to them, a milestone for the second-largest cryptocurrency. big.

However, they are not yet authorized to trade. The SEC gave its approval to so-called Form 19b-4s linked to ETFs, but the regulator must approve their S-1 filings before investors can buy them.

The approval comes after a surprising change by the markets regulator. After liquidating spot bitcoin ETFs earlier this year, the SEC did not appear to interact much with ether ETF issuers. That changed in recent days.

"A week ago, I would have said I was a little crazy to think these ETFs were going to get SEC approval," James Seyffart, an ETF analyst at Bloomberg Intelligence, said in an interview before the decision.

In a statement, a Grayscale spokesperson confirmed that the regulator had approved its 19b-4.

“At Grayscale, we appreciate the opportunity to constructively engage with regulators as they review Ethereum spot ETFs, and we remain optimistic about the potential to bring Ethereum further into the US regulatory perimeter in the ETF wrapper.” , they said.

Potential issuers of spot ether ETFs include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy.

While the approval of 19b-4 filings suggests that regulators are willing to allow issuers to bring a spot ether ETF to market, it does not guarantee that they will ultimately approve the final S-1 forms filed by all issuers.
#ETHETFS #Ethereum #ETH #PEPE‏ #BTC $ETH

Worldcoin 'disappointed' with Hong Kong ban as WLD drops 8%

Worldcoin's WLD token fell 8% following regulatory issues in Hong Kong.

The Worldcoin Foundation expressed disappointment over Hong Kong authorities' decision to ban its data collection efforts due to alleged privacy violations, according to a May 23 statement.

On May 22, the Office of the Personal Data Privacy Commissioner (PCPD) of Hong Kong stopped Worldcoin's data collection activities in the region.

The PCPD claimed that Worldcoin's collection of facial and iris images from more than 8,000 Hong Kong residents was unnecessary and excessive. Additionally, the regulator accused Worldcoin of failing to provide adequate information to users, thereby compromising their ability to give informed consent.

Legal operation

A Worldcoin spokesperson affirmed the project's commitment to legal compliance, including compliance with the Hong Kong Personal Data Ordinance and similar regulations around the world.

The spokesperson further emphasized that Worldcoin aims to set high standards of privacy protection in preparation for the AI ​​era. The project achieves this through minimal data collection, user control over data, advanced technological measures such as personal data escrow, iris code selection, and secure multi-party computing.

Consequently, Worldcoin expressed disappointment that Hong Kong regulators did not consider these privacy developments before imposing a ban on the project.

Meanwhile, Worldcoin's dissatisfaction reflects its reaction to Spain's data protection agency, which also blocked the Sam Altman-backed company's data collection efforts. While Worldcoin hinted at possible legal action against Spain, it did not specify whether it would implement similar measures against Hong Kong.
#wldspot #Worldcoin $WLD

Could the price of Ethereum reach $6,000?

QCP Capital Predicts Ethereum ETF Spot Approvals Could Drive Prices Higher

Cryptoasset trading firm QCP Capital suggested that if Ethereum spot exchange-traded funds are approved in the US, the price of ether could rise 60% in the coming weeks to around $6,000, taking into account account Bitcoin Spot ETFs.

Bitcoin rose 66% from around $44,500 to a high of $73,800 in the two months following the Securities and Exchange Commission's approval of Bitcoin spot ETFs on January 10.

“All eyes are on the ETH ETF deadline later today. With Friday's implied volatility above 100%, the market is expecting fireworks,” analysts wrote this morning on Telegram's QCP Broadcast channel. “⁠VanEck ETF has been listed by DTCC. “We believe an approval is now very likely and they are expected to go on the market next week.”

Implied volatility here refers to the market's forecast of the potential price movement of ether over a specific period derived from options prices on the cryptocurrency.
#ETHETFS #ETH #Ethereum #BTC #altcoins $ETH

The SEC has begun interacting with Ethereum ETF issuers via S-1 forms

The US Securities and Exchange Commission has begun discussions regarding S-1 registration statements with potential Ethereum ETF issuers, according to a source.

"Basically, this is just getting started," said a senior member of one issuer when asked about conversations related to S-1 forms. “It seems as if [the Investment Management Division] was more or less surprised by the change in tone. So, just getting started.”

The source added that they do not expect progress towards an Ethereum ETF to be ruled out, but remain cautious.
For Ethereum ETFs to be approved, the SEC must approve Forms 19b-4 (which was done in a general order for Bitcoin ETFs) and then the S-1 registration statements must become effective. Only then can trading begin.

Before each approval, forms are typically returned for modification and resubmission. When final versions are submitted, the SEC may choose to approve them. While there has been a lot of movement on Forms 19b-4, only Fidelity has recently filed an amended Form S-1. Now that S-1s are being debated, there may be more amendments to come.

SEC Faces Decision Day on Ethereum ETFs

As for Forms 19b-4, the SEC has a deadline today to approve or reject the VanEck Ethereum ETF Form 19b-4. Due to the perceived intention to approve multiple issuers at once, as happened with Bitcoin ETFs, experts are optimistic that if ETFs are approved, this would happen today.

Bloomberg ETF analyst Eric Balchunas said on X that he anticipates the SEC will make a decision around 4 p.m. ET. "For BTC spot, they dropped it at 3:45 p.m. m., some others in the past did it a little after 4 p.m. m. "Anything [is possible]," he said.
#ETHETFS #ETH $ETH

Bitcoin comes to Ethereum stalwart MetaMask

MetaMask is a giant in the Ethereum ecosystem, but it is poised to cross one of the largest tribal divides in crypto.

MetaMask is a giant in the Ethereum (ETH) ecosystem, the most used wallet on that blockchain. It is about to cross one of the largest tribal divides in cryptocurrency, with plans to add support for Bitcoin (BTC), according to two people with direct knowledge of the matter.

The exact timeline is unclear, but one person said access could come to MetaMask within the next month. Another person said that Bitcoin's exact functionality is not yet set in stone, but that features could initially be limited and expanded over time.

MetaMask's Ethereum wallet is the gateway for over 30 million monthly active users to the Web3 world of decentralized applications and non-fungible tokens, or NFTs.

MetaMask is built by Consensys, an Ethereum-focused research and development company led by Ethereum co-founder Joe Lubin. When asked to comment on development plans, a MetaMask spokesperson said via email: "We are excited about MetaMask's commitment to embracing the multi-chain world of web3 and continually exploring new integrated features to improve the usability and security of the platform. self-custody leader. wallet. While we cannot confirm any timelines for specific developments at this time, we are always working on innovations to better serve our users. “Stay tuned for more updates when we are ready to share more.”
#BTC #ETHETFS #Metamask #buythedip #bitcoin $BTC $ETH

Ethereum Has a 1 in 5 Chance of Hitting $5,000 by the End of June

Lyra traders have purchased ether call options at the strike price of $5,000 and above this week.

The price of ethereum (ETH) has a 20% chance of rising to $5,000 by the end of next month, data from decentralized options exchange Lyra indicates. The price reached a high of $4,692 during the previous bull market.

To reach the new record, ether would have to rise by about a third from the current level of around $3,740. This would follow this week's more than 20% rise driven by sudden optimism that the US Securities and Exchange Commission (SEC) will approve ETH spot exchange-traded funds (ETFs).

“Lyra options markets imply a ~20% chance of ETH reaching $5,000 by June 28,” Nick Forster, Lyra founder and former Wall Street options trader, told CoinDesk in an email. “There is a 20% chance that ETH will surpass $5,500 by July 26, as traders have increased positioning following ETF speculation.”

Lyra is a decentralized settlement protocol for spot, perpetual and options trading. In the last 24 hours, the protocol recorded a crypto options trading volume of $1.33 million, representing more than 50% of the global decentralized finance (DeFi) options total of $2.08 million, according to data source DeFiLlama. Lyra traders correctly predicted BTC's Q1 rally and April peak near $70,000.

This week, Lyra-based traders have purchased ether call options expiring in June and July with strike prices above $5,000, revealing a bullish outlook.
#ETHETFS #ETH #Ethereum #BTC #buythedip $ETH

Grayscale Ethereum Trust Discount Cuts to 10% as Odds of ETH Spot ETF Approval Increase

The Grayscale Ethereum Trust (ETHE) discount has dropped to its lowest level in more than two months, as investors anticipate US ether Spot ETF approvals.

The ETHE discount was around 10% at the time of writing, well down from 20% the previous day. The reduction comes as investors wait for regulators to sign off on spot ether ETF approvals in the US, where the Securities Exchange Commission has asked companies looking to launch such funds to update and resubmit documents necessary for approval.

The Grayscale Ethereum Trust is an investment vehicle that offers direct exposure to ether price movements, according to Grayscale's website. The fund has over $10 billion worth of ether in assets under management at the time of writing.

On a technical level, the ETHE discount represents the difference between the market capitalization of ETHE and the underlying value of the fund's ether holdings. However, the discount is also considered an indicator of the likelihood of an ether ETF being approved.

Investors are rushing to purchase ETHE to obtain discounted shares of the fund ahead of its potential conversion into an ETF.

Shortly before spot bitcoin ETFs gained regulatory approval in the US on January 9, traders similarly reduced the discount on GBTC.
#ETHETFS #altcoins #Ethereum #BTC #bitcoin $ETH

Do Possible Ethereum ETF Spot Approvals Indicate a Change in US Crypto Policy?

In a shift from broad market consensus, Bloomberg ETF analysts Eric Balchunas and James Seyffart yesterday dramatically raised their odds of spot Ethereum ETFs being approved in the United States from 25% to 75%. The sudden change came amid signs of a 180-degree turn by the US Securities and Exchange Commission, Balchunas said – with crypto increasingly becoming a political issue.

Repeal of SEC SAB 121

According to some industry experts, last week's Senate vote to repeal the SEC's Staff Accounting Bulletin 121 could be behind the potential rollback, amid an emerging alliance between Wall Street, cryptocurrencies and Washington.

The SEC issued the bulletin in April of last year, making it effectively impossible for Wall Street banks to custody crypto assets on behalf of clients, Bitwise CIO Matt Hougan wrote on Monday, specifically stating that if a bank offered cryptocurrency custody services, you would have to. treat those custody cryptoassets as a liability on your own balance sheet.

A rare bipartisan consensus emerged and the Senate voted 60-38 on a resolution to repeal the bulletin, despite warnings from President Joe Biden that he might veto the vote.

“The record-breaking launch of Bitcoin spot ETFs woke up Wall Street to the reality that there is a lot of money to be made by custodying crypto assets,” he said. "The Wall Street lobby was so strong - or, if you prefer, the logic of repealing the bill was so clear (I'll let you make your own interpretation) - that Democrats felt good opposing their president."
#ETHETFS #Ethereum #BTC #bitcoin #altcoins $ETH

Standard Chartered expects ether ETF approval this week, reiterates year-end target of $8,000

The first round of spot ether ETF deadlines are fast approaching: VanEck's on May 23 and Ark Invest/21Shares' on May 24.

Speaking to The Block, Standard Chartered Bank's head of foreign exchange and digital assets research Geoff Kendrick said he is "80% to 90%" confident that ether ETFs will be approved this week.

“After approval, we estimate that the spot ETFs will generate inflows of 2.39 to 9.15 million ether in the first 12 months after approval,” Kendrick said, adding: “In US dollar terms, that "It is equivalent to approximately between 15 billion and 45 billion dollars."

“As a percentage of market cap, it is similar to our estimates of inflows into bitcoin ETFs, which are proving accurate,” Kendrick said.

A year-end ether price target of $8,000

In an analysis note sent to The Block on Tuesday, Kendrick added that if spot ether ETFs receive approval this week, ether could keep pace with bitcoin, maintaining the current price ratio of 5.4% for the year. rest of 2024.

“Given that we now see Bitcoin reaching the $150,000 level by the end of 2024, this would imply a $8,000 level for ether,” Kendrick said.

The analyst added that given Standard Chartered's estimated bitcoin price level of $200,000 by the end of 2025, this would also imply an ether price of $14,000 by the end of 2025. This is a reiteration of the price target the bank gave for ether. in March.
#ETHETFS #BTC #bitcoin #Ethereum #altcoins $ETH $BTC

Fidelity abandons plans to participate in updated Ethereum ETF filing

Annualized returns on ether betting are nearly 3% as of Tuesday, data from popular betting service Lido shows.

An S-1 update filed with the U.S. Securities and Exchange Commission early Tuesday showed that Fidelity has reversed its plans to stake ether (ETH) stakes in its proposed spot exchange-traded fund (ETF).

In previous filings, the firm said it intended to "stake a portion of the trust assets" to "one or more" infrastructure providers. However, it clearly stated in Tuesday's update that it would "not stake ether" stored at the custodian.

Data from popular betting service Lido shows that annualized returns on ether betting were nearly 3% as of Tuesday.

CoinDesk reported on Monday that the US Securities and Exchange Commission (SEC) asked aspiring ether exchange-traded fund exchanges to update 19b-4 filings ahead of a key deadline this week, which raised expectations for an ETH ETF.
#ETHETFS #ETH #ethereum #altcoins #BTC $ETH

Potential US TikTok buyer plans to decentralize TikTok and could build on Polkadot parachain

Frank McCourt wants to transform TikTok into a platform focused on protecting user data.

American billionaire Frank McCourt is leading a consortium to acquire TikTok and decentralize it using Project Liberty's Decentralized Social Networking Protocol (DSNP).

TikTok, which has more than 170 million users, is being pressured by the US government to sell due to national security concerns and alleged ties to the Chinese government.

McCourt's initiative, called the "people's offer," represents one of several American corporate interests on the platform. In this company he collaborates with the investment bank Guggenheim Securities and the law firm Kirkland & Ellis.

In a press release, McCourt highlighted that the offering aims to empower users by migrating TikTok to an open source protocol. This measure aims to restore control over digital identities and data, giving Americans a meaningful voice and participation in the future of the web.

TikTok meets Polkadot

McCourt's plan to rebuild TikTok with DSNP will leverage Polkadot's social parachain platform, Frequency.

In November 2022, Frequency secured its position as a parachain on the Polkadot network. According to its website, the parachain was created to “empower people to ensure the portability of their content and safeguard their privacy. The protocol allows ownership of digital identity and control of online presence.”
#BTC #bitcoin #Altacoins #TiktTok #polkadot $DOT