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Why Did Bitcoin Plunge Under $58,000? On-Chain Data Says This Bitcoin Long-Term Holders Have Just Taken Large Profits As pointed out by an analyst in a CryptoQuant Quicktake post, the Bitcoin long-term holders harvested a large amount of profits during the latest price drawdown. The on-chain metric of interest here is the “Spent Output Profit Ratio” (SOPR), which basically tells about whether the BTC investors are selling/transferring their coins at a profit or loss. When the value of this indicator is greater than 1, it means the holders as a whole are realizing a net profit with their selling right now. On the other hand, the metric being under this threshold implies the dominance of loss-taking in the market. In the context of the current topic, the SOPR of a specific segment of the user base is of interest: the long-term holders (LTHs). This cohort includes the investors who have been holding onto their coins since more than 155 days ago. The LTHs are considered to be the resolute side of the market, as they rarely sell regardless of whatever may be going on in the wider market. As such, the times that they do sell can be all the more noteworthy. It would appear that the recent Bitcoin market conditions have managed to break even these diamond hands, as the below chart for their SOPR suggests. As is visible in the above graph, the Bitcoin LTH SOPR has seen a high density of spikes above the 1 mark during the past day. This would suggest that these HODLers have moved some coins that were previously carrying significant profits. More particularly, the indicator hit a value of more than 10 during a lot of these spikes, implying that this group realized profits equal to over ten times the losses during those transactions. As the LTH SOPR spikes came just before BTC’s descent towards the levels under $58,000, it would seem possible that this profit-taking push from these normally-resolute investors was at least in part behind the crash. #BTC $BTC #Bitcoin

📣 Aptos launches keyless wallets that use ZK-proofs to verify identities Aptos Connect allows users to log in with a Google ID without needing an MPC Network, Magic Links, or Windows passkey. According to a July 3 announcement, the Aptos blockchain has launched a web-hosted keyless wallet application that uses ZK-proofs to verify users. Called “Aptos Connect,” the new wallet allows users to connect to decentralized applications using a Google login without needing hardware security modules, passkeys, or a multiparty computation network. According to the announcement, Aptos Connect “simplifies Web3 onboarding by allowing users to create and manage Aptos blockchain accounts in 1 click with their Google login, eliminating the need for private keys and providing a seamless experience within [the developer’s] app.” It does this by using “the OpenID Connect (OIDC) standard and zero-knowledge proofs to link social logins to blockchain accounts.” Allowing users to log in with a Google or Apple ID is not a new idea in crypto. Several wallet protocols already do this, including Magic Labs’ “Magic Links,” Web3 Auth, and Coinbase’s Smart Wallet. However, Aptos Connect claims to provide the same convenience without requiring users to click an email link, enter a passkey, or rely on a multi-party computation network. Instead, users simply push a “Continue with Google” button and select a Google Account to log into their wallet. Aptos claims that Apple ID integration is “coming soon,” which will provide an alternative for users that do not want to use Google. According to developer documents, the new app was made possible by Aptos Improvement Protocol 61 (AIP-61), which allows transactions to be authorized through the JSON Web Tokens (JWTs) used by Google, Facebook, Apple, and other login providers. ZK-proofs are used to disguise the identity of the user and login provider. This prevents blockchain data from revealing the Google ID associated with a particular Aptos account. $APT #APT #Aptos

⚠️ German MP Urges Government to Stop Selling Bitcoin Joana Cotar, an independent member of the Bundestag, has urged the government to stop its Bitcoin selling spree. Cotar has informed Michael Kretschmer, one of the deputy chairs of the CDU, Christian Lindner, the Federal Minister of Finance, as well as Chancellor Olaf Scholz that this is "counterproductive." She has invited them to her lecture with Bitcoin evangelist Samson Mow that is scheduled to take place on Oct. 17. In her letter, the MP argues that the largest cryptocurrency offers "a unique opportunity" for asset diversification. It is capable of mitigating risks that are related to having excessive exposure to traditional asset classes. Bitcoin can also act as a hedge against inflation and currency devaluation due to its scarcity, according to Cotar. Moreover, the pro-Bitcoin MP has noted that the leading cryptocurrency could also promote innovation, economic sovereignty as well as technical progress. In 2023, Cotar also introduced a bill that would make the flagship cryptocurrency legal tender in Germany, following the lead of El Salvador. The German government went on a major selling spree last month, moving hundreds of millions of dollars worth of BTC to exchange. This bearish factor likely contributed to Bitcoin's underperformance. The German government became one of the largest holders of the flagship cryptocurrency following its crackdown on Movie2k.to, a popular piracy website, more than a decade ago. Earlier today, PeckShieldAlert reported that the German government had transferred another 1.3K BTC to exchanges, amplifying selling pressure. Meanwhile, the price of Bitcoin recently crashed to $56,836. #BTC $BTC #Germany

🟠 Bitcoin is in the national interest 💪 #BTC

📣 PEPE Might Hit Floor as 8.27 Trillion Support Comes into View PEPE is in the spotlight after carting away with a $4 million liquidation amid an unrelenting price slump. At the time of writing, PEPE has fallen by a massive 8.16% to $0.00000959, casting doubt on its recovery potential. This 24-hour slump has extended its losing streak with a monthly slump of 33.2%, per data from CoinMarketCap. 🔸 PEPE support zone While the negative figure positions PEPE as one of the coins taking the brunt on the market, it also brings key metrics into proper focus. Per data from crypto analytics platform IntoTheBlock (ITB), at the current level, the ultimate support zone of PEPE is set at the $0.000009 price level. Per the data, at this price level, a total of 8.27 trillion PEPE are concentrated by volume. For the coin to fall below this level, these entire tokens will have to be sold off, a feat that might prove relatively tough for the bears to pull off. While PEPE is not known to fly solo in terms of price breakout, it is likely to hit its floor price faster than the majority of its peers. PEPE has an immediate target of $0.000012, which has formed its basic support zone for some time. In the push toward a recovery, PEPE will bank on its whale action, which has proven to be a prominent factor driving its price action overall. 🔸 Market sentiment not aligning Bitcoin was responsible for the market drawdown as the price fell to $58,000, bringing crypto liquidations to more than $294 million. As one of the altcoins that maintains a strong correlation with Bitcoin, PEPE has to fall in line with the broader market. Despite claims from critics, top proponents anticipate a rebound in the Bitcoin price soon. If this expectation aligns, it might drive the price of PEPE upward as well. $PEPE #PEPE #Pepecoin

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