Bitcoin Miners Sell Off as HODLers Finish Accumulating and Await ETF
- Bitcoin miners have sold off 1,400 coins, increasing sell pressure.
- Less than 5% of Bitcoin’s trading days have had lower volatility recently.
- Long-term holders have accumulated 14.6 million Bitcoin, accounting for 75% of circulating supply.
- Wall Street firms like BlackRock and Fidelity hope for approval of a Bitcoin ETF.
On-chain Forensics Suggest Bitcoin Whales Are No Longer Accumulating
- Institutions have completed their Bitcoin accumulation since November 2022.
- Bitcoin accumulating occurred after major collapses in the market.
- Transaction velocity patterns have fallen, which may indicate an upcoming price uptrend.
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Zimbabwe Embraces Gold Token to Fight Currency Devaluation
- The Central Bank of Zimbabwe has introduced a gold-backed token to stabilize the Zimbabwean dollar.
- 11 GBDT tokens have been issued, backed by 325 kilograms of gold.
The Bitcoin Ordinals Journey So Far
- The Ordinals NFT protocol has stored over 24 million digital files on the Bitcoin network.
- It differs from the ERC-721 standard by storing data on satoshis from each transaction block.
- The protocol leverages Bitcoin’s keystone upgrades and brings programmability to the asset.
Pillar of Chinese Economy Goes Bust
- Evergrande, a major Chinese property titan, has filed for bankruptcy protection in the US.
- Excessive borrowing has caused a real estate crisis in China.
SHIB Developers Slam Shibarium Network FUD
- Shiba Inu’s Shibarium metaverse went offline due to a surge in smart contracts and transactions.
- The team criticized news outlets for spreading fear and uncertainty about the incident.
- They plan to create a $2 million insurance fund when the system is restarted.
This Week in NFT News
- Sotheby’s is accused of colluding to inflate Bored Ape Yacht Club NFT prices.
- McDonald’s will airdrop 2,000 Grimace NFTs through the Polygon network in Singapore.
The Crypto Top 10
- SEI was the top gainer, increasing by 1,900%.
- THORChain and Akash Network also saw significant price increases.
- Internet Computer and SUI token had significant price drops.
- APE token showed no sign of a bearish pivot.
