Incentives Are Not Enough
Imagine a billionaire kidnapped a random person and said:
Here is a camera, banana, bicycle, sundress, and porcupine; you have one day to make a funny video using them all. I’ll upload it to YouTube, and if it gets “enough” views in the first day, I’ll give you $10B. If not, I’ll kill you and your closest twenty relatives. No, I’m not going to tell you my “enough” threshold. Go.
Arthur Hayes: Bitcoin’s downward trend may indicate problems with U.S. dollar liquidity
On January 1st and 22nd, BitMEX co-founder Arthur Hayes commented on the divergence of Bitcoin (BTC) and the S&P 500 index (SPX) on social media. He pointed out that since the launch of the Bitcoin ETF in the United States, their trends are no longer synchronized. Hayes suggests that the downward trend of Bitcoin may indicate future liquidity problems. He also emphasized that the next important time point to pay attention to is the US Treasury's refinancing announcement on January 31st.
Bitcoin’s spot ETFs make a splash, but can their AUM surpass gold ETFs?
Spot BTC ETFs made headlines as the media reported $28 billion in assets under management, but how significant is the figure?
A victim signed multiple malicious phishing signatures on a phishing website 1 hour ago and lost $265,869 worth of tokens.
According to Scam Sniffer monitoring data, about 1 hour ago, a victim lost tokens worth $265,869 after signing multiple malicious phishing signatures on a phishing website.
Bitcoin mining difficulty lowered by 3.90% to 70.34T
According to BTC.com data, the Bitcoin mining difficulty has undergone a mining difficulty adjustment at block height 826,560. The mining difficulty has been reduced by 3.90% to 70.34T, and the current average network computing power is 469.61EH/s.
Cumulative fee revenue from Ordinals minting reached 5,822.56 BTC
The latest data from Dune shows that the cumulative revenue from the minting of Ordinals inscriptions on the Bitcoin NFT protocol has reached 5,822.56 BTC, equivalent to approximately $242,391,805. The total number of inscriptions minted so far is 56,427,386.
Bitcoin Could Reach New All-Time High in Just Months, Says Analyst Kevin Svenson
Kevin Svenson, a cryptocurrency analyst and trader, predicts the potential trajectory of Bitcoin in the coming months. He notes that the S&P 500 has historically served as a leading indicator for Bitcoin's all-time high breaks. Svenson believes that if the S&P 500 breaks its all-time high, Bitcoin is likely less than half a year away from reaching its own all-time high. Based on historical patterns, Svenson suggests that this could lead to a new bull market for Bitcoin.
Head of Research at Crypto Quant: BTC’s pullback is caused by short-term traders and whales taking short-term profits
Julio Moreno, the head of Crypto Quant research, tweeted that there is a belief that the current Bitcoin price correction is due to GBTC selling Bitcoin. However, this is not the case. GBTC has sold about 60,000 Bitcoin, while other ETFs have purchased a net total of about 72,000 Bitcoin. The sellers of Bitcoin are Bitcoin holders (short-term traders and whales) who have taken profits after last year's rebound (the approval of ETFs is a "sell-the-news" event).
The implied volatility of Bitcoin options this week exceeded 97%, which has tripled from the low of about 30% in October last year.
On January 20th, Glassnode data showed that the implied volatility of Bitcoin options has reversed since mid-October last year. Since May 2021, as market interest weakened during the bear market, implied volatility has been declining for many years. However, this downward trend seems to have reversed recently, with implied volatility more than tripling from its low point in October, exceeding 97% this week.
An address made a profit of approximately US$43 million after buying low and selling some BTC high.
According to JieData monitoring, the address starting with bc1qed bought and sold some BTC at relatively low and high points, making a profit of $43,007,785. The address currently holds about 792.74 BTC.
Bitcoin Surpasses Silver as Second-Largest ETF Commodity After Gold
Bitcoin exchange-traded funds (ETFs) have surpassed silver ETFs in terms of assets under management (AUM) within just one week of trading, making Bitcoin the second-largest commodity ETF after gold. The Grayscale Bitcoin Trust ETF (GBTC) alone possesses around 619,000 bitcoins, contributing significantly to the overall AUM of Bitcoin ETFs. Silver has now been relegated to the third position in terms of AUM within the single commodity ETF asset class, with approximately $11.5 billion distributed across five ETFs. BlackRock Inc’s Bitcoin ETF has attracted over $1 billion in investor inflows, making it the first among the recently launched group of nine ETFs directly holding the cryptocurrency to surpass this milestone since their debut last week.
VanEck's Head of Digital Assets Research Predicts Bitcoin Could Reach New All-Time High This Year
Matthew Sigel, the head of digital assets research at VanEck, has expressed bullish sentiment on Bitcoin, stating that it could surpass its all-time high of $69,044 this year. Sigel believes that the upcoming contentious election could provide an opportunity for change and pro-Bitcoin policies. He also attributes Bitcoin's late 2020 gains to a weaker dollar and various macro factors, such as Nigeria reversing its bank bans and Argentina's acceptance of Bitcoin for contract settlement. Bitcoin is currently trading at $42,660.
UBS: Bitcoin fundamentals remain weak
UBS analyst stated that the approval of the first Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission last week has expanded the channels for investors to invest in Bitcoin. However, despite the increased accessibility and ease of secure storage of digital assets, the fundamentals of Bitcoin remain weak. Currently, the application of cryptocurrencies in the real world is still limited. Cryptocurrencies can significantly increase the volatility of investment portfolios. For example, even if only 10% of the portfolio is allocated to Bitcoin in a balanced investment portfolio, it would still result in about 50% volatility in this wealth strategy. Concerns about sustainability still exist due to the high energy consumption of Bitcoin.
Morgan Stanley: Bitcoin and CBDCs Threaten US Dollar's Dominance as Global Currency
Morgan Stanley's Head of Digital Assets, Andrew Peel, has warned that the increasing popularity and adoption of cryptocurrencies like Bitcoin, as well as the development of Central Bank Digital Currencies (CBDCs), could threaten the dominance of the US dollar as a global currency. Peel highlighted the potential paradigm shift in the way people view and interact with digital assets as a threat to the dollar's status. He also noted that CBDCs could establish a unified standard for cross-border payments, potentially diminishing the reliance on traditional intermediaries like SWIFT and dominant currencies like the dollar. Despite this, Peel acknowledged the advantages of CBDCs, including their potential to support innovation by automating transactions using smart contracts.
Bitcoin moves back above $43,000
According to OKX market data, on January 16th, Bitcoin rebounded above $43,000 and is currently priced at $43,093.15, with a 24-hour increase of 0.98%.
IntoTheBlock: 2.68 million addresses purchased over 1 million BTC at an average price of $43,400
Data from IntoTheBlock shows that 2.68 million addresses have purchased over 1 million BTC at an average price of $43,400. Uncertainty may cause these holders to sell at their breakeven point, adding resistance to the upward trend.
SINOHOPE announces partnership with Bitroo
According to official sources, on January 15th, the one-stop digital asset service platform, SINOHOPE Technology Holdings Limited (stock code: 1611.HK, SINOHOPE), announced a partnership with Bitroo. Both parties will cooperate deeply around the Bitcoin ecosystem through SINOHOPE Technology's Bitcoin Ecosystem Support Program, utilizing their respective experiences in Bitcoin mining, Bitcoin computing power services, computing power asset management, mining funds, virtual asset security custody, and one-stop Web3 product construction, to provide customers with more secure, professional, diverse Bitcoin ecosystem products and solutions.
The spacecraft carrying 1 BTC may have burned up when it crashed into the atmosphere after failing to land on the moon.
BitMEX's plan to send 1 BTC to the moon in collaboration with Astrobotic was unsuccessful due to a fuel leak issue with the Peregrine 1 spacecraft, which prevented it from landing on the moon. It is reported that Peregrine is currently about 234,000 miles away from Earth and is expected to burn up upon re-entering Earth's atmosphere. Astrobotic has announced that it will hold a press conference with NASA on January 18th to announce the details of the Peregrine's crash.
As Bitcoin plunges on Friday, Coinbase sees highest weekly BTC sales since FTX crash
According to Glassnode data, on January 12th, the amount of Bitcoin sent to exchanges by short-term holders (holding for less than 155 days) reached a record high, equivalent to a profit of $2.271 billion. However, with Bitcoin's sharp drop last Friday, short-term holders on exchanges suffered losses of $4 billion, indicating a possible change in market sentiment.
Yesterday, the transaction fee of the entire Bitcoin network was approximately 219 BTC, an increase of approximately 73% from the previous day.
BTC.com data shows that the total network transaction fee for Bitcoin was about 219 BTC yesterday, an increase of about 73% from the previous day (126.75 BTC).
