The 60-day correlation between BTC and the Nasdaq 100 Index has approached 0
Kaiko stated in a post on X platform that the 60-day correlation between BTC and the Nasdaq 100 index has approached 0.
About 23% of Bitcoin addresses are currently losing money
According to IntoTheBlock data, the drop in Bitcoin price to $39,000 has had a significant impact on investor sentiment. Currently, about 23% of Bitcoin addresses are in a loss position, a significant increase from 13% a week ago.
BTC returns above $41,000
Market data shows that BTC has surpassed $41,000 and is currently trading at $41,005.7, with a daily decline of 1.88%. The market is volatile, so please manage your risks accordingly.
BTC falls below $40,500
According to market data, BTC has fallen below $40,500 and is now trading at $40,473.6, with a daily decline of 3.11%. The market is volatile, so please be prepared for risk control.
Arthur Hayes predicts Bitcoin will fall below the $40,000 mark
BitMEX co-founder Arthur Hayes expressed a pessimistic view on the future price trend of Bitcoin (BTC) in social media comments. Based on a Bitcoin price chart he shared, Hayes said Bitcoin looks very heavy and believes its price will fall below $40,000. As a result, he has started to short sell and purchased put options with a strike price of $35,000 expiring on March 29. Hayes further speculated that Bitcoin's decline may continue until the US Treasury Department's quarterly refinancing announcement on January 31.
MicroStrategy vs Bitcoin: the gap is closing
Since 2020, MicroStrategy has primarily been a Bitcoin holding company. Yes, they engage in other activities, but the bulk of their business value stems from the Bitcoins they possess.
During this period, MicroStrategy's stock (MSTR) has frequently outperformed Bitcoin (BTC).
CoinShares Mining Report: The Halving and its impact on hash rate and miners cost structures
The Bitcoin mining network has experienced meteoric growth, with an increase in hashrate of 104% in 2023. This rapid expansion raises concerns regarding its sustainability, both from an environmental standpoint and in terms of the mining network’s profitability. In this document, we aim to address both of these important issues. Our final results of the average cost of production per Bitcoin, post halving for each miner are listed below, highlighting the average cost of production is US$37,856.
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.
