Bitcoin exchange balances fall to lowest since April 2018
According to Glassnode data, since mid-March 2020, the amount of Bitcoin stored in exchange wallets has significantly decreased, marking a significant shift in investor behavior. At that time, more than 17% of the total Bitcoin supply was held on exchanges, reaching a historic high. However, the trend of decreasing exchange balances has continued, even during the 2021 Bitcoin bull market and is expected to continue until 2024. The amount of Bitcoin held on exchanges has continued to decline this year. From January 1st to February 19th, the amount of Bitcoin in exchange wallets decreased from 2.356 million BTC to 2.314 million BTC, the lowest level since April 2018.
Bitcoin drops below $51,000
According to OKX market data, Bitcoin fell below $51,000 and is now priced at $50,942, with a 24-hour decline of 1.89%.
VanEck's HODL Bitcoin ETF Trading Volumes Surge Over 2,200% Driven by Individual Traders
VanEck's HODL, a BTC ETF, saw a surge of over 2,200% in trading volumes on Tuesday, with individual traders driving the move. The ETF traded over $400 million, a 22-fold increase from its daily average of $17 million. The surge in volumes came ahead of a planned fee cut on Wednesday, with VanEck reducing its offering fees from 0.25% to 0.20%. The ETF now holds nearly $200 million worth of bitcoin, with the surge in volumes contributing to the highest volume day for bitcoin ETFs since their launch in January.
BTC market value returns to US$1 trillion, setting record in 2 years
According to Coingecko data, BTC's market value has returned to $1 trillion, currently valued at $1,026,205,886,144, setting a record for the past two years.
Over 840,000 New Bitcoin Addresses Suffer Losses Amid Speculations of Impending Sell-Off
Bitcoin's recent surge above $52,000 has been followed by a rebound and pullback frenzy, causing some concern about a potential sell-off. Over 840,000 new Bitcoin addresses that bought BTC during the rally have incurred significant losses, which could lead to increased selling pressure. Crypto analyst Michaël van de Poppe predicts a potential correction before the Bitcoin price peaks between $53,000 and $58,000. Despite this, TradingView has given Bitcoin a "Strong Buy" indicator and the cryptocurrency currently boasts a market capitalization of $1.01 trillion.
Bitcoin’s market depth on 33 CEX is close to $540 million
On February 20th, it was reported that earlier in the day, Bitcoin rose to a total value of $539 million in buy and sell orders within a 2% market depth (meaning within a 2% range of the market price) across 33 centralized exchanges. Data tracked by Kaiko shows that this is the highest level since October of last year and represents a 30% increase since the launch of the spot ETF on January 11th.
IntoTheBlock: Nearly 850,000 addresses bought 480,000 BTC at an average price of $52,125
According to IntoTheBlock data, 848,390 addresses bought 481,710 BTC (worth $25 billion) at an average price of $52,125. These addresses are currently in a loss position and may create selling pressure when their positions reach breakeven.
A whale withdrew nearly $1 billion worth of Bitcoin from Coinbase over the weekend
According to a report by CryptoQuant on February 20th, a whale withdrew over 18,000 bitcoins (worth about $1 billion) from Coinbase last weekend. These bitcoins were then distributed to multiple new wallets, each with a balance ranging from $45 million to $171 million. This move caused Coinbase's bitcoin reserves to drop to 394,000 BTC, worth about $20.5 billion, the lowest level since 2017.
Bitcoin open interest near all-time high
According to Coinglass data, as of January 19th, the current open interest of Bitcoin futures is $24.211 billion, with a 24-hour increase of 1.83%. This number is approaching the historical high point of $24.268 billion in mid-April 2021.
Nervos CKB and ABCDE to co-host Bitcoin Singapore 2024 on March 9
Bitcoin Singapore 2024 will take place on March 9th and will last for one day. The conference will focus on exploring the development of the Bitcoin ecosystem and the latest community developments. The conference will gather many experts and senior participants in the Bitcoin ecosystem, covering topics such as technological progress, new product ideas, and different cultural characteristics, comprehensively exploring the Bitcoin ecosystem. Bitcoin Singapore 2024 is jointly organized by Nervos CKB and ABCDE, with strategic support from LNP/BP Association and Bitlight Labs. Matt Quinn, Executive Director of the Nervos Foundation, Arnaud, a member of the LNP/BP Association Board of Directors, Super Testnet, a contributor to BitVM, BTCStudy contributor Zeng Mi, and Lightning Labs engineer Yong, and other heavyweight guests will explore the Bitcoin ecosystem from multiple perspectives such as RGB, BitVM, Lightning Network, and UTXO.
Approaching Supply Discovery
Bitcoin investors have been rewarded for their patience and conviction, with BTC prices rallying to multi-year highs above $50k. The volume of supply held at a loss is also thinning quickly, with just 13% falling into this category.
The best transaction fee on the Bitcoin network is now reported 14 Satoshi/vbyte
According to BTC.com data, the current best transaction fee for the Bitcoin network is 14 Satoshi/vbyte.
Coinbase donates $3.6 million to Bitcoin development organization Brink to support Bitcoin development
The Bitcoin development organization Brink has received $3.6 million from cryptocurrency exchange Coinbase on the X platform. It is reported that Brink was established in 2020 with the aim of promoting the development of the Bitcoin protocol through research and development, as well as supporting the Bitcoin developer community.
Bitcoin and Ethereum Prices Drop as Top Cryptos Experience Volatility
Bitcoin and Ethereum experienced significant pullbacks, with Bitcoin approaching a fall below $52,000 and Ethereum dropping below the $2,800 level for the first time in two years. Other altcoins, including XRP and Cardano, also saw volatility. The trading volume for Bitcoin and Ethereum both decreased, while the market cap for Bitcoin remained at $1.02 trillion and the market valuation for Ethereum was $335.53 billion. Bitget Token was the top gainer, surging by 29.68%, while Pepe Coin experienced a notable decline of 5.14%.
Bitcoin Price Rally Driven by Institutional Demand as Retail Participation Drops
Bitcoin's price has seen double-digit gains in the past week due to institutional demand, as evidenced by major inflows to spot Bitcoin ETFs. This has led to a drop in retail participation during the ongoing rally. Crypto analyst Ali Martinez suggests that this indicates a potential reconfiguration of market dynamics as institutional interest takes center stage. Despite expectations of a supply shortage due to heightened demand from US spot Bitcoin ETFs, liquidity in the cryptocurrency market has actually improved since their introduction. However, there is a surplus of tokens circulating within the market and selling pressure may increase due to court rulings permitting companies to liquidate their GBTC holdings and miners increasing their selling activity.
Purpose sold 188 Bitcoins yesterday
According to data from HODL15Capital, Canadians continue to sell shares of the Purpose Bitcoin ETF. Purpose sold 188 bitcoins yesterday, and has sold 4,000 bitcoins since the launch of the US ETF.
Coinbase donates $3.6M to Bitcoin developers through Brink
The donation went through Coinbase’s GiveCrypto initiative, which the exchange announced in December it planned to wind down.
Honduras regulator bans banks from holding, transacting with crypto
The National Banking and Securities Commission of Honduras imposed the ban because of the country’s lack of regulation.
Celsius: Creditors have claimed more than $2 billion worth of Bitcoin and Ethereum
On February 17th, Celsius announced that its qualified creditors have claimed over $2 billion worth of Bitcoin and Ethereum through channels such as PayPal, Venmo, and Coinbase. The official statement mentioned that the team is exploring solutions to restrict mailing USD checks and will allow some creditors to choose to receive fund allocations through wire transfer.
Bitwise CEO: Its Bitcoin spot ETF asset management scale reaches US$1.2 billion
Bitwise CEO Hunter Horsley posted on social media that on February 16, $21 million flowed into BITB, representing investors buying Bitcoin. The total inflow this week reached $230 million, and the asset management scale is now about $1.2 billion.
