#onchain coinglass

[blockinsider]

Surge in $9.7 Billion Stablecoin Inflows Indicates Imminent Bitcoin Price Rally

Key Points

Bitcoin’s price has hit an all-time high of over $97,500, driven by $9.7 billion stablecoin inflows in the past month.

Stablecoin inflows indicate growing investor interest and suggest that Bitcoin could soon exceed the $100,000 milestone.

Bitcoin’s price has surged by 5% in the last 24 hours, reaching a new all-time high of over $97,500. This increase is largely attributed to the record $9.7 billion stablecoin inflows into the market over the past month, indicating an increase in investor interest.

Within the last month, stablecoin inflows have nearly reached $10 billion. Leon Waidmann, The Onchain Foundation’s head of research, interprets this as a clear signal of an uptick in investor demand. He commented, “Stablecoin inflows to exchanges hit $9.7B in 30 days! The LARGEST monthly inflow EVER. Stablecoin liquidity is back. Speculative demand continues to explode!”

Stablecoins and Bitcoin’s Price

The rise in stablecoin inflows to crypto exchanges may indicate upcoming buying pressure and an increase in investor appetite. Stablecoins are primarily used as a gateway for converting fiat into crypto.

These considerable stablecoin inflows suggest that the price of Bitcoin could soon break the $100,000 milestone. Crypto market analyst Ali Martinez has suggested that Bitcoin could reach this milestone imminently as it breaks out of the bull flag in the hourly time frame.

Forecasts for Bitcoin

Crypto market analysts are bullish about Bitcoin’s prospects, suggesting that the rally could continue. Ali Martinez has drawn parallels between Bitcoin’s current market behavior and its performance in December 2020, noting that the Relative Strength Index (RSI) is nearly identical to that period. If history repeats itself, Martinez predicts Bitcoin could reach $108,000, then drop to $99,000 before surging to $135,000.

Other market analysts, like Peter Brandt, have also pointed out the Bitcoin price action after the US election results on November 5. In the last 15 days, Bitcoin has seen a swift rally from $65,000 levels to its current position. After consolidating around $90,000 for a while, Bitcoin has once again broken from the flag, potentially leading to a rally to $125,000 and above.

On another note, Spot Bitcoin exchange-traded funds (ETFs) continue to fuel Bitcoin’s price rally. On November 20, the US Bitcoin ETFs saw over $773 million in net positive inflows, led by BlackRock’s IBIT alone seeing $662 million in inflows. The launch of options for BlackRock’s IBIT the day before triggered significant trading volumes on the first day, indicating strong demand for the product.

During the trading week of November 11–15, the US Bitcoin ETFs experienced their sixth straight week of net inflows, accumulating more than $1.67 billion. CoinGlass data shows that Bitcoin futures open interest (OI) on the Chicago Mercantile Exchange (CME) reached a record high of 218,000 BTC ($21.3 billion), marking an increase of over 30% compared to levels before the Nov. 5 election, showing a significant bullish sentiment.

[coineagle]

China’s Potential Sale of $1.3B Ethereum Raises Supply Concerns: What’s Next?

Key Points

Chinese authorities have moved a part of the 542,000 ETH seized in 2018 to exchanges, potentially impacting the market.

Ethereum’s exchange reserves have hit a three-week high, indicating a potential sell-off.

Chinese authorities have recently transferred 7,000 ETH to various exchanges.

These tokens are part of a larger stash of 542,000 ETH that was confiscated in 2018 from a cryptocurrency Ponzi scheme.

Ethereum’s Market Position

At the time of reporting, Ethereum was trading at $2,401, following a nearly 2% price drop within 24 hours.

This price drop aligns with a general bearish sentiment in the wider cryptocurrency market, with the Fear and Greed Index hitting a seven-day low of 39.

This suggests that traders are currently in a state of fear.

Ethereum investors have additional concerns due to the potential market impact of the possible sell-off of 542,000 ETH, worth over $1.3 billion, by Chinese authorities.

Impending Supply Overhang

Onchain researcher ErgoBTC reports that Ethereum could be facing an unexpected supply overhang.

This is due to the recent move of 7,000 ETH to exchanges, which are part of the 542K ETH seized from the PlusToken crypto Ponzi scheme in 2018.

This scheme had amassed over 194K Bitcoin and 830K ETH by the time it was shut down.

Most of the Bitcoin was likely sold between 2019 and 2020, while a third of the ETH was sold in 2021.

The remaining 542,000 ETH was consolidated into multiple addresses in August 2024.

Some of these coins are now being moved, as evidenced by the withdrawal of 15,700 ETH from these addresses on October 9th.

Nearly half of this amount was deposited into the BitGet, Binance, and OKX exchanges.

The researcher suggests that these transfers are following a similar pattern to when the authorities sold Bitcoin in 2020.

This could potentially lead to increased selling pressure on Ethereum in the coming weeks.

Ethereum’s exchange reserves have reached a three-week high due to these deposits, as per data from CryptoQuant.

In the past 24 hours, the total amount of ETH held on exchanges has risen by over 110,000 tokens, reaching its highest level in three weeks.

This indicates that many traders are moving their coins to exchanges with the intention to sell.

The largest increase in reserves occurred on derivative exchanges, which could lead to a surge in Ethereum’s volatility.

Data from IntoTheBlock also shows an increase in large transaction volumes, suggesting a rise in whale activity.

Given that Ethereum’s price is not increasing despite the rise in large transactions, it could imply that these transactions are sell orders rather than buy orders.

According to Coinglass, these high exchange deposits are having a bearish impact on Ethereum.

More than $31 million worth of ETH was liquidated in the last 24 hours, with $27M being long liquidations.

[ailtrahq]

BTC’s Short-Term Holder Realized Price climbed above price for the first time since June. Due to the price fall in the last 24 hours, long liquidations exceeded shorts. Bitcoin’s [BTC] Short-Term Holder Realized Price (STH RP) rallied above the coin’s price for the first time since June during the intraday trading session on 2 October, when the leading coin breached key resistance at $27,800 to exchange hands at $28,500, data from CryptoQuant showed.  Source: CryptoQuant Read Bitcoin’s [BTC] Price Prediction 2023-2024 BTC’s STH-RP tracks the average price at which all short-term holders purchased their coins. Short-term holders are investors who have held their BTC for less than 155 days. The metric proves useful in tracking the sentiment of this cohort of BTC investors. When the STH-Realized Price is above the BTC’s current price, it is regarded as a bullish signal, as it suggests that short-term holders are in profit. Conversely, when the metric is positioned below BTC’s price, it indicates that short-term holders are at a loss.  Highlighting the significance of BTC’s STH-RP current setup, pseudonymous CryptoQuant analyst Onchained, in a newly published report, noted: “With Bitcoin at $28,500 USD, significantly surpassing the STH RP line previously at $27,900 USD, short-term holders are now in a profitable position, potentially leading to a bullish sentiment and greater asset retention, contributing to market stability.” Slight correction in price, but sentiment remains positive Following BTC’s brief stint above $28,000, its price retracted to exchange hands at $27,605 at press time, data from CoinMarketCap showed. Within the past 24 hours, the coin’s value dropped by almost 2%. Despite this, weighted sentiment across the general market remained positive, data gleaned from Santiment showed. At 1.262% at press time, investors remained unfazed by the slight correction in BTC’s value. Source: Santiment This was seen from the unabated accumulation that continued amongst the coin’s spot traders on a 12-hour chart. At press time, the coin’s Relative Strength Index (RSI) was 59.74, while its Money Flow Index (MFI) spotted at 54.27.  Moreover, BTC’s price traded close to the upper band of its Bollinger Bands (BB) indicator as of this writing. When an asset’s price moves in this manner, it signals that the asset is trading at a high price relative to its recent trading range. While this often suggests a price correction is imminent, BTC’s price might stabilize at this current range if positive sentiment is maintained. Source: BTC/USDT on TradingView How much are 1,10,100 BTCs worth today? Long traders count their losses When BTC’s price began to climb on 2 October, several long trading positions were opened as traders in the coin’s futures market placed more bets on an upward price growth.  However, with the decline suffered in the past 24 hours, the volume of long liquidations surged. According to data from Coinglass, long positions accounted for 69% of all liquidated positions recorded in the last 24 hours.  Source: Coinglass

[mcsmartdefi]

Enjin Invests More Than 100m Dollars for It's Metaverse

Enjin Invests More Than 100m Dollars for It’s Metaverse

کمپانی انجین نیز با ۱۰۰میلیون دلار سرمایه ی اولیه به دنیای متاورس ورود کرد.

[mcsmartdefi]

Market Dominance

دامیننس کلی مارکت در این لحظه

[mcsmartdefi]

Enjin Invests More Than 100m Dollars for It's Metaverse

Enjin Invests More Than 100m Dollars for It’s Metaverse

کمپانی انجین نیز با ۱۰۰میلیون دلار سرمایه ی اولیه به دنیای متاورس ورود کرد.

[mcsmartdefi]

Bybt On-chain data has Rebranded To #CoinGlass

بای بیت نام برند خود را به کوین گلس تغییر داد.