Block.one Raises $10B from Big Names to Launch a Crypto Exchange Called ‘Bullish’ This Year

Block.one Raises $10 Billion from Big Names to Launch a Crypto Exchange Called ‘Bullish’ This Year

After the record $4 billion ICO, Block.one has again managed to raise $300 million from Peter Thiel, Alan Howard, Louis Bacon, Richard Li, Christian Angermayer, Galaxy Digital, and Nomura bank. EOS, meanwhile, is still down 60% from its 2018 ATH in the ongoing bull market.

Block.one, the software company behind the cryptocurrency EOS, has announced the launch of a new subsidiary Bullish Global.

Planned to be released this year itself, “Bullish” is a new blockchain-based cryptocurrency exchange. The exchange will be offering new automated market making, lending, and portfolio management tools, reads the official announcement on Tuesday.

The exchange will be utilizing the EOSIO software and EOS public blockchain “to produce a cryptographically validated, provable, and immutable audit trail of all transactions processed” on the platform.

Block.one has already raised more than $10 billion for this exchange.

While the initial investment of $100 million in cash, 164,000 BTC, and 20 million EOS came from Block.one itself, $300 million were raised from the big names like Peter Thiel’s Thiel Capital and Founders Fund, Alan Howard, Mike Novogratz’s Galaxy Digital, Louis Bacon, Richard Li, Christian Angermayer, and global investment bank Nomura.

“Bullish balance sheet is strong, and its vertical integration offers stability and liquidity to the cryptocurrency space. I’m happy to join Bullish as an investor and advisor as it gets started on a long and fruitful journey,” said Thiel.

Block.one is the same company that raised a record $4 billion during the 2017 initial coin offering (ICO) mania and received backlash from ESO investors who also filed a lawsuit against it for misleading investors in believing that EOS would be decentralized.

Since its launch at the peak of the last bull market in Jan. 2018, EOS has fallen from the top 10 cryptos list to sit at 23rd place with just over $9.3 billion market cap. As of writing, EOS is trading around $10, still down 60% from its all-time high of $22.71 in April 2018. EOS 54.08% EOS / USD EOSUSD $ 14.28
$7.7254.08%
Volume 19.71 b Change $7.72 Open $14.28 Circulating 953.3 m Market Cap 13.61 b
9 h Block.one Raises $10 Billion from Big Names to Launch a Crypto Exchange Called ‘Bullish’ This Year 11 h Tech Stocks Dragging Bitcoin, Ether, & Crypto’s Down, But ‘Fundamentals Still Strong’ 6 d Bitcoin and Ether Aren’t the Top Traded Crypto’s on Binance Or the Biggest South Korean Exchange

The company is launching the exchange Bullish which will have Peter Thiel, Alan Howard, Richard Li, and Christian Angermayer as its senior advisors.

“Successfully bridging the gap between digital assets and institutional actors will shape the future of the financial sector as we witness greater mainstream adoption of digital currencies,” said Howard.

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Author: AnTy

“We’re Past the Point of No Return,” says Former NYSE President Who is Bullish on Crypto & DeFi

“We’re Past the Point of No Return,” says Former NYSE President Who is Bullish on Crypto & DeFi

Thomas Farley, the former president of the New York Stock Exchange (NYSE), is bullish on the entire growing cryptocurrency industry.

“The only thing I find more exciting than debating on tax policy is talking about crypto. I’m all in, and I think Coinbase (COIN) is a great company,” said Farley in an interview on CNBC.

He then shared how the largest cryptocurrency exchange in the US, Coinbase is the 8th largest exchange in the world but “if you ask the everyday American they would probably think it’s the biggest exchange in the world.”

According to him, the crypto space is “amazing,” notwithstanding the press that it has been getting. In fact, “it’s the best-kept secret in the world and maybe the history of the financial markets,” he added.

Farley then went to talk about decentralized finance (DeFi). “There’s this corner of crypto called DeFi where essentially very smart Kids are putting code up on a blockchain of their choosing, and then you have a self-operating smart contract,” said Farley.

“DeFi exchanges are doing as much volume if not more than Coinbase today,” he added.

The burgeoning DeFi space is home to DEXs, volume on which went parabolic in Q1 of 2021. Recording as much as $217 billion, volume on decentralized exchanges is up 236% from the previous quarter and a whopping 8,000% from Q1 2020, as per Messari.

While Ethereum-based Uniswap continues to lead the pack, BSC-based PancakeSwap was the winner as its market share grew from a mere 2% to 37% in the quarter.

Farley further notes that this growth has been ignored by traditional competitors like banks along with retail brokerages.

“The wall street banks who for a century have made markets in every asset around the world have ignored this and abdicated their role and allowed Coinbase to become an $80 billion company,” said Farley, adding that as retail brokerages ignored it as well, retail found other ways to access this asset class.

“I think it’s fascinating, and I think it’s here to stay. We’re past the point of no return,” he said.

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Author: AnTy

The Long and Short of Bitcoin (BTC) This Week

Bitcoin entered the weekend on a bullish note, going above $60,150, just shy of reaching its all-time high of about $61,700.

But over the weekend, the prices end up going lower to $56,500 as $515 million Bitcoin longs got liquidated on Sunday. Overall, more than $1 billion was liquidated on the day, and the funding rate neutralized with the highest at 0.1219% on Bybit.

Now, Bitcoin has started this new week on a red note. As of writing, BTC/USD is trading around $57,500.

While April has started at -2.26% performance, the leading cryptocurrency ended the quarter first as the best one in eight years. Historically, April and quarter second both call for good things ahead.

“Bitcoin’s price has a lot of room to go,” says trader and economist Alex Kruger.

Miners are also busy accumulating all the BTC that they have been mining after selling a bunch at the beginning of the year.

Becoming Digital Gold

Bitcoin has a long way ahead with many more ATHs to hit; however, trader Alex Kruger points out how the digital gold’s run has been “behind in percentage terms.” And as its market penetration saturates, which will eventually, “price growth will then only grow in nominal terms, i.e., will fail to outpace inflation in larger time frames,” he said.

This is because the trader noted, Bitcoin will then “cease to be a fantastic speculative asset, and become a better store of value and medium of exchange. It will be even more akin to digital gold. Gold is an asset which in real terms (inflation-adjusted) is stationary.”

While digital gold will behave like precious metals, which has been flat over the years, Kruger says, “coins that derive their value from cash flow generation (and survive) will continue moving higher in real terms once bitcoin flattens.”

This is where decentralized finance (DeFi) tokens come, which will go in a different path than the largest cryptocurrency.

While BTC would be digital gold, DeFi would be “Onchain stocks,” and as we have seen with the stock market, it has been only going up.

What’s Market Speculating

While this is a long-term picture, in the short term, Bitcoin remains volatile as retail and institutions continue to come alike.

In terms of corporate exposure, after Tesla, Square, and MicroStrategy speculation doing the rounds in the market is of the popular departmental store Walmart ready to join them.

Not to forget that back in 2019, Walmart also applied for a cryptocurrency patent resembling a stablecoin. The Arkansas-based retail behemoth has also filed for several blockchain-related patents.

While Wal-Mart hasn’t declared anything, the market loves to speculate the kind of chain-reaction it will start — putting BTC in the balance sheet, rolling out BTC as a payment method in thousands of its locations, and employees being paid in BTC, which will lead to hyperbitcoinization.

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Author: AnTy

‘Nothing has Really Changed’ in the Crypto Market, Despite the Weak Price Action

Money and bullish news continue to flow into the Bitcoin market, with more to “start coming in early next month.”

After yesterday’s drop to $50,300, Bitcoin made its way to $53,800 today, giving hope of the market being bottom.

“It is now time to start looking for a tradable bottom in BTCUSD and the other major cryptocurrency. I plan to keep an eye on the alts too,” tweeted John Bollinger, inventor of Bollinger Bands.

Meanwhile, analyst Mati Greenspan says, “a strong break below 50k could easily pave the way for a move down to 42k, and possibly 36k.”

The crypto asset briefly fell below its average price over the 50 days as well, which has been a support level so far this year, now having a $953 billion market cap. According to Miller Tabak + Co.’s chief market strategist, Matt Maley, a “lower-low below that level would scare a lot of momentum players.”

Cautious Crypto

Source: Bloomberg

The pullback in Bitcoin and altcoins’ prices came amidst a wider retreat in other assets like tech stocks. A general Bitcoin downtrend is being “exacerbated by the move to value in general across asset classes” and away from areas like technology, said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore.

After an earlier wave of institutional adoption and stimulus-infused optimism among retail traders, the largest cryptocurrency fell for the fifth straight day, recording the longest losing streak since December.

Poll results have been showing that people have been planning to spend their stimulus checks in the markets. But given that markets fail to see the effects, unlike the last time, the speculation is growing that Americans will be spending them in the real economy.

Bullishness Continues Flowing In

While the traditional market analysts are back at calling it a downtrend again and seeing a limited upside with the likes of BIS’s Benoit Coeure reiterating that Bitcoin is not a currency, the crypto market says nothing has changed.

“The color and information we see from the street is largely from the institutional part of the market, and nothing has really changed in their view on the impact of stimulus on longer-term inflation and the role of digital assets as a hedge to that,” said Matt Long, head of distribution and prime brokerage at digital-asset platform OSL in Hong Kong.

The bullish news hasn’t stopped coming in at all either. For starters, USDC supply has increased more than $1 billion in the past week, its market cap reaching past $10.6 billion. As for USDT, it added $6 billion in the past month, its market cap climbing to $41.6 billion.

image2

Source: Twitter

Sovereign wealth funds and even the government are looking at Bitcoin, according to the NYDIG CEO.

Moreover, the New Zealand retirement fund, KiwiSaver, has reportedly invested 5% of its assets into Bitcoin. The pension fund, with NZ$350 million (US $244 million) in assets at the end of December, reportedly started investing in Oct. last year.

“If you are happy to invest in gold, you can’t really discount bitcoin,” said the fund’s chief investment officer, James Grigor.

Mike Novogratz, founder of crypto firm Galaxy Digital further believes wealthy baby boomers will be the next generation to jump into cryptocurrencies.

“It could be as much as a trillion dollars comes over the next year from that giant group of wealth,” said Novogratz in an interview at Reuters Digital Assets Week. He expects the money to “start coming in early next month.”

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Author: AnTy

Bitcoin Ramping Up Ahead of the Weekend, Another BTC ATH Incoming?

Depleting speculating supply is “insanely Bullish, of course” as institutions remove the coins from weak hands for “strong” HODLing.

Bitcoin continues to experience volatility around $58k, moving in tandem with the traditional markets as Federal Reserve Chairman Jerome Powell vowed to keep the interest rates down and supply the economy with all the help that it needs and “as long as it takes.”

And while the Fed forecasts that inflation (the consumer price index) is likely to ramp up to an alarmingly high rate of 2.4% by the end of the year but says it will be temporary, “common sense and the bond market says they are bluffing, and everybody knows it,” wrote analyst Mati Greenspan.

While Powell, along with his counterparts at the European Central Bank, Bank of England, and The People’s Bank of China, continues to double down and “support the economy” by debasing the currency, the Bank of Japan is stepping away from the aggressive monetary stimulus in favor of a more “sustainable” policy, allowing more fluctuation in 10-year bond yields.

“It is important to strike an appropriate balance between maintaining market functioning and controlling interest rates by allowing interest rates to fluctuate to a certain degree,” said the BoJ in its policy statement.

The central bank kept overnight interest rates on hold at -0.1% and will continue to peg 10-year bond yields at “around zero” but allows them to fluctuate by plus or minus 0.25% instead of the previous 0.2%.

Insanely bullish, of course!

Fed’s dovish statement helped the market climb higher but only to end up lower on Thursday. Before the weekend, S&P 500 and tech-heavy Nasdaq are attempting to rebound as yields calm down. Bitcoin went past $59k before coming back to $58k only to go back up.

Crashing bonds have been acting as a major driver bringing the tech stocks down, which in turn pushes S&P 500, other indices along with Bitcoin down.

“Markets went crazy since FOMC. Bonds and tech seem to have put in a local bottom (nothing extraordinary)—Powell to speak three times next week. And stimulus checks coming,” noted trader and economist Alex Kruger, who expects a repeat of last weekend that saw BTC making a new ATH.

While Bitcoin is following the traditional markets, inflows and continued adoption can help the cryptocurrency change direction.

As we have seen on-chain, speculative inventory, Bitcoin reserves on exchanges have been depleting ever since early last year.

“From March 2020, Bitcoin undergoes steep and continued supply shock in sync to USD money printing,” noted analyst Willy Woo.

We have been seeing US money printing climbing up while BTC supply held by speculative “weak hands” reducing and being transferred to institutions and high net worth individuals who are locking up their coins as strong HODLers in response to monetary inflation.

“This is insanely bullish of course. Strong hands have been buying every dip, which has been driving price steeply upwards since Q4 2020,” Woo added.

image1

Institutions, the asset allocator type like pension funds, come in a strong HODLer category because they only sell when their investment thesis changes.

“The arrival of institutional asset allocators to crypto dramatically increases the number of hodlers & strong hands, and should thus reduce the size of price corrections,” trader Kruger.

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Author: AnTy

Bitcoin Market Looking for New Lows After Elon Musk’s Pump & Dump

While the endorsement from Tesla CEO and Bridgewater Associates founder is “bullish” for the leading crypto, Ray Dalio says the idea of “a church that one is devoted to determining one’s investment position on Bitcoin” is discomforting.

Bitcoin had a wild Friday as we pumped and dumped beautifully.

What looked like a change of Bitcoin market trajectory turned out to be nothing more than a short-lived pump.

This pump was propelled by the world’s richest person, Tesla CEO Elon Musk, who changed his bio to “bitcoin” that followed up with “In retrospect, it was inevitable.” This tweet was also put in block 668197 mined by yhc5t3.

It turned out to be just like the Xi pump back in October 2019 when Chinese President Xi Jinping’s call for China to accelerate the development of blockchain technology sent BTC above $10,500.

Now, the market is expecting Bitcoin to go back to testing the lows. Already Bitcoin is down more than 7% and dropped under $33,000. Trader Benjamin Blunts is calling for the incoming of new lows at “sub 28k.”

Besides this short-lived pump, Musk taking Twitter CEO Jack Dorsey’s route also resulted in others doing the same. These individuals include Reddit founder Alexis Ohanian who is also busy “staking sats,” Anthony Scaramucci of SkyBridge Capital, YouTuber MrBeast, crypto exchange Gemini founder Tyler Winklevoss and other Bitcoin enthusiasts all having simply “Bitcoin” in their Twitter bio.

“Bitcoin is the signal and it’s getting louder,” commented Michael Saylor, CEO of MicroStrategy on this.

Another positive momentum for Bitcoin came from Bridgewater Associates founder Ray Dalio this week, who turned positive on the cryptocurrency. Mike Novogratz called this endorsement from Musk and Dalio “bullish” for Bitcoin, stating:

“BTC is a store of value. All stores of values are belief systems. And we are getting new converts to the church at an accelerating rate. Stay long.”

However, Dalio was quick to chime in to say that he doesn’t call himself “a convert to the church of an accelerating rate,” rather he would be interested in the response to his assessment of Bitcoin and knowing “what am I missing?”

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Exchanges Can’t Handle the Growing Demand

While Musk tweaking his Twitter bio presented the market a pump opportunity, trading platforms couldn’t keep up with the demand they are seeing even since WallStreetBets got on the Dogecoin train and took the road to crypto space after Robinhood paused trading in some of the hot stocks on Thursday such as GME.

Robinhood also temporarily disabled the features that allowed users to buy cryptos instantly. However, the popular retail platform doesn’t offer the ownership of cryptos, rather just buy and sell opportunity through IOUs.

“Due to extraordinary market conditions, we’ve temporarily turned off Instant buying power for crypto. Customers can still use settled funds to buy crypto. We’ll keep monitoring market conditions and communicating with our customers,” said a Robinhood spokeswoman.

As we reported, users then moved on to crypto exchanges but like every other time they couldn’t keep up with this much demand.

Binance said the risk of new users put its system under stress, with its CEO Changpeng Zhao noting that user sign-ups and trades jumped to a record high as well, forcing the exchange to briefly suspend withdrawals.

“We almost ran out of DOGE coin addresses,” Zhao told Bloomberg. “Our system couldn’t generate new addresses fast enough to match new users coming in. It’s crazy.”

US-based Coinbase also reported that “due to a technical issue, we are experiencing degraded service where some trades may not be able to be completed.”

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Author: AnTy

Legendary Investor Bill Miller Gives Even More Reasons to be Bullish on Bitcoin

Legendary Investor Bill Miller Gives Even More Reasons to be Bullish on Bitcoin

Bitcoin is unlike any other asset that can match BTC’s liquidity with its upside potential, says Miller, who bought MicroStrategy’s convertible bond that was used to buy more BTC, which he says had “very little downside and an almost-free call option on Bitcoin.”

Bill Miller is getting more passionate about Bitcoin with each passing day.

The veteran investor Bill Miller in his latest investor note this week, talked about the thought process behind their “recent and unique purchase,” MicroStrategy’s 0.75% convertible bond.

MicroStrategy is betting big on Bitcoin and now holds approximately 70,784 BTC, representing 0.38% of Bitcoin’s circulating supply. The company issued convertible bonds last month, the proceeds of which were used to buy even more BTC.

In Miller’s assessment, the bond had “very little downside and an almost-free call option on Bitcoin.”

Besides having “minimal analyst coverage and a CEO that owns over a quarter of the company,” the reason for purchasing the bond was the company’s Bitcoin bet, wrote Miller. His view of the world’s largest cryptocurrency is,

“There is no other asset that combines Bitcoin’s liquidity with its upside potential.”

Bitcoin proponent Michael Saylor, the chief executive officer of MicroStrategy, also played a big part in Miller’s decision as he said, “Saylor is among the longest-tenured CEOs of all publicly traded companies, and he is the only sitting CEO we can find that has thrived after presiding over a 99.86% decline in his company’s equity price.”

The mutual fund legend further pointed to Saylor’s “unique ability to catch an emerging, scalable trend early and build an enduring business around it.”

MicroStrategy was the first publicly-traded company to replace all of its cash in its balance sheet with Bitcoin; a technology Miller has “long supported.’

The digital currency with a market cap of $592 billion, according to Miller, “is still an emerging and under-owned technology in an enormous addressable market.”

With Bitcoin, buyers know what they are getting as there is no other currency in the history of the world with more information and transparency around them, he added. Not to mention, BTC has been the best performing asset over eight of the past ten years and beats even the Nasdaq.

“Not owning any Bitcoin has been a massive mistake, and we expect that will continue to be true,” further wrote Miller.

He also points to Bitcoin’s demand growing consistently faster than supply and a long-term candlestick chart showing progressively higher lows despite significant volatility. Miller said,

“Preferred mediums of exchange tend to move in long cycles, and we may be in the midst of a major global transition that continues to go largely unnoticed.”

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Author: AnTy

UNI Enjoying A Breakout Year; Uniswap Protocol Shares 2021 Roadmap

2020 was an exciting year for the entire cryptocurrency market as we set the stage for a bullish 2021.

The decentralized finance (DeFi) market also had a wild year as the total value locked (TVL) in the sector grew 20 fold to surpass $14 billion.

In the DeFi space, DEX Uniswap Protocol made waves by becoming the first project to exceed $3 billion in TVL. For now, it has fallen to $1.7 billion.

UNI token is also enjoying an uptrend, trading at $5 following a 43% rally over the past week. Currently, UNI is the 22nd largest cryptocurrency with a market cap of $1.34 billion.

Following the “breakout year,” Uniswap is now working on V3 to improve automated market-making (AMM). In its 2021 roadmap, the team shared that they will be exploring scaling solutions for faster and cheaper transactions, with an emphasis on governance.

“V3’s design is driven by a desire to drastically improve the AMM experience for both swappers and LPs, increasing capital efficiency and flexibility while introducing superior execution,” noted the team.

The team also shared a review of 2020, a year in which the Uniswap V2 was launched bringing in support for arbitrary ERC20/ERC20 pairs and flash swaps that has generated $4.8 bln in volume since then, producing $14.4 mln in LP fees.

In the entire last year, the decentralized exchange recorded $58 bln in volume, up 15,000% from 2019’s $390 mln. Uniswap even passed Coinbase on weekly volume albeit briefly.

Over 68,000 unique addresses are currently providing $2bn in liquidity across 27,000 unique trading pairs on the platform.

Just last month, the Uniswap team launched Sybil that uses third-party authentication platforms to make delegating of governance UNI tokens easy.

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Author: AnTy

Leveraged Funds are Record Short on CME Bitcoin Futures

However, this might be bullish instead of bearish for BTC.

Bitcoin continues to break new records every day lately.

Yesterday, BTC/USD broke the $29,000 level as well and the market is expecting to enter into 2021 above $30k and end 2020 with more than 300% returns.

Amidst this extreme bullishness, leveraged funds on the Chicago Mercantile Exchange (CME) are record short.

However, this might be rather bullish for Bitcoin’s price than bearish as the same picture was seen on Dec. 1st.

As data provider Skew noted, they are likely to be record long on Grayscale Bitcoin Trust, trying to collect the premium. GBTC is currently holding 607.07K BTC, 3.2% of Bitcoin’s circulating supply, which is trading at a 23.5% premium to BTC price.

Grayscale, however, hasn’t bought any BTC since Dec. 25th, as per Bybt.

These leveraged funds might also be taking advantage of the CME futures basis, the average is currently over 10%. The difference between the spot price of Bitcoin, $28,268 as of writing, and CME Bitcoin futures price, which is $29,135, is an arbitrage opportunity for these funds.

On Monday, the regulated exchange had to temporarily pause the trading of bitcoin futures after one of the biggest gaps was formed, of more than $3k, between the derivatives and the underlying asset.

CME has actually become the largest Bitcoin futures venue by the number of open contracts amidst the growing institutional interest. Open interest on CME stands at $1.60 billion, the highest among the major derivatives exchanges, as per Skew.

Now, CME accounts for more than 18% of the total OI which stands at over $9 billion.

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Author: AnTy

Here’s What’s in Store for Bitcoin Amidst the Strong Demand & Exhausted Market

The macro trend is bullish, with the BTC exchange reserve going down and the stablecoins reserve going above.

This week is turning out to be about sideways action after last week’s monstrous rally that saw us breaching the all-time high of $20k to reach a new high of $24,300.

The week started on a red note as we dropped to nearly $22,000. Today, BTC/USD has been trading at $22,600 with $5.83 billion BTC 2.69% Bitcoin / USD BTCUSD $ 23 354,3135
628.23 2.69
Volume 42.15 b Change 628.23 Open $23 354,3135 Circulating 18.58 m Market Cap 433.88 b
1 d Crypto Exchange EXMO Hacked; BTC, ETH, XRP, ZEC, USDT, and ETC Stolen By Attacker
.

Everyone is waiting for a correction to get the chance to stack even more sats. However, it is to be seen if and when that pullback comes.

In the short-term, Grayscale, an essential indicator of bitcoin’s institutional demand, has closed subscriptions temporarily with big December futures and options expiry coming this Friday while implied volatility gets “very high” along with the futures basis, painting a bearish picture.

Unlike this, the broader market with the UK virus panic and the fiscal package coming is pulling the market in the opposite ‘bullish’ direction.

“Thinking volatile pause in the trend ahead. 25K-19.5K all in play” noted trader and economist Alex Kruger while cautioning to be “careful loading short-term bullets too soon.”

He said that for a sustained move higher, the market needs the leverage and volatility first to come down.

If we recall the $10,000 breakout, last week’s breach through the $20k was much more aggressive. Compared to July’s 25% movement, December’s action was close to 35% from trough to peak from start to finish.

Although it makes sense for bitcoin to give the market the much-expected dip, there’s no knowing if we’ll see one amidst the strong institutional demand.

With whales active on exchanges, there is a dumping risk, for sure, but Ki-Young Ju, the CEO of data provider CryptoQuant, is “not short on BTC since the buying power is so strong now.”

When the Exchange Inflow Mean hits 2 BTC, as it has now, “it is likely to be sideways or bearish. It always has been sideways since November.”

The bullish macro trend is also evident in the Bitcoin exchange reserve going down, BTC supply on exchanges has declined 20% since January, and stablecoin exchange reserves going up.

“Even if we see some corrections, it would be sharp and recover very fast,” said Ju.

Stablecoin-All-Exchange-Reserve

Source: CryptoQuant

Meanwhile, Bitcoin is in a real supply and liquidity crisis, which is “extremely bullish” for the world’s largest cryptocurrency.

This crisis can be seen in the accumulation addresses that only received bitcoin but never spent them, which is at 2.7 million BTC — hoarding 14.5% of the circulating supply. In addition to this, at least 3 million, 16% of supply, is forever lost.

Not to mention, out of the 210k BTC mined in the past six months, Grayscale has acquired 185k BTC of it.

While the Exchange Balances Liquidity is vanishing, a mere 12% of BTC supply is liquid, as per Glassnode. The amount of miner unspent supply, which has been increasing since the last halving, is currently holding at 1.7 million BTC.

“I believe we will see this significantly reflected in Bitcoin’s price in the upcoming months.”

Rafael Schultze-Kraft Glassnode CTO

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Author: AnTy