Yet Another Balancer Attack for ‘Unclaimed’ COMP; DeFi Liquidity Provider to Reimburse Hack Victims

It hasn’t been 24 hours since the news about a $500,000 hack on Balancer came that a new attack has claimed $2,300 worth of the hot Compound tokens (COMP).

Hao, a hacker and engineer at DeBank, a DeFi wallet took to Twitter to share how this time as well, someone used Andreessen-funded dYdX to flash loan and drained, yes again, unclaimed COMP stored in several pools of Balancer, an automatic market maker.

The hacker explained that the contract flash loaned some tokens from dYdX to mint cToken from these funds. Then they Uniswap v2 to flash loaned some COMP.

The contract joined COMP/cBAT/cUSDT pool to trigger Compound to send unclaimed COMP to this balancer pool. After syncing COMP balance, the contract withdrew from the balancer at an advantage and continued to do the same for other pools.

After getting all the extra COMP, it repaid Uniswap and dydx and made an exit and swapped COMP for ETH in a normal Uniswap V2 trade.

However, @FollowTheChain said the “unclaimed COMP” is just a tiny fraction of COMP that has accumulated since the last movement of each cToken that happened a few minutes before.

According to Balancer Labs, this attack wasn’t like the one from yesterday either.

Amidst this came the good news, that Balancer Labs will be reimbursing all the liquidity providers who lost funds in yesterday’s attack.

It will also pay out the “highest bug bounty available” to Hex capital, who alerted about this vulnerability to balancer Labs in May.

“This is a major issue in crypto today – creating bug bounty programs and then ignoring the results + refusing to pay out. We need to do better,” said Hex Capital.

Market Unaffected

Yesterday’s attack involved two pools of the Balancer that contained deflationary tokens STA and STONK, tokens with transfer fees, worth more than $500,000 getting drained by a hacker.

The attack happened in two separate transactions which were 30 minutes apart. And only the pools with a token with transfer fees were affected by the exploit.

DeFi aggregator 1inch in its official report said the attacker was a “very sophisticated smart contract engineer with extensive knowledge and understanding of the leading DeFi protocols.”

Not only was he organized and prepared in advance but also used Tornado Cash, a privacy-focused Ethereum mixer, to get initial funds that hid his source of Ether.

It reported that the attack on one of the Balancer Pools was caused by a complex transaction that the hacker sent to the Ethereum mainnet. Then, with another transaction, the hacker drained another Balancer Pool.

The address with the stolen funds currently has about 601 ETH worth about $133,823.

In its official report on the incident, Balancer Labs reported that it wasn’t aware that “his specific type of attack was possible” which now came to be untrue.

However, they have been warning about the unintended effects of ERC20s with transfer fees in the protocol. As such, STA wasn’t included in the recently put together mining whitelist of BAL.

Now, transfer fee tokens will be added to the blacklist and will continue to audit, the third planned audit is starting soon, and review the protocol.

However, the market seems unaffected for now, as the total value locked in Balancer is $115 million, down from the all-time high of $117 million just a day before, as per DeFi Pulse.

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Author: AnTy

Binance And OKEx Latest Crypto Exchanges To List, COMP, Compound’s Governance Token

Compound (COMP) is setting an impressive rise since its launch a fortnight ago with the coin’s price, popularity, and total value locked have seen multiple times growth rates since then. Additionally, several crypto exchanges have rushed to list the token after its impressive performance. After additions to Coinbase Pro, Coinbase, and FTX derivatives exchange, COMP is now set to start trading on OKEx and Binance.

OKEx launches COMP spot trading

Big exchanges are jumping on to listing Compound’s governance token in what can only be described as a FOMO move listing a two-week-old token. OKEx becomes the latest exchange to launch trading pairs of the coin, including the Tether (USDT) and Bitcoin (BTC) pairs.

Users can buy, sell, deposit, and withdraw COMP from the exchange as of Monday, Jun 29, the announcement reads. Trading opened at 9 AM UTC, and as at the time of writing, only 228 COMP has been traded on both pairs on the exchange.

COMP currently trades at an average of $235 across major exchanges representing a 4.31% drop in the past 24 hours. The daily trading volumes remain high at $11 million across 31 listed pairs on over ten exchanges – COMP reached an all-time high daily trading volume of $31 million on Friday.

Safe or not? Binance launches futures trading

In a similar breath, Binance launched futures trading of the COMP token offering USDT settled contracts starting Tuesday, June 30. The statement reads,

“Binance Futures will launch COMP/USDT perpetual contract, with the trading opening on 2020/06/30 09:00 AM (UTC). Users will be able to select between 1-50x leverage.”

However, a section of crypto traders has come forward criticizing the exchange for its high leverage positions on a relatively new token in the market. It is a question of making a profit vs. a safe environment for traders.

Binance, which has been at the forefront in speaking on the need to protect users, faces a dilemma as the volatility of an unproven token may cause a similar flash crash to Matic Network’s in December 2019 and with it liquidate users’ funds.

Rise to the top

Compound is a platform that allows users to earn interest by lending and borrowing digital assets. Launched in 2019, the company ascend to the top of the DeFi industry comes as a shock to many. Compound is currently the largest DeFi platform overtaking Maker (MKR) in total asset value locked (TVL), according to Defipulse.com.

Compound dominates the industry with $626 million in digital assets locked on the platform, representing 38.2% of the total value in decentralized finance.

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Author: Lujan Odera

Here’s Why Despite Sluggish Price Movement, Bitcoin is Immensely Bullish

Since recovering from the March lows, bitcoin has been struggling to make its way upwards. We tested $10,000 — the important psychological level numerous times only to fail and get stuck in a range.

Bitcoin refuses to attain five-digit value despite the central bank pumping money into the market. This time, investors are putting all the cash either into their bank deposits or pumping the stock prices, even of the bankrupted companies.

However, the bitcoin market is busy hodling; as such, Rafael Schultze-Kraft, CTO at crypto data firm Glassnode, is “extremely long-term bullish” on the world’s leading digital currency who advises not to get distracted by short-term price action and to look at the bigger picture.

Schultze-Kraft also shared a series of charts that depict this increased hodling behavior and investor confidence, starting with the record amount of bitcoin supply, 61% that hasn’t moved in over a year. This all-time high is a clear indication that investors are anticipating higher value in the future.

Also, 44% of BTC supply hasn’t moved in over two years, which is again approaching ATH, and almost 30% supply hasn’t moved in more than three years.

The average Coin Days Destroyed has been decreasing since the 2017 bull run and is currently at its lowest levels since 2016 — the lower the CDD, the more the long-term hodlers.

Image

In a similar manner, Bitcoin Binary Coin Days destroyed, which are the number of days per year in which coins were destroyed compared to the historic average, has never been this low as in 2020.

Another factor showing high confidence of long-term bitcoin investors is the Reserve Risk, which at the current level indicates an attractive risk/reward ratio to invest.

Long-term holder MVRV is also “looking strong” which usually drops below 1 after prolonged bear markets. MVRV long/short diff. crossovers indicate moments when average short-term and long-term traders move into profit territory. It tends to be a psychological barrier for many traders, which often kick FOMO and greed, as per Santiment.

Liveliness indicator that increases as long-term holders liquidate positions and decreases as long-term investors accumulate to HODL has been on a downward trend since 2019.

In fact, the number of hodled and lost bitcoins increased by 8% since the beginning of 2019 and is currently at over 7.3 million — 40% of bitcoin’s circulating supply.

HODLers are heavily accumulating this year, with only 16 days being the ones in which BTC Hodler Net Position Change has been negative.

glassnode hodl
Source: Glassnode

Amidst this, the average age of bitcoins moved on-chain is constantly decreasing since 2018, as per the Median Spent Output Lifespan (MSOL) indicator.

The amount of bitcoin transferred on-chain meanwhile has stagnated since 2016 despite the growth of the network which Schultze-Kraft says “is a clear indication of Bitcoin’s SoV narrative,” because investors aren’t willing to spend their BTC.

Adding to this narrative is bitcoin velocity, which measures how quickly units are circulating in the network. It has dropped to the lowest point in ten years.

As we have reported, bitcoin balance on exchange has been declining since March, which in part could be investors’ choosing to take custody of their own BTC.

So, overall, the market is long-term bullish and stacking sats waiting for the next big bull run.

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Author: AnTy

Bitcoin May Have A Negative Quarter Ahead But That Won’t Be Atypical

Since falling earlier this week, the bitcoin price has been struggling to get back up. BTC/USD continues to trade under $9,200 in red on low volume.

But this shouldn’t be of much concern if history is any guide.

If we take a look at the quarterly returns, the quarter 3rd of 2016, the year bitcoin had its second halving, the returns were negative 9.21%. The last bitcoin reward halving took place in July 2016.

The month after the halving in 2016, bitcoin recorded negative returns which were because of the Bitfinex exchange hack and Ethereum DAO attack.

As such, analyst Rekt Capital says, “Negative Quarterly Returns for BTC this coming Q3 wouldn’t be out of the ordinary for a post-Halving period.”

In a separate tweet a few days back, the analyst has noted that, based on the world’s leading digital currency’s historical quarterly performance, “Chances are Bitcoin could see some downside in Quarter 3,” as well.

In the past six years, in four years the upcoming quarter recorded negative returns with the exception of the 2017 bull run and 2018 bear market.

Quarter 1 has been pretty much the same, heavily skewed towards losses historically and we end up falling in 2020 as well. Meanwhile, the green Q2 over the years resulted in gains for 2020 as well. Although past performance doesn’t guarantee future results, it is something to keep in mind.

Analyst PlanB also shared that monthly returns during the last halving have been “very asymmetrical.” But if Bitcoin has its typical month with substantial gains, we can easily climb to $12,000.

In contrast, if we look at the downside, the analyst points out there have been only two times that a negative 30% move happened in the last four years but a 30% spike happened 10 times which means the corrections might not be deep.

While many are hoping for bitcoin’s drop to $7,000, a drop of 25% isn’t that typical which we saw in March this year during the coronavirus pandemic wide market sell-off. Before that, we saw it thrice in 2018.

According to PlanB, $7,000 “seems highly unlikely” with all the money printing the governments are doing. “COVID just triggers more QE, which is net positive for both stock markets and BTC,” he said.

However, bitcoin remains correlated with the S&P 500 and a lot of bad news is converging on Wall Street. While the market sentiments have started to turn bullish, COVID-19 and political risks are rising. Moreover, the period of July to October is a seasonally weak time of year.

The International Monetary Fund has also warned that investors are “betting on continued and unprecedented support by central banks” and the disconnect between the market and economy is raising the risk of another slump in prices.

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Author: AnTy

Bitcoin Records Biggest Network Difficulty Adjustment of 15% Since January 2018

Today, Bitcoin recorded its biggest upward adjustment of +15% since January 2018. The last two adjustments were lower by -9.29% and -6%, after the halving, as per Coinwarz.

CoinWarz BTC Difficulty Chart
Source: CoinWarz BTC Difficulty Chart

After the halving on May 11th, the hash rate dropped more than 40% and the time to find new blocks jumped to 14 minutes which caused the difficulty to lower.

However, in the first week of June, the hash rate of the bitcoin network started recovering following the downward difficulty adjustment and the block time fell to nearly 7 minutes, as per Bitinfocharts.

Now, with new bitcoin mining machines in the market, China’s rainy season at its peak, and inefficient miners having exit the market, this difficulty adjustment will make it harder to mine bitcoin.

Bitcoin Back into Greens

Price-wise Bitcoin is back in the range.

On Monday, Bitcoin fell amidst a renewal in global risk aversion induced by the growing number of coronavirus cases, with China now working to contain a new outbreak and Chinese economic data disappointing investors.

“The digital currency market is not immune when it comes to flight for cash, as evidenced during the February/March selloff,” said Denis Vinokourov, head of research at Bequant, a London-based digital asset prime broker. “With liquidity sapped away, the unwind resulted in a cascade of exits.”

Yesterday, the digital asset bounced off of the lows on the back of central banks’ dovish tone. And today, we are back to trading above $9,500 with 3.76% gains but with just $1.8 billion in real volume.

According to technical gauges, the short-term bottom has been found at $8,900 with upper support present at $10,000 and is expected to sustain its rally since March.

Investors Busy HODLing

Interestingly, more than 60% of bitcoin’s supply has been inactive for at least 1 year now.

This means crypto investors are not taking profits rather choosing to hold onto their BTC which is up 150% since its March lows in the current uncertain economic scenario.

The last time this much percentage of bitcoin supply was inactive was four years back in 2016.

Meanwhile, “HODL Waves,” where each wave represents the period of time in which a percentage of BTC’s issues supply has been inactive, shows that those holding the coins for more than ten years are up 31% and those holding it for two to three years are also up 26%.

Those holding it for a decade, however, might also include those who have lost their coins.

Bitcoin-UTXO-Age-Distribution-HODL-Waves
Source: Unchained Capital – Bitcoin UTXO Age Distribution

These hodling trends only emphasize investors’ bullish outlook of bitcoin’s future. Also, the smart money moving from weak hands to strong hands as macro trends highlights the value proposition of bitcoin.

Also, “the overall network health remains strong” and the Glassnode compass has solidified its position in the green zone.

Moreover, the bitcoin whale population is growing, now 1882 entities are holding at least 1000 BTC. The last time, this figure was so high was in September 2017 as BTC made its way to $20,000.

Interestingly, the first time these many BTC whales were seen was in March 2016. However, the average balance held by each whale has decreased during the period.

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Author: AnTy

Grayscale is Not Buying Record Bitcoin, It’s Just Ripping Off Retail investors

Ever since the coronavirus pandemic began, bitcoin has been on a rollercoaster ride. While the BTC price has been trying to push higher, in May, miner rewards were cut into half to 6.25 BTC.

After miner inflow was reduced by 50%, there have been reports of Grayscale’s GBTC Bitcoin Trust buying the digital currency at record pace.

Currently, GBTC shares are trading at a premium of 20% to Bitcoin with each share cost $10.76 where each share represents 0.00096070 BTC which means one BTC is worth $11,200 here while Bitcoin is trading on spot exchanges just under $9,400.

Grayscale’s Ethereum product ETHE is trading even at a higher premium of 750%, 46% above ETH’s ATH.

A FINRA-approved investment vehicle, Grayscale held more than 300,000 BTC prior to the March 12 crash. Recently, it was revealed, the crypto hedge fund Three Arrows Capital has become the qualified investor to hold more than 6% of Grayscale Bitcoin Trust (GBTC) shares.

The fund has amassed more than 21 million GBTC shares, worth nearly $259 million or just over 20,230 BTC.

Retail Investors getting Ripped Off

Since halving, Grayscale has been gobbling up 50% more BTC than has been created. The news excited the crypto market given that bitcoin supply in the market has already cut down and with Grayscale consuming all the Bitcoin that is being created in the market and more, this should drive the prices up.

But that’s not really the case!

According to Ryan Watkins of Messari Crypto, Grayscale actually bought way less, just 31% of all new bitcoin mined since the halving.

This is because of the in-kind purchases. “~80% of the money it reportedly pulls in do not make up for any buy pressure,” because they were ‘in-kind’ purchases. Basically, these institutional investors can hand out their own BTC in order to ‘buy’ the GBTC shares.

GBTC shares are available to accredited investors and are created using cash or cryptocurrency with a year lock-up period, to be reduced to 6-month, which means initial investors can sell their shares to the public on secondary markets after the period is over. Watkins explained,

“When there are a lot of buyers and few sellers, investors in the secondary market can push the price of the shares well above the value of the underlying cryptocurrencies.”

“Since no new shares are being created, no new cryptocurrency is actually going into the trust, creating a premium to the underlying. This can create a significant arbitrage opportunity for accredited investors who can create new shares in the primary market.”

21shares, previously known as Amun, also shared in its report that buying bitcoin at these premiums makes sense if one is an institutional investor and creates shares at NAV but retail investors are simply getting “ripped off.”

Given these high premiums on products, it is unlikely that savvy or institutional investors are buying them. It’s the retail investors that are buying GBTC shares to get exposure to Bitcoin through their brokerage accounts or 401Ks.

It’s the “institutional and accredited investors that create GBTC are able to resell at large markups” and of course, Grayscale is benefitting from retail overpaying, said Lanre Ige of 21shares.

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Author: AnTy

Ethereum Network Usage Continues to be at All-Time High, What’s ETH Future Hold?

Daily Ethereum gas usage continues to be at its all-time high after seeing an increase of 58% since the beginning of the year. Currently, it is hovering above the 60 billion mark.

During the 2017 bull run, the Ethereum gas usage spiked significantly, surging 3413%. Since December 2019, it is yet again on an incline which took charge on March 29 and now continues to make new all-time highs.

Just last week, one user paid $5.2 million in fees to make two transactions, one of them to transfer just $130 worth of Ether. Another transaction was made by another user, with relatively smaller fees of $500,000.

These transactions were probably “gas price ransomware attack,” as per the China-based blockchain analytics company PeckSheild.

The third transaction was reportedly used to cause a direct hack on another exchange for $1.3 million. NEO co-founder Da Hongfei tweeted,

“The 3rd abnormal tx on ethereum with over 2000 ETH fee went [through]. Someone believes it could be a hacker’s blackmail to some exchange.”

“What happened to decentralization?”

Most of the growth on the Ethereum network, which is almost at full capacity with ETH 2.0 still not here, is driven by stablecoins.

However, ETH 2.0 upgrade that will allow staking will soon be here, and interest in it is growing as evident from the growing number of 32 ETH, the requisite deposit for staking. The number of Ether wallets with 32 ETH or more has jumped 13% this year.

Interest in ETH 2.0 on Google trends is also looking for another spike.

Users can either opt to run their own validator node, join a staking pool, or use a third-party staking provider service such as crypto exchanges.

But this choice to either run your own node or choose a staking service, is it really a choice, argued trader Josh Olszewicz. “What happened to decentralization and moving away from big bad ASICs?”

Currently, Ethereum is based on the PoW system just like Bitcoin but instead of relying on specialized ASIC machines, it is favored by GPU units. But the Ethereum network is not completely immune to ASIC miners, back in April 2018 Bitmain released Antminer E3, an ASIC specifically produced for mining Ether.

It was also revealed in a paper that 40% of Ethereum’s hashrate is actually generated by Bitmain”s ASICs.

Ethereum’s shift from proof-of-work to proof-of-stake algorithm later this year won’t be leaving the miners with many options either. They either have to take up staking their Ether or take up mining altcoins.

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Author: AnTy

XRP Falls to a New Low against BTC, Could Further Fall to Find New Support

Yesterday, XRP dropped to a new low against BTC, since December 2017. The fourth-largest cryptocurrency dropped to 0.0000205 yesterday in the BTC market after the world’s leading digital currency jumped on the back of the Fed’s dovish tone.

This has been while last week, the digital asset entered the top spot on emerging trends with a massive spike in its social volume. There have also been potential indicators of an upcoming decoupling from bitcoin but nothing has happened yet.

After EOS, XRP is the one that has lost the most over 22% against BTC in 2020 so far.

According to the veteran trader, Peter Brandt, if XRP/BTC doesn’t find its way back to the support line, it could fall further to find new support at 0.0000194.

Back in March, Brandt broke its promise to never again post a chart of XRP only to share that the digital currency has all the “white space” to fall in. This time, he “just cannot stand not taking a shot at XRP when it deserves to be shot at.”

Many XRP enthusiasts argue that instead of comparing XRP with BTC, it should be measured in the USD market. However, even against the US dollar, XRP isn’t doing any good. As we reported, XRP recorded the second least amount of gains in the top 25 cryptos.

As a matter of fact, while bitcoin has been holding steady for the past few weeks, altcoins have been rallying. Although small-cap altcoins are really the winners of this rally, large-cap altcoins are also surging, if not as much as small-cap coins.

In 2020, so far, Ethereum has seen an increase of 87%, BSV 99%, Cardano 144%, Tezos 114%, and Chainlink 133% to name a few.

Even Ripple’s competitor Stellar Lumens (XLM) registered a jump of 68% YTD in comparison to XRP’s 3.75%. Currently, XRP/USD is trading at $0.20, with 0.35% losses.

All of this while Ripple continues to grapple with lawsuits, however, CEO Brad Garlinghouse says these legal cases fail to show how the company and Garlinghouse committed fraud in selling XRP in 2017.

Ripple’s lawyers are arguing that plaintiff Bradley Sostack’s amended complaint, filed in March, must show how the fraud was committed and that it was done knowingly. They are now asking the court to dismiss the case with prejudice and without leave to amend.

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Author: AnTy

New Theory Claims ‘Satoshi Nakamoto’ Helped Run Drugs for Kingpin Pablo Escobar

Since the launch of the Bitcoin mainnet back in 2009, the most intriguing aspect of the top cryptocurrency has been its pseudo-anonymous founder, Satoshi Nakamoto.

The creator of Bitcoin has remained anonymous even after Bitcoin peaked at its highest back in 2017, which has given rise to speculation, conspiracy theories, and of course, impersonators. Many Bitcoin pundits and crypto veterans have claimed to know the real identity of the Satoshi Nakamoto, but none have yet revealed his true identity.

There are several theories behind who could be the actual creator of Bitcoin and people have pinpointed several individuals, but none have been convincingly proven to be the original creator. However, a new theory has hit the market which could link the anonymous Bitcoin creator to one of the most infamous drug lords Pablo Escobar.

The theory suggests that one Yasutaka Nakamoto who held a high-ranking engineer post for Pacific West Airlines before going on to work for the notorious drug kingpin Escobar himself. The theory suggests that Yasutaka first disappeared from public life back in 1992 after an assassination attempt, and later emerged towards the second half of the 2000s to create Bitcoin. The theory was put forward by Olof Gustaffson, CEO of Escobar Inc.

Apart from running a multinational company associated with the former drug kingpin, Gustaffson also worked as a right-hand man to the brother of Pablo Escobar. When inquiring about the motivation behind this absurd Satoshi Nakamoto theory, he said that he was revealing all this now because of the self-proclaimed Bitcoin creator Craig Wright’s continuous lies and failed attempts to prove he is the original creator of Bitcoin.

Gustaffson further claimed that Yasutaka could be a perfect fit for the role of Satoshi Nakamoto since he agreed to help Escobar smuggle drugs through the airline he was working with, but never pledged his loyalty. Gustaffson also claimed that being an engineer, Yasutaka had access to microprocessors and semiconductors which acted as a building block for him and apply his knowledge for the creation of Bitcoin.

The Dorian Nakamoto Connection

The only publically available profile for Yasutaka Nakamoto that matches Gustaffson’s story is that from a 1992 Los Angeles Times article which talks about the probable Nakamoto working for Hughes Aircraft, managing to escape unscratched from a pipe bomb found in his car and possibly planted on a directive from Escobar. Since that incident, Yasutaka disappeared from the public eye.

The probable Satoshi Nakamoto also has a connection with another personality whose face is still used as a representation for Bitcoin creator in numerous articles and publications, Dorian Nakamoto.

Dorian Nakamoto was subjected to intense media exposure in 2014 when an article back in 2014 claimed that he could be the actual Bitcoin creator. Dorian denied being involved in the creation of Bitcoin and asked for privacy.

However, Gustaffson pointed towards Dorian’s white page entry which mentions his age, area of residence along with six relatives one of whom is Yasutaka A. Nakamoto. Gustaffson claims that the Nakamoto listed by Dorian and the one he has been talking about are the same person and the actual Bitcoin creator the world has been looking for. He commented:

“We believe his middle name is Akiko, and that he later went by the name Akiko. A man by the name Akiko was registered at the address of Dorian in California.”

The likelihood deepens when one goes through a US phonebook search for the same name, which lists four of Dorian’s relatives for one Akiko Nakamoto and both Dorian and Yasutaka lived at the same listed address. Gustaffson claimed that Dorian knew about bitcoin all along and has even come to Colombia to do business with Roberto Escobar in 2014.

While a majority of conspiracies about Satoshi’s identity looks quite close and this one is no different, but there is no conclusive evidence to verify the claims or negate any doubts.

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Author: Silvia A

Ethereum Unique Addresses Surpasses 100 Million, Investors Are Holding More ETH than BTC Now

For the past three months, Ethereum has been enjoying an uptrend. Since falling to $100 in March, the second-largest cryptocurrency has been rising up, currently trading at $241.15.

In comparison to Bitcoin’s about 32% YTD gains, Ether recorded more than double the greens at 85%.

Besides the gains, the total number of addresses holding ETH at 39.96 million now surpasses those holding bitcoin at 30.1 million, as per IntoTheBlock.

This growth is seen as Ethereum makes strides towards launching Ethereum 2.0 which is evident from the number of wallets holding more than 32 ETH, the threshold to stake, which has been increasing over the last year.

The number of unique Ethereum addresses, the cumulative addresses has now jumped past 100 million, as per Etherscan.

Since late February, about 100k new addresses have been recorded on Ethereum Network. But on June 5th, 2020 251,713 new addresses were created, still lower than the highest ever recorded on January 4, 2018, at 355,726 new addresses.

While the unique addresses indicate the number of existing crypto wallets, the number of active addresses represents the unique sending and receiving addresses that carry out transactions on a certain day.

As per Bitinfocharts, Ethereum active addresses that have been on a decline since June 2019, started trending up in late January 2020 and are now reaching above 500k.

Moreover, the number of long-term Ethereum holders has increased to their highest level ever. As of June 3rd, 22.39 million addresses have been holding 61.22 million ETH for over a year now. This is an increase of 76% since last year.

Another Ethereum network fundamental on the rise is its hash rate which has increased by 26.8% since the beginning of the year and is currently at its highest level in over seven months.

In part, this growth is the result of USDT, which is transferring more value on the Ethereum network than Ether (ETH) itself.

But the most explosive growth is seen in the price of ETHE, the Ethereum Trust of Grayscale Investments. ETHE is currently trading at a premium of over 750% to Ether price.

“ETHE isn’t even funny anymore,” said analyst Ceteris Paribus. “I just feel bad for all the people that have no idea how rekt they’re going to get.”

“Makes you think that the SEC should approve Bitcoin and digital assets ETFs to allow daily creations/redemptions at NAV thereby protecting investors and market integrity. Looks like they don’t care about their tax-money-funded core mission and market integrity at all,” said Gabor Gurbacs of digital asset strategist/ at VanEck about this crazy premium the retailers are paying.

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Author: AnTy