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Trump Accepts Shiba Inu and More for Donations

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Former US President Donald Trump is now accepting Shiba Inu for his campaign donations. Besides SHIB, the Trump campaign also accepts Bitcoin, Ethereum, Dogecoin, Solana, and XRP. In his “Make America Great Again” campaign, the presidential candidate presents himself as the defender of American freedom and innovation prepared to welcome new technologies.

There were speculations surrounding Trump’s investment, considering his past criticism of digital assets. Only after a recent tax filing on April 14 revealed that Trump is a significant cryptocurrency holder, owning $250,000–$500,000 worth of crypto assets, largely derived from licensing fees tied to the use of his image in popular NFTs.

That being said, Trump’s acceptance of SHIB boosts the coin’s visibility and legitimacy, as this news would attract massive media attention, potentially attracting new investors and users. Most importantly, SHIB’s addition would likely increase the number of transactions, highlighting practical use cases and functionality.

Meanwhile, the meme coin has gained massive traction, as evidenced by the surge of non-zero Shiba Inu wallets in less than a week. 

Shiba Inu Wallets at All-Time High

Data from Glassnode indicated that on May 15, the number of Shiba Inu holders exceeded 1.4 million, reaching a new peak, before retracting at the time of publication. While wallet addresses with non-zero balances were not at their peak, current figures indicate that the SHIB Army grew by nearly 100,000 in a year. It is worth noting that the Shiba Inu Army consisted of approximately 1.29 million members last year.

Shiba Inu
Trump Accepts Shiba Inu and More for Donations 2

Price-wise, the leading meme coin displayed signs of a pattern called a “bull flag.” This suggests a promising trend for SHIB, indicating a potential price increase. Following a brief price surge, the meme coin is poised to continue its impressive upward trend, which has already seen a whopping 210% rise, per market experts. Digging deeper: SHIB currently aims for a target price of $0.000081. It will represent more than a threefold increase from its current price if it reaches this point.

Bullish Signals Abound As Bitcoin Supply Tightens To Historic Levels

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The Bitcoin supply is currently experiencing historic levels of tightness, with Long-Term investors holding an all-time high of coins and significant accumulation ongoing, according to Glassnode’s recent on-chain report. Various on-chain supply metrics highlight this tightness.

The data indicates that Illiquid, HODLed, and Long-Term Holder Supply metrics are all at historical highs, underlining the scarcity of available BTC. This scarcity is reflected in the spending behavior of Short-Term Holders, who appear to be holding onto their assets in light of the market’s rally above the $30,000 threshold.

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Investor cost basis analysis suggests that the range between $30,000 and $33,000 holds significant interest for bullish investors, with a notable gap between these levels. The Bitcoin halving is also on the horizon, estimated to be around 166 days away, while approving a spot ETF in the US seems increasingly likely, boosting investor enthusiasm.

Bitcoin Supply Distribution Analysis

The distribution of Bitcoin supply is analyzed from a macro perspective, revealing that long-term Bitcoin investors hold onto their assets, with a significant portion of the circulating supply held for over a year. The Illiquid Supply metric, reflecting coins held with minimal spending history, is at an all-time high, indicating that investors continue to withdraw their coins into custody.

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HODLer Net Position Change, which measures the supply held in long-term storage, shows a steady inflow of assets, highlighting the maturation of the Bitcoin supply. This trend results in a growing divergence between Long-Term Holder supply and Short-Term Holder supply, indicating a tightening grip on Bitcoin assets.

Additionally, the Activity-to-Vaulting Ratio (A2VR) reflects this divergence on a macro scale, showing a decline in investor activity since June 2021. It suggests that the vitality of the 2021-22 cycle has been washed out of the market.

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Analysis of spending behaviors with the Sell-Side Risk Ratio highlights a reawakening of short-term holders as Bitcoin reached $35,000. On the other hand, long-term holders remain reluctant to part with their assets, resembling previous periods of tight BTC supply.

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Moreover, the Accumulation Trend Score metric also shows an influx of Bitcoin across all wallet size categories, indicating growing investor confidence and positive changes in behavior. Small entities like Shrimps, Crabs, and Fish have been accumulating at a significant rate.

Related Reading | Ethereum’s L-2 Battle Heats Up With Kraken’s Entry

Glassnode Co-Founder Dubs $28k Bitcoin Level Crucial Amidst Surging Prices

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In the cryptocurrency world, swift and unexpected price movements can often leave investors in a state of awe. Glassnode’s co-founder, known as “Negentropic” on Twitter, recently highlighted a price level that’s sending ripples across the crypto space. Why is $28,000 for Bitcoin suddenly such a critical point of interest?

After Negentropic’s tweet caught the crypto community’s attention, BTC experienced an immediate and remarkable surge in value. Within just 30 minutes of the announcement, the leading cryptocurrency witnessed a sharp rise.

On the Binance BTC/USDT trading platform, which accounts for 8% of BTC’s 24-hour trading volume, Bitcoin’s price jumped from $27,880 to $30,000. That’s an impressive 7% increase in less time than it takes to grab a cup of coffee!

Critical Milestone: Bitcoin BTC’s Future Depends on $28k

The cryptocurrency market often dances to the tune played by Bitcoin, the pioneer of digital currencies. Negentropic’s mention of the $28,000 level isn’t just casual chatter; it’s a critical milestone that has captured the market’s attention.

The crypto sphere hinges on BTC’s ability to break through and consistently maintain a value above $28,000. As of today, while this pivotal milestone was momentarily touched in futures markets, the spot market price peaked at $27,980.

This slight discrepancy highlights the significance of the $28,000 level in the broader scheme of things. These price thresholds aren’t mere numbers on a chart; they symbolize investor sentiment and market dynamics.

As BTC approaches this level, traders and enthusiasts are closely monitoring its movements, as it could have far-reaching implications for the entire crypto ecosystem.

Bitcoin Fate: Is Inflation Holding Steady Despite Economic Predictions?

In another tweet, Negentropic also delved into the world of traditional finance. Despite the Federal Reserve’s aggressive rate strategy aimed at curbing inflation, the most recent Consumer Price Index (CPI) statistics, released last Friday, presented a different story.

Inflation numbers came in higher than expected, with an overall yearly increase of 3.7%, or 4.1%, excluding food and energy costs. This unexpected surge in inflation figures could spell trouble for risk assets as it implies that interest rates may either remain elevated or continue to rise.

Bitcoin, being classified as a risk asset, could be impacted by these developments. The cryptocurrency and Ethereum have underperformed on the upside, leading to a smaller beta on the downside.

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Ethereum Whale’s $23.8M Transfer To OKEx Sparks Crypto Speculation

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In a surprising twist, the cryptocurrency world is buzzing with the revelation of an enigmatic Ethereum (ETH) whale conducting a breathtaking transfer of 15,000 Ethereum tokens to the esteemed crypto exchange, OKEx. As reported by the renowned crypto news source ‘Whale Alert,’ this remarkable transaction boasts a substantial value of $23.8 million, plunging the entire crypto community into a whirlwind of curiosity and conjecture.

The anonymity surrounding the sender’s identity has only added to the mystique of this colossal move. While the blockchain’s transparency allows anyone to monitor on-chain data, transactions of this magnitude can send shockwaves through the ETH market, triggering contemplation among millions of users about the potential implications of its price.

The actions of prominent cryptocurrency holders, known as whales, transferring their assets to centralized exchanges frequently signal impending market downturns, elevating concerns. This dynamic fosters speculation and heightened vigilance within the crypto community, exerting a significant influence on the future valuation trajectory of Ethereum.

Ethereum’s Enigmatic Tokens And Their Impact

The precise origin of these tokens remains uncertain, leaving the crypto sphere to ponder whether they stem from Ethereum’s Initial Coin Offering (ICO) era or were acquired later. Speculation is rife, with some suggesting that the wallet could belong to OKEx itself, part of routine fund management activities. Conversely, it could be the domain of a deep-pocketed Ethereum (ETH) whale looking to lock in substantial profits.

If the latter scenario holds, there is potential for increased selling pressure on ETH in the coming days. Ethereum, trading just below $1.6k, may experience further price fluctuations as the wallet’s owner navigates the turbulent crypto waters. However, it’s essential to emphasize that no concrete confirmation has emerged regarding either of these conjectures.

Adding to the intrigue, data from GlassNode underscores a concerning trend: the number of ETH addresses holding over 100 coins has plummeted to a 10-month low, now standing at a mere 45,640. This sharp decline has been in motion since March of this year, casting shadows over the Ethereum ecosystem and leaving market analysts grappling with its implications.

As the crypto world eagerly awaits further developments, this mysterious ETH whale’s actions continue to captivate the community’s imagination, reminding us of the ever-unpredictable nature of the digital currency landscape.

Related Reading:| Ethereum’s Base L2 Surpasses $500 Million In TVL After Six Weeks Of Launch

Bitcoin Holders Optimistic Amid Price Stagnation, Eyes On SEC ETF Decision

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In the face of Bitcoin’s recent price stability, dedicated holders of the leading cryptocurrency maintain unwavering confidence in an imminent bullish rally. Their optimism is primarily driven by the potential approval of a spot BTC ETF by the U.S. Securities and Exchange Commission (SEC), with expectations ranging from late 2023 to sometime in 2024.

Over the past few months, the crypto market has witnessed Bitcoin’s price meandering sideways. Nonetheless, on-chain data from Glassnode reveals that the number of addresses holding 10 or more BTC has surged to an all-time high. This record-breaking achievement surpasses the previous peak of 157,572, noted on September 22, 2023, signaling a growing interest and confidence among cryptocurrency holders.

Crypto Community Awaits SEC Decision On Bitcoin ETF

Prior analyst predictions indicate that BTC might have strategically set a bear trap, strategically paving the way for its triumphant resurgence toward the coveted $27,000 mark, as the impending deadline for the SEC’s judgment on spot Bitcoin ETF applications, slated for October 16, 2023, approaches.

Traders Eagerly Awaiting the SEC’s Ruling on BlackRock’s Filing, Expected on October 17, 2023. Nevertheless, Considering the SEC’s History of Delaying Application Deadlines, the Prospect of Another Extension Lingers, Highlighted by the Agency’s Recent Prolongation in Early September

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Source: Tradingview.com

As of the latest update, the recent Bitcoin price is $26,093.26, accompanied by a 24-hour trading volume of $11,051,016,581. Over the past 24 hours, BTC has experienced a 1.83% decrease in value, leaving market participants keenly watching for the next move in this ever-volatile crypto landscape.

Related Reading:| Bitcoin ETFs Await SEC Decision As Second Deadline Nears

Bitcoin Network Sparks Intrigue As Block Fullness Reaches All-Time High

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In a groundbreaking revelation, the Bitcoin network finds itself in uncharted territory as it grapples with the longest period of block fullness in its history, as per the latest data from Dune. Over 461,000 transactions are queuing up in the mempool, sparking intense curiosity and in-depth scrutiny within digital currencies.

James Check, widely acknowledged as ‘Checkmate, has emerged as a notable expert, highlighting the mysterious surge in blockspace demand. His analysis exposes a puzzling contradiction, even as critical indicators like new addresses and transaction counts reach unprecedented levels, there is a striking reduction in the on-chain settlement of BTC volumes, now approaching its lowest point in a year.

Checkmate’s revelations center on a relatively new phenomenon in the Bitcoin network, “Inscriptions.” Specifically, text-based inscriptions have been responsible for 50% to 60% of all confirmed transactions since mid-April, coinciding with the BTC mempool’s prolonged congestion.

Hidden Influencers Of Bitcoin’s Blockspace Dynamics

Despite their prevalence in confirming transactions, these inscriptions occupy an unexpectedly small portion of block sizes, representing just 10% of bytes and approximately 20% of transaction fees. This anomaly adds to the intrigue surrounding Bitcoin’s evolving dynamics.

According to Checkmate, this trend highlights a BASELOAD fee pressure, indicating an economic situation where users tend to favor more affordable blockspace. The Glassnode researcher points out, “Fee pressure has indeed eased since the peak in May. Bitcoin fees remain higher compared to the bear market but are a long way from the exuberance seen during the bull market.”

Although inscription transactions outnumber monetary transfers, the data indicates that more than 80% of the blockchain is still occupied by monetary transfers, which starkly contrasts with the declining frequency of such transfers in the current landscape.

Checkmate highlights a significant shift in average transaction sizes throughout Bitcoin’s history. Historically, the average transaction size fluctuated between 550 to 600 bytes. However, introducing image inscriptions in March 2023 led to a spike, pushing the average transaction size to over 1.4kb. Subsequently, with the prevalence of text inscriptions, the average size plummeted to 435 bytes, marking an unprecedented low.

Analyst reflects on the philosophical and cultural significance of these inscriptions. He perceives them as not just data inputs but as timestamps that encapsulate the essence of our society. In his view, these attributes elevate Bitcoin beyond its technical aspects, imbuing it with a more humanistic quality. Given its immutable and incorruptible nature, he regards Bitcoin as humanity’s golden record, a ledger that faithfully preserves the truth of our collective history.

The growing trend of inscriptions and their multifaceted implications for the future of the Bitcoin network promises to remain central topics of discussion, exploration, and innovation in the Bitcoin sphere.

Related Reading:| Bitcoin Accumulation Surge As Exchange Reserves Hit All-Time Lows 

Bitcoin Accumulation Surge As Exchange Reserves Hit All-Time Lows 

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In a surprising turn of events, on-chain data reveals a striking trend in Bitcoin. With BTC prices experiencing a $27,106 dip, holders are not panicking but are accumulating. Exchange reserves have plummeted to their lowest levels this year, signaling a newfound confidence in the cryptocurrency.

Glassnode’s latest chart tracking active Bitcoin supply unveils an unprecedented phenomenon. Inactive BTC, coins that have remained motionless in a wallet for one, three, and even five years, have reached record highs since July 2023. This suggests that most of the BTC community is adopting a long-term perspective.

CoinMarketCap’s Bitcoin analytics echo these metrics, spotlighting wallet addresses based on their duration of BTC custody. Astonishingly, an estimated 69% of addresses, totaling 36.8 million, have clung to their BTC for over a year. This enduring commitment underscores a steadfast belief in the enduring value of cryptocurrency.

Bitcoin Exodus Amid Bullish Anticipation

CryptoQuant’s charts further affirm this narrative, illustrating a consistent decline in Bitcoin outflows from exchanges since July 2021. Currently, slightly over 2 million BTC remain on exchanges, indicating a collective decision to hold rather than hastily trade.

The CoinGlass Bitcoin exchange tracker delves deeper into the circulating BTC held by major centralized platforms. Binance emerges as the leader, boasting 543,281 BTC in its coffers. However, recent data unveils a remarkable trend of BTC exiting the exchange, with a substantial 21,645 BTC withdrawn in the last month alone.

Coinbase Pro secures the second spot with a balance of 435,530 BTC. Even this US-based giant has yet to be immune to the trend, experiencing 3,612 BTC leaving its platform in the past 30 days. The only outlier in the top 10 is OKX, which recorded a noteworthy inflow of 4,630 BTC in the same period.

Amidst this intriguing landscape, market commentators and analysts are rife with bullish predictions for Bitcoin’s potential value. Anticipation mounts for the highly-awaited mining reward halving slated for 2024, adding an extra layer of intrigue to the cryptocurrency’s trajectory. Holders seem committed, ready to weather the storms and emerge stronger in digital assets.

Related Reading:| Bitcoin’s 2023: Short-Term Holders Drowning With Over 97.5% In Losses

Bitcoin Addresses Surge Amid Price Drop – Analysts Bullish On Long-Term Uptrend

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The Bitcoin (BTC) market is undergoing a sturdy consolidation phase, with its price hovering around $29,000. This prolonged period of stability has left investors perplexed amidst the subdued price volatility. However, beneath the surface, on-chain data paints a more optimistic picture of the world’s leading cryptocurrency.

Despite the recent correction from $32,000 to $29,000, the total count of new Bitcoin addresses continues to rise. This intriguing divergence between price action and network growth suggests the potential for a robust long-term BTC uptrend, as highlighted by prominent crypto analyst Ali Martinez. “Buy the dip!” Martinez advises, implying a potential opportunity for savvy investors.

Multiple on-chain indicators are echoing the sentiment of bullish momentum for Bitcoin. Martinez emphasizes that crucial oscillators such as MVRV, aSOPR, Puell Multiple, and Reserve Risk consistently remain above the 0 line. This suggests that the ongoing price correction might be a minor setback rather than a significant reversal.

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Source: Glassnode/ Ali Martinez

In a recent analysis posted on TradingView, crypto trading analyst TradingShot points out a significant development: BTC has completed a golden-cross pattern for the third time in its history. This bullish pattern occurs when a short-term moving average (such as the 50-day moving average) surpasses a long-term moving average (such as the 200-day moving average). This alignment is often seen as a favorable trend indicator.

Bitcoin’s Golden Cross Pattern Sparks Price Surge Speculation

Historical data from previous golden-cross instances indicates a notable price surge following such formations. Referencing these cycles, TradingShot projects a potential upward trajectory for Bitcoin, targeting its current all-time high (ATH) of $69,000. He suggests that BTC could reach this milestone around the same time next year.

While experts acknowledge the disruptive impact of the unprecedented March 2020 COVID-19 crash, which temporarily disrupted traditional market patterns, they anticipate the forthcoming Bitcoin halving event in 2024 to potentially catalyze a fresh market cycle. However, in the immediate term, concerns linger that Bitcoin’s price might experience a drop below the $29,000 mark.

As the crypto community navigates through these complex dynamics, converging on-chain data, historical indicators, and market projections provide valuable insights into Bitcoin’s evolving journey.

Related Reading:| Bitcoin HODLers Beat Crypto Funds By 69% In First Half Of 2023

Bitcoin’s Block 800,000: Journey Of 14.5 Years In A Neat 497GB Package

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In a world where cryptocurrencies continue to captivate the financial landscape, Bitcoin stands as the reigning champion, boasting a rich and eventful history. Today, as Block 800,000 was successfully mined, the crypto community witnesses yet another milestone etched into the digital ledger.

Lead On-chain Analyst at Glassnode, Checkɱate, took to Twitter to share the momentous occasion. The Bitcoin network exudes vitality with an impressive 19.437 million BTC minted and 268.7k BTC in fees paid to miners.

A closer look at the numbers reveals a fascinating tale. Combining the BTC block subsidy and fees yields an all-time miner revenue of $52.593 billion, with a substantial 94.5% coming from the subsidy and 5.5% from fees. 

On average, each BTC block commands a revenue of $65.7k, a testament to the profitability of mining. However, not all the mined BTC sees the light of day. Approximately 7.5% of the total BTC, equaling 1.457 million BTC, has not been touched since Bitcoin’s initial exchange-traded price in July 2010, presumably lost forever. 

Nevertheless, 74.6% of BTC is held securely off exchanges by Long-term Holders, while 2.68 million BTC remains with Short-term Holders, and 2.25 million BTC is stored on various exchanges.

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Bitcoin Volume Transferred: A Staggering $109 Trillion

The Bitcoin Unspent Transaction Output (UTXO) set currently comprises 163.6 million UTXOs. Throughout history, 2.439 billion UTXOs were created, of which 2.275 billion have been spent and subsequently destroyed. The movement of BTC is a constant spectacle. 

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An astounding 8.378 billion BTC has been transferred throughout 800,000 blocks, averaging 10,473 BTC per block. Priced in USD, this amounts to an impressive $109 trillion ($137 million per block on average) in settlements conducted through the Bitcoin network.

The concept of “coindays” provides insight into the holding patterns of BTC. Coinday destruction, triggered when BTC is spent, enables observation of “holding time exiting.” Out of the 70.2 billion coindays created, 37.8 billion coindays have been destroyed, leading to a Liveliness rate of 0.538.

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Transactions are the lifeblood of any blockchain, and Bitcoin’s transaction count speaks volumes about its utility. The network has confirmed over 867 million transactions, averaging 1,084 transactions per block. With an average transfer value of $126.4k per transaction, the significance of each transaction becomes evident.

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Remarkably, all this immense data is condensed into a compact 497GB Bitcoin blockchain size, encompassing 867 million transactions over 14.5 years. The value transferred, UTXOs created, and coindays destroyed encapsulate the remarkable journey of Bitcoin—a true testament to the enduring power of cryptocurrency.

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Bitcoin Market Remains Constrained In Tight Trading Range Despite Temporary Price High

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Bitcoin (BTC) reached a temporary yearly price high of $31.7k, but the overall market remains stagnant within an exceptionally narrow trading range. Various metrics indicate a slow and steady capital inflow, reminiscent of the choppy market conditions witnessed in 2016 and 2019-2020.

The latest Week On-Chain Glassnode report sheds light on the current state of the market. Despite Bitcoin’s brief surge, the market has fallen into tranquility, with the Bollinger Bands compressed to a mere 4.2% price range.

The realized cap, a critical on-chain metric reflecting the cumulative sum of all discovered profit and loss events, hovers just below $400B. This suggests a gradual influx of capital into digital assets, primarily driven by BTC and ETH, the two significant assets in the market.

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While profit dominance remains intact, the magnitude of USD value locked in is nearing cycle lows, indicating that investors hesitate to part with their holdings. This market sentiment mirrors the choppy conditions observed in 2016 and 2019-2020.

Despite­ the lack of volatility, digital assets continue to attract a ste­ady stream of capital. The Realize­d Cap, a reliable indicator that shows true capital flows into Bitcoin, re­veals a consistent influx of funds throughout 2023. This increase­ in demand is reflecte­d in the higher prices at which coins are­ exchanged.

Interestingly, the net realized profit/loss (NRPL) metric suggests a sustained profit regime 2023, with approximately $270M per day in net inflows. This level is comparable to the first half of 2019 and late 2020 but significantly smaller than the extraordinary peaks in the 2021 bull market.

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Comparing Bitcoin And Ethereum Realized Caps

Furthermore, the comparison between Bitcoin and Ethereum Realized Caps and the supply of top stablecoins reveals that most capital flows are directed towards BTC and ETH, with a positive net inflow of $21.9B and $18.0B, respectively. 

In contrast, major digital assets have­ witnessed a significant increase­ in popularity, resulting in a considerable de­crease of -$10.4B in the ove­rall supply of stablecoins. It highlights the prevailing pre­ference for major digital asse­ts over stablecoin investme­nts.

Analyzing exchange inflow volumes reveals that Short-Term Holders (STH) are the primary active entities in the market, accounting for 78% of the total daily inflow of 39.6k BTC. As the STH cohort holds over 88% of their balance in profit, they are increasingly inclined to spend and take profits as prices rise.

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While Long-Term Holders (LTHs) have a comparatively lower percentage of their balance in profit, at just over 73%, it indicates that a significant portion of LTH supply was acquired at prices above $30k within the 2021-2022 cycle.

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