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Cardano Founder Agrees ADA is the Main Character in the Market Right Now The Crypto Basic
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Ki Young Ju, the founder of the on-chain analytics platform CryptoQuant, revealed that Bitcoin whales are currently moving out of character in terms of profit-taking. These whales likely believe that the bull is far from over, which is why they haven’t secured as much profit as they have done in previous bull runs.
Bitcoin Whales Have Taken Lesser Profits In This Market Cycle Than Past Ones
Ki Young Ju mentioned in an X post that if the Bitcoin bull cycle were to end here, it would mean that Bitcoin whales have just set the record for the least profit-taking across all cycles ever. Crypto analyst Ali Martinez tried to counter Ki Young Ju’s point by highlighting how these whales have been distributing their BTC across different addresses, leading to a drop in the number of addresses holding between 1,000 and 10,000 BTC.
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However, the CryptoQuant founder claimed that this is still the lowest return rate across all cycles, no matter how much these whales sold through those different wallets. He also revealed that the whales that are selling now are doing so with little profit, suggesting that they are likely new whales with weak hands.
Meanwhile, Ki Young Ju noted that the type of transactions that Martinez alluded to cannot always be considered as sales. He remarked that one must look at more macro-level aggregated data, such as historical realized profit, rather than just transactions to get the bigger picture.
These whales are believed to be holding back on taking profits just yet, considering that the bull run looks to be far from over. The CryptoQuant CEO also mentioned earlier that Bitcoin was still in the middle of a bull run based on the market cap to realized cap metric.
Instead of taking profits, these Bitcoin whales are still accumulating more BTC ahead of the next leg of the bull run. CryptoQuant recently revealed that there has been a surge in the outflows from exchanges, the largest since November 2022. Meanwhile, Ki Young Ju also noted that new whales are accumulating at a rate the market has never witnessed before.
When Is This Market Cycle Expected To Peak?
Crypto analysts like Rekt Capital have predicted that the Bitcoin market top could occur sometime in mid-September or mid-October 2025. However, in a recent report, CoinMarketCap offered a different opinion, predicting that the cycle top could potentially be between mid-May and mid-June 2025.
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The platform noted that Bitcoin is currently ahead of historical trends, especially considering that it hit a new all-time high (ATH) before the Halving event. CoinMarketCap pointed out that this market cycle is accelerating by approximately 100 days, which indicates that the next peak could arrive sooner than expected.
Featured image created with Dall.E, chart from Tradingview.com
Dogecoin Chart Analysis: It is crucial to comprehend the character of the market, outlets and its extensions, its operational capabilities, and future prospect. FinanceFeeds
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Yuri Molchan
“Blade Runner” director will be producing a movie adaptation of a book about early days of Ethereum, Charles Hoskinson character is also expected to be there
Cardano founder Charles Hoskinson, who also took an active part in founding Ethereum, has posted a joking tweet, pondering which actor would best suit the character of Hosk in the movie about Ethereum that is being shot at the moment.
This is not the first movie related to crypto that has been planned or shot recently. However, it could be the first one to actually make it to theaters.
Well since they are finally making the movie. Who should play the Charles Hoskinson character?
— Charles Hoskinson (@IOHK_Charles) April 22, 2022
Hollywood is filming story of Ethereum
Word has spread about renowned film director Ridley Scott (who filmed the iconic “Blade Runner” movie, “Alien” and “Gladiator”) producing a movie adaptation of a book about the early days of Ethereum chain—”The Infinite Machine,” authored by Camilla Russo, a crypto journalist.
The movie will be produced by “Scott Free Productions” with Shyam Madiraju sitting in the director’s chair.
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— The Infinite Machine Movie & Collection (@ETHMovie) April 21, 2022
It will feature Vitalik Buterin and other co-founders of the second biggest blockchain platform, including Charles Hoskinson who left the project later on to create his own platform—Cardano—a few years later. Cardano is currently among the top 10 DLT platforms and its native coin, ADA, is the biggest coin working on the PoS consensus, the shift to which was planned by Ethereum several years ago as part of the Ethereum 2.0 upgrade and is being gradually tested this year.
Hahaha nice
— Charles Hoskinson (@IOHK_Charles) April 22, 2022
Other recent Hollywood movies about crypto: Johnny Depp, McAfee and Kurt Russell
Recent projects that were widely discussed for a short while include an action movie, “Crypto,” starring Kurt Russell, and the movie “King of the Jungle”—a biopic about crypto influencer John McAfee, founder of the McAfee antivirus company.
The candidate to play the “crypto baron” McAfee changed several times. Johnny Depp was rejected by McAfee, and he shared in a tweet that Morgan Freeman would be the best choice.
However, on June 23, 2021, McAfee was found dead in a Spanish prison where he had been awaiting to be deported to the U.S. to do jail time for averting tax payments for roughly eight years.
The official version is that McAfee took his own life by hanging himself. However, his wife Janice doubts that and insisted on an investigation. Prior to his death, McAfee frequently discussed the suicide of imprisoned U.S. financier Jeffrey Epstein, who was also found dead in his prison cell.
McAfee believes that his death was a setup and stated that if here were found dead in the same circumstances, it would not be a suicide.
The former CEO of McAfee Associates was a renowned libertarian who often poured harsh criticism on the U.S. government and law enforcement organizations. McAfee believed taxes to be unconstitutional. He was a zealous supporter of blockchain and privacy coins and believed Bitcoin to be stone age tech.
The aforementioned “Crypto” movie came out in 2019, however, its rating on IMDb is only 5.2 out of 10.