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Early today, a significant market move caught the attention of the crypto community. A Bitcoin whale or institution offloaded $114 million worth of BTC to Binance. Moreover, this transaction rattled the entire market, pushing Bitcoin price lower than $63,000. In addition, fears of another selloff mounted.
Bitcoin Entity Offloads Massive BTC Stash
According to Arkham Intelligence data, at 1:40 UTC+8, a whale or institution transferred 1,800 BTC, valued at $114 million, to Binance. Furthermore, this transfer caused the Bitcoin price to drop from $63,800 to $62,900. In addition, this entity has been active in the market recently.
Previously, it had withdrawn 6,725 BTC, equivalent to $437 million, from Binance and OKX. However, over the past five days, it transferred 3,481 BTC worth a whopping $217 million back to Binance at an average price of $62,300. Currently, the whale or institution still holds 7,867 BTC, worth approximately $494 million.
If the price of BTC rebounds again, the entity might capitalize on the recovered price just like it did today. This could lead to heightened volatility in the market. Moreover, other market participants are also divesting their Bitcoin holdings, raising concerns of a further price drop.
In the last 72 hours, Bitcoin miners have also been selling. They offloaded over 2,300 BTC, valued at approximately $145 million. Furthermore, this increased selling pressure has also contributed to the recent price decline. This selloff is noted as a strategy to limit losses after the fourth Halving event that curtailed block rewards from 6.25 BTC to 3.125 BTC.
Additionally, the German government has been liquidating its Bitcoin holdings. On Monday, July 1, it moved over 1,500 BTC. Out of this, 400 BTC worth over $25 million was sent to exchanges like Coinbase, Kraken, and Bitstamp. Since June, the total BTC selloff by the German government has reached over 2,700 BTC.
These events have led to heightened market activity and volatility. The cumulative effect of whale movements, miner sell-offs, and government liquidations has intensified the downward pressure on Bitcoin price. Moreover, last month, the U.S. government also sold a whopping 4,000 BTC with speculations of another selloff impending.
Also Read: Breaking: German Govt Dumps 400 BTC To Major Exchanges, Transfer Spree Continues
What’s Next For BTC Price?
CryptoQuant CEO Ki Young Ju commented on the current market situation. He termed the current Bitcoin trend as “boring” but also branded it as an “opportunity” to enter the market. In a post on X, he wrote, “Bitcoin market is boring with less volatility. Less interest from both buyers and sellers. Retail exit liquidity not ready. Ideal time for whales to accumulate $BTC. We’re still in a bull cycle. Boring is an opportunity.”
Ki Young Ju’s observations suggest that the market’s current lack of volatility could be a strategic accumulation period for whales. However, despite the recent sell-offs, he believes the bull cycle is still intact. Furthermore, crypto analyst Ali Martinez provided additional insights.
He noted, “Historically, when #Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has shown an average return of 7.98% and a median return of 9.60% during this month.” Hence, Martinez’s historical analysis implies that despite June’s downturn, BTC could see significant gains in July.
The recent actions by large holders, miners, and governments have created a complex market environment. The whale’s transfer of 1,800 BTC to Binance, along with the significant miner and government sell-offs, has increased selling pressure and volatility.
At press time, the Bitcoin price was down by 0.73% to $62,837.79 on Tuesday, July 2. Whilst, the crypto boasted a humongous market valuation of $1.23 trillion. However, the 24-hour trade volume for Bitcoin clocked a whopping $21.75 billion, potentially due to the huge selloffs.
Also Read: Breaking: Metaplanet Boosts Bitcoin Strategy With 10:1 Share Consolidation Amid Key Changes
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Prominent crypto exchange Coinbase has emerged as the second largest ETH staking entity based on a recent scoop by Chinese reporter Colin Wu. This development comes amidst growing concerns about network centralization in regard to Lido’s dominance in the ETH staking market.
Coinbase Accounts For 14.1% Of ETH Staking Activity – Report
According to Wu, a report from Dragonfly data scientist hildobby, using data from Dune analytics, reveals that Coinbase presently has 3.873 million staked ETH, representing 14.1% of all staked ETH.
Coinbase dominance in the ETH staking sphere is only superseded by that of the liquid staking platform, Lido DAO, which accounts for one-third of all staked ETH.
Other platforms with a significant staking percentage include the Binance and Kraken exchanges, with a 4.2% and 3.0% market share, respectively. Meanwhile, the Figment staking pool comes third with a 4.9% market dominance.
Notably, Coinbase experienced a 44% increase in ETH staking activity over the last six months. Coincidentally, this development falls within the period during which the Ethereum Shanghai upgrade has been active.
Contrary to fears that the last Ethereum network update may induce a decline in staked ETH due to the ability to finally withdraw staked assets, the Shanghai upgrade has so far boosted stakers confidence, resulting in a net positive flow of 7.84 million ETH since its implementation in April.
At the time of writing, the total amount of staked ETH stands at 27.42 million ETH, representing 22.81 of ETH’s circulating supply.
Lido’s Growing Dominance Sparks Centralization Concerns
In other news, Wu stated there are community concerns about centralization in regard to Lido’s ETH staking dominance. Due to the Proof-of-Stake Consensus model, a higher amount of staked ETH translates to a higher voting power during governance processes.
Data from Dune Analytics shows that Lido accounts for 8.80 million staked ETH, representing 32.11% of the ETH staking market. Notably, the liquid staking platform experienced a 55% rise in staking activity over the last six months.
According to information from Ethereum’s official blog, concerns about centralization are quite valid, as any validator controlling a minimum of 33% of staked ETH can prevent the network from finalizing any block, even in the presence of a 66% majority.
Moreover, if a validator acquires 55% of the staked ETH, they could theoretically split the Ethereum chain into two forks. All these are speculations, as there is no evidence indicating that Lido DAO has any malicious intentions toward the Ethereum network.
At press time, ETH trades at $1,620.18, with a 1.36% decline in the last day, based on data from CoinMarketCap. In tandem, the token’s daily trading volume is down by 36.41% and valued at $2.86 billion.
ETH trading at $1,619.24 on the hourly chart | Source: ETHUSDT chart on Tradingview.com
Featured image from Ebunker, chart from Tradingview
Cardano’s Founding Entity, Emurgo, Signs an MoU with Nigeria’s … bitcoinke.io
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SINGAPORE, Dec. 5, 2022 /PRNewswire/ — EMURGO Group Pte. Ltd. – EMURGO Group Pte. Ltd. (“EMURGO”), the official commercial arm and a founding member of the Cardano blockchain, announces a newly formed business entity, EMURGO Media, to create media-related products and services for the Cardano ecosystem.
EMURGO Media’s vision is to empower and connect Cardano enthusiasts to do the things that inspire them; changing the world together. To accomplish this vision, EMURGO Media aims to:
- Spearhead the aggregation and distribution of both curated and user-generated Cardano-related content to the broader Cardano community
- Broaden awareness of Cardano and bring new users – investors, developers, and enterprises – into the Cardano ecosystem from Web2 industries by sharing content on potential Cardano projects and case studies on why the Cardano blockchain provides unique competitive advantages
- Develop sustainable business models and incentivize Cardano users to create, share, and monetize user-generated content
- Assist Web3 projects to successfully build their communities and communicate their narratives to the broader community
EMURGO Media’s first product to the market is Cardano Spot, a social network and information platform for the Cardano community. Cardano Spot provides a user-generated interactive platform specifically designed for investment in, distribution, consumption, and monetization of Cardano content. Cardano Spot’s platform solves the issue of fragmented content in the Cardano ecosystem by aggregating valuable, quality content from reliable sources in the Cardano ecosystem to give up-to-date developments in the Cardano ecosystem.
Sebastian Zilliacus has been appointed to lead EMURGO Media as Managing Director.
“During my tenure at EMURGO, I have witnessed the passion of the Cardano community firsthand. I am excited to help lead and build EMURGO Media to become the informational bridge between Cardano’s ecosystem of products and services and the community,” said Sebastian Zilliacus, Managing Director of EMURGO Media. “With access to information and the ability to generate helpful content, we are putting power back into the hands of the individual user to play a meaningful role in growing Cardano to be an industry-leading decentralized blockchain platform,” added Zilliacus.
The new establishment of EMURGO Media also follows the recent launch of EMURGO Fintech as new entities of EMURGO Group.
Cardano is an open-source and decentralized blockchain platform driven by scientific research and peer-review methods that recently marked the 5th anniversary of its formal launch. With over 4 million Cardano ADA wallet addresses globally and over 3,230 stake pool operators securing the network, Cardano is one of the largest blockchain networks in the industry. The Cardano blockchain strives to make the world better by utilizing an environmentally friendly, proof-of-stake consensus protocol to provide an accessible platform that delivers economic services to all.
To join the beta launch of Cardano Spot, visit https://cardanospot.io/.
About EMURGO
EMURGO is the official commercial arm of Cardano and provides socially impactful solutions to solve some of the most intricate problems of organizations. As a founding entity of the Cardano protocol, EMURGO is able to leverage its abilities for large-scale blockchain development and rapid solutions deployment to benefit its global clients.
EMURGO has worldwide offices in the U.S., Singapore, India, Indonesia, the Middle East, and Africa, and a roster of global clients & partners. To connect and learn more, visit https://emurgo.io.
For more information:
Albert Kim
Global PR Manager
[email protected]
+65 6978 5823
SOURCE EMURGO
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