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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
💰 Bitcoin exchange reserves drop to 2018 levels
The number of Bitcoin held on exchanges significantly declined in September, dropping to levels last seen in mid-November 2018. Since the beginning of the month, Bitcoin exchange reserves have dropped from approximately 2.62 million BTC to 2.58 million BTC. This decline of nearly 38,000 BTC in just over two weeks follows a continued trend of Bitcoin flowing out of exchanges at an accelerated pace.
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💰 Bitcoin mining CEOs agree on $250k price target for 2028 halving
Bitcoin mining executives from top firms gathered at the HC Wainwright Bitcoin Mining Panel on Sept. 10 to discuss industry trends, challenges, and the future of Bitcoin. The panel, moderated by Anthony Scaramucci of SkyBridge Capital, featured CEOs from prominent mining companies, including Bit Digital, Bitfarms, CleanSpark, Core Scientific, and Marathon Digital Holdings.
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💰 Unisat-backed Fractal Bitcoin goes live on mainnet, taps into BTC core code for scaling solution
Fractal Bitcoin, a highly anticipated Bitcoin scaling solution backed by wallet provider Unisat, has launched its mainnet today, introducing a scaling solution that operates directly on the Bitcoin Core codebase. Fractal Bitcoin claims to be the only Bitcoin scaling solution that uses the core code itself. It aims to differentiate itself from other Bitcoin sidechains and purported Layer 2 solutions by focusing on Bitcoin-native constructs rather than Ethereum Virtual Machine (EVM) compatibility.
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💰 Bitcoin falls below $54k as market sees volatility following jobs data
Bitcoin tumbled below $54,000 on Friday after initially climbing to $57,000 earlier in the day following the release of a key US jobs report. As of press time, the flagship crypto was trading at $54,100 after touching a low of $53,780 and had yet to establish a local bottom for the day, based on CryptoSlate data.
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💰 Low exchange stablecoin ratio hints at strong Bitcoin demand
The exchange stablecoin ratio is a critical barometer of market sentiment, reflecting the balance between stablecoins and Bitcoin held on exchanges. When this ratio plummets, it typically signals increased Bitcoin accumulation, suggesting traders are confident in a price surge. As we see Bitcoin testing the $60,000 resistance, the ratio just hit its lowest point this year.
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🥇 21Shares launches wrapped Bitcoin 21BTC on Ethereum amid WBTC challenges
According to a Sept. 3 statement, 21.co, the parent company of 21Shares, has introduced its Wrapped Bitcoin product (21BTC) on the Ethereum blockchain. The company stated that it was collaborating with Flow Traders, a leading global market maker, to launch a product that would give customers “peace of mind as they explore decentralized applications and new opportunities on the Ethereum blockchain.”
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💰 Bitcoin leads $305 million outflows as strong US economic data hits crypto
Crypto investment products faced significant outflows last week, totaling $305 million, as negative sentiment spread across various providers and regions, according to CoinShares‘ latest weekly report. James Butterfill, CoinShares’ head of research, attributed these outflows to stronger-than-expected US economic data. He noted that this data “diminished the likelihood of a 50-basis point interest rate cut.”
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💰 Bitcoin’s Hash Price Is at All-Time Low
The Bitcoin hash price, a metric measuring miner revenue per terahash or computing power, has fallen to its lowest level ever. According to recent data, this is a sign of upcoming bullish momentum. Woominkyu shared a chart highlighting the relationship between the price of bitcoin and the network’s hash price. The chart showed periods when a drop in hash price corresponded with BTC bottoms; hence, based on historical data, lower hash level periods have occurred simultaneously with BTC price bottoms.
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💰 Solo Bitcoin miner earns $200,000 reward amid growing centralization concerns
A solo Bitcoin miner has independently solved a BTC block to earn a reward of 3.275 BTC, roughly equivalent to $200,000. On Aug. 29, Con Kolivas, a software engineer and administrator of the solo mining pool ckpool, announced on X that the miner had successfully solved the 291st solo block in Bitcoin’s history.
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💰 Bitcoin's Latest Difficulty Rise Challenges Miners Already Facing Revenue Slump
Bitcoin’s difficulty ticked up 2.99% on Wednesday, reaching 89.47 trillion, where it will stay until Sept. 10, 2024. The network’s difficulty metric essentially functions like a self-adjusting thermostat for the Bitcoin network, maintaining a consistent pace of block creation regardless of fluctuations in mining power. Simply put, if hashpower increases and blocks are mined too quickly, the difficulty rises.
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💰 Bitcoin options highlight bullish sentiment towards $90,000 by September
Bitcoin, approximately $3.6 billion of notional value is set to expire, with a total open interest of 60,316 BTC. The put-to-call ratio stands at 0.61, indicating a somewhat bullish sentiment. Specifically, there is 37,477 BTC in call open interest compared to 22,839 BTC in put open interest, with the max pain price positioned at $61,000. This price level, close to Bitcoin’s current trading value of around $60,000, suggests that many traders are positioning for stability or a slight upward movement in the short term.
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🥇 Spot bitcoin ETFs see eighth day of inflows, led by BlackRock's $224 million
Spot bitcoin exchange-traded funds in the U.S. saw $202.51 million in total daily net inflows on Monday, marking their eighth consecutive day of positive flows. The 12 bitcoin funds have drawn in $756 million over the past eight trading days. Monday’s largest net inflows came from BlackRock’s IBIT fund, totaling $224.06 million, its largest daily inflows since July 22, according to data from SoSoValue.
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🏦 Coinbase’s cbBTC soars to $100M in first day despite Justin Sun’s criticism
Coinbase’s newly launched wrapped #Bitcoin product, cbBTC, has seen rapid adoption within its first 24 hours, with a market capitalization nearing $100 million. Data from Dune Analytics shows the circulating supply of cbBTC has reached 1,720 tokens, valued at $99.8 million. Of this, 43% is on Base, while 57% resides on Ethereum.
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💰 Standard Chartered: Bitcoin Could Hit $125K Under Trump, $75K Under Harris
Standard Chartered has reaffirmed its projection that bitcoin will hit new all-time highs by the end of 2024, regardless of the U.S. election outcome. The bank’s digital assets head predicts bitcoin could reach $125,000 under Trump or $75,000 under Harris, with temporary drops under a Harris presidency. Regulatory concerns loom, but other factors, like U.S. Treasury curve movements, provide a positive outlook.
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💰 Bitcoin mining difficulty hits record high of 92.67 trillion amid falling miner revenues
Bitcoin mining difficulty climbed 3.6% on Sept. 11 to reach an all-time high of 92.67 trillion. CryptoQuant showed that the increase comes as miner profitability continues declining, further putting pressure on the firms struggling since April’s halving event. Bitcoin’s mining difficulty adjusts every two weeks after the completion of 2,016 blocks, designed to ensure stable block discovery times.
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🥇 Bitwise CIO highlights rapid adoption of Bitcoin ETFs by advisors
Bitwise Chief Information Officer (CIO) Matt Hougan asserted that investment advisors are adopting spot Bitcoin (BTC) exchange-traded funds (ETFs) faster than any other ETF launched in recent history. Hougan made the statement in response to a Sept. 8 social media post by researcher Jim Bianco, who claimed that less than 10% of US-traded spot Bitcoin ETFs AUM comes from investment advisors. He added that the ETFs are a “small tourist tool” instead of an adoption vehicle.
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💰 Corporate Bitcoin Adoption Surges in 2024, River Report Reveals
Corporate adoption of bitcoin has experienced a significant surge in 2024, according to a recent report from River, a U.S.-based bitcoin-focused financial services company. The report highlights the growing role of bitcoin in business treasuries, offering insights into key trends and future projections.
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💰 US spot bitcoin ETFs saw $211 million in outflows, extending streak of negative flows
Spot bitcoin exchange-traded funds in the U.S. saw $211.15 million in net outflows on Thursday, recording their seventh consecutive day of negative flows. Fidelity’s FBTC saw the largest amount of outflows among spot bitcoin ETFs, with $149.49 million, according to data from SoSoValue. Bitwise’s BITB followed with $30 million in net outflows. Both Grayscale’s GBTC and mini trust recorded outflows on Thursday.
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💰 Bitcoin drives Morgan Stanley fund’s strategy with key positions in IBIT and MicroStrategy
According to a recent SEC filing, the Morgan Stanley Institutional Fund, Inc. – Counterpoint Global Portfolio reported total net assets of $10,042,729 as of June 30, 2024. The portfolio holds 216 different investments and has a portfolio turnover rate of 51% for the first half of the year.
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💰 Bitcoin perpetual futures reflect market pessimism as funding rates stay below neutral: K33 Research
The bitcoin perpetual futures market is showing considerable pessimism, with funding rates remaining below neutral for an extended period — similar to the significant price drop the digital asset experienced in November 2022 — according to an analyst. "We’re in the deepest funding rate environment since bitcoin’s 80% drawdown in November 2022," K33 Research analyst Vetle Lunde said.
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💰 QCP Capital highlights ether's 'significant' underperformance compared to bitcoin in August
QCP Capital analysts emphasized ether's significant underperformance relative to bitcoin in August and cautioned that September might bring additional declines. "Bitcoin ended August down 8.6%. We started the month with the 'Bank of Japan crash' and bitcoin was never able to recover above $65,000. Ethereum performance in August was significantly poorer, down 22.2% in August on the back of alleged selling by Jump Trading," QCP Capital analysts said.
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💰 Arthur Hayes Predicts Bitcoin Boom as Central Banks Cut Interest Rates
Bitmex co-founder Arthur Hayes is optimistic about bitcoin’s future, citing recent interest rate cuts by central banks. He believes further rate cuts by the U.S. Federal Reserve, Bank of England, and European Central Bank could expand the money supply and drive inflation. Hayes argues that while inflation may negatively impact some businesses, it would benefit bitcoin due to its fixed supply and deflationary nature.
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🥇 Bitcoin still underperforming stocks since early August deleveraging event: Coinbase
Bitcoin has not performed as well as U.S. stocks and other macro assets over the past few weeks following the widespread deleveraging in early August. On Monday, Aug. 4, the cryptocurrency market shed approximately $367 billion in value within a 24-hour period. This selloff coincided with a broader decline in equities in one of the worst days for risk assets since the "Black Monday" crash of 1987.
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💰 Cipher Mining Boosts Bitcoin Data Center Portfolio With 300 MW Texas Site Purchase
Cipher Mining Inc. revealed that it has acquired a sprawling 250-acre property in West Texas, which includes a 300-megawatt (MW) data center. The company also highlighted that this location is ideal for high-performance computing (HPC) services.
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🥇 Acre’s yield-bearing stBTC token is now live on Bitcoin scaling network Mezo
Mezo, the yield-bearing Bitcoin Layer 2 being developed by venture studio Thesis, is launching a liquid-staked bitcoin token in what could be a first for the network. Users mint stBTC by depositing either BitGo's wrapped bitcoin (WBTC) or the bitcoin-backed Ethereum token tBTC on Mezo, paying a fee and locking their tokens. These stBTC tokens can then be ported over to the tBTC/stBTC pool on DeFi platform Curve to receive Curve LP tokens.
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💰 Bitwise Bitcoin ETF to acquire the assets from Osprey Bitcoin Trust
Osprey Bitcoin Trust (OBTC) sponsor Osprey Funds has entered an agreement with the Bitwise Bitcoin ETF (BITB) and Bitwise Asset Management, in which BITB will acquire all of the OBTC fund's assets. The move comes after Osprey noted that it was considering a potential sale or merger with a bitcoin ETF amid other strategic maneuvers in March of this year. Osprey had until Sept. 1, 2024, to complete the sale or merger, or else it would have liquidated OBTC.
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💰 Bitcoin likely to stay in tight trading range amid market uncertainty: QCP Capital
Optimism for bitcoin has increased since Fed Chair Jerome Powell's Jackson Hole speech last Friday, but derivatives data indicates lingering market hesitation, according to analysts. "While the move higher in the bitcoin price has been decisive since Fed Chair Jerome Powell's speech, the [implied volatilities] are indicating hesitation in the market, as front-end vols have drifted lower," QCP Capital analysts said. They added that bitcoin is likely to continue trading within a tight range of $62,000 to $67,000 in the near term.
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