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There will never be more than 21 million bitcoins.
Such a System of self-regulation of mining complexity and #halving (reducing miners' remuneration)
The previous week's result was an influx of $261 million in crypto products for large professional investors. This is the sixth "plus" indicator in a row.
As CoinShares analysts note, the total amount of investments over the past month and a half amounted to 767 million. Not bad.
On September 15, 2022, the Ethereum network switched to the Proof-of-Stake consensus algorithm. Since then, ETH has lost to Bitcoin both in terms of price changes and overall trading volumes, Kaiko analysts note.
Accordingly, at least in this time period, BTC was the best investment compared to ETH.
Top 15 blockchain #Dapps by user growth in the last 30 days
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Remember the recent SEC lawsuit against Binance? One of the main claims in it was that the U.S. division of the platform allegedly mixed user funds with its own.
However, at a fresh meeting, SEC representatives confirmed that they had no confirmation of the withdrawal of funds to offshore locations outside the United States. And so, in essence, there was also no sending of money to companies led by Changpen Zhao "for their further enrichment." The relevant quote is highlighted in red.
With that said, Binance-US lawyers have filed a motion and said that the Commission has no evidence of its previous accusations. And this is clearly good news for the exchange.
During the recent peak in the popularity of NFT and BRC20 tokens on the Bitcoin network, cryptocurrency miners received the equivalent of $17.8 million in transaction fees. This is the third record result in BTC history. The other two records were in 2018, with a high of 20.7 million.
Miners now get about $1.7 million in commissions per day. The difference is significant.
The Bitcoin Frogs NFT-collection based on the Ordinals protocol in the Bitcoin network took the first place among all collections by trading volumes during the day.
Strange times we live in, of course 😅
Today, the average number of bitcoins in the possession of so-called whales is 5,350 coins. We are talking about addresses with at least a thousand BTC.
At the same time, analysts note that the total number of coins at the disposal of this category of investors (blue) is gradually decreasing. Now they own 46 percent of all bitcoins in circulation.
The situation on cryptocurrency exchanges confirms that Stablecoin holders are actively using them to buy Bitcoin. Here's a relevant chart from analysts at Glassnode that illustrates what's happening in the cryptocurrency market.
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Daily trading volumes on cryptocurrency exchanges set a new record for 2023. The current maximum is $45 billion.
Obviously, the growth of the market on the eve attracted many traders and investors. And that's a good thing.
This is a graph of the transferred value through the Bitcoin network. And the current transaction volume lags as much as nineteen times behind the bullrun's peak results in November 2021.
So transfers in the network of the first cryptocurrency are now much more modest, and occur less frequently.
In the fall of 2020, the PayPal platform added the ability to buy cryptocurrencies, which helped start the previous bullrun quite well. Today, the company reported how much digital assets it held as of December 31, 2022.
The equivalent of all user coins is $604 million. 291 million of them are in BTC, 250 in ETH. The remaining $63 million is provided by LTC and BCH.
The bottom line for Bitcoin in January 2023 was almost 40 percent growth. It was a beautiful month, all in all.
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The number of smart contracts launched on the Etherium network in 2022 increased by 293 percent compared to the previous similar period. That's a serious rate of development, for sure.
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The index of fear and greed of Bitcoin investors is in the zone of 25 points out of 100. This translates into "extreme fear" and little desire of capital holders to get involved with the first cryptocurrency.
Judging by the schedule for the last three months, the situation is more than stable.
Most Bitcoin investors are small players with less than 0.01 BTC or $377 at today's exchange rate. Such people are almost 75 percent of the crypto community.
Here's the corresponding distribution on the chart.
The popular MetaMask wallet has learned to interact with the Solana network. This happens through the Solflare widget, and a few clicks are enough to transfer crypto assets between different blockchains. It is also important to note that there are no commissions for them yet.
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In 2021, total trading volumes for altcoins (light blue) have more than doubled that of Ethereum (dark blue). However, in 2022 and 2023, the results of the two listed categories of crypto assets turn out to be almost the same, which indicates an equalization of demand.
Well, this is primarily facilitated by the current bearish trend in the crypto industry.
Last week, $125 million was invested in cryptocurrency products for large professional investors. This is the second positive result in a row.
The total influx of funds in the last two weeks was 334 million. Since there had been an outflow of money for a full nine weeks before that, the news is good anyway.
SEC sues Binance 🤯
For violating U.S. securities regulations.
BNB is momentarily down 5% 🌚
Yesterday bitcoins equivalent to almost $400 million were withdrawn from centralized cryptocurrency exchanges. 300 million of this amount came from one major investor or so-called whale on the Huobi platform.
Overall, this is the second largest withdrawal of coins from trading platforms in the last year.
Here are the changes in key Bitcoin and Etherium metrics for the week from IntoTheBlock analysts. As you can see, the level of paid commissions in the BTC network increased more, with an increase of 223 percent versus 51 percent in Eth.
At the same time, coin flows to exchanges increased for both cryptocurrencies.
This week, Bloomberg journalists published a new list of the wealthiest people in finance. It includes the head of the cryptocurrency exchange Binance, Changpen Zhao. His fortune was estimated at $28.2 billion, and he found himself on the third line.
Now Zhao reacted to what was going on - and not in a good way. Here's his quote.
"All the numbers are wrong. I don't even have anywhere near that amount. I don't know why they're doing this 🤷♂️
Also, I never saw FTX as a competitor. We are only happy to see more (well-managed) exchanges in the industry."
Bitcoin and Etherium account for 88 percent of all crypto traders' trading volumes this year, if you exclude stabelcoins. In this case, we are talking about spot trading, i.e. transactions with coins at their current price without borrowed capital.
So, crypto lovers mostly choose the largest assets by market capitalization.
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Among the most popular cryptocurrency exchanges, only Binance and OKX have seen growth in BTC balances on a weekly and monthly basis. Many other platforms have bitcoin outflows, and sometimes quite noticeable.
Obviously, many cryptocurrency owners have drawn conclusions after the FTX crash.
The Fear and Greed Index of Bitcoin investors rose to 53 points, which characterizes their neutral state. At the same time, this result is a record since April 2022.
This means that the situation with crypto the day before has really improved, and niche participants feel it.
Analysts note a significant decrease in large Bitcoin transactions in the equivalent of 10 million dollars (blue) in the total volume of transfers. Moreover, this happened after the collapse of the FTX crypto exchange.
At the beginning of November 2022, such transfers accounted for nearly 43 percent of total transactions. Now the figure has dropped to 19 percent.
At the end of 2022, the volume of venture capital invested in cryptocurrency startups exceeded the $30 billion mark. At the same time, the number of such transactions amounted to 2,900 units.
The indicator was lower than the result of 2021. However, taking into account the scale of market drawdown over the last twelve months, everything looks quite good.