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Bitcoin: The whales’ appetite for buying returns
“They are now returning with a strong buying force again, indicating that the current prices are suitable for purchasing and accumulating despite the widespread fear.” – Link
By abramchart | @cryptoquant_official
This week we’ve witnessed Ethereum surge over 22% in anticipation of ETF approval, marked by a significant short squeeze and substantial buying activity. Here’s the detailed analysis and essential data you need to know:
The ETH futures market has shown remarkable activity, with total open interest surging to 3.2 million ETH—its highest point since January 2023, valued at $11.7 billion. This rise is primarily driven by dominant buy orders, which have propelled prices upwards and contributed to the largest hourly liquidation of the year, involving 9.3K ETH.
Investor preference for Ethereum over Bitcoin is evident as the ETH-BTC Open Interest ratio increased from 0.54 to 0.67. The narrowing of the ETHE fund discount to 17%, the lowest in two months, also suggests a bullish outlook, pending ETF approval.
Significant activity from permanent holders has also been a key factor, with purchases exceeding 100K ETH, marking the highest daily level since September 2023. Furthermore, a notable 62K ETH has flowed into exchanges, indicating potential price volatility ahead.
Encouragingly, the volume of staked ETH has rebounded to 32.5 million, showcasing renewed investor confidence, which is crucial as the market anticipates potential shifts depending on the ETF approval outcome.
For all the latest updates and live data, check out our weekly crypto report.
@cryptoquant_official
Ethereum Futures Market Sentiment Analysis
“This upward trend in the Taker Buy Sell Ratio indicates a potential shift in market dynamics. If the ratio continues to rise, it may signal a reduction in aggressive selling pressure.” – Link
By ShayanBTC | @cryptoquant_official
New Demand Wave?
“One of the drivers of this movement has been strong demand through ETFs, with net inflows of approximately $1.2 billion over the last week.” – Link
By Gustavo Faria | @cryptoquant_official
Ethereum’s Price Surge: Key Drivers Analyzed
The anticipation of an Ethereum ETF approval and intense spot buying on Coinbase are key factors behind the recent Ethereum price rally.
Here’s a breakdown of the data insights:
• A significant uptick in deposit transactions to Coinbase was observed just before the price surge, suggesting increased demand for Ethereum as more buyers engaged in spot purchases and moved funds across exchanges.
• The Coinbase Premium Index spiked to 0.15, indicating heightened demand specifically on Coinbase, which points to a robust buyer interest.
• Notably, Coinbase’s Ethereum spot trading volume soared from 127.2M to 1.1B, nearly a 9-fold increase in just one day. Additionally, Coinbase’s share of the Ethereum trading volume among major exchanges rose significantly by 5.53%, from 5.83% to 11.36%.
• Monitoring shifts in the ETHE premium can offer insights into institutional demand, further reflecting the potential ETF approval’s impact.
For live updates, check out our dashboard.
Live Dashboard | @cryptoquant_official
The Incredible Rally of Toncoin Among the Top 20 Cryptocurrencies
“Among the top 20 cryptocurrencies, Toncoin has quickly advanced to rank among the top 3 in cumulative returns over the past year.” – Link
By joaowedson | @cryptoquant_official
Bitcoin surged past $70K, going up over 6% in the last 24 hours.
Elevated premium values on Coinbase suggest robust buying pressure from US investors.
Live Chart | @cryptoquant_official
Bitcoin: Surge in Stablecoin Deposits
“The number of spot exchange stablecoin deposits has significantly surged over the past few days, with minimal corresponding increases in spot exchange stablecoin withdrawals.” – Link
By Phi Deltalytics | @cryptoquant_official
Bitcoin’s price has rallied from $60K to around $66K, driven by lower-than-expected US inflation and reduced selling pressure.
Key insights:
• Short-term holders are selling at low or negative profits, reducing selling pressure.
• Bitcoin balances at OTC desks have stabilized, indicating less supply entering the market.
• Bitcoin miners are facing extremely low profitability, often correlating with price bottoms.
• Demand from permanent holders and large investors is stabilizing but needs to accelerate to sustain the rally.
• ETF Bitcoin purchases remain near zero, and stablecoin liquidity growth is still slow, both critical for a sustainable rally.
Continued demand growth from large investors and increased ETF activity are needed to support higher price levels. Without these, the price rally may face challenges.
For more details, see our Weekly Report.
Crypto Weekly Report | @cryptoquant_official
Typical buying pattern of ETF market makers (MM)
“Although the premium level is not at $200-300 during the acceleration phase of the previous price, buying patterns are emerging again.” – Link
By Mignolet | @cryptoquant_official
16,021 Bitcoin Outflow from Coinbase
“This is the seventh time in 2024 that there has been a outflow of more than 15,000 Bitcoin” – Link
By burakkesmeci | @cryptoquant_official
TON is among the best-performing layer 1 blockchains in 2024
“Since the beginning of 2024 TON has outperformed bitcoin by 118% while other popular layer-one chains have struggled to find strength.” – Link
By CQBen | @cryptoquant_official
🚀 Going Live in One Hour!
Join us today to dive deep into Bitcoin's market dynamics!
Here’s what you’ll learn:
📊 Market Liquidity Analysis: Insights on trading volumes and market depth.
🏢 Institutional Investments Impact: How institutional activities shape Bitcoin demand.
🔍 Supply Shortage Analysis: Effects of supply shortages on Bitcoin’s pricing.
Don’t miss insights from Jamie Coutts and the CryptoQuant team. Limited spots available!
Register Now | @cryptoquant_official
Uncertainty Surrounding 0.50 NUPL Support Zone Ahead of US Inflation Data
“Whether the 0.50 support zone will break down with the US inflation data and cause a decline in the price, or whether it will be considered as a buying opportunity.” – Link
By tugbachain | @cryptoquant_official
Ethereum: The Death of “Ultra Sound” Money
The Dencun upgrade has made ETH inflationary again, sparking debates about the future of the "Ultra Sound" money narrative. Let’s dive into the details.
"Ultrasound money" suggests Ethereum could be a superior form of "sound money" compared to Bitcoin, aiming to decrease its supply over time through strategic upgrades like EIP-1559 and The Merge. Post-Merge, Ethereum seemed aligned with this narrative, even showing a slight reduction in total ETH supply.
However, the Dencun upgrade presents new challenges by reducing transaction fees and the ETH burn rate, leading to an increase in supply. This upgrade has decoupled Ethereum's transaction fees from network activity, reducing the burn rate even amid high activity.
While this results in lower user fees, it complicates the deflationary mechanism set by The Merge, now requiring significantly increased network activity to maintain deflation.
See our latest report for more!
Special Crypto Report | @cryptoquant_official
Puell Multiple reaches the Discount range after a year
“Investors may interpret the fall in the Puell Multiple as a sign that the market is adjusting to a new phase of scarcity, potentially preparing for a rally.” – Link
By G a a h | @cryptoquant_official
TON Blockchain Becomes More Decentralized!
“A decline in the Gini coefficient over time on the TON blockchain can indicate a more equitable distribution of wealth among TON token holders.” – Link
By joaowedson | @cryptoquant_official
Dive into the dynamics of supply and demand in the crypto space!
In this episode, we focus on the intricacies of Ethereum and Bitcoin with expert insights from Jamie Coutts.
Don’t miss out on this in-depth analysis and macro view of the crypto market.
👉 Watch the full episode on YouTube
@cryptoquant_official
Could Huge Ethereum Netflows from Coinbase Be Related to Spot ETF Approval?
“Unknown investors in the US have bought more than $400 million worth of Ethereum on three different days in 2024.” – Link
By burakkesmeci | @cryptoquant_official
Short squeeze drives biggest liquidation event since 2022 on Bitcoin
“During the day, around US$259 million in sales contracts were liquidated, which ended up generating significant cash buying pressure.” – Link
By caueconomy | @cryptoquant_official
ETH: Net Taker Volume (Binance) hits all-time-high
“In just one candle, Taker Buy Volume surpassed Taker Sell Volume by $530 million, marking the largest candle ever recorded.” – Link
By maartunn | @cryptoquant_official
US Traders are bullish on TON
“The data highlights American investors as the most bullish on TON. Numerous orange lines indicate significant percentage changes during the US session, with the token experiencing the highest average percentage increase during this period.” – Link
By maartunn | @cryptoquant_official
STH Realized Price: Will 61.5k be strong support?
“$61.51k is about 5.09k different from the current price ($66.6k), which has narrowed the gap considerably compared to early April when there was a 9k difference.” – Link
By Yonsei_dent | @cryptoquant_official
Institutional Influx Solidifies $60,000 as Critical Support Level for Bitcoin
“The behavior of these holders demonstrates a deep-seated confidence in Bitcoin's long-term value, often disregarding short-term market fluctuations.” – Link
By onchained | @cryptoquant_official
Incoming Liquidity Surge
“Stablecoin inflows suggests a substantial increase in liquidity entering the market, which can affect Bitcoin's supply and demand dynamics and potentially lead to increased price volatility.” – Link
By Woominkyu | @cryptoquant_official
Miners Capitulation? Hash Ribbons Says Yes
“Periods of rapid declines in the hashrate are marked in green on the bitcoin price chart below, often indicating "miner capitulation.” – Link
By maartunn | @cryptoquant_official
What is the market waiting for?
“Current market structure, including factors like profitability, leverage, and the age distribution of coins, suggests there's potential for a more expressive rally within this cycle.” – Link
By Gustavo Faria | @cryptoquant_official
Bitcoin - Focus on Supply and Demand
“Given these dynamics, it becomes challenging to maintain a bearish stance on Bitcoin.” – Link
By Kirill Evans | @cryptoquant_official
Coinbase Premium Trend Says 'Wait and See' Now
“If the historical pattern repeats itself, we may have a better chance of success if we wait a bit longer and invest on the rebound after the trend turns negative.” – Link
By SignalQuant | @cryptoquant_official
Difference in money inflow between past and current bull cycle
“The current short-term money inflow situation is significantly smaller than the peak of the past bull cycle.” – Link
By Crypto Dan | @cryptoquant_official