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The recent sideways price movement of Bitcoin, despite significant inflows into US Spot ETFs, has drawn attention. To contextualize the ETF demand, we can compare the ETF balance (862K BTC) to other major entities:
US Spot ETF: 862k BTC
Mt. Gox Trustee: 141k BTC
US Government: 207k BTC
All Exchanges: 2.3M BTC
Miners (Exc. Patoshi): 706k BTC
These entities collectively hold ~4.23M BTC, representing 27% of the adjusted circulating supply (total supply minus coins dormant for over seven years).
#BITCOIN DAILY TF UPDATE :
#BITCOIN on Daily TF, didn't gave any market structure shift and proceeding lower. Price kept on retracing and making lower lows with time, Nothing much clear at the moment as not sign of bullishness. By next week, we can see a strong movement in the range.
What Is Secure Multi-Party Computation ?
Secure Multi-Party Computation (sMPC) is a powerful cryptographic concept that enables multiple parties to jointly compute a function over their inputs while keeping those inputs private. This technology has significant implications for blockchain and beyond. Let's delve deeper into sMPC, its applications, and its importance in the blockchain ecosystem.
Key Concepts of sMPC:
1. Privacy Preservation: The fundamental principle of sMPC is that it allows computation on data without revealing the data itself to any party involved in the computation.
2. Distributed Computation: The computation is split across multiple parties, with each party performing a portion of the calculation.
3. Input Privacy: Each party's input remains hidden from other parties throughout the computation process.
4. Output Integrity: The final result of the computation is guaranteed to be correct, assuming the protocol is followed correctly.
How sMPC Works:
1. Secret Sharing: The input data is divided into "shares" and distributed among participants.
2. Computation on Shares: Parties perform calculations on these shares without reconstructing the original data.
3. Result Aggregation: The final result is assembled from the individual computations.
Applications in Blockchain:
1. Private Smart Contracts: sMPC allows for the execution of smart contracts without revealing sensitive data to the blockchain network.
2. Decentralized Exchanges (DEXs): It can enable price discovery and order matching without exposing individual trade information.
3. Voting Systems: sMPC can be used to create secure and private voting mechanisms on blockchain platforms.
4. Privacy-Preserving Analytics: Blockchain data can be analyzed without compromising individual transaction privacy.
5. Cross-Chain Interoperability: sMPC can facilitate secure communication and transactions between different blockchain networks.
Beyond Blockchain:
1. Financial Services: Banks can collaborate on fraud detection without sharing customer data.
2. Healthcare: Medical researchers can analyze patient data across institutions while maintaining patient privacy.
3. Supply Chain Management: Companies can optimize logistics without revealing sensitive business information.
4. Government Services: Agencies can share and analyze data while adhering to privacy regulations.
Challenges and Considerations:
1. Computational Overhead: sMPC protocols can be computationally intensive, potentially impacting performance.
2. Network Requirements: They often require significant communication between parties, which can be a bottleneck.
3. Trust Assumptions: While sMPC provides strong privacy guarantees, it still relies on certain trust assumptions about the participants.
4. Implementation Complexity: Designing and implementing secure sMPC protocols is challenging and requires expertise.
Future Developments:
1. Efficiency Improvements: Research is ongoing to make sMPC more efficient and practical for real-world applications.
2. Integration with Other Technologies: Combining sMPC with other privacy-enhancing technologies like zero-knowledge proofs could lead to even more powerful privacy solutions.
3. Standardization: As sMPC becomes more widely adopted, we may see efforts to standardize protocols and best practices.
#BTC.D UPDATE :
#BTC.D haven't moved and consolidated as #BTC did. With that, Altcoins dipped below in this battle, Index kept on rejecting the resistance trendline and hopefully we'll see a drop.
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What Is a Secondary Market?
A secondary market is a place where investors or traders can buy and sell different kinds of assets or securities that they own, with others. In the traditional finance sector, this is usually a place where retail investors trade financial instruments like stocks, bonds, options, and futures.
But the role of the secondary market is to provide access for the average investor financial instruments, which they would otherwise not be able to obtain from the primary market, because a primary market in traditional financial environments is usually reserved for “qualified” investors and large institutions. A secondary market can be compared to a retail store like Walmart, where anyone can shop; meanwhile, the primary market is for suppliers, where wholesalers buy in large quantities.
With cryptocurrencies, the same principle applies. The only difference is that currently the primary market equivalent is largely based on token sale platforms. The restriction here is not the number of tokens, but rather the buyer’s qualifications and appetite for risk. In other words: With crypto, the primary buyers are usually those who can afford to risk their money on a new project, or have heard of it first and manage to grab tokens. The secondary crypto/token market is the place where all the others can then buy tokens after the initial token sale is over.
Updated: Binance Will Support the Fetch .ai (FET), Ocean Protocol (OCEAN) and SingularityNET (AGIX) Token Merge
https://www.binance.com/en/support/announcement/e485541c370240adba3929fded74f269
#CHZ gave a break to the down and dropped around 25.5% in favor break the lower support (grey box) too. Price entered a small consolidation, and a break will take lead in the short-term move in the market.
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Here's the Analysis of #BAKE :
#BAKE is been hard falling below the support and heading towards the Strong support zone of $0.34 - $0.35. There's a trendline and lower support around $0.30 - $0.31, which could be potential rejection area. All eyes on the support nothing can be done in between.
#TOTAL2 MARKETCAP UPDATE :
#TOTAL2 gave a break below of the support zone with the driving market conditions. Index is right now retesting the zone as resistance and a short term down move might come with that. The Major Support area is around $956B.
#ADA tried to hodl the support but failed and given a close below candle. Price got a retest and dumped hard with the market conditions. It a clean shorting opportunity and currently price reached near the support area around $0.35 and could be the next potential area.
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#US30 UPDATE :
#US30 moving as per the projections and Expecting rejecting the resistance and support too. Price stuck between the zones and now need to eye on the breakouts. Never the less, the breakout will drive the dive either side, so take it accordingly.
#BTC haven't moved anywhere, just damaged the altcoins by sharply moving back and forth with that, price is stuck in between though. Expecting some sort of breakout by wednesday at NY,due to news, else this whole weekend will also go in consolidation, so you can wait for it.
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What Are Second-Layer Solutions?
A set of solutions built on top of a public blockchain to extend its scalability and efficiency, especially for micro-transactions or actions. Layer-2 or second-layer solutions increase the throughput and transactions per second of a blockchain by creating additional blockspace or recording transactions in a more efficient manner. Examples include Plasma, TrueBit, Lightning Network and more.
Why Are Layer-2 Solutions Important?
Layer-1 solutions increase a blockchain's scalability and, therefore, its utility. Without them, blockchains often suffer from congestion, slow transaction speeds and high fees. Layer-2 solutions direct transactions away from the mainnet and towards its cheaper and faster alternatives.
What Are The Most Popular Layer-Two Solutions?
There are several popular layer-2 solutions for blockchains like Bitcoin and Ethereum.
Lightning Network
The Lightning Network is a second-layer solution for the Bitcoin blockchain. It allows for much higher transaction speeds and near-instant settlements of payments at quasi-zero costs. The Lightning Network enables users to open channels between parties, where they can send Bitcoin without settling the transaction on the mainnet. Upon closing the channel, the final state is broadcast to the Bitcoin mainnet.
Optimistic Rollups
Optimistic Rollups are second-layer solutions for the Ethereum blockchain. They process transactions off-chain before publishing a compressed version of the new state of the blockchain to the mainnet. Cryptographic proofs check the accuracy of optimistic rollups. Optimistic rollups greatly reduce gas fees. The Optimism protocol uses them to scale Ethereum.
Learn more in our article How to Use Layer-2 Rollups to Avoid Gas Fees.
ZK-Rollups
Zero-knowledge rollups also reduce gas fees while improving transaction speed. They submit cryptographic proof of the veracity of unprocessed transactions without knowing the content of the transactions. This allows the mainnet to process more data and improve the utility of the blockchain.
Learn more about ZK-rollups in our article What Can Zero-Knowledge Technology Do for Scalability?
Sidechains
Sidechains are separate blockchains that process transactions faster and leverage the security of the main blockchain to secure transactions. An important sidechain layer-2 for Ethereum is the Polygon ecosystem.
#LDO sitting on the supporting trendline and getting strongly rejected. Price formed a Bull Flag pattern, which is a bullish continuation pattern. Eye on breakout with a retest to go.
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Here's the Analysis of #ORDI :
#ORDI is been steeping lower within the downtrend channel pattern. Price needs to breakout of the channel to get a bias but there's multiple issues to move in price. Need to break of the resistance area of $51.00 to get into any buys.
Runes-related transactions have now largely displaced BRC-20 tokens, as well as Ordinals and Inscriptions, commanding an impressive 57.2% of daily transactions. This indicates that collector speculation has likely shifted from Inscriptions to the Runes market.
Runes Trend will coming again ?
#BTC again gave the structure break to the downside and hodling nearby its previous structural support area. Still, sign in bearishness and nothing is clear, so wait for the further price action to develop.
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Here's the Analysis of #LDO :
#LDO nearly its rejection from major support zone and moving in between of the key levels. Price going bullish with the market conditions, and on a retest. A new push is expected from here towards the Major resistance area around $2.62 - $2.69.
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LayerZero (ZRO) Listing Will Be Postponed
https://www.binance.com/en/support/announcement/86d3d85e975b4eba802ed65951d69dbdLayerZero
The inscriptions sector has grown since early 2023, we can see how the cumulative total inscription count has expanded. The number of inscriptions has reached 71M at the time of writing, however, since mid-April this year, the popularity of the protocol has declined markedly.
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#BTC trying to turn the market structure and broken internally, Still, its below the inside the zone moving internally. Hopefully this could lead to a reversal and broke structure too.
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The decline in Bitcoin address activity seems to be primarily caused by a reduction in the usage of Inscriptions and Ordinals. It's worth noting that many wallets and protocols in this sector reuse addresses, which are not counted multiple times if an address is active more than once in a day. So, if a single address generates ten transactions in a day, it would be counted as one active address, but with ten transactions.
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#BTC kept on getting lower lows and lows high and broken the support on H4 TF. On Daily TF its clean rejection and now a reversal is expected, to be bullish we need to see a break of trendline and resistance area, which is nearly $67,500.
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Despite the historical confluence between strong market momentum, and an expansion of active addresses and transaction counts per day, a deviation in this trend is underway.
The present monthly average transaction count resides at 617k/day, which is 31% above the yearly average, and signifies a relatively high demand for Bitcoin blockspace.
More than $500M+ were liquidated in past 24H and now its $480M+
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Notice of Removal of Margin Trading Pairs - 2024-06-19
https://www.binance.com/en/support/announcement/be3b189044584849b1344fa36baf49a7
#ETH UPDATE :
#ETH cleared liquidity from the lows and move with strong momentum. Price gave the minor structural shift and there it good amount of liquidity siting on the top. Price also moving back and forth from the key resistance area, so eyes on break to the upside.
The Bitcoin network is currently experiencing similar contraction in network activity, albeit, with entirely different drivers. In the following sections, we shall explore how the advent of Inscriptions, Ordinals, BRC-20s, and Runes have significantly altered how on-chain analysts should perceive activity metrics moving forwards.
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