Investors betting against Bitcoin grew to some of the highest on record as markets welcomed the new year. Bears were seemingly in complete control of the price action as Bitcoin teetered above $16,000. However, CryptoSlate analysis has found that those shorting Bitcoin were not in as strong a position as investors first thought. The purchase of…
Previous on-chain research suggested the Bitcoin market bottom was in. CryptoSlate revisited several Glassnode metrics, which continue to indicate a bottoming of price. However, macro factors, which may not have been present in previous cycles, remain in play, potentially impacting the current cycle. Bitcoin Supply P/L Bands Bitcoin Supply P/L Bands show the circulating supply…
Data analyzed by CryptoSlate showed a strong contrast between Bitcoin and Ethereum Spot to Futures Volume (SFV) trends, with the former’s SFV continuing to rise. The Spot to Futures Volume metric looks at the ratio of spot volume against futures volume for a particular cryptocurrency. Spot price refers to the current quote for the immediate…
Glassnode data analyzed by CryptoSlate shows that Marathon, Hut8, and Riot built the top three largest Bitcoin (BTC) pools, while Bit Digital recorded a 134% growth in reserves in nine months. BTC miners in 2022 BTC miners entered the year 2022 with resources acquired through cheap debt in 2021. The majority of them invested these…
Bitcoin options traders have overwhelmingly re-revised their expectations to $30,000 by the end of March, according to Glassnode data analyzed by CryptoSlate. Recent price action took a decidedly bullish tone during the second week of the new year. Since Jan. 8, BTC recorded seven consecutive green daily closes, which took it 25% higher and recaptured $20,000…
The Ethereum (ETH) Shanghai upgrade is due to release March, enabling withdrawals from beacon chain and allowing ETH currently staked in ETH 2.0 validators to be unstaked. With over 70% of ETH stakers currently at a loss with their ETH inaccessible, the Shanghai upgrade will enable stakers access to their ETH and decide whether to…
Gradually, alongside the cryptocurrency industry, stablecoins are growing in strength and popularity. Their growth results from the stability they offer against cryptocurrency volatility. At the moment, USDT remains the largest stablecoin by market cap, as USDC, Binance USD, and DAI make up the top 4. Prominent stablecoins after FTX collapse The entirety of the stablecoin…
Bitcoin (BTC) holders had it tough in 2022, but it was an even tougher year for BTC mining — mining stocks fell over 80%, and mining company bankruptcies solidified the bear market — but the worst of miner capitulation could be over, according to CryptoSlate analysis. With BTC price down 75% from its all-time high…
Glassnode data analyzed by CryptoSlate shows that the U.S.-based crypto exchange Gemini and its stablecoin Gemini Dollar (GUSD) are starting to lose followers and the community’s trust as metrics fall to all-time lows. GUSD holders and exchange volumes The number of active addresses that hold GUSD has slumped back to its 2020 levels. The chart below…
Analysts forecast a year-over-year increase of 6.5% in the U.S. Consumer Price Index (CPI) for December 2022 — with the Bureau of Labor Statistics’ official data releasing Jan. 12 — but 2023 could bring some upside as investor Michael Burry expects CPI to move lower this year but warned that any subsequent pivot on interest…