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Home > News
Published: 20/03/2024
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Author: Leexim
Ethereum Whales Withdrawal Triggers Major Price Decline
The supply of ETH on exchanges has surged by 5% following the implementation of Dencun. Concurrently, whales have been actively shorting ETH on these platforms.
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Ethereum (ETH) continues to lose ground, down 9% over the past 24 hours, extending its losing streak.
According to information from CoinMarketCap, the second largest cryptocurrency is still in the red since the activation of the Dencun Upgrade, with weekly losses of up to 18% as the press reports.
Whales are withdrawing
The emergence of market sell-offs has become more widespread, causing fears of a reversal of ETH’s bullish trend. According to data from Spot On Chain, three “whales” are said to have liquidated a total of 26,946 ETH in the past 4 days, raking in nearly $40 million in profits.
One notable development is that an investor transferred 8,870 ETH to Binance on March 16 at a price of $3,733 per coin. This sale brought that person more than 25 million USD in profits.
ETH supply on exchanges
Source: Santiment
Other data studies, using Santiment to gauge market reaction, show that ETH supply on exchanges has increased by 5% since the Dencun Upgrade was implemented. At the same time, the amount of ETH in important “whale” wallets, from 10,000 to 1 million, has decreased significantly.
The analysis of these two indicators shows that “whales” are withdrawing money from the market. This could be due to experienced investors taking profits when they no longer see positive potential in the asset.
Related: Ethereum Dips Below $4000 But Signals Remain Positive
This could be the reason
Ethereum whales short their positions
Source: Hyblock Capital
Cryptocurrency investment services company Matrixport recently proposed a strategy for shorting ETH versus buying Bitcoin (BTC). This proposal is based on two main factors.
First, the implementation of the Dencun Upgrade took away one of the most important factors driving ETH growth. Second, spot ETF approval rates are decreasing over time. This could increase concerns and prompt large investors to sell ETH.
The decline in “whales” is also further illustrated by Hyblock Capital’s Retail Whale vs Delta index, which shows a reduction in their long exposure over the past week.
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20/03/2024 at 5:47 am
Wonderful 😊
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About************* Crash Head ****************
Time Of Crash : 2024_03_20-21_26_08
Device Manufacturer: OPPO
Device Model : CPH2113
Android Version : 12
Android SDK : 31
App VersionName : 1.1.9
App VersionCode : 19
************* Crash Head ****************
java.lang.NullPointerException: Attempt to invoke virtual method 'android.view.WindowInsets android.widget.FrameLayout.getRootWindowInsets()' on a null object reference
at com.kongzue.dialogx.interfaces.BaseDialog.show(BaseDialog.java:176)
at com.kongzue.dialogx.dialogs.MessageDialog.show(MessageDialog.java:247)
at com.kongzue.dialogx.dialogs.MessageDialog.show(MessageDialog.java:162)
at com.svpnmm.mmdev.ui.MainActivity.setSerevr$lambda-16$lambda-15(MainActivity.kt:692)
at com.svpnmm.mmdev.ui.MainActivity.$r8$lambda$jFoMFTPfmR1doce_byX_4GL3YCc(Unknown Source:0)
at com.svpnmm.mmdev.ui.MainActivity$$ExternalSyntheticLambda11.onClick(Unknown Source:6)
at androidx.appcompat.app.AlertController$ButtonHandler.handleMessage(AlertController.java:167)
at android.os.Handler.dispatchMessage(Handler.java:106)
at android.os.Looper.loopOnce(Looper.java:233)
at android.os.Looper.loop(Looper.java:344)
at android.app.ActivityThread.main(ActivityThread.java:8212)
at java.lang.reflect.Method.invoke(Native Method)
at com.android.internal.os.RuntimeInit$MethodAndArgsCaller.run(RuntimeInit.java:584)
at com.android.internal.os.ZygoteInit.maiSkip to content
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Home > News
Published: 20/03/2024
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Author: Leexim
MicroStrategy Holds Over 1% of Total Bitcoin Supply
MicroStrategy further solidified its position as a major player in the cryptocurrency space by adding an additional 9,245 BTC at a value of $623 million.
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The company MicroStrategy, listed on the Nasdaq stock exchange and known for its aggressive investment strategy in Bitcoin, has strongly consolidated its position in the cryptocurrency sector. They just announced the purchase of an additional 9,245 BTC for a total value of up to 623 million USD, increasing their ownership percentage to over 1%.
Additionally, the company disclosed a multi-million dollar Bitcoin purchase, bringing its total Bitcoin holdings to 214,246 BTC. The company made the transaction primarily through the sale of convertible bonds, in a continuation of its efforts following last week’s $821.7 million Bitcoin acquisition.
MicroStrategy’s move into the Bitcoin space began in 2020, under the leadership of President and Co-Founder Michael Saylor. Mr. Saylor has claimed Bitcoin is a hedge against inflation and an alternative to holding cash.
MicroStrategy has acquired an additional 9,245 BTC for ~$623.0M using proceeds from convertible notes & excess cash for ~$67,382 per #bitcoin. As of 3/18/24, $MSTR hodls 214,246 $BTC acquired for ~$7.53B at average price of $35,160 per bitcoin. https://t.co/oeYJGgiuy0
— Michael Saylor⚡️ (@saylor) March 19, 2024
With the latest transaction, MicroStrategy now has about $14 billion in Bitcoin on hand, purchased at an average price of about $35,160 per BTC. Meanwhile, Bitcoin price is currently trading at around $64,750, after falling more than 9.5% over the past week from its all-time high of $73,400.
Bitcoin’s supply cap at 21 million coins adds a new layer of appeal to MicroStrategy’s strategy. With approximately 19.7 million issued tokens, the company’s token holdings represent a significant portion of the total available supply, which is expected to reach its maximum by 2140. As reported by CryptoGlobe, these short-term investments have suffered losses of an estimated $3.3 billion due to MicroStrategy’s large holdings of Bitcoin, causing the company’s stock price to surge along with the price of the cryptocurrency this year.
Screenshot 19 3 2024 191719 saylortracker.comMicroStrategy’s Bitcoin Holdings. Source: Saylortracker
MicroStrategy has publicly identified itself as a “Bitcoin Development Company” and may continue to purchase Bitcoin. Executive Chairman and Co-Founder, Michael Saylor, has denied concerns about growing competition in Bitcoin purchases and pointed out that the company is well positioned to capitalize on the transformation of digital capital from traditional analog systems to the digital economy.
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20/03/2024 at 5:48 am
Great job
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