All the best recent cryptocurrency news, one single place!

Bitcoin Bull Flag Could Predict 10% Surge To $77,000, Analyst Explains

An analyst has explained that a breakout from a bull flag pattern could lead Bitcoin to surging towards a new all-time high of $77,000. Bitcoin Has Been Forming A Bull Flag Pattern Recently In a new post on X, analyst Ali has discussed about a bull flag recently forming in the 4-hour price of the cryptocurrency. The “bull flag” here refers to a pattern in technical analysis that, as its name implies, looks like a flag on a pole. In this pattern, a sharp uptrend is succeeded by a period of consolidation towards the downside. The uptrend makes up for the pole, while the consolidation period acts as the flag. Related Reading: Dogecoin Soars 17% To Break $0.21 As Volume Explodes When the price is trapped inside the flag, it tends to find resistance at its upper line, so tops may be probable to form there. Similarly, the lower line may act as support, thus facilitating for bottoms to take shape. The bull flag is usually considered to be a continuation pattern, meaning that the prevailing trend (that is, the trend of the flag) would continue once the consolidation period is over. This happens when a break above the resistance line takes place. The uptrend emerging out of such a break may be of the same height as the pole. If the asset falls under the support line, though, the pattern could be considered invalidated. Like the bull flag, there is also the bear flag pattern, which works similarly except for the fact that the pole in this case corresponds to a downtrend while the flag is generally a consolidation channel angled upwards. Just like the bull flag, a continuation of the prevailing bearish trend may follow this formation. Now, here is the chart shared by Ali that shows the bull flag that BTC’s 4-hour price has recently been consolidating inside: Looks like the price of the asset has been breaking out of this pattern recently | Source: @ali_charts on X From the graph, it’s visible that the 4-hour Bitcoin price has appeared to have been consolidating inside this bull flag over the last few days. It’s also apparent that, in the past day, BTC has been climbing above the resistance line of the pattern. This could mean that the cryptocurrency is preparing a break out of this formation. Naturally, the asset would have to show more momentum before the breakout can be confirmed. Related Reading: Bitcoin “Liquid Inventory Ratio” Hits All-Time Low, What It Means “If BTC holds above $70,000, we could see a surge of nearly 10% to a new all-time high of $77,000!” says Ali. The analyst has chosen this target as such a swing would be of the same length as the pole that had preceded this flag. BTC Price Bitcoin has so far been heading in a direction that would add more credence to the breakout, as its price has now broken past the $71,300 level. With this surge, BTC investors would be enjoying profits of more than 7% over the past week. The price of the asset appears to have surged over the past 24 hours | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com

LendFi Revolutionizes DeFi Landscape With Comprehensive App Launch

PRESS RELEASE. In an exhilarating development for the decentralized finance (DeFi) community, LendFi announces the launch of its innovative app, now available for download on both the iOS Store and Google PlayStore. This groundbreaking app introduces a suite of utility features designed to enhance user experience and financial empowerment. Among these are staking, peer-to-peer (P2P) […]

US Senate Candidate Calls for Resignation of SEC Chair Gary Gensler

US Senate Candidate Calls for Resignation of SEC Chair Gary GenslerU.S. Senate candidate John Deaton has called for the resignation of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler. “Under Gensler, the SEC has forgotten, or intentionally abandoned, its primary mission in protecting innocent investors,” he stressed. Deaton Calls for Gensler’s Resignation John Deaton, a U.S. Senate candidate running against incumbent U.S. Senator Elizabeth […]

Shiba Inu Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally

Shiba Inu has gone on various price spikes in the past few months amidst a surge in activity and interest in the meme coin. This price movement has prompted traders and analysts to ponder on when SHIB can reach the much coveted $0.0001 mark, a price level which it has largely failed to reach despite the impressive price action.  Micheal_EWPro, a crypto analyst, posted an analysis on when SHIB could potentially reach the $0.0001 price level. According to him, the current dynamics could push SHIB above $0.0001 in June. Interestingly, his price prediction is based on the Elliott Wave Theory. Analyst Reveals SHIB Is Going To $0.0001 According to the SHIB chart shared by Michael on the 3-day candlestick formation, the meme coin’s price formation since 2022 has largely followed the Elliott Wave count. The Elliot Wave Theory is basically a technical analysis method that analyses price movement traditionally in terms of a 5-wave move in the direction of the larger trend and a 3-wave correction in the opposite trend. Related Reading: XRP Price Enters Pre-Bull Rally Phase: Crypto Analyst Reveals Next Target Each of these Elliott Wave can be further subdivided into various patterns of smaller degree impulses based on their formations. However, all the subdivisions add up to one larger wave impulse. Using this knowledge of Elliot Wave Theory, the analyst noted that SHIB has started the formation of the third of five larger degree waves since October 2023 albeit with smaller degree impulses which he labelled as i, ii, iii, iv, and v. Traditionally, the third Elliot Wave is usually the largest and most powerful wave in a trend where most of the price action takes place. As a result, his analysis points to the third wave ending at a price just above $0.0001 in the first week of June. The analyst did implore a take-profit at $0.00008854 and a final price target of $0.00010191, while also noting that the bulls still have some work to do before this price point can come to a reality.  $SHIB bulls got a little work to do here on 3D but after that I think it sends to my sub 5 TP pic.twitter.com/YQLQqw8bxH — BigMike7335 (@Michael_EWpro) March 24, 2024 What’s Next For Shiba Inu? Shiba Inu has reversed since reaching $0.00004456 and has majorly traded between $0.000030 and $0.0000275 since the beginning of the week. However, analysts and SHIB enthusiasts remain positive, especially with SHIB securing a listing on an Australian-based crypto exchange. Related Reading: The Road To $100,000: Bitcoin Whale Accumulation Explodes This positive sentiment recently pushed SHIB to second place in crypto searches. At the same time, Shiba Inu’s layer-2 platform, Shibarium, has seen its TVL surging to a new high of $3.9 million. At the time of writing, SHIB is trading at $0.00003097, up by 14% in the past seven days.  SHIB price at $0.000031 | Source: SHIBUSDT on Tradingview.com Featured image from TronWeekly, chart from Tradingview.com

Venom Blockchain Launch Triggers Huge Surge In User Adoption, Surpassing 1 Million In A Single Day

With the growing adoption of blockchain technology in various digital asset infrastructures, a team from Abu Dhabi, known for its wealth from the oil industry, has made a significant entry into the space with the launch of the Venom Blockchain.  Venom Blockchain Market Cap Soars Venom operates as a foundational Layer 0 blockchain network, equipped with dynamic sharding and a proof of stake (PoS) consensus method. Designed to offer a scalable and efficient infrastructure, this advanced blockchain platform is tailored for the development of diverse products. It seamlessly bridges governmental applications and traditional Web3 projects through its sophisticated mesh network architecture.  Related Reading: BREAKING: Sam Bankman-Fried Sentenced To 25 Years In Prison The distinguishing feature of the Venom blockchain is its infrastructure, which, according to its official website, is capable of processing 100,000 transactions per second, with an average fee per transaction of just $0.0002.  As a result, the Venom Blockchain is currently attracting significant attention, as evidenced by various metrics. The Venom Blockchain currently boasts a market capitalization of over $5.2 billion and a trading volume of over $200 million, highlighting Abu Dhabi’s interest in the technology. Over One Million Users In The First Year The launch of Venom had a significant impact, attracting over one million users in 24 hours, demonstrating the platform’s appeal to investors and developers for building Web3 products. In addition, the platform reportedly has over 20 projects ready to debut on the platform and several pilot stablecoin initiatives in different countries, underscoring the confidence developers have in its infrastructure. Related Reading: New Era For VeChain: Marketplace Platform Unveiled, Price Spike Looming? Overall, the rise of Venom Blockchain underscores Abu Dhabi’s ability to adopt innovation beyond its traditional sectors and demonstrates the emirate’s interest in promoting the advancement of blockchain technology.  On March 27, the native token of the blockchain, VENOM, was listed on KuCoin, leading to a significant price surge of over 27% within 24 hours. Presently, the token is trading at $0.6580, reflecting a recent increase of 3.8% in the past trading hour. In the past 24 hours, the trading volume of the VENOM token has reached $62,515,705, marking a notable increase of 193.60%, according to CoinGecko data.   Featured image from Shutterstock, chart from TradingView.com 

Analysts Bullish On FLOKI As Price Surges 9.8%, New ATH Soon?

Floki Inu (FLOKI) performed stellarly this month, with crypto analysts and traders forecasting bullish moves for the token. As the crypto market recovers from its slowdown, with Bitcoin (BTC) leading the way, the dog-themed token appears to be preparing to take off. Related Reading: Dogecoin Soars 17% To Break $0.21 As Volume Explodes Analysts Share Bullish Forecasts For FLOKI’s Future Two weeks ago, analysts considered that FLOKI was showing a strong performance amid the crypto market slowdown. The token, which has been on an upward trajectory since the end of February, “held up nicely” at the time. While most of the market registered considerable dips, FLOKI was one of the tokens “consolidating before another expansion.” Halfway through the month, the Viking dog-themed cryptocurrency had shown a 337% growth since March 1st, after hovering between $0.000028-$0.000039 for the first two months of 2024. Now that March is near its end, FLOKI exhibits a staggering 428.3% increase in the last 30 days. This performance didn’t go unnoticed by crypto analysts, who forecast new heights for the token. MacroCRG, a crypto trader and market analyst, shared his thoughts on the token’s price. The analyst considers that beyond FLOKI’s impressive performance throughout the month, it was “showing strength on LTF’s too.” $DOGE leading the charge, just hit a fresh 121 week high This is wildly bullish for other blue chip memes$FLOKI showing strength on LTF’s too As long as this recent low holds, fresh highs soon IMO pic.twitter.com/cmPn89x7a7 — CRG (@MacroCRG) March 28, 2024 In the post’s chart, the trader highlighted the performance since Monday, pointing out the token’s support zone above the $0.00022 price range. According to MacroCRG, “as long as this recent low holds, fresh highs soon.” Similarly to MacroCRG, analyst Crypto Kaleo drew attention to the dog-themed token’s LFT, claiming it looks like it’s “starting to send.” Something like this for $FLOKI pic.twitter.com/dEUa9pBUvi — K A L E O (@CryptoKaleo) March 28, 2024 In his posts, Kaleo suggested to his followers “not to sleep on FLOKI here.” According to the analyst, the token won’t be “lagging behind ATH resistance too much longer.”  He concluded that sooner rather than later, FLOKI could make new heights “like the DOGE chart.” Lastly, crypto analyst The CryptoBull shared his bullish prediction about the token, suggesting it is going through a “beautiful re-accumulation phase.” Additionally, the analyst stated he noticed a shift in interest for the dog-themed memecoin, as “crypto is very momentum driven.” FLOKI Price Action As of this writing, FLOKI has surged 7.7 % in the past hour, with the price briefly surpassing the $0.000260 mark before retracing to the $0.000255 level. In the last 24 hours, the token has increased 9.8%, trading at $0.0002554. Despite the remarkable long-term performance and the recent surge, the token is still registering a 10.6% correction from its performance in the biweekly timeframe. Its market capitalization rose to $2.39 billion, an 8.4% surge in the past day. By this metric, FLOKI is the fifth largest memecoin and the 56th largest cryptocurrency, according to CoinMarketCap data. Moreover, the daily trading volume suggests that the token has recently experienced a surge in market activity. It has increased 56.6% from the day before, with $690.6 million traded. Related Reading: Ethereum Price May Have Another Chance For A Bullish Streak: Here’s How Floki is trading at $0.000263 in the 3-day chart. Source: FLOKIUSDT on Tradingview.com  Featured Image from Unsplash.com, Chart from TradingView.com

Ethereum Blob Inscriptions Exceed 40%, Triggering Unprecedented ‘Blob Contention’

Ethereum Blob Inscriptions Exceed 40%, Triggering Unprecedented 'Blob Contention'Following the debut of the Dencun upgrade and Ethereum blobs, enthusiasts have devised methods to embed data akin to how Ordinal inscriptions operate. Since this development, inscription-based activities now account for over 40% of blob transactions, leading to a significant increase in network activity. This uptick has resulted in a congestion of blob transactions, pushing […]

Why BlackRock Could Bet On This RWA Token: Crypto Analyst

In an era where the boundaries between traditional finance (TradFi) and crypto continue to blur, the tokenization of real-world assets (RWAs) stands out as one of the hottest trends. This trend, which allows tangible assets like vehicles and real estate to be bought and sold as tokens on a blockchain, promises to revolutionize the efficiency and speed of asset transactions. Just last week, BlackRock, the world’s largest asset manager, has positioned itself at the forefront of this movement with the launch of a $100 million tokenization fund, which has already attracted over $240 million in investment within its first week. Larry Fink, CEO of BlackRock, has been vocal about the potential of tokenization, stating that RWAs “could revolutionize, again, finance.” This comment has contributed to a notable surge in the valuation of several RWA crypto tokens in recent weeks. In light of these developments, crypto analysts from Layergg have identified a specific crypto project that they believe could garner significant interest from BlackRock. Why BlackRock Could Choose Aptos The project in question is Aptos, which has been earmarked for its potential in the RWA space. According to Layergg’s analysis shared on X (formerly Twitter), the narrative surrounding RWA and tokenization, bolstered by BlackRock’s involvement, suggests a nascent yet rapidly growing interest in this sector. They highlight that mid to low cap RWA projects listed on Binance have performed exceptionally well, indicating a broader market interest spurred by narrative-driven investment strategies. However, the favorite crypto project for BlackRock could be Aptos. Related Reading: Crypto Exec Reveals Why Meme Coins Are The Next ‘Trojan Horse’ For Crypto Adoption A closer look at Aptos reveals several factors that might make it an attractive partner for BlackRock. Firstly, Aptos is poised to make a significant announcement related to RWA in April, coinciding with the Aptos DeFi DAYS event from April 2 to 5. This announcement is speculated to involve a partnership with a global asset management firm, potentially BlackRock. “A partnership with a global asset management firm is expected to be announced. It is speculated that this may include BlackRock,” the analysts remarked. The basis for this speculation includes Aptos CEO Mo Shaikh’s previous tenure at BlackRock, suggesting pre-existing industry connections that could facilitate such a partnership. Moreover, Aptos founder Mo Shaikh & head of ecosystem at Aptos Labs Neil H hinted at this early on. In mid-February Shaikh revealed via X: “I sat down with three of the world’s largest asset managers this week A little preview…while the year started with ETFs, it will conclude with RWA on-chain en masse, growth in Asia and all using parallelisation on Aptos See you in Hong Kong.” Related Reading: Bitcoin Next Stop $80,000? Crypto Analyst Sees BTC Soaring Ahead Of 2024 Halving On February 21, Shaikh also commented on a post on X by Dan Morehead, founder and managing partner at Pantera Capital. Morehead stated, “Tomorrow I’ll be speaking at BlackRock’s Institutional Digital Assets Summit. […] The existence of that Summit **IS** the massive change. Really excited about this.” Mo Shaikh mysteriously commented, “There’s Summit to this.” Besides that, Adam Cader, founder of Thala Labs recently stated via X that “something is cooking for Aptos. I’m a co-founder of the largest application on the network, and here’s my list of upcoming significant ecosystem wide catalysts.” Cader referenced Shaikh’s statement and added that Blackrock, Vanguard, and Fidelity are the three largest asset managers in the world. “If I had to guess this refers to either them using the chain in some way / integrating it into one of their products which has precedent in the TradFi world. Also note Blackrock is the most crypto-aligned of the bunch,” he said via X. Crypto Revolution: Will APT Follow AVAX? But that’s not all. Aptos has been hinted to explore partnerships with other major asset management firms, including Franklin Templeton, which has previously invested in Aptos (tier 3) and planned to utilize its blockchain for money market funds. Such strategic alliances could position Aptos similarly to how Avalanche benefited from its partnerships in the Project Guardian initiative (JPMorgan and Wisdomtree), experiencing a substantial price increase post-announcement. “Avalanche saw a price increase of more than 4x following the ‘Project Guardian’ news,” Layergg noted. They concluded, “If a partnership with BlackRock proceeds, more ‘Big partnerships’ will naturally follow.” At press time, APT traded at $17.59, up 87% over the past five weeks. Featured image from Pensions & Investments, chart from TradingView.com

Dogecoin Holder Base Reaches New Record Amid Surge In Interest

Dogecoin has soared toward a new record in one notable metric as interest in the meme coin continues to surge. This time around, the holder base of the cryptocurrency has reached a new all-time high, signaling rapid adoption among crypto investors. Dogecoin Holders Cross 6.9 Million The month of March has come with glad tidings for Dogecoin. Not only has the meme coin’s price risen tremendously this month, its holder base has also seen a lot of growth. This month, the total DOGE holder base crossed 6.9 million for the very first time, setting a new record. However, the meme coin is not anywhere near done as the number continues to rise. Related Reading: Here’s Why The Cardano Price Is Struggling Below $0.7 According to data from the Coincarp website, the number of Dogecoin holders on the mainnet has reached 6,932,763 as of March 28. Given the growth rate of the number of holders over the last month, the number could cross 7 million before the month of March is over. This new record is a testament to the adoption that DOGE has witnessed over the last few months. Despite competitors such as BONK, PEPE, and WIF springing out of the woodwork, as well as its fiercest rival, Shiba Inu, continuing to put up a fight, Dogecoin has dominated as the leading meme coin. To put this growth in perspective, the DOGE holder base started out the year 2024 with around 6.06 million holders. Three months later, it is more than 6.9 million, meaning that the holder base grew more than 14% during this time. DOGE Outlook Continues To Be Bullish In addition to the rapid rise in Dogecoin holders, there has been a notable uptick in other metrics, such as daily transaction counts, whale transactions, and age consumed. These point to a rise in bullish sentiment among investors who expect the price to keep going up. Related Reading: Fifth Largest Bitcoin Whale Moves $6 Billion In BTC, Here’s The Destination The age consumed is particularly important here since it shows that more investors are choosing to hold their DOGE tokens for the longer term. This has significantly reduced the selling pressure on the meme coin, allowing it to rally at a time when most of the crypto market remains suppressed. Another metric that has shown a significant increase is the daily transaction volume which is up almost 50% in the last day. This uptick shows more interest in trading Dogecoin and with its price surging in the last day, it suggests that the majority of this volume is skewed toward buying rather than selling. The DOGE price is currently reflecting this surge in interest as its price is up almost 10% in the last day. However, the bears continue to maintain resistance around $0.2, forcing the meme coin back downward. DOGE price at $0.2 | Source: DOGEUSDT on Tradingview.com Featured image from Capital.com, chart from Tradingview.com

Crypto Community Shows Discontent Over Sam Bankman-Fried’s 25-Year Sentence

Crypto Community Shows Discontent Over Sam Bankman-Fried's 25-Year SentenceIn a packed courtroom, Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, was sentenced to 25 years in prison by Judge Lewis A. Kaplan. The sentencing follows a landmark trial that has captured widespread attention for its revelations of financial misconduct within the cryptocurrency industry. Crypto Mogul Sam Bankman-Fried Handed 25-Year Sentence; $11 Billion […]

Injex Finance Launches Presale for $INJX Token: Join Now to Secure Early Contributions

PRESS RELEASE. Injex Finance is excited to announce the official launch of its Presale for the native $INJX token, offering early contributors an exclusive opportunity to become part of the thriving Injex ecosystem. With the Presale now live, users can seize the moment to participate and benefit from this groundbreaking initiative. As the cryptocurrency market […]

New Era For VeChain: Marketplace Platform Unveiled, Price Spike Looming?

In a new development, VeChain (VET) has announced the introduction of its latest No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS), fueling optimism within the community of an impendent price uptick. The announcement also featured the collaboration of the MotoGP racing team Gresini Racing as its first enterprise client. By collaborating with Gresini Racing, an enormous fan base will be offered digital collectibles through the MaaS platform. VeChain To Onboard A Rapid Tokenizing World With the launch of its No-Code Tokenized Asset Marketplace (MaaS) platform, VeChain has made tremendous progress toward increasing mass adoption of blockchain technology. VeChain’s continuous goal to promote widespread blockchain technology adoption by removing technological hurdles is consistent with this user-friendly strategy. Since its founding, VeChain has created several use cases powered by blockchain applications. These include product authentification, creating new digital communication channels, provenance and sustainability traceability, and others. This demonstrates its understanding of the tremendous potential that its technologies have for Web 3. Related Reading: Big Banks Push for More Bitcoin (BTC) Exposure, VeChain (VET) and NuggetRush (NUGX) Lead the Top Gainers Given the rise in demand for tokenizing Real-World assets (RWAs) solutions, the introduction of MaaS seems appropriate. Furthermore, NFC functionality and support for “Phygitals,” or real-world physical assets with NFT/digital counterparts, will be added later in the platform.  Specifically, this innovation was created to significantly influence the digital asset market. It aims to provide enterprise and individual builders with an “easy-to-use white-label NFT platform for digital asset sales” and transfers that require little to no programming. MaaS applications are diverse and address the increasing need for platforms that enable asset tokenization. Blackrock‘s latest application for a Real World Asset (RWA) tokenization fund highlighted this path.  So far, the No-Code Tokenized Asset Marketplace-as-a-Service platform (MaaS) is expected to be fully operational later this year. VET Is On A Downtrend  Despite the launch of MaaS, VeChain (VET) is witnessing a daily downtrend of nearly 2%. However, in the weekly timeframe, the crypto asset has increased by over 5%, suggesting an upward move.  Related Reading: VeChain Ready For Big Moves: Analyst Identifies Key Factors That Will Drive VET To New ATH As of the time of writing, VET was trading at $0.0440, with its market cap dropping by 2.78% in the past day. Meanwhile, its trading volume is down by about 24% in the last 24 hours. In August 2018, during a downside trend in the cryptocurrency market, VET made its market debut. However, following the 2021 bull run, VET rose to the top, peaking at $0.281 before the cycle ended. Featured image from Shutterstock, chart from Tradingview.com

BREAKING: Sam Bankman-Fried Sentenced To 25 Years In Prison

In a highly anticipated courtroom verdict, Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has been sentenced to 25 years in prison for defrauding users. US District Judge Lewis Kaplan delivered the judgment during a Lower Manhattan federal courtroom hearing. Related Reading: The Bulls Are Back: Spot Bitcoin Inflows Surge With New Records FTX Founder Sam Bankman-Fried Sentenced Judge Kaplan sternly criticized the defense’s argument, labeling it as “misleading, logically flawed, and speculative.” As reported by our sister site, Bitcoinist, Kaplan highlighted Bankman-Fried’s obstruction of justice and witness tampering during his defense, which were significant factors considered in the sentencing decision. Bankman-Fried expressed remorse in a statement, acknowledging that his series of “selfish” decisions as the leader of FTX had led to the exchange’s downfall. He admitted to having “thrown it all away” and expressed regret that continues to haunt him daily. Prosecutors had initially sought a maximum sentence of 50 years, while Bankman-Fried’s legal team argued for a maximum of 6 years. In November, Bankman-Fried was found guilty on seven criminal counts, and he has since been held at the Metropolitan Detention Center in Brooklyn. Life Plans Shattered Late Tuesday, prosecutors submitted documents containing testimonies from victims, shedding light on the impact of Bankman-Fried’s actions. One victim, whose name was redacted, wrote a letter dated March 15, describing the destruction of their entire life and the emotional toll it had taken on their family.  They emphasized that they had entrusted their funds to FTX as a custodian, not consenting to the risks Bankman-Fried had taken with their money. The victim shared the suffering that had led to depression and even thoughts of suicide. Related Reading: Fantom: Market Slowdown Chops Off 10% From Gains – Here’s Why During the trial, prosecutors revealed that Bankman-Fried had diverted funds from FTX customers, amounting to as much as $8 billion. These funds were allegedly used to finance a wide range of external interests, including political initiatives, speculative investments, and funding the lifestyles of FTX executives. Featured image from Shutterstock, chart from TradingView.com 

Are Old Bitcoin Whales Selling Or Mitigating Risks Using Spot BTC ETFs?

Ki Young Ju, the founder of CryptoQuant, a blockchain analytics firm, has noticed a curious trend. In a post on X, the founder shared a snapshot suggesting that Bitcoin “old whales” might be shifting their holdings to “new whales,” mainly traditional finance heavyweights like Fidelity and BlackRock. The United States Securities and Exchange Commission (SEC) recently approved these new whales to list spot Bitcoin exchange-traded funds (ETFs) for all investors.  “Old Whales” Moving Coins: Selling Or Risk Mitigation? While a definitive sell-off isn’t confirmed, commentators replying to the founder’s post believe these “old whales” could be mitigating risk. In their assessment, moving their Bitcoin stash from self-custody to a regulated investment vehicle like spot Bitcoin ETFs is a better measure of covering unexpected eventualities. Related Reading: Crypto Exec Reveals Why Meme Coins Are The Next ‘Trojan Horse’ For Crypto Adoption If this is the approach, then it could prove strategic. Bitcoin holders can transact without depending on a third party. Notably, this development coincides with a significant drop in BTC inventory on major exchanges like Coinbase and Binance, as well as at GBTC. The decline has accelerated since the introduction of spot Bitcoin ETFs, hinting at a potential departure from exchanges. Meanwhile, the operators of GBTC are unwinding the product and converting it to a spot Bitcoin ETF following a court decision. Will Spot BTC ETFs Gain Traction? Even so, that “old whales” are moving their coins to centralized products like ETFs contradicts the core philosophy of BTC as a tool for financial self-sovereignty. Whether more users, mainly retailers, will choose to own spot Bitcoin ETF shares rather than the underlying coins directly remains to be seen. Related Reading: Fantom: Market Slowdown Chops Off 10% From Gains – Here’s Why Institutions might be obliged by law to use a regulated product if they need to be exposed to BTC. However, retailers can choose to buy directly from exchanges or mine. This freedom might lead to more retailers opting to buy BTC. This trend emerges ahead of the highly anticipated Bitcoin halving. This event is set for mid-April 2024 and will further reduce BTC’s circulating supply, potentially driving higher prices. Before then, BTC prices are firm, steady above $70,000 at the time of writing. Feature image from DALLE, chart from TradingView