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A whopping $13.1 million worth of TRX [Tron] was withdrawn from exchanges yesterday, marking the largest single-day withdrawal in over a month. According to IntoTheBlock data, the sharp spike in withdrawals signals potential accumulation as traders and investors pull their holdings from exchange platforms to personal wallets or cold storage. These movements are a precursor […]
Tethers market cap surges post-SVB collapse, driven by liquidity and accessibility, says ITBs Vincent Maliepaard.
The price of Bitcoin has continued a mild recovery in the last 24 hours following the recent price plunge in the first week of July. According to data from CoinMarketCap, BTC is up by 1.11% in the last day as the market bulls appear to gather momentum for a full-price rebound. Interestingly, the on-chain analysis platform, IntoTheBlock has provided some insights into the resilient behaviors of these Bitcoin optimists amidst the current market downtrend. Related Reading: Bitcoin Lags Behind S&P 500, Signaling Potential Bullish Catch-Up Bitcoin Whales Acquire 71,000 BTC In One Week – Is A Price Rebound On? In an X post on Saturday, IntoTheBlock reported that Bitcoin whales (i.e. typically wallets that hold over 1,000 BTC) have purchased 71,000 BTC in the past week, as they took advantage of the tokens recent price loss to increase their holdings. For context, the premier cryptocurrency crashed by over 14% at the start of July as the German government actively offloaded its $3.3 billion (50,179 BTC) among other reasons. As expected, this massive selling pressure translated into the asset recording a significant price loss as its price slipped below the $54,000 mark. However, the Bitcoin whales have expressed full confidence in the tokens long-term profitability by moving to acquire 71,000 BTC at these current low prices, providing enough buying pressure to march the selling spree by the German government. This massive buying act could spur other retail and shark investors to increase their Bitcoin holdings and eventually contribute to a price rebound for the crypto market leader. Already, BTC has shown signs of a price recovery this week, rising by over 9% since Monday to trade above $59,000. Interestingly, this development comes a week after popular crypto critic Peter Schiff called the reported institutional demand for BTC a myth. Schiff stated that if such demand existed, it would have consumed the massive amount of Bitcoin being sold thus preventing the recent price decline. Related Reading: Is Altcoin Season Around the Corner? Bitcoin Halving Points to Potential Boom, Analyst Reveals Although Bitcoin recent price Bitcoin Spot ETF Maintains Green Patch For Six Days In other news, the BTC Spot ETF recorded a net inflow of $310 million on July 12 marking a sixth consecutive day of net inflows. According to data from Sosovalue, the BlackRock ETF IBIT had the highest inflow of $120.03 million followed by Fidelitys FBTC with $115.14 million. Meanwhile, Invescos BTCO accounted for the smallest daily investment valued at $4.03 million. At the time of writing, Bitcoin continues to trade at $59,539, reflecting a 2.56% gain in the past seven days. However, the market leader remains in the red zone on the monthly chart, with a loss of 10.96%. Featured image from Yahoo Finance, chart from Tradingview
The price of Chainlink has mostly struggled in the past few weeks, mirroring the stagnant condition of the general market. Interestingly, investors seem motivated to keep faith in the altcoin rather than be discouraged by the sluggish price action observed in recent weeks. According to the latest on-chain revelation, investors appear to be shifting to a long-term holding strategy, with a focus on the future promise of the Chainlink token. This leaves the question could the LINK price be primed for a rally? $110 Million Worth Of LINK Leave Centralized Exchanges According to the latest on-chain observation, the Chainlink token appears to be undergoing an accumulation trend, with investors moving their assets from centralized exchanges. Latest data from IntoTheBlock shows that approximately 8.7 Million LINK tokens (worth about $110 million) have been withdrawn from exchanges in the last two weeks. Related Reading: Analyst Predicts 2,750% Celestia (TIA) Price Explosion To $188, Heres The Roadmap This observation is based on the Netflows metric, which tracks the difference between the amount of tokens that are transferred in and out of centralized exchanges. When the value of this metric is negative, it implies that more assets are leaving than entering crypto exchanges. Conversely, a positive value of the Netflows metric indicates that more assets are flowing in than out of exchanges. While it is difficult to unravel the rationale behind the increased outflow of Chainlink tokens from exchanges, the exodus of massive LINK amounts signals a shift in investor sentiment. Specifically, the direction of the funds movement suggests an increase in investor confidence, as they appear to be moving their tokens away from trading platforms. IntoTheBlock said in the post: Such activity is typically associated with an accumulation phase, indicating that investors are moving $LINK off exchanges and into long-term holdings. A corroborating data point came from another blockchain firm, signaling major accumulation by major Chainlink stakeholders. According to Santiments data, investors holding between 10,000 – 1,000,000 coins have added 9.2 Million LINK since June 24. This brings the holdings of this investor cohort to 207.29 million coins, an 8-month high. Chainlink Price At A Glance As of this writing, the price of LINK stands around $12.94, reflecting a 3.4% increase in the past 24 hours. According to CoinGecko data, the Chainlink token is up by 2.5% in the past week. However, this recent show of strength hasn’t been to reverse Chainlinks almost 10% decline in the past two weeks. On a positive note, though, the declining supply of LINK tokens on centralized exchanges could set the stage for a bullish rally for the altcoin. Related Reading: Bitcoin Price Trajectory Remains Bearish, $49,000 Liquidity Zone Looms As Next Downside Target Featured image from Binance Academy, chart from TradingView
The price of Litecoin (LTC) has had a disappointing performance in the second quarter of 2024, despite making a positive start to the year. The cryptocurrency has been facing significant bearish pressure in the past day, with its price falling by nearly 5% in a single move. Despite LTCs apparent struggles in terms of price action, its network has witnessed remarkable growth in recent weeks. LTC Addresses Spike By 75% In A Single Day According to data from the on-chain analytics firm IntoTheBlock, activity on the Litecoin blockchain has been on the rise lately. On Thursday, June 8th, the number of active addresses on the network surged by over 75% to claim above 600,000. Related Reading: Is A Bitcoin Crash Below $50,000 Still Possible? Crypto Analyst Shares The Possibilities IntoTheBlock revealed – via a post on the X platform – that this latest spike in addresses pushed the Litecoin network to a new high since January. This suggests increased interest in the LTC blockchain despite its coins price struggles. When the number of addresses with a balance increases, it implies the entry of fresh investors or the return of old owners to a blockchain (Litecoin, in this case). It is often a strong indication of net adoption or rising faith in a particular network. Interestingly, the crypto intelligence firm highlighted that this recent growth spurt has propelled Litecoin ahead of the smart contract platform Ethereum in terms of active addresses. The network is well ahead of Ethereum by at least 100,000 addresses, according to IntoTheBlock. The number of active addresses is not the only area in which Litecoin has seen growth in the past day. The volume of transactions also experienced a significant increase. According to IntoTheBlocks data, the number of LTC transactions surpassed 426,000 on Thursday. The on-chain analytics platform noted: While most of the increase is due to transactions smaller than $10, there is a noticeable rise in transactions of all sizes. Impact On Litecoin Price Strong fundamentals and network growth have been known to drive the price of crypto assets in many scenarios. In simple terms, an increase in network activity and users often translates to an increase in the networks valuation. Related Reading: Injective (INJ) Price Set To Skyrocket 33% On Classic Bullish Signal: Crypto Analyst However, the impact of network fundamentals on asset prices is never straightforward. In Litecoins case, there has been no significant positive development in its price since the latest on-chain revelation. As of this writing, the price of LTC stands around $80.28, reflecting a 4.5% decline in the past day. Featured image from Getty, chart from TradingView
IntoTheBlock unveils a new dashboard that analyzes the use of USDT across different blockchain platforms. (Read More)
Ethereum’s robust DeFi ecosystem presents many high-yield opportunities with lower economic risks, such as Real-World Asset [RWA] tokenization and Liquid Staking token [LST] growth. Ethereum and its derivatives are the main assets that provide high-yield opportunities, with other major cryptocurrencies such as BTC or LINK largely left out. For those willing to make money with […]
The Ethereum price performance in the month of May has been nothing short of outstanding, surging by more than 35% in the past two weeks. After making a strong run toward the $2,700 mark on Tuesday, May 13, the altcoin’s price has struggled to build on its momentum over the past few days. The price of ETH did manage to stay above the $2,500 mark over the past week, bouncing back from the psychological level on Thursday, May 15. However, the recent struggles seem to have compounded over the weekend, with the Ethereum price losing the $2,500 level to end the week. The Next Support Cushion For ETH Price Prominent crypto analyst Ali Martinez took to the social media platform X to share an interesting on-chain outlook on the price of Ethereum and its latest lack of bullish momentum. Following the dip of ETH beneath the $2,500 mark, the online pundit has identified the altcoin’s next significant support level. Related Reading: Bitcoin Options Market Signals Further Upside Potential For BTC Price: New ATH Soon? This evaluation revolves around the average cost basis of several Ethereum investors. Cost-basis analysis basically measures the ability of a price level to act as support or resistance based on the total amount of coins last purchased by investors at this level. As shown in the chart above, the size of the circles directly corresponds with the quantity of ETH tokens bought within each price zone and the region’s significance as support or resistance. In essence, the bigger the dot, the higher the number of tokens, and the stronger the support or resistance; the green dots are support (as they are usually below the current price), while the red dots represent resistance (as they are above the asset price). Data provided by Sentora (formerly IntoTheBlock) shows that the Ethereum price has key support around the $2,354 – $2,430 zone, where 2.64 million addresses purchased 63.9 million tokens (worth $153.04 billion at an average price of $2,395). As Martinez highlighted, this price bracket would serve as an on-chain cushion for the ETH price, as investors with their cost bases around the level would likely defend their positions by buying more tokens if the price falls toward $2,400. The fresh buying pressure around this price region would help counter the downward pressure, thereby keeping the Ethereum price afloat. The highlighted chart shows that it is all clear blue skies for the price of Ethereum, with no significant resistance lying ahead. However, the altcoin will need to hold above the $2,400 level, or it risks falling to as low as $2,200. Ethereum Price At A Glance As of this writing, the price of ETH stands at around $2,480, reflecting a 0.7% increase in the past 24 hours. According to data from CoinGecko, the altcoin is down by nearly 4% on the weekly timeframe. Related Reading: Ethereum Faces Resistance Against Bitcoin ETH/BTC Bullish Structure In Question Featured image from iStock, chart from TradingView
Crypto analyst Doctor Profit, who called the Ethereum price dump, is now providing a bullish outlook for ETH. Based on his analysis, now might be a great time to buy Ethereum, which has so far underperformed other top cryptocurrencies. Analyst Says ETH Is Now Undervalued Following Ethereum Price Dump In an X post, Doctor Profit stated that ETH is undervalued now following the Ethereum price dump. He noted that the leading altcoin is sitting at a historical support at $1,800, the same support he had predicted that ETH would dump to. With this massive correction and fear in the market driving Ethereum to this support level, the analyst claimed that the altcoin is undervalued now. Related Reading: Ethereum Price Forms Megaphone Bottom Not Seen Since 2020, Heres What Happened Last Time His analysis suggests that now might be a great time to accumulate ETH as the Ethereum price could rebound from this historical support. Indeed, some investors are already using this massive correction as an opportunity to stack up more coins. IntoTheBlock data shows that Ethereums Concentration metric is currently bullish, indicating that ETH whales are adding to their positions. Besides Doctor Profit, crypto analyst Astronomer also believes that ETH is currently undervalued and predicts that the Ethereum price could revisit $4,000. He highlighted several technical signals that indicate that the leading altcoin could reach these highs. The analyst also alluded to the $1,800 support, noting that this range has historically been a launch pad for price recoveries. However, crypto analyst Kledji has predicted that the Ethereum price could still drop to as low as $1,400 before rebounding. He stated that ETH will likely consolidate around this range for a while before it rallies to this $1,400 target later this month. His analysis suggested that the altcoins downtrend depended on Bitcoins performance. Therefore, if BTC recovers from this range, ETH will unlikely drop to that $1,400 level. ETHs Dominance Is On The Decline, But History Could Repeat Itself In an X post, crypto analyst Rekt Capital revealed that ETHs dominance has dropped from 20% to 8% since June 2023 as a result of the Ethereum price dump. He then noted that Ethereums dominance has historically reversed this 8% zone to become more market-dominant. The analyst then raised the possibility of history repeating itself, with ETH recovering well and enjoying a higher market dominance. Crypto analyst Crypto Patel is also confident that the Ethereum price will rebound soon. His accompanying chart showed that ETH could bounce from this $1,800 support and enter phase 3 of the Wyckoff chart, sending its price to as high as $6,800, a new all-time high (ATH). Related Reading: Ethereum Price: Analyst Predicts Most Hated Rally In Crypto At the time of writing, the Ethereum price is trading at around $1,800, up over 1% in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from Tradingview.com
The Bitcoin (BTC) market continues to remain in consolidation following another trading week with no convincing price breakout. As multiple analysts continue to speculate on the assets next movement, prominent market expert Ali Martinez has identified two resistance zones that could be pivotal to reigniting a crypto bull run. Related Reading: Bitcoins Safe, Saylor Says, While Trump Waves The Tariff Sword Bitcoin Must Break Past $85,470 And $92,950 – Heres Why Over the past month, Bitcoin has struggled to maintain a sustained uptrend, with investor uncertainty dominating the market. During this period, the leading cryptocurrency has faced multiple rejections, most notably at the $85,000 and $88,000 resistance levels. However, in an X post on Friday, Martinez identified the two resistance zones critical to a Bitcoin bull rally using on-chain data from IntoTheBlock. According to the crypto analyst, the first resistance lies at $85,470 which marks the upper boundary of a price barrier that begins at $83,023. Notably, 1.13 million wallet addresses have traded 607,200 BTC within this price range suggesting a strong historical activity that backs potential heavy selling pressure at these levels. If Bitcoin bulls can push past this initial threshold, the next resistance zone lies at $92,950 the lower boundary of another price ceiling that extends to $95,514. Compared to the initial resistance, this zone has seen lower investor participation, with 795,830 active wallet addresses. However, its potential market impact is more significant, as approximately 627,410 BTC have been traded within this range. If Bitcoin can successfully clear both resistance zones, Ali Martinez postulates the premier cryptocurrency could enter a prolonged uptrend and resume its bull rally. However, Bitcoin bulls must avoid any price fall below a crucial support zone at the $80,450 price level. According to the on-chain data presented, the $80,450 level represents the lower boundary of a key support zone, which extends up to $82,907. Within this range, approximately 516,770 BTC have been transacted, involving around 738,580 active wallet addresses. This data indicates substantial buying activity that could serve as a buffer in the advent of a price fall. Related Reading: Is Korea Propping Up The XRP Price? Pundit Explains Whats Happening Bitcoin Fees Fall By 57% In other developments, IntoThe Block also reports that Bitcoin network fees dropped by 57.3% in the past week indicating a decline in user engagement and general investor activity. Albeit, the premier cryptocurrency has shown only a minor 0.11% decline in price during this period. Following the recent announcement of new US tariffs on imports, Bitcoin and the broader crypto market have responded more positively compared to previous tariff-related news. Ryan Rasmussen, Head of Research at Bitwise Invest, notes that Bitcoin has risen by 2.2% since the announcement on April 2. In contrast, traditional stock markets have seen notable losses, with the “Magnificent Seven” falling by an average of 12.18%. Featured image from Forbes, chart from Tradingview
Ethereum is gradually becoming the leading indicator of the crypto market to mirror the movements of major stock indices such as the Nasdaq 100. Recent data from InToTheBlock revealed that ETH is displaying a higher correlation with the traditional financial markets. The remarkable shift has caught the attention of both investors and analysts, who are […]
Bitcoin’s financial landscape is displaying key signals that investors shouldn’t overlook. As per a recent analysis by IntoTheBlock, BTC is teetering over its critical demand zone with historical data highlighting support levels. Close to 1 million addresses bought over 530k BTC tokens at an average price of $64.3K. This price threshold could act as a significant […]
Market prices of Ethereum (ETH) gained by over 4% in the past day, as the prominent altcoin broke out of a tight consolidation zone between $1,548 and $1,599. Despite some retracement in the last few hours, the growing bullish momentum in the ETH market shows signals of a sustainable price rally. Notably, renowned crypto analyst Ali Martinez has highlighted the potential next price target for the second-largest cryptocurrency. Related Reading: Ethereum Price Rebound: Breakout To $1,800 With These Two Supply Zones ETH Bulls Set Sights On $1,810 Resistance In an X post on April 12, Martinez shares an Ethereum price prediction using on-chain data from analytics company IntoTheBlock. Martinezs post shows that Ethereum has now reclaimed a critical support level at a demand zone between $1,547 and $1,595. This zone represents a significant accumulation area, with approximately 5.48 million ETH held by 2.83 million addresses at an average purchase price of $1,574. The resurgence in buying activity around this price region indicates a considerable trading volume which is critical to sustaining the current bullish momentum. At press time, Ethereum trades at $1,642 showing signs of resilience following its recent breakout. If the price rally persists, Martinez explains the altcoin is headed for a strong resistance zone between $1,791.11 and $1,838.86. This area contains 1.61 million ETH held by 3.2 million addresses at an average price of $1,810. Notably, this zone is visualized in red indicating that many of these investors are out of the money and are likely to sell once prices recover offering a potentially significant resistance to Ethereums ongoing rebound. If ETH bulls can surge past this resistance level, it could confirm a trend reversal for the altcoin following a consistent decline since the altcoin hit the $4,000 price zone in December 2024. Related Reading: NEAR Poised For Surge To $2.40 As Bullish Pattern Forms Ethereum Market Overview Generally, IntoTheBlocks data shows 56.7% of ETH addresses are currently in the money, representing 8.3 million ETH worth about $13.24 billion. In contrast, 41.99% (6.14 million ETH) of holders are out of the money, suggesting the market sentiment still largely remains cautious. Meanwhile, only 191,830 ETH (1.31% of total volume) is considered at the money, signaling minimal congestion around the current price level, which may favor a swift move in either direction. At the time of writing, Ethereum continues to trade at $1,642 as earlier stated, with a price decline of 8.50% in the last week. Meanwhile, daily trading volume is down by 13.08% indicating a waning market interest which could be potentially harmful to the ongoing price rally. Featured image from iStock, chart from Tradingview
Quite promising to Bitcoin enthusiasts, this week ended with more than 97% of BTC addresses in the money. The latest report by IntoTheBlock revealed that this was an astounding figure, pointing out that a significant number of Bitcoin holders are economically better off. To determine whether an address is In the Money or Out of […]
Cardano, a leading blockchain platform, has notched up the top spot in developer activity, boasting the highest number of weekly commits amongst the top L1s. Often, a surge in developer activity indicates the network’s ability to deliver all the tools and opportunities. This feat underscores Cardano’s commitment to innovation and progress within the crypto realm. […]
Ethereum addresses have been on a strong, steady increase since last year, but daily transaction volumes and the number of whales on-chain are decreasing.
Cardano (ADA) appears to be bullish. However, the uptrend seems to experience a limitation as there are possibilities of several obstructions in its way. Thus, traders need to be cautious around the ADA coin and its forthcoming rally. What is Cardano? Cardano is a PoS (Proof of Stake) blockchain that is open-source and distributed. Cardano implements peer-to-peer transactions using its native token, ADA. The crypto project was developed in 2015 and released in 2017 by the former Co-Founder of Ethereum, Charles Hoskinson. Related Reading | South African Man Loses $900,000 Worth Of Bitcoin After Accidentally Deleting Keys Also, Cardano is popularly known as the “Ethereum Killer” as it attempts to solve issues related to the Ethereum blockchain. ADA provides a versatile, sustainable, and scalable network for deploying smart contracts. Using Cardano, you can develop and deploy an extensive array of dApps (decentralized applications), crypto coins, games, and other projects. Cardano Price Continuously Appreciates ADA price experienced a 45% downtrend between the 20th and 22nd of January, a similar experience to Bitcoin. Even though ADA dipped beneath the $1 psychological level, it didn’t create any candlestick lower than that. However, it quickly regained from this level. The ADA token leaped by 20% from its bottom price and signals that this uptrend will be consistent. Although this uptrend is worth considering, the coin will encounter several obstructions in its way. On the contrary, this upswing appears to be limited near the $1.22 level, and this is because of the 50-day SMA (Simple Moving Average). IntoTheBlock’s Global In/Out Model The transaction data gotten from the GIOM (Global In/Out of the Money) model reinforces this capping thesis for ADA’s price. The Global In/Out of the Money model, an on-the-chain trading index, displayed that about 484,540 addresses bought circa 6.2 billion ADA coins at the regular price of $1.26, and they were “Out of the Money” transactions. Thus, any day-trading purchasing pressure that rallies Cardano (ADA) into this region will encounter an enormous bearish pressure. Also projecting that this upswing will be short-spanned is decreased number of new coin addresses entering Cardano’s mainnet from 73,780 to about 63,310 within the past month. It’s worthy to note that this 14% decrease signifies that ADA traders are less interested in the coin’s prices at its present levels. Related Reading | Is Largely Unbanked Africa Primed for Bitcoin Adoption? Notwithstanding the buying pressure Cardano (ADA) faces, any denial at both levels can cause the altcoin to trade as low as $1. Image from Coingape, charts from IntoTheBlock and TradingView.com
The Ethereum (ETH) network has been experiencing an uptick in activities and this made crowd sentiment on Twitter extremely positive, as disclosed by Data analytic firm IntoTheBlock. (Read More)
The Chainlink price was one of the several victims of the bearish pressure that swept the entire crypto market at the start of last week. The altcoin’s value fell to $17 for the first time since late November 2024 in almost a single move on Monday morning. Chainlink Price Overview The price of Bitcoin dropped to $92,000 after news of US President Donald Trump’s trade tariffs sparked fears of retaliatory actions and a potential trade war. Interestingly, Bitcoin’s price plunge was relatively less significant than that of the altcoin market, with large-cap assets like Ethereum falling by nearly 30% in one swoop. Specifically, the Chainlink price kicked off the week with a 32% slump, succumbing to the bearish pressure triggered by the US trade tariffs. As of this writing, the LINK token has recovered above the $18 mark despite a 1.4% price decline in the past 24 hours. Related Reading: Ethereum Outflows On Derivative Exchanges Hit Record Lows: What It Means for ETH Although the LINK price looks set for a bullish recovery, there seems to be a lull in its movement over the past few days. This sluggishness may be somehow connected to a crucial resistance level, which could prove pivotal to the start of a fresh bull run. Here’s Why $23.76 Is Crucial Prominent crypto trader Ali Martinez took to the X platform to share a significant level that could be crucial to the long-term health of the Chainlink price. This analysis is based on the average cost basis of several LINK investors. In cost-basis analysis, the ability of a level to act as support or resistance depends on the total amount of coins last acquired by investors in the region. In the chart below, the size of the dot represents and directly corresponds to the number of LINK tokens purchased within a price bracket. Recent data from IntoTheBlock shows that around 96,760 investors bought approximately 110.43 million Chainlink tokens within the $20.96 – $26.25 price range at an average price of $23.78. The high purchasing activity has led to the formation of a supply barrier within this price region. The $23.78 region acts as a resistance zone because of the elevated number of investors with their cost basis in and around it. This level has the potential to witness significant selling pressure from investors wanting to sell their tokens after returning to a breakeven point, thereby hindering further price increases. This implies the potential supply of LINK tokens could overwhelm the buying demand within the $20.96 – $26.25 bracket. According to Martinez, a successful breach above the $23.78 level could set the stage for a new bull rally for the Chainlink price. Related Reading: Bitcoin Price Attempts a Comeback: Can the Recovery Hold? Featured image from Unsplash, chart from TradingView
The TRON network is beaming with user engagement. Based on on-chain statistics, the total number of addresses on the blockchain has surpassed 95 million. With this new feat, TRON has trounced other layer 1 networks like Cardano [ADA] and Avalanche [AVAX] in terms of its address growth. On the DeFi front, TVL on the chain […]
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