Tag: Bull

Ethereum price forecast: ETH bull case remains intact despite strategic profit-taking
- Ethereum price is at $3,640 amid some profit-taking deals.
- Despite some whales selling, institutional interest remains high and demand is absorbing the dump.
- Analysts say the ETH bull market remains intact.
Ethereum has retreated slightly from its highs of $3,856 as it dips nearly 4% in the past 24 hours amid some profit-taking moves.

But while the top altcoin changes hands at $3,640 at the time of writing, analysts maintain Ethereum is on a bullish course and that ETH still has room to explode.

ETH sees strategic profit taking

The $4,000 mark remains elusive for Ethereum in 2025, with the highs of $3,856 marking a key peak since the declines from $4,000 in December 2024.

It means Ethereum price has lagged as Bitcoin climbed to multiple new highs.

Selling pressure at current levels alludes to likely struggles in the short term, analysts at Glassnode have noted.

The outlook is down to the Cost Basis Distribution Heatmap of Ethereum, which Glassnode analysts say shows buyers are cashing out gains.

This strategic profit-taking is calculated towards securing profits after ETH posted strong upward moves these past weeks.

Sellers have included whales. Lookonchain shared on X that one whale has sold 8,000 ETH for over $30 million.

Ethereum price forecast: here’s why bull case remains intact

Despite the profit-taking, Glassnode highlights a fascinating scenario with equilibrium emerging.

$ETH Cost Basis Distribution Heatmap shows profit-taking from buyers around $2,520 – visible in the fading red band from around July 1. But they still hold nearly 2M ETH. Takeaways: 1) strategic profit taking, 2) expecting more upside, 3) new demand is absorbing supply. pic.twitter.com/GPMONKKv2x

— glassnode (@glassnode) July 22, 2025

Notably, data shows new demand is steadily absorbing the supply hitting the market, with selling pressure yet to overwhelm buyer interest.

It’s a resilient market structure for ETH that suggests pullback action is likely to dissipate as bulls take control.

While some whales sell, others have accumulated. Also, institutional holders like SharpLink Gaming have been aggressive.

The company has acquired a massive chunk of ETH in recent weeks.

Helping buyers is overall market sentiment that sees open interest in ETH futures soar to all-time highs. OI currently sits around $58 billion per Coinglass, which indicates interest is elevated.

Ethereum is also sporting gains amid staking explosion, spot ETF inflows and regulatory developments. The ETH spot ETF inflows for Ethereum reached 588,000 ETH last week – higher than recent peak.

Last week, #Ethereum spot ETFs saw inflows of over 588K $ETH – nearly 17x the historical average and more than double the previous record. pic.twitter.com/FipYT0HrQZ

— glassnode (@glassnode) July 22, 2025

Traders will eye potential corrections for buy opportunities, with consolidation in the near term allowing for a retest of key supply zone areas.

On the flipside, sellers may be encouraged by weakening on-balance volume and extended cashing out.

The $3,500 remains important and robust support may be around $3,000.

Yet, the RSI on the daily chart is not overextended as it hovers just below the overbought territory.

The MACD also still boasts a bullish case scenario. The $4,000 threshold is therefore one to watch.

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July 22, 2025
CryptoQuant places Bitcoin’s cycle peak at $146,000 as Ethereum enters ‘second bull market’; which undervalued crypto will lead the next bull run?

The ongoing bull cycle has caused a notable rise in activity in the crypto market. For Bitcoin, CryptoQuant projects a $146,000 cycle high. In the meantime, the firm predicts Ethereum to follow a historical pattern in its MVRV Ratio to enter a second bull market. Despite the positivity in the top two cryptocurrencies, a growing number of investors are rushing into Rexas Finance instead. At just $0.125, many analysts believe this undervalued crypto could lead the next bull market run.

CryptoQuant Projects $146,000 for Bitcoin Cycle Peak

According to crypto-analytic outfit, CryptoQuant, Bitcoin’s price cycle could peak at around $146,000. The firm claims to get this projection from the average acquisition cost of Bitcoin across the network—the realized price valuation. With Bitcoin reaching comparable highs in 2021, the realized price has been a decent gauge of market cycle peaks. Meanwhile, several macroeconomic events, institutional adoption’s ongoing upward momentum, and Bitcoin ETF interest might drive BTC above $146,000 this cycle. It is important to note that Bitcoin’s path is rocky. Geopolitical conflicts and unfavorable legislation, among other market elements, could possibly stop Bitcoin from reaching the projected high.

BTC trades at $95,685 as of this writing, down just 2% over the previous day. Should the crypto market remain favorable, Bitcoin’s ascent might quicken, dragging Ethereum and other altcoins behind it.

Ethereum Enters ‘Second Bull Market’

According to a CryptoQuant analyst, Ethereum’s second bull market appears to be in shape. The forecasts show that at $4,000 in Q1 2024, the second bull run will be noticeably more dramatic than the first. The analyst pointed to a similar MVRV Ratio in the Ethereum price chart. During the year’s first quarter, the indicator surged to a really high level as the price surge was in progress. However, the indicator cooled back down in the bearish consolidation that followed the run, returning to the neutral 1 level.

The MVRV Ratio has once more reversed upward with the most recent increase in cryptocurrencies. Interestingly, the quant on the chart also observed this trend during the previous two bull markets. Both runs comprised two periods in which the Ethereum MVRV Ratio peaked, and a cooldown occurred in between. ETH trades at $3600 as of this writing, a 2% drop over the last day. Analysts project Ethereum may end this period above $10,000.

Rexas Finance (RXS): The Undervalued Altcoin Set to Lead the Next Bull Run

In the heart of Ethereum’s second bull market and Bitcoin’s expected rise, Rexas Finance is an undervalued cryptocurrency that could lead the next altcoin boom. By tokenizing real-world assets (RWAs), Rexas Finance is revolutionizing asset management with liquidity, global access, and fractional ownership. Rexas Finance opens up previously closed markets by turning illiquid assets like real estate, commodities, and art into digital tokens. With a few RXS tokens, a user can acquire fractional ownership of these highly valued assets from anywhere in the world, removing the high entry costs and geographic restrictions commonly seen in traditional sectors.

The project’s presale went quickly. Rexas Finance sold 290 million RXS tokens and raised $20.75 million in the first eight presale phases in three months. In Stage 9, the token price is $0.125 and predicted to rise to $0.150. With its fast presale, Rexas Finance is drawing attention. After the presale, RXS will be listed on at least three of the top 10 cryptocurrency exchanges, increasing its liquidity and market exposure. Rexas Finance’s platform offers new and existing users unique value with many features. Regardless of technical ability, anyone may construct digital tokens with the Rexas Token Builder. Rexas Launchpad fosters innovative blockchain ventures, while Rexas GenAI generates unique digital artworks using AI to make NFTs easier to develop. These technologies and Rexas Finance’s focus on security and compliance make it a user-friendly and powerful asset tokenization solution.

The Rexas Finance ecosystem encourages transparency and security. The platform’s Certik audit, which verifies smart contracts and code security, increases investor confidence. The project’s recent placement on CoinGecko and CoinMarketCap gives investors easy access to performance information and analysis, boosting its reputation. The project has huge market potential and price potential, enough to lead the next bull cycle. Real estate is worth $379.7 trillion, art and collectibles $65 billion, and financial assets $486 trillion. Rexas Finance plans to enter these massive markets by offering fractional ownership and tokenized access to these assets, giving common investors additional global market possibilities. The presale’s quick growth shows growing interest in tokenized real-world assets, and Rexas Finance is well-positioned to lead the next bull run with lower transaction costs and higher liquidity.

Conclusion

With Bitcoin forecast to reach $146,000 and Ethereum’s second bull market underway, the next major cryptocurrency rise may be imminent. By tokenizing assets, Rexas Finance is becoming a serious challenger. Its speedy presale and rapid crypto growth make it a great investment for those looking to capitalize on the next round. And what is more? Rexas Finance is running a $1 million giveaway, with the top 20 participants winning $50,000 worth of RXS. Jump on the project now to increase your chance of winning.

For more information about Rexas Finance (RXS) visit the links below:

Website: https://rexas.com

Win $1 Million Giveaway: https://bit.ly/Rexas1M

Whitepaper: https://rexas.com/rexas-whitepaper.pdf

Twitter/X: https://x.com/rexasfinance

Telegram: https://t.me/rexasfinance

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December 6, 2024
Bitcoin hits $100k for the first time as bull run continues
- Bitcoin reached the milestone on December 5
- Over the past 30 days, Bitcoin has increased in value by nearly 50% and 140% in YTD value
- It comes as President-elect Donald Trump named Paul Atkins as the next US SEC chair
Bitcoin has reached a new all-time high, hitting $100,000 for the first time, continuing its bull run since the start of November.

On December 5, Bitcoin broke the $100,000 milestone after getting within touching distance of the psychological level on November 22, at over $99,000. Data from CoinMarketCap shows Bitcoin reached more than $103,500 around 04:05 this morning.

At the time of publishing, Bitcoin is trading at around $101,000. Over the past 30 days, the crypto asset has risen nearly 50% in value while its year-to-date value has increased by 140%.

While there are underlying factors relating to Bitcoin’s price rise, Donald Trump’s presidential victory last month has given the asset a significant push. It also hasn’t hurt Bitcoin that Trump announced pro-crypto Paul Atkins as the next chair of the US Securities and Exchange Commission.

Trump has also picked Scott Bessent and Howard Lutnick to head the US Secretary of Treasury and Commerce departments.

Taking to X, Michael Saylor, CEO of MicroStrategy, said “there’s going to be a $100k party.”

Earlier this week, Saylor urged Microsoft to adopt Bitcoin saying it represents “digital capital.”

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December 5, 2024
Head of research at VanEck predicts Bitcoin bull run is just getting started
- Matthew Sigel predicts Bitcoin’s bull run will continue for at least two more quarters.
- Institutional interest is growing, with advisors considering 1-3% Bitcoin allocations.
- VanEck targets Bitcoin at $180,000, forecasting a 1,000% rise from market lows.
In a recent CNBC “Squawk Box” interview, Matthew Sigel, Head of Digital Assets Research at VanEck, forecasted that the current Bitcoin rally is in its early phases.

Bitcoin (BTC) recently surpassed $93,000, marking a substantial 150% gain this year before experiencing a slight correction and Sigel is forecasting continued growth for at least two more quarters.

Change in government support and surge in institutional interest

Sigel drew comparisons to Bitcoin’s performance in 2020 when the asset doubled in value between the election and the end of the year.

“We’re now in uncharted territory with no technical resistance. We anticipate seeing new all-time highs over the next two quarters,” Sigel said. He also noted that while previous rallies included 6-10 corrections, current market indicators monitored by VanEck still signal strong upward momentum.

A significant factor behind this positive outlook is what Sigel describes as a “state change in government support.” He highlighted that key figures in the upcoming Donald Trump administration, such as the Vice President, Attorney General, and National Security Advisor, are supportive of Bitcoin.

This shift, along with the expected end of “regulation by enforcement” from agencies like the SEC, could boost industry confidence and expansion. “We’re already witnessing economic benefits,” Sigel remarked, noting that crypto projects are planning US-based conferences and new office openings.

Institutional interest in Bitcoin is also growing. Sigel reported an increase in inquiries from investment advisors aiming to allocate 1-3% of their portfolios to Bitcoin, signalling potential future inflows of capital.

Despite the price surge, mainstream interest has not yet reached previous peak levels. “Google searches and Coinbase’s app ranking are still below their historic highs,” he pointed out, suggesting more room for growth.

VanEck projects Bitcoin could hit $180,000

VanEck has set a price target of $180,000 for Bitcoin in this bull cycle, representing a 1,000% increase from the market bottom.

Sigel concluded that, even at this level, the current cycle would be the smallest in comparison to past ones, leaving space for continued optimism.

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November 15, 2024
Head of research at VanEck says Bitcoin bull run is just getting started
- Matthew Sigel predicts Bitcoin’s bull run will continue for at least two more quarters.
- Institutional interest is growing, with advisors considering 1-3% Bitcoin allocations.
- VanEck targets Bitcoin at $180,000, forecasting a 1,000% rise from market lows.
In a recent CNBC “Squawk Box” interview, Matthew Sigel, Head of Digital Assets Research at VanEck, forecasted that the current Bitcoin rally is in its early phases.

Bitcoin (BTC) recently surpassed $93,000, marking a substantial 150% gain this year before experiencing a slight correction and Sigel is forecasting continued growth for at least two more quarters.

Change in government support and surge in institutional interest

Sigel drew comparisons to Bitcoin’s performance in 2020 when the asset doubled in value between the election and the end of the year.

“We’re now in uncharted territory with no technical resistance. We anticipate seeing new all-time highs over the next two quarters,” Sigel said. He also noted that while previous rallies included 6-10 corrections, current market indicators monitored by VanEck still signal strong upward momentum.

A significant factor behind this positive outlook is what Sigel describes as a “state change in government support.” He highlighted that key figures in the upcoming Donald Trump administration, such as the Vice President, Attorney General, and National Security Advisor, are supportive of Bitcoin.

This shift, along with the expected end of “regulation by enforcement” from agencies like the SEC, could boost industry confidence and expansion. “We’re already witnessing economic benefits,” Sigel remarked, noting that crypto projects are planning US-based conferences and new office openings.

Institutional interest in Bitcoin is also growing. Sigel reported an increase in inquiries from investment advisors aiming to allocate 1-3% of their portfolios to Bitcoin, signalling potential future inflows of capital.

Despite the price surge, mainstream interest has not yet reached previous peak levels. “Google searches and Coinbase’s app ranking are still below their historic highs,” he pointed out, suggesting more room for growth.

VanEck projects Bitcoin could hit $180,000

VanEck has set a price target of $180,000 for Bitcoin in this bull cycle, representing a 1,000% increase from the market bottom.

Sigel concluded that, even at this level, the current cycle would be the smallest in comparison to past ones, leaving space for continued optimism.

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November 15, 2024
Bitcoin (BTC) and Ethereum (ETH) lead the bull rally; Rebel Satoshi ($RBLZ) finally concludes presale event
- Top experts expect Bitcoin’s (BTC) price to rise beyond $70,000 as halving approaches.
- Ethereum (ETH) proposal causes optimism among investors, who expect a surge in the DeFi coin price to $5,000 by the end of March.
- Rebel Satoshi ($RBLZ) presale has concluded.
Despite BTC and ETH’s continued rise to the top of the cryptocurrency market during this recent upswing, a new competitor has shown it can compete with the best DeFi tokens.

Among BTC, ETH, and $RBLZ, which cryptocurrency should you buy? Let’s gather the most recent information from analysts and experts.

BTC price forecast: can Bitcoin continue its upward trend?

To stop currency speculation and stabilize the country’s collapsing Naira, the Nigerian government has placed access restrictions on several cryptocurrency exchanges, including Binance, Coinbase, Kraken, FXTM, and OctaFX, according to a report published in the Financial Times on February 22.

Since this news was made public, the price of Bitcoin has increased by 22.45%, from $50,731.95 on February 23 to $62,121 on February 29. Experts in the cryptocurrency space who monitor BTC’s price have predicted that it will rise even higher. They predict that the upcoming Bitcoin halving will push it to $70,470 by March.

However, many Bitcoin analysts have expressed pessimism and forecast an imminent decline for the top crypto coin. Based on past Bitcoin price trends, they claim that the price of BTC could drop to $47,680 by mid-March.

Will Ethereum’s latest proposal spur a surge for ETH?

On February 23, Mike Neuder of the Ethereum Foundation and Max Resnick, chief researcher at SMG, published the Concurrent Block Proposers in Ethereum thesis. The paper proposed the possibility of increasing the number of proposers in a single PoS Ethereum slot.

Following this announcement, the value of ETH has demonstrated the expected upward movement. On February 12, ETH was trading at $2,658.12; however, by February 28, it had clocked in at $3,244.42, indicating a rise of 22.06%. The increase in Ethereum ETF applications has market experts bullish about Ethereum. Consequently, they predict that ETH will hit $5,000 by the end of March.

On the other hand, because the MACD and the Awesome Oscillator are both in bearish territory, some analysts are bearish on Ethereum. As a result, they forecast that before the end of March, ETH will fall to $2,256.14. Despite this uncertain outlook, some analysts have advised investors to look into Rebel Satoshi due to its distinctive structure and lucrative presale.

Rebel Satoshi concludes presale ahead of $RBLZ’s DEX listing

Rebel Satoshi is currently positioned to be among the top meme coin projects of 2024 thanks to its creative features and strong presale performance. The project intends to use $RBLZ, its proprietary token, to usher in a new era of decentralization to accomplish this goal. A group of rebels dedicated to opposing centralized systems will define this new era.

Holders of the $RBLZ token can also anticipate exclusive privileges and the opportunity to participate in the Rebel Satoshi ecosystem. The Rebels community will construct the Rebel Satoshi ecosystem, which will include a play-to-earn (P2E) game, an NFT marketplace, the Rebel NFT Vault, and a staking program.

Right now, $RBLZ is concluding the fifth and final Recusants Round 5 of its presale, with a token price of $0.024. Before Rebel Satoshi’s official DEX launch, this price is anticipated to rise to $0.025; therefore, early $RBLZ investors may see a 150% return on their investment when the token launches.

For the latest updates and more information, be sure to visit the official Rebel Satoshi Presale Website or contact Rebel Red via Telegram.

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March 4, 2024
how these two tokens might eclipse XRP during the upcoming bull market
- XRP surged in price as Wall Street eyes XRP Spot ETF.
- A new meme coin raises $1 million in ongoing presale, becoming the best ICO.
- TRON (TRX) gained in price as it leads the list of top 10 blockchains.
Ripple (XRP) is on its way to gaining more value as Wall Street makes important plans for the coin. Meanwhile, a new meme coin has emerged as the top ICO after raising $1 million in presale while the TRON (TRX) community also received good news before the end of the year.

Let’s review the latest about XRP, TRX, and the new meme coin to find the top crypto coins to invest in!

XRP soars in price as Wall Street eyes a spot XRP ETF

When a false claim about BlackRock filling for an XRP Spot ETF went viral, XRP’s value spiked. After that incident, Wall Street investors realized that there was a great demand for a spot XRP ETF.

On December 17, 2023, Yassin Mobarak, the founder of Dizercapital, sparked an intense discussion about the need for an XRP Spot ETF. Since no institution has filed for an XRP Spot ETF yet, Mobarak said in his tweet that the field is wide open.

After the tweet, Ripple’s native token gained 4.7% in two weeks. XRP from Ripple went from trading at $0.6096 to $0.6386. According to XRP price prediction, Ripple could increase by 72.2% in 2024.

If the market stays bullish, Ripple will be trading at $1.10 by the end of 2024. However, the price of Ripple’s native token can also be affected by bearish trends. In that case, Ripple will be trading at $0.9067 per XRP by the end of 2024.

$RBLZ raises $1M, plans to target centralized systems

Rebel Satoshi is a new meme coin that aims to challenge centralized systems with the help of rebels. Rebel Satoshi intends to build a community of underdogs to target the systems that only favour the elite.

The native token from Rebel Satoshi is $RBLZ and is selling out quickly in its presale. Currently, $RBLZ is in the Citizens Round 3 stage of the presale. Each $RBLZ token is priced at $0.02. Once Rebel Satoshi officially launches, early investors of $RBLZ will get a 150% return on investment.

$RBLZ investors will also get to enjoy exclusive benefits as well as the chance to contribute to the Rebel Satoshi ecosystem. When Rebel Satoshi launches on DEX, $RBLZ will begin trading at $0.025.

So far, Rebel Satoshi has raised $1 million in the ongoing presale. $RBLZ has established itself as the top ICO of 2023 after smashing records in its presale.

February 2024 has been picked as the launch month of Rebel Satoshi. So, time is running out, and those who wish to join the $RBLZ presale should act now. You can now use Bitcoin and 50 top altcoins to sign up for the $RBLZ presale.

TRX surges after TRON achieves a new milestone

On December 22, 2023, CryptoRank released the Top 10 Blockchains by 30-Day Active Users. TRON was leading the list with 43 million users. The news showed the growth of TRON as a blockchain. It also helped improve the price of TRX, the native token from TRON.

TRX gained 2.5% in value after CryptoRank released the top 10 blockchains. TRX went from trading at $0.1041 to $0.1068. TRON coin price prediction suggests that TRX could gain 74.7% in value by the end of 2024.

If the market sentiments turn bullish, TRX will reach its maximum predicted price of $0.1847 by the end of 2024.

However, if the market gets affected by bearish sentiments, then the price of TRON will also be impacted. The expected minimum price of TRON’s native token for 2024 is $0.1496.

For the latest updates and more information, be sure to visit the official Rebel Satoshi Presale Website or contact Rebel Red via Telegram

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January 9, 2024
Stacks and Toncoin lead the bull cycle as global crypto market cap surge
- Stacks (STX) has gained 18.43% today to trade at $0.5319 at press time.
- Toncoin (TON) has gained 15.51% today to trade at $1.74 at press time
- Bitcoin Cash (BCH) had jumped by 12.33% to trade at $216.57.
The cryptocurrency market has turned green today with a majority of the top cryptocurrencies by market cap registering significant price surges. Stacks (STX), Toncoin (TON), and Bitcoin Cash (BCH) have come out as the top gainers as the global crypto market cap increased by 4.35% to hit $1.09 trillion.

But what is making the crypto market surge? Well, let’s delve into the factors behind today’s crypto price surges.

Why is the crypto market rising today?

Today’s crypto market price surge coincides with Grayscale’s win against the US SEC in the Bitcoin ETF case.

The US Court of Appeals for the DC Circuit on August 29 ruled in favour of Grayscale in its long-running lawsuit against the Securities & Exchange Commission.

The ruling was monumental for the crypto industry which has been agitating for SEC’s approval of Bitcoin ETFs. The ruling not only paves the way for the approval of the Bitcoin ETF petition filed by Grayscale but also for the BTC ETF applications made by BlackRock and Fidelity.

Bitcoin price chart

After a long consolidation of around $26k, Bitcoin price momentarily surged above $28k minutes after the court ruling on August 29. Although the price of BTC has since slightly pulled back the bulls still seem to be squarely in control.

Ethereum (ETH), the second-largest cryptocurrency by market cap has also surged above $1,700 after staying below $1,700 for two straight weeks.

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August 30, 2023
China will lead crypto’s next bull market
- Arthur Hayes says the crypto autumn rally will be catalysed by Chinese traders.
- According to the BitMEX co-founder, a weakening of the yuan amid massive credit issuance will drive capital into crypto markets.
- He notes that “Hong Kong will be the conduit through which Chinese capital is allowed to own crypto.”
Arthur Hayes, the co-founder and former CEO of crypto exchange BitMEX, believes the next crypto market rally will be shaped by the Chinese trader.

In an opinion laid out in his latest blog post, Hayes highlights that the US Securities and Exchange Commission (SEC)’s current crackdown on crypto might be a negative trigger. The crypto market is likely to freak out and crater even further due to this.

However, according to the entrepreneur, it is not the US but China that could hold the baton as crypto heads into the next bull market. And the one catalyst to watch out for would be the “return of the Chinese trader” amid the weakening of the Chinese yuan.

“The return of the Chinese crypto trader through the financial pipes of Hong Kong will reignite the market at the same time the broke-ass American mass affluent are effectively shut out,” Hayes wrote in the blog post published June 16.

Hayes explains how China leads the next bull rally

The current market setup is much like the summer of 2015, that “nuclear bear market” whose catalyst was the implosion of Mt. Gox.

Just as then, the 2022 bear market that included the implosion of FTX has volatility and trading volumes dried up and the sideways price action excruciatingly boring. Indeed, compared to 2015 when Bitcoin price traded near $200 for a long time, 2023 is seeing this with prices ranged below $30k since the breakdown in November 2022.

“But in August of 2015, the PBOC suddenly sparked a rally in China’s interest for Bitcoin with a “shock” devaluation vs. the USD. From August to November of 2015, the price of Bitcoin tripled, with Chinese traders driving the market higher. I believe something similar could happen in 2023,” Hayes noted.

According to the BitMEX co-founder, the above is an outlook he sees materializing as the world’s second-largest economy embarks on an insane credit issuance spree. On why selling now amid concerns around the US regulatory environment “is misplaced.” Why?

“At some point, the selling will stop, and then we get the dreaded sideways. The boring sideways price action will reign until something jump starts the degen spirits of crypto traders.”

That trigger, he says, will be a slowdown in China’s economy and the subsequent money printing spree that will weaken the yuan and see massive inflows into crypto. He explained:

“The less the Chinese economy grows, the more credit will be issued. Then the currency will weaken, capital will be allowed to “flee” into appropriate vehicles, and finally, the crypto capital markets will be provided with the spark to hopefully start the autumn rally.”

To weaken the currency, Hayes says the Peoples Bank of China (PBOC) will look to encourage credit growth sectors of the economy deemed “good.” These areas include semiconductors, artificial intelligence (AI), clean energy, and property. The central bank will allow these “good” sectors to access higher loan quotes, with banks “instructed to lend a certain amount of yuan to these sectors.”

The weakening of the yuan, and the focused approach to attracting crypto and blockchain in Hong Kong are going to be key factors, he added. It is a trajectory that best suits HODLers. The crypto bull summed up his market outlook:

“I have predicted before and continue to believe that Hong Kong will be the conduit through which Chinese capital is allowed to own crypto financial assets.”

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June 17, 2023
Least amount of Bitcoin on exchanges since the previous bull market top in December 2017
Key Takeaways
- The balance of Bitcoins on exchanges is in constant decline, now at the lowest point since December 2017
- Meanwhile, long-term investors continue to hold, soaking up the supply
- Coins that have not been touched in 10 years now outnumber those held on exchanges
I wrote a piece last week on the exodus of stablecoins from exchanges, with the balance currently the lowest since October 2021, with 45% of the total balance of stablecoins on exchanges flowing out in the last four months.

But the glut in liquidity is not limited to stablecoins. The world’s biggest cryptocurrency is also seeing funds flow out. Only 11.8% of the total Bitcoin supply is currently on exchanges – that is the lowest since December 2017.

To jot your memory, December 2017 was the previous bull market peak. Bitcoin rose to within a hair of $20,000 before freefalling into a two-year-long bear market which ravaged the entire industry.

Since January 2020, exchanges’ reserves of Bitcoin have been only going one way: down. It hints at the demand/supply imbalance that so many Bitcoin truthers advocate for, with the much-vaunted hard supply cap of 21 million coins for Bitcoin.

If demand keeps rising, they argue, the price can only go up because supply cannot keep up.

Central to this thesis is the resilience of long-term holders to keep a firm grasp on their bitcoins. And when assessing whether they have, the answer is a resounding yes.

The below chart presents long-term holders against the total exchange balance. In November 2022, the number of bitcoins last active 10+ years ago overtook the number of bitcoins on exchanges.

Of course, some of these long-term holders will be lost coins, either via their owner dying or losing their private keys.

But the stat is still interesting and speaks to the cohort of (very) early investors in Bitcoin who remain clinging to their coins with all their might. Remember, this includes the anonymous Satoshi Nakamoto, who is estimated to hold over 1 million coins, or 5% of the total supply.

Below is the chart displaying the current portion of the Bitcoin supply split out by time held and compared to the exchange balance.

The result is interesting, but even more so when considering that the last three years brought both the euphoric highs of Bitcoin at nearly $70,000 during the pandemic and then the bone-crushing fall through 2022, which saw it careen down towards $15,000.

In terms of the long-term trajectory of Bitcoin, it’s undoubtedly bullish. Of course, it all depends on whether the demand for additional Bitcoin will hold up. The supply may be getting squeezed, but that is all for nothing if the demand side doesn’t hold up its end of the bargain.

And on that note, the last year has been a big blow. Not only has capital flowed out of the space at an alarming rate, but a number of very high-profile scandals (LUNA, Celsius, FTX and so on) have rocked the space. The fear is that these episodes have dented the reputation of the cryptocurrency space and will inhibit the demand for Bitcoin on the intuitional side. Have people been put off moving into the space?

It’s hard to say. But in looking at long-term holders, their confidence seems resolute.

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April 3, 2023