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  • Bitcoin price hits new ATH near $114k but holders keep BTC off exchanges

    Bitcoin price hits new ATH near $114k but holders keep BTC off exchanges

    Bitcoin Price Hits New ATH

    • Bitcoin price hit a record $113,923, driving altcoins higher.
    • Despite the new BTC peak, exchange reserves continue to plummet.
    • Investors’ reluctance to sell, despite the price spike, signals strong belief in Bitcoin’s future performance.

    Bitcoin (BTC) surged to a new all-time high of $113,923, pushing the broader cryptocurrency market into fresh bullish momentum.

    Yet, as BTC looks to rally further, analysts are saying the market is in no rush to cash in on the windfall, with holders choosing to keep their coins off exchanges to continue a trend seen over the past several months.

    Notably, Bitcoin has rallied more than 98% in the past year and over 13% since its recent lows in June.

    Bitcoin price chart on CoinMarketCap

    However, while most coins have hit profit-taking turbulence, Bitcoin holders have shown a remarkable reluctance to move their coins back to exchanges, signaling a shift toward long-term storage and self-custody. Also bullish for BTC that could eye the $120k level next.

    BTC on exchange drops despite Bitcoin spike to new ATH

    Despite Bitcoin’s dramatic climb to its latest all-time high, which it set at $113,923 on Thursday, July 10, 2025, data from shows on exchange balances continue to slip.

    Santiment reveals a significant decline in the amount of BTC held on exchanges, noting that over the past four months, a net drop of 315,830 Bitcoin has left exchanges.

    This equates to a 21% reduction in net exchange balances, with the trend extending months back.

    Indeed, exchange reserves for BTC are at lows last seen years ago.

    A staggering 1.88 million BTC has moved away from exchanges since July 2020, indicating a 61% drop.

    “Overall, the trend of coins staying off exchanges is a sign that the threat of sudden market plummets is more limited, and long-term investors are increasingly content to keep their coins safe in personal storage for the long run,” the platform posted on X.

    This reduction suggests a potential supply shock, as less BTC availability on exchanges could limit sudden market dips, while helping prices edge higher.

    Bitcoin exchange balances vs. price chart. Source: Santiment

    Bitcoin holders not in a rush to sell

    Santiment analysts’ bullish take aligns with insights from CryptoQuant, which noted on X that Bitcoin exchange reserves are at a seven-year low.

    The values have dropped below 15% of the total supply for the first time since 2018. Like Santiment, CryptoQuant analysts see the scarcity as a bullish signal.

    “Bitcoin hit an all-time high, but selling pressure is nowhere to be seen,” the platform wrote. “Exchange inflows dropped to just 18K BTC/day, the lowest since 2015…That’s a 78% decline from the $100K breakout in November. Holders aren’t rushing to sell.”

    As the analysts explain, the reluctance to return BTC to exchanges reflects a bullish trend and a growing preference for personal storage.

    This behavior is particularly pronounced among long-term holders, who appear content to hold their assets offline.
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  • SIGN price rallies 80% as top crypto exchanges add token

    SIGN price rallies 80% as top crypto exchanges add token

    • Sign (SIGN) price has jumped more than 80% amid multiple exchange listings, including on South Korea’s largest crypto exchange.
    • Upbit plans to list SIGN trading pairs for Korean won, Bitcoin and Tether (USDT).
    • Profit taking could derail Sign price momentum.

    Sign (SIGN) is up more than 80% in the past 24 hours, skyrocketing as multiple exchanges and trading platforms list the token.

    As of writing, the SIGN token traded near $0.13, up 85% and likely to rally further following its listing on Upbit, the largest cryptocurrency exchange in South Korea.

    Market buzz as Sign surges

    Sign is an omni-chain attestation protocol designed to power on-chain claims for identity, ownership, and credentials.

    The Sign Protocol, which operates across multiple blockchains, aims to make attestation technology more accessible and user-friendly, embedding it into everyday digital interactions.

    With services like Token Table for on-chain token distribution, EthSign for web3 signing, and the Sign Protocol for omni-chain attestation.

    Meanwhile, the Sign (SIGN) token is the platform’s native token, used for gas fees, staking and airdrop rewards.

    SIGN token’s remarkable price rally comes as Upbit, South Korea’s largest cryptocurrency exchange, announced the listing of the token.

    It joins other platforms, including Bitget, Bitrue and Gate.io in adding support for the token.

    The hype amid these developments have seen Sign’s token price jump sharply.

    Upbit plans to list SIGN with Korean won (KRW), Bitcoin (BTC), and Tether (USDT) trading pairs.

    Upbit said in a notice that deposits/withdrawals will open three hours after the announcement.

    However, the exchange did not provide an exact listing time for the token.

    Why does Upbit listing matter?

    South Korea is a major hub for crypto trading, and Upbit’s dominant position in the market has given SIGN a significant boost.

    The exchange’s decision to support SIGN reflects growing confidence in the project’s potential, especially given the fact that South Korean investors have historically shown massive enthusiasm for digital assets. Its listing of the token could help push prices higher.

    Notably, the trading volume of Sign (SIGN) has reached over $658 million, representing a staggering 1,462,136% increase in 24 hours.

    CoinGecko analysts indicate the spike signals a sharp rise in sentiment and market activity.

    Analysts are optimistic about its short-term trajectory, given the heightened trading volume and market interest.

    Price discovery may see buyers extend beyond $0.13, with momentum continuation benefiting from overall market performance.

    However, monitoring of whale activity could be key as is the fact that a reversal amid profit taking may be equally sharp and painful.

     

     

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  • Over 40,000 BTC leave exchanges as Bitcoin hits $82k

    Over 40,000 BTC leave exchanges as Bitcoin hits $82k

    • Bitcoin rose to a new all-time high above $82 on November 11, 2024
    • Over 40,000 Bitcoin valued at nearly $3.28 billion have left exchanges in the past week.

    The price of Bitcoin (BTC) has climbed to a new record high above $82,000 as the momentum that pushed cryptocurrencies higher continues to dictate sentiment.

    On Monday, BTC reached highs of $82,329 across major exchanges to put the flagship digital asset up more than 20% over the past week.

    The gains have also impacted altcoins, with notable performances for Ethereum that has crossed above $3,100 and Solana that’s eyeing a new year-to-date high. Cardano, BNB and meme coins Dogecoin and Shiba Inu are also trading higher.

    Over 40,000 BTC leave exchanges

    According to crypto analyst Ali Martinez, Bitcoin’s spike to the new ATH comes as the amount of BC leaving exchanges surges.

    In the past week, Ali noted via X, bullish BTC holders have withdrawn over 40,000 bitcoins from exchanges. This represents nearly $3.3 billion worth of Bitcoin exiting from exchanges. Exchange balances for Bitcoin have plummeted in the last seven days.

    Bitcoin exiting exchanges has increased this past week. Chart by Ali Martinez on X

    The bullish sentiment across the market could be driving this trend. Donald Trump’s US election victory and interest rate cuts are two major catalysts. Meanwhile, institutional demand amid spike in spot ETF inflows has also helped BTC past the $82k mark.

    What next for Bitcoin price?

    BTC price forecasts suggest a surge to $100k is possible before the end of the year. With this outlook in place, a huge number of traders taking a short term bearish view after recent gains have lost significant amounts of money.

    Per Coinglass data, the past 24 hours have seen the crypto market a staggering $270 million in liquidations.

    However, longs expecting an even sharper spike for Bitcoin have recorded a $361 million liquidations. In total, more than 208,800 traders have been liquidated in the past 24 hours, the total liquidations comes in at $632.57 million, with $124 million in Bitcoin shorts.

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  • Toncoin signals bullish momentum as Bitcoin Dogs gears for its debut on three exchanges

    Toncoin signals bullish momentum as Bitcoin Dogs gears for its debut on three exchanges

    Toncoin signals bullish momentum as Bitcoin Dogs gears for its debut on three exchanges
    • BARR pattern breakout signals a potential 40% rise to $9.50 for Toncoin (TON).
    • Binance listing and Injective integration boost Toncoin’s price and liquidity.
    • Bitcoin Dogs’ 0DOG token will debut on Gate.io, MEXC Official, and Unisat Wallet.

    As August progresses, Toncoin (TON) and Bitcoin Dogs, two prominent players in the cryptocurrency space are capturing the spotlight. Toncoin is showcasing impressive bullish momentum, while Bitcoin Dogs is preparing for a significant market debut.

    With the crypto market witnessing fluctuating trends, these developments offer intriguing insights into the evolving landscape of digital assets. This article delves into the bullish signals for Toncoin and the highly anticipated launch of Bitcoin Dogs on major exchanges.

    Toncoin bullish momentum and technical analysis

    Toncoin (TON) has exhibited strong bullish signals, positioning itself as one of the top-performing cryptocurrencies.

    As of August 19, 2024, Toncoin is trading at $6.82, reflecting a notable rise of 8.36% over the past week, despite a broader market decline. This surge is attributed to several key factors, including technical patterns, fundamental developments, and on-chain data.

    One of the most compelling technical indicators for Toncoin is its breakout from a Bump-and-Run Reversal (BARR) pattern. This pattern, often a precursor to significant upward movement, suggests a potential price increase of around 40%, targeting the $9.50 mark.

    The BARR setup begins with a lead-in phase, followed by a sharp downturn (bump), and culminates in a recovery and eventual breakout (run). Recent price behaviour aligns with this setup, reinforcing the bullish outlook.

    The breakout, which occurred around August 18, 2024, was marked by a sustained rise above the previous declining trendline, coupled with increased trading volume. This technical shift is further supported by Toncoin trading above its 50-day and 200-day exponential moving averages (EMAs), both of which are showing upward slopes.

    Additionally, the Relative Strength Index (RSI) remains above the neutral 50 level, indicating continued buying pressure despite short-term overbought conditions.

    Fundamental factors have also played a crucial role in Toncoin’s recent price surge. Notably, the listing of Toncoin on Binance on August 15, 2024, has significantly improved its liquidity and market accessibility.

    Furthermore, the integration of Toncoin with the decentralized finance protocol Injective on August 14, 2024, has enabled TON-based assets to be utilized within Injective’s ecosystem, enhancing its utility and adoption.

    On-chain data further supports the bullish sentiment surrounding Toncoin. Analysis shows a redistribution of tokens from large holders (whales) to smaller investors. As of August 19, 2024, the percentage of Toncoin held by addresses with 100,000 to 1,000,000 coins has declined, while the share held by addresses with 10,000 to 100,000 coins has increased.

    This shift indicates growing buying interest among mid-sized investors, often a precursor to bullish price action.

    Bitcoin Dogs’ major market debut on August 21

    In a parallel development, Bitcoin Dogs is set to make a significant market debut on August 21, 2024. The project, which raised over $13.496 million in its presale, will list its 0DOG token on three major exchanges: Gate.io, MEXC Official, and Unisat Wallet.

    This milestone marks the transition from its presale phase to active trading and is expected to generate substantial interest and trading activity.

    Bitcoin Dogs is notable for being the first-ever ICO on the Bitcoin blockchain, combining blockchain technology with canine-themed digital assets. The project features a metaverse called the Dogaverse, where users can engage in various activities, including gameplay and NFT trading centred around a canine theme.

    The presale of Bitcoin Dogs was a resounding success, and the upcoming exchange listings represent a pivotal moment for the project. The strategic choice of exchanges reflects Bitcoin Dogs’ commitment to expanding its market reach and providing ample liquidity for its tokens.

    The token claim process will also commence on August 21, allowing presale participants to access their tokens.

    Looking ahead, Bitcoin Dogs has outlined an ambitious roadmap, including a game beta, token staking, and multi-chain support. The project’s innovative blend of blockchain technology and canine culture positions it as a unique player in the crypto space, with further developments planned for late 2024 and early 2025.

    Conclusion

    As Toncoin signals bullish momentum with promising technical and fundamental indicators, and Bitcoin Dogs (0DOG) gears up for its major exchange debut, these developments underscore the dynamic nature of the cryptocurrency market.

    Investors and enthusiasts alike are keenly watching these developments, which could shape the future trajectory of these digital assets.

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  • Bitcoin Dogs to list on 3 major exchanges: Will 0DOG price explode?

    Bitcoin Dogs to list on 3 major exchanges: Will 0DOG price explode?

    Bitcoin Dogs presale
    • Bitcoin Dogs (0DOG) will list on Gate.io, MEXC and Unisat on Aug. 21.
    • What does listing on the 3 crypto exchanges mean for 0DOG?

    Bitcoin Dogs (0D0G) will be making its market debut with a bang as three major exchanges announce trading support.

    Investors who have waited since the Bitcoin Dogs’ successful presale are excited as listings and token claims get a clearer timeline. But what does this milestone mean for 0DOG price?

    Gate, MEXC to list Bitcoin Dogs

    After making history as the world’s first BRC-20 token ICO on the Bitcoin network, 0DOG is poised to land on Gate.io, MEXC and Unisat. The cryptocurrency exchanges will list the play-to-earn and non-fungible token platform’s native token on Aug. 21, 2024.

    This is a major milestone for the project, which secured more than $13.4 million in its presale.

    In the next five days, 0DOG will be available across Gate.io, MEXC and UniSat – platforms that together have a combined trading volume of over $2.5 billion in daily trading volume. Gate.io and MEXC are top tier crypto exchanges with over $1 billion each in 24-hour volume.

    Bitcoin Dogs game via Telegram mini-app

    News that Bitcoin Dogs will go live on exchanges in coming days has interest in the project back to levels seen during the ICO. This also comes as the team behind the BRC-20 project hit key roadmap landmarks, including developments on the P2E ecosystem, 10K Ordinals NFTs and staking.

    In the upcoming game, aspects such as PvP battles, exclusive access and mobile/Telegram app support has Bitcoin Dogs poised to hit the market as recent hits such as Kombat Hamster and Notcoin.

    Recently, Telegram introduced mini apps and the in-app browser features, opening up decentralized applications to millions of users. The instant messaging platform is currently a top destination for crypto tap-to-earn and play-to-earn games, which is an ecosystem that Bitcoin Dogs also targets with its Telegram integration.

    Bitcoin Dogs price forecast

    Also helping Bitcoin Dogs price could be the overall developments within the Bitcoin layer-2 ecosystem. Multiple projects have interest in the decentralized finance (DeFi), gaming and metaverse market on the flagship blockchain network.

    The gaming part will benefit from Bitcoin Dogs rollout of its game on Telegram.

    Over 950 million monthly active users will have a chance to play the Bitcoin Dogs game via a Telegram mini-app, bringing the future of gaming to users. 0DOG will power this ecosystem and viral traction could be massive for the token’s value.

    Analysts at Pantera Capital noted earlier in the year that the L2 market on Bitcoin could be a $500 billion market – a prediction that means Bitcoin Dogs’ first mover advantage puts it ahead of potential rivals.

    The listing on Gate.io, MEXC and Unisat is a first major milestone that also adds to the positive catalysts for 0DOG. Savvy traders are likely to use the upcoming listing and the potential buy opportunity to add to their positions.

    If interested in learning more about Bitcoin Dogs, visit the official website.

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  • After raising over $13M in presale Bitcoin Dogs will list on three exchanges on August 21

    After raising over $13M in presale Bitcoin Dogs will list on three exchanges on August 21

    Bitcoin Dogs will list on three exchanges on August 21
    • Bitcoin Dogs raised over $13M in presale.
    • The 0DOG token will be listed on Gate.io, MEXC Official, and Unisat Wallet on August 21.
    • The token claims will open on the same day when the token gets listed on the three exchanges.

    Bitcoin Dogs Club has announced the official listing of its 0DOG token on three major exchanges, following a successful presale that raised over $13.496 million.

    The highly anticipated exchange listing is set for August 21, 2024, and marks a significant milestone for the innovative project that combines the appeal of blockchain technology with the excitement of canine-themed digital assets. Investors and enthusiasts alike are gearing up for this momentous occasion, as Bitcoin Dogs prepares to make its mark in the crypto world.

    The crypto community has shown great interest in Bitcoin Dogs

    Bitcoin Dogs Club concluded its presale phase with remarkable success, accumulating $13,496,294.3.

    The presale success underscores the strong interest and support from the crypto community for the project, which is distinguished by its unique integration of blockchain and canine-themed elements.

    The presale not only highlights the enthusiasm surrounding Bitcoin Dogs but also sets the stage for its upcoming market debut.

    Listing on Gate.io, MEXC Official, and Unisat Wallet

    The announced listing on three prominent exchanges: Gate.io, MEXC Official, and Unisat Wallet on August 21 further represents a significant opportunity for the $0DOG token, offering access to billions in daily trading volume and millions of users globally.

    The strategic choice of exchanges reflects Bitcoin Dogs’ commitment to broadening its market reach and providing ample liquidity for its tokens.

    The listing will mark the beginning of a new chapter for Bitcoin Dogs, as the project transitions from its presale phase to active trading.

    The token claim process will also be available on the same day, allowing presale participants to access their tokens. This move is anticipated to generate substantial interest and trading activity, positioning Bitcoin Dogs as a prominent player in the crypto space.

    What sets Bitcoin Dogs apart”

    Bitcoin Dogs is not just another cryptocurrency project; it’s an innovative blend of blockchain technology and canine culture. As the first-ever ICO on the Bitcoin blockchain, Bitcoin Dogs combines the traditional appeal of cryptocurrencies with a unique twist that appeals to both crypto enthusiasts and dog lovers.

    The project features a metaverse called the Dogaverse, where users can engage in various activities, including gameplay and NFT trading, all centred around a canine theme.

    The project’s presale tokenomics were designed to attract and reward early supporters. With a total supply of 900 million $0DOG tokens, 90% were available for purchase in the presale, with prices escalating every three days during the sale period.

    Looking ahead, Bitcoin Dogs has laid out an ambitious roadmap that includes several key milestones. In Q1 2024, the project planned to debut its NFT collection and initiate token staking. The beta version of the Bitcoin Dogs Game was also introduced, setting the stage for a full game launch in Q3 2024.

    The roadmap further outlines the introduction of multi-chain support and governance voting by Q4 2024, with plans for metaverse expansion and partnership growth in early 2025.

    The upcoming exchange listings represent a pivotal moment for Bitcoin Dogs, positioning the project for increased visibility and engagement within the crypto community.

    As August 21 approaches, all eyes will be on Bitcoin Dogs as it embarks on this exciting new phase, promising to bring innovation and excitement to the world of blockchain and cryptocurrency.

    For more information on how to claim and trade the 0DOG token, you can visit the official Bitcoin Dogs Club website here.

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  • German’s BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp

    German’s BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp

    German's BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp
    • German Government transferred 250 Bitcoin worth approx. $15.4M to Kraken and Bitstamp on June 26.
    • The government has transferred a total of $150M in BTC to various addresses.
    • The German Government BTC transfers and Mt. Gox repayments pile pressure on Bitcoin price.

    The German Federal Criminal Police Office (BKA) has made additional Bitcoin transfers to different addresses, including Kraken and Bitstamp.

    These moves have sparked considerable market speculation and concerns about their potential impact on Bitcoin’s price.

    Recent Bitcoin transfers by the German Government

    On June 26, a wallet reportedly controlled by the BKA transferred 750 BTC, valued at $46.35 million, to different adresses, marking another instance of the German government engaging in Bitcoin transactions.

    These transfers are part of a larger series of activities following the seizure of 50,000 BTC from the film piracy site Movie2k in January.

    According to Lookonchain, the German authorities sent 250 BTC, worth $15.41 million, to both Bitstamp and Kraken. Additionally, they transferred 500 BTC, valued at $30.9 million, to an unidentified address labeled “139Po,” which is potentially another exchange.

    Today’s transfers come just a day after German authorities moved 400 BTC, valued at $24.3 million, to Coinbase and Kraken on June 25.

    This activity is part of a broader trend observed over the past week, with the German government transferring approximately $150 million worth of seized Bitcoin to known exchange addresses, in addition to $147 million sent to the “139Po” address.

    Despite these substantial transfers, the government still holds a significant amount of 45,609 BTC, valued at approximately $2.8 billion.

    Earlier in June, the German authorities received 310 BTC, worth $20.1 million, from Kraken and smaller amounts totaling 90 BTC, worth $5.5 million, from Robinhood, Bitstamp, and Coinbase.

    Potential impact on the crypto market

    The large movements of bitcoins by the German government have had a noticeable effect on the market.

    Notably, Bitcoin’s price has dropped about 6% during this period, reflecting market reactions to these substantial transfers.

    Analysts are concerned that the government’s liquidation of its seized Bitcoin might push Bitcoin’s price below the critical $60,000 threshold. Recent market trends support this view, as Bitcoin has experienced an 11% decrease on the monthly chart and over 6% on the weekly chart, with its price standing at $61,065 per coin at the time of writing.

    Market analyst Willy Woo suggests that Bitcoin might go through a correction phase lasting up to four weeks before resuming its price rally. He emphasizes the potential for a “cooling down” period in Bitcoin’s price action. Additionally, there might be further selling pressure in July as Mt. Gox plans to distribute repayments in Bitcoin and Bitcoin Cash to its creditors.

    With over $9.4 billion worth of Bitcoin owed to approximately 127,000 Mt. Gox creditors, who have been waiting for over a decade, this repayment could substantially impact Bitcoin’s price.

    The crypto community is closely monitoring these developments, particularly the sell-off pressure that might be triggered by the German government’s Bitcoin transfers and the upcoming Mt. Gox repayments.

    Both events could significantly influence the Bitcoin market dynamics in the coming months.

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  • BTCC Exchange’s Renaissance art and Bitcoin fusion fascinated Paris Blockchain Week attendees

    BTCC Exchange’s Renaissance art and Bitcoin fusion fascinated Paris Blockchain Week attendees

    BTCC’s Renaissance art and Bitcoin fusion fascinated Paris Blockchain Week attendees
    • Over 9,000 people showed up for the Paris Blockchain Week attendees.
    • The event was held at the Carrousel du Louvre.
    • The fusion of classical art and modern cryptocurrency served as a focal point of the event

    BTCC Exchange made waves at Paris Blockchain Week with its innovative blend of Renaissance art and Bitcoin, captivating over 9,000 attendees at the prestigious event held at the Carrousel du Louvre from April 9 to 11.

    Artistic fusion at Paris Blockchain Week

    Paris Blockchain Week attendees were greeted by BTCC Exchange’s Renaissance-themed booth, adorned with a vibrant Mona Lisa backdrop and quirky reinterpretations of famous paintings from the era.

    The fusion of classical art and modern cryptocurrency served as a focal point of the event, sparking conversations and garnering attention from industry professionals and enthusiasts alike.

    Alex, Head of Operations at BTCC Exchange, emphasized the significance of intertwining historical art with the revolutionary concept of Bitcoin.

    Drawing parallels between the enduring legacy of Renaissance masterpieces and the disruptive nature of cryptocurrency, Alex highlighted Bitcoin’s role in challenging traditional financial paradigms and reshaping global economic landscapes.

    Alex further reiterated the exchange’s commitment to creativity and innovation, likening Bitcoin to the timeless artworks they paid tribute to. He said that just as Renaissance paintings have outlasted their contemporaries due to their innovative approaches, BTCC Exchange aims to leave a lasting impact by pushing the boundaries of conventional thinking in the crypto space.

    BTCC Exchange not only showcased its creative prowess at the Paris Blockchain Week but also underscored its longevity and resilience in the competitive crypto industry. With a track record spanning over a decade and boasting an impressive zero security incidents record since its inception in 2011, BTCC Exchange continues to be a key player in the crypto exchange landscape.

    BTCC Exchange anniversary in June

    Following the success of its presence at Paris Blockchain Week, BTCC Exchange looks ahead to celebrating its 13th anniversary in June with promising partnerships and exciting news on the horizon.

    With features catering to both beginners and experienced traders, including copy trading and up to 225x leverage for perpetual futures, BTCC Exchange remains at the forefront of the industry’s evolution.

    As the world’s longest-serving crypto exchange, BTCC Exchange continues to demonstrate its creative and innovative spirit while staying true to its mission of providing a secure and user-friendly platform for cryptocurrency enthusiasts worldwide.

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  • trillions of tokens sent to exchanges

    trillions of tokens sent to exchanges

    • At press time, PEPE was trading at $0.0000008854, down 18.06% in 24 hours.
    • The token dropped to a low of $0.0000008058 after news of trillions of token movement emerged on August 24.
    • The tokens were moved to Binance and OKX among two other major exchanges.

    On Wednesday morning, PepeCoin (PEPE) plunged after millions of dollars worth of PEPE were transferred from the team’s wallet to various crypto exchanges.

    As news of the multi-million dollar token transfers emerged on social media, the token’s market capitalization dropped by $100 million, from $444.4 million to a low of $344.7 million.

    16.045 trillion PEPE sent to four exchanges

    The PepeCoin team sent 16.045 trillion PEPE tokens worth $16.85 million to four exchanges including Binance, Bybit, KuCoin, and OKX from a multi-sig Ethereum address. Normally, a multi-sig wallet requires approval from many parties before any transactions can be done from the wallet.

    The PepeCoin team reduced the security requirements for its multi-sig wallet from five out of eight to just two out of eight signatures needed to complete a transaction after the tokens were moved to the exchanges.

    After the transfer, PepeCoin’s multi-sig Ethereum wallet address was left with 10.697 quadrillion PEPE, worth $9.61 million.

    Panic PEPE sell

    The massive transfers and a lack of clarification from PepeCoin’s official Twitter account sparked concerns about the currency and led to a panic sale, which further pilled bearish pressure on the price of PEPE.

    In most cases, whales move their tokens to crypto exchanges in readiness for selling, staking, or exchanging with more valuable tokens and crypto traders/investors are already speculating that the PepeCoin team is readying itself for any of the above.

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  • Least amount of Bitcoin on exchanges since the previous bull market top in December 2017

    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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