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  • Bitcoin “shrimp” addresses hit 43.2 million

    Bitcoin “shrimp” addresses hit 43.2 million

    • Bitcoin “shrimp” wallets, which hold 1 bitcoin recently surged to 43.2 million.
    • Bitcoin addresses with 0.01 BTC or less have also hit an all-time high of 32.6 billion.
    • Data also shows bitcoin wallets in profit have reached 70% after recent price gains.

    Bitcoin price recently reached an eight month high when it rallied to highs above $25,000 last week.

    Despite this, the latest market data from asset manager CoinShares shows Bitcoin investment products saw outflows of $25 million, about 78% of the $32 million that exited amid negative sentiment. But a new report shared by crypto exchange Bitfinex indicates that Bitcoin still saw massive growth in terms of the address count with one BTC or lower.

    Bitcoin “shrimp” addresses hit 43.2 million

    According to data shared in the Bitfinex Alpha report published Monday, 20 February 2023, Bitcoin addresses with less than one bitcoin, or “shrimps”, recently jumped to 43.2 million – the highest the count has hit in the flagship cryptocurrency’s history.

    No doubt this has been greatly helped by the massive growth in addresses with 0.01 BTC or less. Per the Bitfinex report, and from on-chain data by analytics platform Glassnode, the number of wallets with balances of 0.01 BTC or under recently hit 32.6 million.

    Overall, wallet addresses with non-zero balances are at an all-time high, which Bitfinex researchers say is indicative of “an influx of new investors.” 

    As CoinJournal recently covered, shrimps actually increased their buying even as prices fell after the FTX collapse. And it is this increase in the number of non-zero wallets that could have fueled Bitcoin’s recent upside momentum, the Bitfinex team noted in their report.

    Is it the start of a new Bitcoin bull market?

    Bitcoin has been largely upwards in January and February, with nearly 50% in overall gains year-to-date as of 21 February. In fact, as Glassnode data shows, the number of Bitcoin wallets in profit (7-day moving average) has also just hit a 10-month high.

    While analysts warn of a potential pullback amid profit booking across crypto, the sentiment is still mostly bullish for BTC in the short term. And the recent growth in shrimp wallet addresses aligns with historical market trends in a bear market.

    In this case, bull markets have traditionally been highlighted by wealth distribution, with the entry of new short term holders a metric that helps signal the shift in market direction.

    However, as Bitfinex analysts noted in their report, the latest data is only a “snapshot of the current situation.” In short, it is hard to predict where the market goes next at any one given time.

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  • Huge DOGE Whale Accumulated 10 Million Doge

    Huge DOGE Whale Accumulated 10 Million Doge

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  • Bitcoin price rose despite $25 million in product outflows

    Bitcoin price rose despite $25 million in product outflows

    • Bitcoin products saw $25 million in outflows last week, according to asset manager CoinShares.
    • There was $3.7 million in short Bitcoin as investor sentiment flipped negative on recent regulatory concerns.
    • But crypto prices still recorded huge moves, with BTC hitting a six-month high above $25,000.

    Bitcoin price hit its highest price level in six months last week, with the flagship cryptocurrency testing bears’ resolve above the $25,300 zone.

    However, digital asset management firm CoinShares says despite reaching a new year-to-date high, the flagship cryptocurrency still bore the brunt of the negative sentiment that pierced the market as US regulators upped their crackdown on multiple industry sectors.

    Digital assets see $32 million in outflows

    As CoinShares Head of Research James Butterfill points out in a weekly funds flow report released on Monday, Bitcoin recorded the largest share of outflows seen in the digital assets investment products last week.

    Per the researcher, total crypto funds outflows totaled $32 million this past week, the largest single week outflows since December last year. But almost $25 million of the outflows were in Bitcoin products, with negative sentiment seeing short Bitcoin investment products account for $3.7 million in inflows.

    Infact, as US Securities and Exchange Commission (SEC) increased its crackdown on stablecoins and staking services among other sectors of the crypto industry, crypto outflows hit $62 million. The market did record significant outflows as Bitcoin led the market in holding prices above key levels.

    According to Butterfill, the mid-week flip in sentiment (with Bitcoin price soaring more than 10%) helped digital assets products register $30 million in inflows. This in turn helped push the total assets under management in exchange-traded products (ETPs) to its highest level since last August. Butterfill noted:

    “The negative sentiment amongst ETP investors was not expressed in the broader market with Bitcoin prices rising by 10% over the week, this price appreciation pushed total assets under management (AuM) to US$30bn, their highest level since August 2022. We believe this is due to ETP investors being less optimistic on recent regulatory pressures in the US relative to the broader market.”

    Crypto assets saw mixed flows

    While Bitcoin recorded over 78% of the outflows, Ethereum products saw $7.2 million in outflows last week. Other top altcoins with large withdrawals included Cosmos ($1.6 million), Polygon ($0.8 million), and Avalanche ($0.5 million).

    Yet, investment products for Aave, Binance, Fantom, XRP, and Decentraland saw inflows of between $0.36 million and $0.26 million, CoinShares highlighted in its report.

    Elsewhere, while crypto assets experienced a second consecutive week of outflows, blockchain equities had a more positive outlook from investors, with $9.6 million in inflows last week. Blockchain equities have now had six consecutive weeks of inflows.

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  • Shiba Inu | 102.1 Million SHIB Destroyed Over Past 7 Days-ME

    Shiba Inu | 102.1 Million SHIB Destroyed Over Past 7 Days-ME

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  • Tesla saw a net loss of $140 million on its Bitcoin in 2022

    Tesla saw a net loss of $140 million on its Bitcoin in 2022

    • Tesla recorded gains of $64 million and impairment loss of $204 million.
    • The company has revealed it sold 75% of its Bitcoin holdings, and held BTC worth about $184 million as of 31 December 2022.
    • The electric vehicle maker bought Bitcoin worth $1.5 billion in 2021.

    Tesla has revealed that the company sold most of the Bitcoin it purchased in 2021, and suffered a significant loss on the digital assets it currently holds during the 2022 crypto crash.

    In its Form 10-K filing with the US Securities and Exchange Commission (SEC) on Tuesday, 31 January, Tesla disclosed that it gained $64 million from its digital assets holdings when converting them into fiat currency. 

    However, according to the filing, the electric car maker’s Bitcoin bet also included a $204 million impairment loss for the year ending 31 December 2022. 

    All the gains recorded during the year were offset by the net impairment loss, which resulted from Tesla’s move to restructure its operations around the asset. This means the company reported a net loss of $140 million on its crypto trading in 2022. 

    “During the years ended December 31, 2022 and 2021, we recorded $204 million and $101 million of impairment losses on such digital assets, respectively. During the years ended December 31, 2022 and 2021, we realized gains of $64 million and $128 million, respectively, in connection with converting our holdings of digital assets into fiat currency,” the company reported.

    Tesla has sold 75% of its Bitcoin

    Elon Musk’s company revealed that it received or purchased an “immaterial amount” of crypto last year. The tech giant plashed $1.5 billion when buying Bitcoin in 2021. 

    As of 31 December, 2022, Tesla had sold roughly 75% of its Bitcoin. Per the filing, that left the company with around $184 million worth of digital assets as of the end of last year, down from $1.26 billion at the end of 2021.

    While the fair market value BTC held as at 31 December 2021 was close to $2 billion (after Bitcoin price soared to highs of $69,000), the company’s total crypto holdings at the end of 2022 had a fair market value of approximately $191 million.

    Notably though, that value could be much high given the price of Bitcoin has soared nearly 40% year-to-date. The company’s stock (think the Bitcoin vs. Tesla stock comparison) has also soared over the past 30 days, with TSLA up nearly 56% YTD on Tuesday morning.

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  • Inflows into Bitcoin products surged by $116 million last week

    Inflows into Bitcoin products surged by $116 million last week

    • Digital asset investment products saw inflows of about $117 million last week, the biggest since July 2022.
    • Bitcoin saw almost all of last week’s digital asset investment products inflows, with $116 million of the total.
    • Total assets under management (AUM) rose $28 billion, roughly 43% from inflow lows recorded in November.

    Bitcoin saw the most fund inflows this past week, with the benchmark cryptocurrency accounting for nearly all of the weekly inflows.

    According to a weekly report digital asset manager CoinShares shared on Monday, crypto asset investment products recorded inflows of $117 million. It was the biggest week for inflows across digital asset investment products since July 2022.

    Bitcoin products saw inflows of $116 million

    Bitcoin accounted for nearly $116 million of the total digital assets products inflows. And as Bitcoin price rose above $23,000, inflows into Short Bitcoin products represented $4.4 million of weekly totals. 

    In other cryptocurrencies, inflows into Ethereum were $2.3 million and $1.1 million for Solana. 

    However, multi-asset investment products saw a ninth consecutive week of outflows with $6.4 million. Binance and XRP also saw outflows of around $400,000 and $200,000 respectively.

    The spike in inflows pushed total assets under management (AUM) to over $2.8 billion, with the metric up by 43% from its November low. Investment products also saw an improvement in terms of weekly volumes.

    Per the CoinShares report, $1.3 billion was traded, up 17% compared to the year-to-date average. The volume was also higher compared to the average of 11% for the broader crypto market.

    In terms of various regions, Germany saw about 40% of the inflows for approximately $46 million, while Canada, the United States and Switzerland saw the next three largest inflow batches with $30 million, $26 million and $23 million respectively.

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  • 30+ million Bitcoin addresses are in profit after BTC spike

    30+ million Bitcoin addresses are in profit after BTC spike

    • Bitcoin addresses in profit is at a 9-month high of 30+ million.
    • More unique addresses in profit were last above 30 million in early April 2022.
    • Non-zero addresses also hit a 1-month high while addresses with 0.01+ BTC is at an all-time high.

    The number of Bitcoin addresses that are currently in profit has reached a 9-month high, on-chain data shared by crypto platform Glassnode shows.

    Per the metric, the percentage of unique addresses with Bitcoin funds in profit were 30,081,429 on Monday morning. The figure is a 7-day moving average measure and shows the current value of BTC in the wallets compared to the average buy price.

    Therefore, these 30 million plus BTC addresses currently hold coins that were valued lower at the time of their purchase when compared to their current value.

    Chart showing number of BTC in profit. Source: Glassnode.

    Addresses with 0.01+ coins hit all-time high

    At the time of writing, Bitcoin’s addresses in profit (7-day moving average) sat at a 9-month high after Bitcoin’s latest price action. The last time these many BTC addresses were in profit was in April-early May 2022 – with this happening as the events of Terra and Three Arrows Capital collapse helped to push prices below $40k.

    Bitcoin eventually sank to lows of $15,600 in November amid the FTX-triggered sell-off that likely saw more people buy Bitcoin.

    Now BTC is up more than 40% in 2023 and is currently above the $23,000 price level, helping add over 7 million more unique addresses into the profitable bracket as prices began to soar in January.

    Meanwhile, the number of non-zero addresses has also increased, reaching a 1-month high of over 43 million. Indeed, the number of addresses with 0.01+ coins has recently hit an all-time high of 11,484,618, according to on-chain data Glassnode shared early Monday.

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  • One Hundred Million Inu and a viral comment on Elon Musk

    One Hundred Million Inu and a viral comment on Elon Musk

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  • BabyDogeCoin | BabyDogeSwap TVL Exceeded $35 Million

    BabyDogeCoin | BabyDogeSwap TVL Exceeded $35 Million

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  • Floki Inu | FlokiFi Locker TVL Just Exceeded $5+ Million -ME

    Floki Inu | FlokiFi Locker TVL Just Exceeded $5+ Million -ME

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