Author: MEAOWS
Ethena, a decentralized finance (DeFi) protocol, has formed a strategic partnership with Derive.xyz, an on-chain derivatives platform, to drive growth and liquidity across both ecosystems. The partnership includes a multi-million dollar investment and exciting new opportunities for users in both communities. Key Features of the Partnership As part of the collaboration, Ethena will integrate Derive’s extensive offerings, including options, futures, and basis trading, into its own ecosystem. By utilizing Ethena’s USDe stablecoin and its staked version (sUSDe), the platform aims to enhance liquidity and trading volumes on Derive’s markets, providing users with more stable prices and the ability to execute…
Despite the conclusion of the U.S. election season, Polymarket continues to hold a strong and dedicated user base, showing resilience and staying power in the face of uncertainty. A Strong Post-Election Showing for Polymarket After the intense election betting activity, many predicted a decline in Polymarket’s user engagement. However, data now reveals that Polymarket’s loyal user base is not only enduring but thriving. According to recent data, Polymarket’s trading volume and open interest, key indicators of market activity, have shown significant recovery since the U.S. election. By November 12, open interest, which refers to the total value of all active…
A significant transfer of Bitcoin linked to the Silk Road dark web marketplace was made on Monday, potentially signaling upcoming selling activity by the U.S. government. The Transfer of 19,800 BTC to Coinbase Prime On Monday, around 19,800 BTC associated with the Silk Road were moved to Coinbase Prime, as per blockchain data. This transfer raised concerns that the U.S. government might be preparing to liquidate these assets, as previous sales of government-seized Bitcoin have historically led to market sell-offs. Following the news, Bitcoin’s price dipped slightly below $96,000, marking a 1% decrease. This transfer involves Bitcoin worth close to…
November proved to be a positive month for Bitcoin mining as profitability surged, alongside notable increases in market capitalization for publicly listed mining companies. Despite this, challenges such as rising mining difficulty and network hashrate remain in the spotlight. Increased Profitability for Bitcoin Miners Bitcoin mining profitability saw significant improvement in November. According to reports, daily mining revenue and gross profit for miners rose as Bitcoin’s price reached new highs. The total market cap of the 14 Bitcoin miners tracked by a major financial institution increased by a staggering 52% compared to the previous month, reaching a total value of…
Bitcoin (BTC) has recently seen a significant shift in its supply dynamics, with the amount of “illiquid” Bitcoin reaching an all-time high. This trend, alongside a notable decline in Bitcoin held on exchanges, points to heightened investor demand and growing scarcity in the market. Illiquid Bitcoin Reaches Record Levels According to Glassnode data, around 14.8 million BTC are now considered “illiquid,” accounting for 75% of the total circulating supply. This refers to Bitcoin held by long-term holders (LTHs) who are not actively trading or selling their assets. Over the past 30 days, the illiquid supply has increased by over 185,000…
MicroStrategy, a leading business intelligence company, has increased its Bitcoin (BTC) holdings by purchasing an additional 15,400 BTC for approximately $1.5 billion. This move brings the company’s total Bitcoin holdings to a significant 402,100 BTC, valued at around $38.2 billion at the current price of $95,000 per Bitcoin. Bitcoin Purchase Details and Funding Source The 15,400 BTC purchase occurred during the week ending December 1st, with each Bitcoin acquired at an average price of $95,976. The transaction was financed through the company’s at-the-market (ATM) program, which allows MicroStrategy to sell shares to raise capital. As of now, the company’s overall…
Ether (ETH), the world’s second-largest cryptocurrency, may be entering a phase where it could outperform Bitcoin (BTC), according to a new report from Bernstein. The brokerage firm highlighted several factors contributing to this potential shift, especially in light of recent ETF inflows. Positive Shifts in Ether’s Market Outlook Despite Ether’s underperformance relative to Bitcoin throughout 2024, Bernstein suggests that this trend may be coming to an end. The report, released on Monday, points out that Ether’s ETF inflows are showing signs of improvement, signaling a potential turnaround for the cryptocurrency. On Friday, BlackRock’s Ether spot ETF saw $250 million in…
XRP has experienced an explosive rise, overtaking Tether (USDT) to secure its place as the third-largest cryptocurrency by market capitalization. Meanwhile, Bitcoin (BTC) faces substantial resistance as it struggles to break the $100,000 mark. XRP’s Meteoric Rise and Market Dominance In just 24 hours, XRP surged by over 20%, propelling it to a new market value of $139 billion. This price jump pushed XRP past Tether’s USDT, making it the third-largest cryptocurrency globally by market cap. XRP’s 30-day performance is equally impressive, showing a 375% increase, reaching $2.40 per token. The surge has sparked renewed interest in XRP, with many…
Ethereum’s native token, ether (ETH), is showing a promising bullish chart pattern that resembles a signal seen in Bitcoin (BTC) before its historic price surge. Combined with rising network activity and record ETF inflows, Ethereum is setting the stage for potential upward momentum. A Bullish Breakout: Ether’s Three-Line Break Chart Ether’s three-line break chart, a technical analysis tool that filters out daily price volatility, reveals a major shift in trend. After an eight-month correction characterized by lower highs and lows, ETH has resumed its broader uptrend from the October 2023 lows near $1,500. Such breakouts often create a bullish cascading…
Ethereum (ETH) exchange-traded funds (ETFs) have gained significant traction, with record daily inflows of $333 million on Friday, outpacing Bitcoin (BTC) ETFs. The surge highlights Ethereum’s growing appeal among investors, driven by a favorable outlook for decentralized finance (DeFi) and an improving regulatory environment. Record-Breaking Inflows Push ETH ETFs Ahead On Friday, spot-based Ethereum ETFs in the U.S. experienced their strongest daily inflows ever, marking a significant shift in investor sentiment. According to data from Farside Investors, the combined net inflows reached an impressive $332.9 million. BlackRock’s iShares Ethereum Trust (ETHA) attracted the majority, with $250 million in fresh funds.…