Author: Andrei Ionescu

The cryptocurrency market experienced notable outflows from Bitcoin and Ethereum spot exchange-traded funds (ETFs) on December 30, marking a continued trend of investor withdrawal amid year-end profit-taking and market uncertainty. Bitcoin Spot ETF Outflows Bitcoin spot ETFs recorded a total net outflow of $426 million, extending the streak of consecutive daily outflows to two days. Among these, Grayscale’s Bitcoin Trust (GBTC) reported a single-day net outflow of $135 million, contributing to its cumulative historical net outflow of a staggering $21.487 billion. Ethereum Spot ETF Outflows Ethereum spot ETFs also saw significant investor withdrawals, with a total net outflow of $55.4…

Bitcoin (BTC) markets showed continued bearishness late Monday, with prices briefly dipping below $92,000 before recovering to $92,800 as of Tuesday morning in Asia. Despite a year-end bitcoin purchase by MicroStrategy and the broader market’s anticipation for policy shifts under U.S. President-elect Donald Trump, traders and analysts forecast subdued activity heading into 2025. Modest Outlook for January Traders at Singapore-based QCP Capital noted in a Telegram broadcast that they were “skeptical of any New Year fireworks” as funding rates remain stable. They highlighted January’s historical average returns of +3.3%, similar to December’s +4.8%, suggesting price action might remain range-bound until…

OKX has published its 26th monthly Proof of Reserves (PoR) report, providing transparency into the platform’s asset holdings as of December 13. The snapshot reveals notable changes in user asset balances across major cryptocurrencies compared to the previous report on November 13. Key Highlights Transparency in Reserves The Proof of Reserves initiative is part of OKX’s ongoing commitment to transparency and user trust. It uses cryptographic tools like Merkle trees and public wallet addresses to verify the platform’s reserves, ensuring user funds are fully backed. OKX has consistently updated its PoR data since November 2022, allowing users and third-party auditors…

Binance Alpha, the pre-listing platform of leading cryptocurrency exchange Binance, has unveiled its eighth batch of project tokens, featuring a diverse range of concepts and blockchain ecosystems. The latest token lineup includes: Expanding the Ecosystem Binance Alpha continues to highlight projects with innovative themes and broad appeal, supporting diverse blockchain ecosystems like Ethereum, BNB Chain, and Solana. The inclusion of meme tokens alongside functional frameworks like ARC reflects the platform’s commitment to catering to a wide range of crypto enthusiasts and investors. Stay tuned for updates on these projects as Binance Alpha evaluates their potential for future listings on the…

Leading cryptocurrency exchange Bitget has unveiled a significant plan to burn 40% of its native token’s total supply, amounting to 800 million BGB tokens valued at approximately $6.8 billion. The initiative includes the introduction of quarterly token burns starting in 2025, funded by 20% of profits from the exchange’s operations and its associated crypto wallet services. This approach mirrors strategies employed by other major exchanges, including Binance, to bolster token value and create a deflationary effect. Unified Token Ecosystem The announcement follows Bitget’s recent decision to merge its Bitget Wallet Token (BWB) into Bitget Token (BGB), creating a unified ecosystem…

Blockchain data reveals a significant transaction involving one of the wealthiest Bitcoin addresses. Mempool monitoring indicates that the wallet ranked 30th on the Bitcoin rich list, starting with 3DR2iG, transferred 11,999 BTC—valued at approximately $1.19 billion—to another address beginning with 31wXuL at 12:08 (UTC+8) today. Despite this substantial movement, the originating wallet remains heavily stocked, retaining 15,357 BTC, equivalent to roughly $1.506 billion at current market prices. Details of the Transaction The transaction has sparked speculation within the crypto community, with observers debating whether this was an internal reallocation, preparation for a trade, or part of a larger strategy by…

U.S.-based spot Bitcoin ETFs have experienced a significant setback, shedding nearly $1.2 billion in outflows over a three-day period—the longest such streak since the days leading up to the 2024 re-election of former President Donald Trump. The three-day outflow streak has erased much of the inflow gains these ETFs achieved earlier in December. Decline in Value According to SoSoValue data, the 12 spot Bitcoin ETFs operating in U.S. markets recorded $1.18 billion in outflows between Dec. 18 and Dec. 23. Coupled with bitcoin’s declining price during this period, the total value held in these funds dropped by $10.7 billion, from…

In a significant move within the cryptocurrency sector, Justin Sun’s team address transferred 70,182 ETH (approximately $245 million) to HTX, according to blockchain analytics platform Spot On Chain. The transaction included 42,905 ETH unlocked from Lido Finance and an additional 27,277 ETH transferred from Etherfi. This latest transfer brings the total deposits by Justin Sun to HTX since November 10 to a staggering 179,101 ETH, valued at approximately $645 million. The deposits were made at an average price of $3,601 per ETH. Breakdown of Recent Activity HTX and Sun’s Growing Presence HTX, formerly Huobi Global, continues to be a focal…

The market value of Bitget’s exchange token, BGB, has surged to new heights, claiming the 23th spot in global cryptocurrency rankings, according to data from CoinMarketCap. Impressive Market Performance BGB’s meteoric rise has caught the attention of traders and analysts alike, with the token setting a new all-time high of 5.78 USDT. Its significant gains in the past 24 hours, combined with an impressive 224.13% increase over the last month, underscore its growing prominence in the crypto ecosystem. Driving Factors Behind BGB’s Rise The token’s surge may be attributed to a combination of factors: Outlook for BGB As BGB continues…

Binance has announced its decision to delist several spot trading pairs as part of its periodic review to maintain market quality. The review considers factors such as liquidity and trading volume. The following trading pairs will be removed and cease trading on December 27, 2024, at 03:00 UTC: Impact on Users While the trading pairs will be delisted, the underlying tokens will remain available for trading with other base and quote assets on Binance Spot. Spot Trading Bots Service Termination Binance will also discontinue Spot Trading Bots services for these pairs at the same time. Users are advised to update…