Latest news with #CryptoQuant
Yahoo
18 hours ago
- Business
- Yahoo
Bitcoin Miner Revenue Drops to 2-Month Low, but Selling Pressure Remains Absent: CryptoQuant
Bitcoin BTC miner revenues have slid to their lowest levels in two months, but there's still no sign of forced selling, even as profitability falls. Daily mining revenue dropped to $34 million on June 22, the weakest since April and among the lowest levels over the past year, CryptoQuant said in a weekly report shared with CoinDesk. The drop comes as transaction fees decline and bitcoin hovers near local lows, reducing overall incentives for miners to stay online. Hashrate has dipped 3.5% since June 16, marking the most significant pullback in network computing power since July 2024. While modest, it reflects mounting pressure on miners already grappling with tighter margins following the halving. Yet the expected wave of miner capitulation hasn't materialized. Outflows from miner wallets have remained muted, sliding from 23,000 BTC per day in February to around 6,000 BTC currently — with no exchange transfer spikes recorded. Even wallets tied to Satoshi-era miners, often a bellwether for long-term sentiment, have barely budged: just 150 BTC sold so far in 2025, compared to nearly 10,000 BTC offloaded in 2024. Satoshi-era miners refer to network participants who mined their coins during the very early days of the Bitcoin network, typically between 2009 and 2011, when Satoshi Nakamoto, Bitcoin's pseudonymous creator, was still active on online forums. Meanwhile, data shows miner reserves are growing. Addresses holding between 100 and 1,000 BTC — typically operated by mid-sized mining entities — have added 4,000 BTC since March, pushing balances to their highest levels since November 2024. The takeaway is miners are playing the long game, either anticipating a rebound or preferring to burn through cash rather than sell at current prices. 'This further suggests there's no selling pressure coming from miners at these price levels,' CryptoQuant concluded.
CNBC
2 days ago
- Business
- CNBC
Why bitcoin isn't rallying even with billions of dollars in ETF inflows
The stock market has made an extraordinary comeback from its lows earlier in the year despite lingering questions about the economy and rising geopolitical tensions, but bitcoin's gains have been more muted. The flagship cryptocurrency hasn't rallied in a big way since the beginning of the year. Since May 9, it's traded in a tight $10,000 range – with a brief blip above that ceiling to its all-time high of nearly $112,000, which was still just a step above its previous record. And this is despite billions of dollars in ETF inflows in that period. On Wednesday, bitcoin ETFs logged 12 consecutive sessions of inflows. The trend followed a second week in a row of inflows. Both milestones underscore the strength of institutional demand even amid market uncertainty. The funds have collectively seen about $3.5 billion in inflows this month, while the price of bitcoin itself has risen just 2%, according to Coin Metrics. One reason for that could be that despite interest in bitcoin remaining at elevated levels, early megawhales are holding on to their coins for longer, waiting to offload them in greater amounts to today's biggest bitcoin buyers, ETFs and corporate treasuries, in an "orderly" and "well managed" shift in dynamics, according to 10x Research's Markus Thielen. "There is this change of ownership happening," said Thielen, CEO of the digital assets investment research firm. "We are not seeing a lot of real demand right now because the demand has been almost perfectly offset by the selling from these larger wallets." Data from CryptoQuant shows that wallets holding between 100 and 1,000 bitcoins have been the biggest buyers this year. Julio Moreno, head of research at the firm, said bitcoin ETFs likely fall into that cohort. Meanwhile, whales (wallets holding between 1,000 and 10,000 coins) and megawhales (which CryptoQuant labels as humpbacks and whose wallets hold more than 10,000 coins) have been net sellers this year. Retail investors, wallets holding less than a bitcoin, have also been sellers. The two whale cohorts have been setting the bitcoin price for weeks. As long as buying from the 100-to-1,000-BTC holders outpaces the selling from the bigger whales, bitcoin's muted rally can continue, Thielen explained. If the opposite happens, momentum fades and the rally stalls, he said. Moreno highlighted that historically, whales have been regarded as having 1,000 to 10,000 bitcoin in a wallet. However, since the launch of bitcoin ETFs and the emergence of the bitcoin treasury companies, the number of so-called dolphins, as CryptoQuant labels the 100-1,000-BTC cohort, have grown because those institutions tend to spread their bitcoin holdings across many smaller wallets. For example, BlackRock and Strategy have about 550 and 490 unique wallet addresses, respectively, with an average of 1,290 coins per wallet for BlackRock and 927 for MicroStrategy, according to 10x Research. "In reality, these entities are in fact large holders, having purchased thousands of bitcoin," Moreno said. The biggest bitcoin holders are likely miners based in China. From 2013 to 2021, China accounted for as much as 75% of the global hashrate, or the measure of the computational power being used to secure the Bitcoin network and validate transactions. To date 19.9 million bitcoins have been mined. Chinese mining companies account for approximately 11 million to 15 million coins created in that period. They still retain control of at least 5 million coins, according to 10x Research. "In all the other previous peaks, these dormant wallets were waking up and sending bitcoin onto exchanges for liquidation," he said. "But this time, so far, it seems that these wallets are holding – holding tight and only releasing as many bitcoin as can be scooped up by ETFs and by Strategy." While Strategy, which rebranded this year from MicroStrategy, remains the biggest corporate buyer of bitcoin, its acquisition cadence has slowed from the more aggressive levels seen last year, due in part to its narrowing stock premium and increasing competition in corporate treasury adoption of bitcoin. "If megawhale selling accelerates further, a deeper correction is likely," Thielen said. "Conversely, if selling pressure eases while whale accumulation picks up, the next leg of the rally could begin." "At the moment, the imbalance creates a slight bearish bias, making a breakout unlikely without a clear shift in our tactical flow indicator. Until that signal improves, consolidation is expected to continue."
Arabian Post
4 days ago
- Business
- Arabian Post
TRON's USDT Surge Overtakes Ethereum in Supply Race
Cryptocurrency markets are recalibrating as TRON's USDT reserves climb to an unprecedented $80.7 billion, eclipsing Ethereum's $73.8 billion—a record milestone for 2025. Data from blockchain analytics firm CryptoQuant highlights that TRON's share of the Tether stablecoin ecosystem has entered previously uncharted territory. This expansion further cements TRON as the dominant platform for USDT issuance. Tether's circulation on TRON—branded as TRC‑20 tokens—has surged sharply since the beginning of the year, jumping from approximately $59.8 billion in January to over $80 billion by mid‑June. In comparison, Ethereum's ERC‑20 USDT remains below TRON's benchmark, highlighting a structural shift in network preference. Market observers attribute TRON's gains to its lower fees and faster transaction times. A report from NFTEvening confirms that, as of mid‑May, TRON commanded nearly 50 per cent of global USDT supply, while Ethereum's share hovered around 41 per cent. TRON's blockchain now processes more than 2.4 million USDT transactions daily, dwarfing Ethereum's roughly 280 000 transfers. ADVERTISEMENT TRON's performance in 2021 was already notable, with USDT supply expanding from $6.7 billion to $39.4 billion—an increase of nearly 487 per cent. Stakeholder confidence accelerated through 2024, with TRON first overtaking Ethereum in USDT issuance in November. While TRON's stablecoin dominance grows, its total value locked in DeFi has declined—from roughly $7.5 billion in January to about $4.3 billion by mid‑year—according to DefiLlama statistics. However, decentralised exchange activity on TRON is rising; trading volume increased from $4.9 billion in April to $5.5 billion in May. Analysts argue that users may prefer flexible, liquid trading over locking capital in yield‑farming protocols. TRX, TRON's native token, has gained approximately 2.2 per cent in the past 24 hours to $0.2729, yet remains some 36 per cent beneath its December 2024 peak of $0.4313. Technical charting shows consolidation below the 20‑day simple moving average and strength above key exponential moving averages, indicating latent bullish potential. CryptoQuant reports that TRON's agenda is now largely centred on payments rather than advanced DeFi, noting a distinct mix of tokens like Wrapped TRX and USDD on the network. The network's recurring USDT mints are viewed as part of a strategic buildup. In mid‑May, Tether authorised another $1 billion mint on TRON, pushing its authorised supply well beyond Ethereum's at $73.7 billion compared with $74.5 billion. TRON's growing role in Asia and emerging markets may be another driver. The platform appeals to users and exchanges that prioritise low cost and swift settlement—features that align with cross‑border remittance and retail payments. However, questions around TRON's longstanding association with illicit transactions continue to cast a shadow over its rising stature. Ethereum retains significant traction within DeFi due to its robust ecosystem and broader stablecoin diversity. Nevertheless, ongoing surcharges and network congestion are prompting shifts towards alternate chains like TRON. The competition reflects a broader evolution towards a multi‑chain infrastructure where each blockchain plays to its strengths: Ethereum for advanced financial apps, TRON for efficient payments. Regulators are also watching this competition. Policy discussions around stablecoin frameworks in the United States, Europe and Asia could reshape how tokens are issued and used. TRON's dominance in USDT may prompt further scrutiny and prompt Tether to reassess its minting cadence and reserve disclosures across different chains.
Yahoo
21-06-2025
- Business
- Yahoo
Crypto Daybook Americas: Bitcoin Buoyed by Trump, but Analysts Eye $92K Risk
By Francisco Rodrigues (All times ET unless indicated otherwise) Risk assets, cryptocurrencies among them, breathed a sigh of relief after President Donald Trump ruled out an immediate entry into the Israel-Iran war, saying he may wait two more weeks before deciding whether to add U.S. firepower to the conflict. Bitcoin (BTC) is hovering around $106,000, up 0.9% in the past day, and the broader CoinDesk 20 index has gained 0.77%. In traditional markets, oil prices slipped 1.7% after a three-week rally and European stock indexes rose. U.S. equity futures are slightly higher than they were this time Thursday. Trump's comment reduced the odds of U.S. military action before the end of the month on prediction market Polymarket from around 70% to 40%. If the timeline is expanded to next month, the odds are now sitting at 62%, down from 90% on June 17. 'While the immediate prospect of a U.S. intervention in Iran may have diminished, the fact this is reportedly a two-week hiatus means it will remain a live issue for the markets going into next week,' AJ Bell investment analyst Dan Coatsworth told Yahoo Finance. Despite the crypto market's relative stability, analysts see diverging risks. Glassnode, a blockchain analytics company, said subdued on-chain activity could reflect a more mature market dominated by institutions making large, infrequent transactions. A new report from CryptoQuant, on the other hand, warns bitcoin could drop to $92,000 or lower, if demand fails to rebound. ETF flows are down 60% since April, whale buying has slowed by half, and short-term holders have dumped 800,000 BTC since late May. Stay alert! Crypto June 20: Proof-of-stake blockchain BlackCoin (BLK) activates SegWit on mainnet, improving security and performance. Nodes must be upgraded to release v26.2.0 before this date. Wallets from 13.2 can be used in 26.2.x. June 25: ZIGChain (ZIG) mainnet will go live. June 30: CME Group will introduce spot-quoted futures, pending regulatory approval, allowing trading in bitcoin, ether and major U.S. equity indices with contracts holdable for up to five years. Macro June 20, 8:30 a.m.: Statistics Canada releases May producer price inflation data. PPI MoM Est. 0% vs. Prev. -0.8% PPI YoY Prev. 2% June 23, 8 a.m.: Mexico's National Institute of Statistics and Geography releases April retail sales data. Retail Sales MoM Prev. 0.5% Retail Sales YoY Prev. 4.3% June 23, 9:45 a.m.: S&P Global releases (Flash) June U.S. data on manufacturing and services activity. Composite PMI Prev. 53 Manufacturing PMI Prev. 52 Services PMI Prev. 53.7 June 23, 3 p.m.: Argentina's National Institute of Statistics and Censuses releases Q1 GDP data. GDP Growth Rate QoQ Prev. 1.1% GDP Growth Rate YoY Prev. 2.1% Earnings (Estimates based on FactSet data) June 23 (TBC): HIVE Digital Technologies (HIVE), post-market, $-0.12 Governance votes & calls Compound DAO is set to vote on a proposal to create the Compound Foundation, a non-profit to drive protocol growth and strategy. It calls for an 18-month plan and requests $9 million in COMP. Voting ends June 20. Arbitrum DAO is voting on a proposal to launch DRIP, an $80M incentives program targeting specific DeFi activity. Managed by a foundation-led committee, DRIP would reward users directly and allow the DAO to shut it down via vote. Voting ends June 20. ApeCoin DAO is voting on whether to sunset the decentralized autonomous organization and launch ApeCo, a new entity established by Yuga Labs with a mission to 'supercharge the APE ecosystem.' Voting ends June 24. Polkadot Community is voting on launching a non-custodial Polkadot branded payment card to 'to bridge the gap between digital assets in the Polkadot ecosystem and everyday spending.' Voting ends July 9. Unlocks June 30: Optimism (OP) to unlock 1.83% of its circulating supply worth $17.34 million. July 1: Sui (SUI) to unlock 1.3% of its circulating supply worth $120.99 million. July 2: Ethena (ENA) to unlock 0.67% of its circulating supply worth $11.23 million. Token Launches June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN) and Synapse (SYN). The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited. Use code CDB10 for 10% off your registration through July 17. Day 2 of 3: BTC Prague 2025 June 24-26: Blockworks' Permissionless IV (New York) June 25-26: Bitcoin Policy Institute's Bitcoin Policy Summit 2025 (Washington) June 26: The Injective Summit (New York) June 26-27: Istanbul Blockchain Week June 30 to July 3: Ethereum Community Conference (Cannes, France) by Shaurya Malwa and Oliver Knight Jupiter DEX is pausing all DAO votes until end-2025, citing governance issues and a need to reset its structure during a "critical period" for DeFi. Exec Kash Dhanda said the current DAO setup breeds mistrust and FUD, preventing the team, holders and platform from working cohesively. A new governance model will be introduced next year, aiming to "unify rather than divide" the Jupiter community. Staking rewards (ASR) will continue at 50M JUP per quarter, but no new DAO-funded workgroups or emissions will be created in the meantime. The JUP token has dropped nearly 22% in the past month, and Friday's governance news had minimal impact, with the price hovering near $0.40. Open interest (OI) across top derivatives venues remains stable, but subdued relative to earlier highs. According to Velo data, respective OI sits at $56.73 billion, still well below the $65.95 billion peak seen on June 11. Binance has regained ground with $24.5 billion in OI, though this remains short of its previous $27.9 billion high. BCH stands out as a notable mover, recording the third-largest notional OI gain over the last 24 hours with an $83.4 million increase, following BTC and ETH according to Laevitas. BTC and ETH options positioning remains concentrated around out-of-the-money strikes, despite a minor expiry today. On Deribit, ETH options contract OI reached a yearly high of 2.58 million, with most exposure set to expire on June 27. ETH skew remains heavily call-dominated at the $3,200 strike, while BTC interest is clustered between $100,000 and $110,000. ETH's put/call ratio stands at 0.43, and BTC's at 0.63. Notional flows are similarly aligned, with top-traded contracts including 27JUN25 $2,600C and $100,000P, reflecting both directional interest and tail-risk hedging. Funding rate APRs across perpetual swaps remain broadly positive according to Velo data, with BTC and ETH both printing 10.95% on Bybit and Hyperliquid. Binance funding is also elevated at 8.98% for BTC and 10.05% for ETH, while Deribit remains flat. In contrast, BNB shows sharp negative prints (–22.73% on Bybit and –13.04% on Hyperliquid), hinting at short pressure amid falling dominance. Altcoin funding is similarly mixed, with names like AAVE and DOGE staying positive while SOL and AVAX are little changed. Coinglass data shows $131.89 million in 24-hour liquidations, skewed 56% toward shorts. ETH led notional liquidations at $32.2 million, followed by BTC at $28.7 million. Binance heatmaps reveal dense liquidation clusters between $106,000 and $108,000, indicating that recent price action cleared layered short positioning. BTC dominance continues to hover around 65%, and while short liquidations hint at squeezed leverage, directional conviction appears measured heading into the next major expiry window. BTC is up 1.63% from 4 p.m. ET Thursday at $106,015.34 (24hrs: +0.98%) ETH is up 1.85% at $2,554.74 (24hrs: +0.46%) CoinDesk 20 is up 1.3% at 3,034.29 (24hrs: +0.76%) Ether CESR Composite Staking Rate is up 7 bps at 3.05% BTC funding rate is at 0.0071% (7.7451% annualized) on OKX DXY is down 0.30% at 98.61 Gold futures are down 0.99% at $3,374.40 Silver futures are down 2.20% at $36.10 Nikkei 225 closed down 0.22% at 38,403.23 Hang Seng closed up 1.26% at 23,530.48 FTSE is up 0.44% at 8,830.90 Euro Stoxx 50 is up 0.80% at 5,238.57 DJIA closed on Wednesday down 0.10% at 42,171.66 S&P 500 closed down 0.03% at 5,980.87 Nasdaq Composite closed up 0.13% at 19,546.27 S&P/TSX Composite closed down 0.20% at 26,506.00 S&P 40 Latin America closed on Thursday down 0.15% at 2,614.38 U.S. 10-Year Treasury rate is up 2 bps at 4.42% E-mini S&P 500 futures are down 0.24% at 5,967.00 E-mini Nasdaq-100 futures are down 0.25% at 21,666.75 E-mini Dow Jones Industrial Average Index are down 0.21% at 42,098.00 BTC Dominance: 65% (0.25%) Ethereum to bitcoin ratio: 0.02407 (-0.08%) Hashrate (seven-day moving average): 864 EH/s Hashprice (spot): $53.25 Total Fees: 5.07 BTC / $537,039.75 CME Futures Open Interest: 154,500 BTC BTC priced in gold: 31.3 oz BTC vs gold market cap: 8.87% Bitcoin reclaimed its monthly open following a successful retest of the 50-day exponential moving average (EMA), signaling a potential shift in short-term momentum. The asset is now trading above Monday's low and appears to be making a move to recapture the full Monday range. If successful, this would open the path toward the Monday high near $109,000. However, the price is currently capped by the 20-day EMA. For bulls to maintain control, it will be crucial for BTC to continue closing above the monthly open. A decisive close above the January highs would further invalidate the prevailing weekly swing failure pattern, reinforcing the bullish case and potentially paving the way for a broader continuation to the upside. U.S. markets were closed on Thursday due to Juneteenth federal holiday Galaxy Digital Holdings (GLXY): closed on Thursday at C$26.65 (+2.03%) Strategy (MSTR): closed on Wednesday at $369.03 (-1.64%), +1.1% at $373.10 in pre-market Coinbase Global (COIN): closed at $295.29 (+16.32%), +1.03% at $298.34 Circle (CRCL): closed at $199.59 (+33.82%), +10.53% at $220.60 MARA Holdings (MARA): closed at $14.49 (-1.23%), +1.73% at $14.74 Riot Platforms (RIOT): closed at $9.94 (+2.9%), +1.51% at $10.09 Core Scientific (CORZ): closed at $11.9 (+0.08%), +0.42% at $11.95 CleanSpark (CLSK): closed at $9.18 (+3.15%), +1.42% at $9.31 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $18.7 (+0.11%) Semler Scientific (SMLR): closed at $31.94 (+11.95%), +8.39% at $34.62 Exodus Movement (EXOD): closed at $30.14 (+0.43%), +3.65% at $31.24 Spot BTC ETFs Daily net flows: $0 Cumulative net flows: $46.63 billion Total BTC holdings ~1.22 million Spot ETH ETFs Daily net flows: $0 Cumulative net flows: $3.92 billion Total ETH holdings ~3.98 million Source: Farside Investors Bitcoin dominance has reached 65%, currently trading near the upper boundary of a well-defined parallel channel that has guided the trend since mid-May. Europe Set for Iran Talks as Trump Signals 2-Week Window to Decide on Attack (Financial Times): Britain, France and Germany will meet Iranian officials in Geneva on Friday to restart high-level nuclear talks and push for renewed inspections with full access to Iran's atomic facilities. Bitcoin Steady Above $104K as Traders Eye Historically Bullish Second Half (CoinDesk): Bitcoin may stay stuck between $102K and $108K as traders hedge downside in options markets while month-end flows, rebalancing and weak catalysts weigh on near-term momentum. Arizona Moves Closer to Creating Bitcoin Reserve as Bill Passes Final Senate Vote (CoinDesk): The legislation, which still needs House approval, would update Arizona's laws on forfeiture, allowing the state to hold abandoned digital assets as unclaimed property. North Korean Hackers Are Targeting Top Crypto Firms With Malware Hidden in Job Applications (CoinDesk): Hackers are using fake career sites impersonating top crypto firms to trick jobseekers into installing a Python-based remote access trojan that steals credentials and wallet data from 80+ browser extensions. Iran's Islamic Revolutionary Guard Poised for More Power (The Wall Street Journal): Israeli strikes have raised the risk of Supreme Leader Ayatollah Khamenei's fall, giving the Revolutionary Guard an opportunity to install his successor and usher in an even more radical regime. U.K. Retail Sales Drop 2.7% in Worrying Sign for Economy (Bloomberg): May's contraction was far deeper than the 0.5% decline economists forecast, adding pressure to the Labour party's fiscal plans and raising the risk of tax hikes in Rachel Reeves' autumn budget. 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Yahoo
20-06-2025
- Business
- Yahoo
XRP Early Buyers Accelerate Profit-Taking as Regulatory Wins Bolster XRP Ecosystem
XRP XRP has staged one of the strongest rallies among crypto majors this cycle, but early retail holders are heading for the exit under the surface. Now trading above $2 — more than thrice its pre-rally base from October 2024 — XRP has become one of the best-performing large-cap tokens over the past 8 months. Investors who bought below 60 cents are sitting on gains upward of 300%, prompting a sharp pickup in profit-taking. According to on-chain data from Glassnode, the 7-day simple moving average (SMA) of realized profits from XRP wallets hit $68.8 million earlier this month, the highest in over a year. That's a clear sign of distribution pressure, with early accumulators cashing out into strength as the token tests key resistance levels just below its 2021 peak. That profit-taking pressure may help explain XRP's failure to break above $2.20 in recent sessions, despite multiple bullish headlines and technical the broader setup remains positive, supported by regulatory clarity in the U.S. and Ripple's growing push into tokenized asset infrastructure, the near-term price action reflects a supply overhang from long-term holders. A recent CryptoQuant analysis showed that the 1-year cumulative buy/sell quote volume difference for altcoins (excluding BTC and ETH) — a proxy for net investor flows — currently stands at negative $36 billion. That's a sharp reversal from December 2024, when the metric briefly flipped positive, marking a local top for altcoins. Since then, it's been a one-way bleed, with 'altcoin investors MIA,' CryptoQuant independent analyst Burak Kesmeci said in a Thursday post. Despite pockets of strength in XRP, SOL, and a few narrative tokens tied to real-world assets (RWAs), the broader altcoin ecosystem remains stuck in a bear market, he noted. Unless risk appetite returns or capital flows back into Layer 1s, DeFi, and gaming, hopes of an 'altseason' may continue to fade into the in to access your portfolio
