Researchers have found that roughly 11,000 entities are responsible for more than half of Bitcoin’s on-chain volume. According to a study published by the National Bureau of Economic Research (NBER) on Oct. 21, 11,043 on-chain entities represent 55% of volume on the Bitcoin network. Cryptocurrency exchanges were estimated to account for three-quarters of on-chain volume. The report found that the top 1,000-largest investors control roughly 3 million BTC or 15.9% of circulating Bitcoin, while the next 9,000-largest investors hold roughly 2 million BTC combined or 10.6% of circulating Bitcoin. The report’s authors conclude that the network remains highly centralized despite …

Wall Street opened its doors for the first Bitcoin (BTC) exchange-traded fund (ETF) on Oct. 19, with the listing of ProShares Bitcoin Strategy (BITO) on the New York Stock Exchange. The fund attracted more than $1 billion in trading volume on its first day, while BTC price rallied to a new record high of $67,000. But the spot gains did not stay for too long with BTC paring some gains going into the weekend. Bitcoin price corrected by almost 11% from its all-time high to reach levels below $60,000 on Saturday, raising fears about selloffs that typically come after the …

Bitcoin (BTC) trading volumes on global payment service provider PayPal reached $145.60 million on Oct. 20, just as the benchmark crypto rallied toward its record high near $67,000. The latest spike in volumes came out to be the highest since the May 19 Bitcoin price crash from around $43,500 to as low as $30,000. On the day, some $304 million worth of BTC changed hands, almost double the volumes logged on Oct. 20. Nonetheless, in both instances, it was unclear if the volumes were due to the increase in purchasing during the Bitcoin price rally or selloffs near the newly-achieved …

Ethereum's native token Ether (ETH) is likely to hit its own record high in the short term as ETH has broken above $4,000, a crucial resistance level. Ethereum breaks $4,000, nearing new all-time high ETH price rallied on Oct. 20 by over 5% to approach $4,100 on the Coinbase exchange for the first time since May 2021. The cryptocurrency's run-up above $4,000 appeared primarily in the wake of Bitcoin (BTC) breaking above $65,000 to enter price discovery. According to data provided by Crypto Watch, the 30-day correlation between Bitcoin and Ether came out to be 0.81. That shows an 81% …

Bitcoin’s (BTC) ongoing price rally above $64,000 has coincided with a substantial drop in its reserves across all exchanges. According to data provided by CryptoQuant — a South Korea-based blockchain analytics service — the amount of Bitcoin held in exchanges’ wallets dropped to as low as 2.379 million BTC earlier this week, the lowest in more than three years. Currently, the reserves are around 2.38 million BTC. CryptoQuant noted that the declining Bitcoin reserves showed the availability of fewer BTC tokens “for selling, altcoins purchasing, and margin trading.” Additionally, that also reflected traders’ intention to “hodl” the cryptocurrency. Demand for …

Cardano (ADA) has formed a deadly "death cross" on its daily chart against Bitcoin (BTC) — a market signal that's generally seen as a warning of more downside in the near term. The ominously-titled indicator kicks in when an asset's short-term moving average closes below its long-term moving average. In doing so, it calls for technically-minded traders to increase their bearish positions in the market. ADA/BTC in trouble On Tuesday, ADA's 50-day exponential moving average (50-day EMA; the velvet wave) dropped below its 100-day exponential moving average (100-day EMA; the blue wave). That marked the sixth 50–100 EMA bearish crossover …

The U.S. dollar index (DXY) could continue its slide in Q4, according to a classic technical setup known as a “rising wedge.” The greenback’s bearish prospects may boost Bitcoin’s (BTC) price to new all-time highs as it holds above $62,000. DXY poised for another 1.75% drop Rising wedges are bearish reversal patterns that begin wide at the bottom but contract as the price increases. As a result, the trading range narrows, which makes the rally unconvincing. That typically prompts the price to break below the wedge’s support line and later fall by as much as the maximum distance between the …

Ethereum's native token Ether (ETH) has rallied by more than 415% this year to over $3,800, and two major bullish patterns developing on its charts highlight the scope for another upside move, ultimately toward the $6,200–$6,500 price range. ETH price eyes $4K resistance breakout The first decisive break above the psychological $4,000-mark, which serves as a resistance trendline to a five-month-old ascending triangle and a cup and handle pattern, could trigger a textbook price rally in the coming sessions. In detail, the $6,250-level appears as the profit target for the Ascending Triangle pattern, calculated by measuring the widest distance between …

Bitcoin’s (BTC) market tendency to crash by over 80% after logging strong bull runs might come to an end. That is according to a new report published by California-based hedge fund Pantera Capital. In detail, the report notes that the recent periods of BTC price drops have been less severe than in the past. For instance, in 2013–2015 and 2017–2018, Bitcoin crashed by as much as 83% after topping out near $1,111 and $20,089, respectively. Similarly, the cryptocurrency’s bull run in 2019–2020 and 2020–2021 led to massive price corrections. Nevertheless, the scales of their retracements afterward were -61% and -54%, …

Solana (SOL) price technicals suggest SOL can hit $275 in the coming sessions. The upside outlook for the world's sixth-largest cryptocurrency by market capitalization comes as it consolidates inside a range that appears like a bull pennant. In detail, Bull Pennants are bullish continuation indicators that form as the price consolidates inside a symmetrical triangle-like structure following a strong move upside. The consolidation trend accompanies declining volumes, reflecting on the trend's underlying weakness. And, as the price approached the apex — the point where the pennant's trendlines converge, it tends to undergo a breakout to the upside, with the bull …

Open interest (OI) for Bitcoin (BTC) Futures trading on the Chicago Mercantile Exchange (CME) inched toward a new record high on Oct. 14 as BTC reclaimed its five-month high of $58,550 on BitStamp. The total number of outstanding derivatives contracts on the CME Group's Bitcoin Futures market reached $3.22 billion, just $40 million below its record high logged in Feb 2021, according to data provided by ByBt.com. Nonetheless, the OI came out to be higher than it was at the Bitcoin price's peak in mid-April. In detail, the Bitcoin Futures OI on CME was $3.02 billion on April 14, the …

Tesla’s bold foray into the Bitcoin (BTC) market has been paying off in 2021 as BTC’s price has been rallying in October to hit over $58,000 on Oct. 14. Tesla currently holds roughly 43,200 BTC, worth roughly $2.5 billion at today’s prices, according to online monitoring resource Bitcoin Treasuries. This is approximately 65% or $1 billion more than what the carmaker paid in February when Elon Musk’s company revealed that it had added $1.5 billion in BTC to its balance sheet. In Q2, Tesla sold 10% of its Bitcoin holdings — about 46,000 BTC — at a reported average price …