$2.3B in Bitcoin exchange outflows dwarfs the amount of new BTC mined

From Oct. 15 to Nov. 15, Bitcoin (BTC) exchange outflows dropped from 2.5 million to 2.355 million, the lowest levels since August 2018. Approximately 145,000 BTC, worth $2.35 billion at a price point of $16,200, moved out of exchanges. Bitcoin exchange reserves since January 2018. Source: CryptoQuant In the same period, Bitcoin miners mined around 27,000 BTC, equivalent to around $437.4 million. Since miners have been mining 900 BTC daily after the May 11 halving, 900 BTC times 30 days equals 27,000 BTC. This aggressive accumulation trend seen in the…

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Why Are Bitcoin Miners Moving An “Unusually” Large Amount of BTC?

Bitcoin is an asset unlike any other. Not only are prices impacted by normal market participants buying and selling, but miners powering the underlining network with massive BTC reserves can also have an even greater effect. Several large miners were seen moving “unusually large” sums of BTC overnight, just ahead of the massive market collapse. Could they be responsible for the most recent plummet in Bitcoin price below $11,000? And why are these miners suddenly selling their cryptocurrency when the asset is supposed to be in a new bull market?…

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There’s an “Unusual” Amount of Bitcoin Sellling Pressure From Miners

Bitcoin took a strong dive during Wednesday’s trading session. The asset fell from the $12,075 highs of the day prior to a local low around $11,200, marking a 7% correction. The leading cryptocurrency remains near the lows as buyers have yet to step in en-masse. There seems to be some uncertainty about the medium-term future of BTC as the price of gold flags seemingly due to the U.S. dollar bouncing. Investors are responding in kind. Data suggests that BTC miners are liquidating some of their tokens, suggesting that they perhaps…

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The Amount of Bitcoin That Hasn’t Moved In a Year Hits an All-Time High

The number of Bitcoin that has not moved in over 12 months achieved a new all-time high. The statistic indicates investors are confident in the long-term trend of BTC. Dan Held, who leads business development at a top U.S. Bitcoin exchange Kraken, said: “61% of Bitcoin hasn’t moved in over a year. That’s an all-time high.” The supply of Bitcoin that has not moved for more than a year hits an all-time high. Source: Glassnode Other metrics generally suggest that the level of “HODLing” has been increasing steadily since the…

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Users Punish Coinbase for Outage by Withdrawing Record Amount of BTC

Coinbase experienced the largest net outflow of Bitcoins (BTC) in ages in the wake of the recent service outage. Even Nassim Taleb has left the nest. Black Swan The June 1 outage happened during the surge of traffic as Bitcoin was trying to push through the $10,000 resistance level. Similarly, to the BitMex’ blackout a few months ago, this caused much frustration amongst its user base. A few days later, one of its most famous users, “Black Swan” author Nassim Taleb, quit the exchange. Coinbase Net Bitcoin Flows. Source: Glassnode.…

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Grayscale is Now Buying 1.5 Times the Amount of Bitcoin Being Mined

Crypto fund manager Grayscale Investments is accumulating Bitcoin at a rate equivalent to 150% of the new coins created by miners since the May 11 block reward halving.  According to data published by independent crypto researcher Kevin Rooke, Grayscale has added 18,910 BTC to its Bitcoin Investment Trust since the halving, while only 12,337 Bitcoins have been mined since May 11. Binance CEO Changpeng Zhao reposted the chart, commenting: “There isn’t enough new supply to go around, even for just one guy”. Grayscale absorbs BTC supply Last week, Rooke estimated…

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BlockFi Clients Can Now Start Earning Interest On Any Amount of Crypto

Clients of BlockFi, a cryptocurrency lending company, will now be able to start earning interest on any amount of Bitcoin (BTC), Ether (ETH), and Gemini Dollar (GUSD). No minimum deposit to earn interest On Sept. 13, the New York-based cryptocurrency lending company, BlockFi, announced that, starting today, its BlockFi Interest Account (BIA) clients will not be required to meet a minimum deposit amount in order for them to earn interest on their Bitcoin, Ether, or GUSD balances. Zac Prince, founder and CEO at BlockFi stated that he is excited to…

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Telegram Doubles Amount Raised in ICO to $1.7 Billion

Messaging app provider Telegram has successfully raised another $850 million through its initial coin offering (ICO) private sale, public documents reveal. According to a Form D disclosure filed with the U.S. Securities and Exchange Commission (SEC) by Telegram founder Pavel Durov on Thursday, the funds raised were “purchase agreements for cryptocurrency.” The company announced it had raised $850 million in late February in the initial ICO phase, which was already at the time one of the largest amounts raised via a token sale to date. Notably, the filing states that “this…

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