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Nobody wants to sell Bitcoin

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Hello, Crypto Briefers!

Bitcoin’s on-chain activity shows that the enthusiasm for selling BTC has dwindled significantly. Glassnode’s data reveal a stark decrease in the dollar value of on-chain transfers, suggesting a collective hesitation among investors to part with their Bitcoin holdings. Analysts interpret this trend as a sign of strong holding sentiment, with investors clinging to their assets in anticipation of further price hikes.

Bitcoin traders are bracing for a potential downturn, with recent options data suggesting a bearish market sentiment ahead. Insights from Deribit, a leading crypto options exchange, indicate an unusual surge in the volume of Bitcoin put options, with strike prices notably clustered around the $50,000 and $45,000 marks.

FTX, the crypto exchange that filed for bankruptcy, has struck a significant deal, agreeing to sell the majority of its stake in artificial intelligence startup Anthropic to a group of institutional investors for $884 million. Potential buyers include a sovereign wealth fund from Abu Dhabi, along with other significant entities like Jane Street Global Trading and funds related to Fidelity Investments and The Ford Foundation.

 

Today’s Newsletter

  • Nobody wants to sell BTC, analyst says as Bitcoin’s on-chain activity limps
  • Bitcoin traders anticipate price drop below $50,000, options data show
  • FTX to sell $884M of Anthropic shares to two dozen institutional investors


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BITCOIN

Nobody wants to sell BTC, analyst says as Bitcoin’s on-chain activity limps

Moreover, the data from Glassnode highlights a significant downturn in the mean transfer volume, with current levels languishing well below the highs of the 2021 bull market. This phenomenon indicates a marked reduction in the willingness among Bitcoin holders to sell, further emphasizing the prevailing hold strategy among investors.

The 2022 bear market, characterized by plummeting prices and evaporating investor confidence, appears to have reduced the weak hands, leaving behind a core of steadfast holders. These survivors are now poised with their coin stashes, eyeing an optimistic future where Bitcoin’s value could potentially surge into six-figure territory. The current low on-chain volume, therefore, is not merely a sign of market stagnation but a strategic pause, with investors betting on a future rally that could redefine Bitcoin’s value proposition in the financial world. [coindesk]

BITCOIN

Bitcoin traders anticipate price drop below $50,000, options data show

This shift towards a defensive posture comes amidst a backdrop of waning demand for Bitcoin ETFs, hinting at a broader caution among investors. As Bitcoin’s price hovered around $63,500 last Friday, the marked discrepancy between current market positions and potential future values prompts a closer examination of investor strategies and market expectations.

Historical fluctuations in Bitcoin’s price, particularly in relation to macroeconomic indicators and Federal Reserve policies, have often served as a barometer for investor sentiment and market health. Recent events, such as the FOMC meeting and its aftermath, have further influenced the correlation between digital assets and equities, as observed by Chris Newhouse of Cumberland Labs. Additionally, the introduction and subsequent performance of Bitcoin ETFs since January 11 have offered a new avenue for investors to engage with Bitcoin, albeit with mixed results in terms of inflows and outflows. [cryptobriefing]

EXCHANGES

FTX to sell $884M of Anthropic shares to two dozen institutional investors

This deal is a major step in FTX’s plan to repay its creditors, underlining the potential of artificial intelligence as a high-value investment sector. FTX and Alameda’s initial investment in Anthropic back in 2021, which has now more than doubled in value, demonstrates the foresight of the bankrupt exchange’s investment strategy.

The original investment in Anthropic, made during a period of aggressive expansion and optimism in the crypto and AI sectors, turned into a critical asset for the FTX estate amidst the fallout from the exchange’s sudden collapse. This transaction contributes to the reparative efforts aimed at compensating FTX’s creditors but also reflects on the evolving dynamics of asset valuation in bankruptcy scenarios. [coindesk]


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