Author: The Daily Hodl

Bitcoin miners will need to capitulate before BTC can take off on a new rally, according to the popular on-chain analyst Willy Woo. Woo tells his 1.1 million followers on the social media platform X to look for compressions in Bitcoin hash ribbons when thinking about when to buy and hold. “I know it sucks, but BTC is not going to break all-time highs until more pain and boredom plays out. On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally.” Bitcoin hash ribbons attempt to identify periods of time…

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The number of Ethereum (ETH) holders continues to rise despite the top altcoin’s declining price, according to the analytics platform Santiment. Santiment notes that ETH’s growing number of wallets comes as Bitcoin (BTC) wallets have been dropping since mid-March. “Bitcoin holders have just had their biggest three-day drop in non-empty wallets since just prior to the March 14th all-time high. Unlike then, BTC has been sliding, provoking traders to liquidate for fear of further drops. Meanwhile, Ethereum wallets keep growing in number.” Ethereum is trading for $3,400 at time of writing, down more than 4% in the last 24 hours.…

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Binance’s venture capital arm is announcing an investment into a new cross-chain decentralized exchange (DEX) and bridging aggregator. In a new blog post, the world’s largest crypto exchange by volume says that it is investing an unspecified amount of money into interoperability DEX Rango. Rango is a cross-chain exchange that aggregates sources and connects traders to the best rates across multiple blockchains, including Bitcoin (BTC), Solana (SOL), Tron (TRX) and Cosmos (ATOM). According to Binance, Rango currently supports over 60 digital assets, 70 DEX protocols, and 20 bridges, bringing its total volume to over $3 billion. As of June 19th,…

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Analysts at crypto hedge fund Pantera Capital believe Solana (SOL) could soon start pulling market share away from Ethereum (ETH) and other layer-1 competitors. In its latest Blockchain Letter, Pantera analysts Franklin Bi, Cosmo Jiang and Eric Wallach say that Solana’s monolithic architecture gives it a sizable advantage over other blockchain projects. “Solana’s monolithic design and relentless focus on optimization offer distinct advantages in terms of user experience, developer agility and security. As the blockchain industry matures, these strengths position Solana to thrive and gain market share from competing ecosystems. While the road ahead is not without challenges, Solana’s fundamentals…

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Coinbase is currently holding around 4% of the Bitcoin (BTC) in circulation, according to the blockchain analytics platform Glassnode. Per Glassnode, the top US crypto exchange has approximately 839,000 BTC in its custody. “Coinbase as an entity holds a vast fraction of both aggregate exchange balances, as well the US spot exchange-traded funds (ETF) balances via its custody service. The Coinbase Exchange and Coinbase Custody entities currently hold an estimated 270,000 and 569,000 BTC respectively.” Bitcoin, which is trading at $65,085 at time of writing, currently boasts a market capitalization of $1.285 trillion. The blockchain analytics platform further says that…

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MAGA (TRUMP), currently the biggest memecoin inspired by Donald Trump, collapsed nearly 60% early this week amid rumors that the former president was planning on launching his own coin. Speculation revolved around another coin on the Solana (SOL) network called Trumpcoin (DJT), which some outlets reported as being launched by Trump and his son Barron. Blockchain “de-anonymizing” platform Arkham put out a $150,000 bounty to determine the true identity of whoever launched DJT. Renowned blockchain investigator Zachxbt responded to the bounty, and reported that midway through his probe, investor Martin Shkreli – also known as “Pharma Bro” – messaged him…

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Synthetic dollar protocol developer Ethena Labs is updating the tokenomics for its native asset, ENA, in a bid to increase the token’s utility. Ethena aims to provide a crypto-native solution for money not reliant on traditional banking system infrastructure via a synthetic dollar called USDe. The protocol also offers a dollar-denominated savings instrument called “the Internet Bond.” Currently, the ENA token can be locked within Ethena to boost potential future rewards or locked in Pendle, a decentralized finance (DeFi) protocol that allows users to tokenize and sell future yields. Ethena Labs says it aims to leverage generalized restaking pools for staked ENA…

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A Kraken executive says that a black hat entity stole $3 million from the firm after finding a bug in the exchange’s systems. In a lengthy thread on the social media platform X, Nick Percoco, Kraken’s chief security officer, says that earlier this month, Kraken received an update from their Bug Bounty program claiming there was an “extremely critical” bug that would allow hackers to artificially inflate their funds. Says Percoco, “Within minutes we discovered an isolated bug. This allowed a malicious attacker, under the right circumstances, to initiate a deposit onto our platform and receive funds in their account…

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Coinbase is gearing up to roll out a new feature that will allow users to trade new crypto tokens before they launch. The Coinbase International Exchange and Coinbase Advanced will enable traders in eligible jurisdictions outside of the US, the UK and Canada to buy perpetual futures contracts for assets that haven’t been listed on spot exchanges yet. When the underlying asset for a pre-launch perpetual futures contract actually receives an exchange listing, the contract converts to a standard perpetual contract. Coinbase says the upcoming feature will enable traders to “participate in price discovery,” though the exchange warns that pre-launch…

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A widely followed analyst is unveiling a possible timeline for the altcoin markets to record new all-time highs. In a new strategy session, trader Jason Pizzino tells his 329,000 YouTube subscribers that he’s looking closely at the TOTAL3 chart, which tracks the market capitalization of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins. According to Pizzino, TOTAL3 witnessed a 26-month accumulation period during the last cycle, spanning from late 2018 to early 2021, before launching a parabolic surge Pizzino says that TOTAL3 may be mirroring the same pattern in this cycle and could be a few months away…

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