Author: The Daily Hodl

A widely followed crypto strategist is warning that Chainlink (LINK) may be on the verge of a massive correction. Pseudonymous analyst Credible tells his 394,500 followers on the social media platform X that the native asset of the leading decentralized oracle network appears to have printed a mid-cycle top. According to the analyst, a deep corrective move is now in the cards for LINK after witnessing massive rallies in the last few months. “I understand that after 10 months of up only and a 4x rally, a pullback lasting 2-3 months with a 50-60% drawdown is normal, natural and healthy.…

Bitcoin’s (BTC) current market structure looks similar to 2017, just before its massive 1,200% rally to its previous record high of $20,000, according to widely followed crypto analyst TechDev. The pseudonymous analyst shares with his 450,000 followers on the social media platform X a chart that suggests the current market cycle has been strikingly reminiscent of the 2017 Bitcoin bull run. TechDev’s chart highlights that both bear markets bottomed out during the crash of two major crypto exchanges, followed by repeated rallies and consolidation phases. “The more things change, the more they stay the same.” Looking at the trader’s chart,…

A closely followed crypto analyst thinks that market participants are too pessimistic about the odds that regulators will green-light a spot Ethereum (ETH) exchange-traded fund (ETF). Pseudonymous analyst Altcoin Psycho tells his 501,800 followers on the social media platform X that people are not bullish enough on ETH right now. “Markets 100% underestimating odds of an ETH ETF. It’s also underestimating the price impact it’ll have. Buying ETH under $3,000 pre-ETF will eventually be an obvious hindsight trade. Just like how it’s now obvious you should have bought Bitcoin pre-ETF.”  Data from the Ethereum-based prediction market platform Polymarket shows that…

Research from Coinbase suggests that decisions on a spot Ethereum (ETH) exchange-traded fund (ETF) could surprise investors. In a new note, Coinbase Institutional says that an ETH ETF is a question of when, not if, and that the U.S. Securities and Exchange Commission (SEC) is likely looking at the decision with the same rationale that it did when approving the Bitcoin (BTC) ETFs earlier this year. Coinbase notes that the SEC looked at the strong correlation between the price of spot BTC on the Chicago Mercantile Exchange (CME) – something that is also true for Ethereum. “While there is uncertainty…

The creator of interoperability blockchain Polkadot (DOT) says that one use case for the blockchains is crucial for their mass adoption. In a new interview on macro guru Raoul Pal’s podcast, Polkadot creator Gavin Wood says that proof of personhood – or a mechanism that digitally verifies a person’s humanity – could be the killer blockchain application that triggers widespread adoption. “What I’ve come to think about in this regard [during] the last couple of years is that blockchains have so far only really mastered doing scale of value – money basically. They haven’t mastered the concept of personhood, it’s…

Popular on-chain analyst Willy Woo believes Bitcoin (BTC) is now in a position to kick start a fresh leg up after months of consolidation. Woo tells his 1.1 million followers on the social media platform X that he’s looking at Bitcoin’s spent output profit ratio (SOPR), which tracks whether coins are being sold at a profit or loss. According to Woo, the metric currently shows that BTC holders are done taking profits close to record highs, suggesting that sell pressure is losing momentum. “Profit-taking has completed, it took two months. A very healthy reset, against a backdrop of capital flows…

An altcoin linked to a security-focused crypto wallet is outperforming the broader digital asset market, surging by more than 40% this week. Safe is a smart contract wallet that runs on multiple blockchains. The project introduced native swaps this week. Explains Safe, “Batch auctions consolidate multiple transactions, reducing gas costs and the need for multiple signatures. A smoother, more efficient trading process is here.  Built-in MEV (maximal extractable value) protection by specialized third-party solvers ensures fair and interference-free transactions. Specialized solvers compete to fill orders by accessing a broad network of decentralized liquidity sources, aiming for more competitive pricing.” SAFE,…

The head of blockchain analytics platform CryptoQuant thinks Bitcoin (BTC) is only halfway through its current bull cycle. Ki Young Ju tells his 346,000 followers on the social media platform X that BTC’s market cap is growing faster than its realized cap, a trend he says tends to last around two years. The realized cap metric records the price of each Bitcoin when it last moved and aims to gauge how many holders are in profit or at a loss. Explains Young Ju, “If this pattern continues, the bull cycle might end by April 2025.” BTC is trading at $67,014…

Smart contract platform Solana (SOL) is moving to the top of CoinGecko’s list of fastest blockchains. In a new publication, CoinGecko says Solana is a staggering 46 times faster than its rival Ethereum (ETH), the second-largest digital asset by market cap, making it the fastest large blockchain on the market. However, CoinGecko says that Solana has only reached 1.6% of its theoretical maximum throughput. “Solana has proven to be the fastest among large blockchains, with its actual daily average transactions per second (TPS) reaching a record high of 1,504 on April 6th this year amid the memecoin mania. This makes…

The San Francisco-based crypto exchange Kraken is reportedly mulling whether to pull support for the stablecoin USDT in the European Union (EU). Bloomberg reports that Kraken is “actively reviewing” its European support for the Tether-issued stablecoin. European digital asset trade associations and think tanks have warned that the EU’s Markets in Crypto-Assets Regulation (MiCA) could ban the largest stablecoins by trading volume. MiCA is the upcoming EU legislation that will provide rules covering the supervision, consumer protection and environmental safeguards of crypto assets. The law also includes measures that aim to reduce financial crimes including market manipulation, money laundering and…