Author: The Daily Hodl
Blockchain tracking firm Lookonchain has spotted two sizeable traders capitulating on their memecoin positions as the digital assets market continues to correct. The firm says one trader with a seven-figure position capitulated on his Pepe (PEPE) holdings after holding for just over one month. “This PEPE trader capitulated and sold all 114.7 billion PEPE for 366.5 ETH ($1.27 million) at a breakeven price. He bought 114.7 billion PEPE ($1.27 million) at $0.000011 on May 14th and May 15th. The price of PEPE broke through $0.000017 on May 27th, at which time his profit was $670,000 (+50%), but he did not…
A merging of crypto and artificial intelligence (AI) technology could give a $20 trillion boost to the global economy, according to asset management giant Bitwise. The firm’s senior crypto research analyst, Juan Leon, says in a new report that the intersection of crypto and AI will be “even bigger than people imagine.” Leon says the global race for AI supremacy has created an unprecedented demand for data centers, pushing most of the giants of the industry to full capacity, with even facilities still under construction being leased out in advance. The analyst says Bitcoin (BTC) miners may be one of…
A widely followed crypto analyst says that deep-pocketed investors are accumulating billions of dollars worth of Ethereum (ETH) as the leading smart contract platform flashes a bullish signal on its daily chart. In a new thread, crypto strategist Ali Martinez tells his 65,400 followers on the social media platform X that in the past weeks, Ethereum whales have been busy gobbling up the leading altcoin. “Ethereum whales have bought over 700,000 ETH in the past three weeks, totaling approximately $2.45 billion!” The whale accumulation comes as Martinez says that Ethereum is displaying a bullish signal on its daily chart. The…
A crypto strategist who nailed the 2022 Bitcoin bottom says BTC may need the help of the stock market to break out to new highs. In a new video update, pseudonymous analyst DonAlt tells his 59,900 YouTube subscribers that Bitcoin is in a position to leave its consolidation phase and rally to fresh all-time highs. According to the top trader, Bitcoin has been weak compared to the stock market and hasn’t responded price-wise despite numerous positive developments in the crypto space. But DonAlt thinks that BTC can still muster momentum given that Bitcoin had a weekly close above a key…
Crypto analyst Jamie Coutts says that the current correction in digital assets is likely a mid-cycle dip that could be taken advantage of. Coutts says on the social media platform X that Bitcoin (BTC) and Ethereum (ETH) have held up much stronger than other crypto assets, implying that a potential mean reversion is on the table for smaller projects. “Smaller cap crypto assets have been taking it on the chin since March high of this year. The past three months have seen the Top 200 equal weight index fall 33% vs. the Market Cap index, which is down around 12%.…
A closely followed on-chain analyst says deep-pocketed Bitcoin holders are cashing in billions of dollars worth of BTC. Analyst Ali Martinez tells his 64,200 followers on the social media platform X that Bitcoin whales have unloaded more than 50,000 BTC worth roughly $3.30 billion in just 10 days. In addition to BTC whales, Martinez says miners are selling their Bitcoin stacks. “Bitcoin miners have played a role in the recent BTC price correction, selling over 1,200 BTC, worth more than $79.20 million!” While whales and miners are offloading their BTC holdings, Martinez notes that Bitcoin’s taker buy sell ratio on…
Farcaster, the blockchain-based challenger of social media platform X, reportedly may introduce its own token. The Ethereum (ETH)-based decentralized social network Farcaster allows users to create profiles, make posts called “casts” and follow others. The platform also gives users the ability to store their data on-chain and showcase their non-fungible tokens (NFTs). According to Fortune, Farcaster raised $150 million in funding last month with a $1 billion valuation despite a daily average user base of just 50,000. The investment is by far the largest in web3 social media to date. Citing a source who wished to remain anonymous, Fortune says…
A Bloomberg exchange-traded fund (ETF) expert says that spot market Ethereum (ETH) ETFs can be expected in the US by early July. In a new thread on the social media platform X, senior ETF analyst Eric Balchunas says ETH-based ETFs may be approved by July 2nd after it was found out that the U.S. Securities and Exchange Commission (SEC) responded to S-1 filings by several marquee financial firms. According to Balchunas, the regulatory agency sending back the forms for modifications implies that approval is right around the corner. “We are moving up our over/under date for the launch of spot…
The biggest whales on the Ethereum network currently hold an all-time high of $241.635 billion in ETH, according to the newest on-chain data. According to crypto analytics firm Santiment, the 100 largest non-exchange Ethereum whales hold a record high of 68.39 million ETH tokens, while exchange wallets have declined. “The top 100 Ethereum wallets on exchanges recently fell below its May 2018 all-time low, now at 8.41 million total ETH. This is a sign of increasing distribution over time. Meanwhile, the top 100 non-exchange wallets tell the opposite story, holding an all-time high 68.39 million ETH.” At time of writing,…
A widely followed crypto analyst says that investors shouldn’t expect altcoin season until the Federal Reserve makes its next move. In a new video update, crypto strategist Benjamin Cowen tells his 802,000 YouTube subscribers that altseason likely won’t happen until the Fed loosens monetary policy and cuts interest rates. According to Cowen, in the last cycle, altcoins outperformed Bitcoin (BTC) only after the Federal Reserve began to cut rates. “There’s a lot of altcoins that are actually going down, there’s more going down than going up and that’s why the advance/decline index is dropping off again and it also dropped…