Author: The Daily Hodl

New data from market intelligence firm Lookonchain reveals that Bitcoin (BTC) mining company Marathon Digital accumulated hundreds of millions of dollars worth of the crypto king following a convertible note offer. In a thread on the social media platform X, Lookonchain finds that Marathon Digital initially acquired nearly $140 million worth of Bitcoin after closing its second convertible note offering. “On-chain data shows that Marathon Digital (MARA) acquired another 1,423 BTC ($139.5 million)… This comes after MARA announced [on December 5th] the closing of its second $850 million convertible note offering, primarily aimed at purchasing Bitcoin and partially repurchasing existing notes…

A prominent crypto analytics firm says one of the most important Bitcoin investor cohorts is unloading BTC at a rapid rate. Santiment says on the social media platform X that Bitcoin miners offloaded over $8.55 billion worth of BTC in just two days, representing the largest distribution of the last 10 months. While Bitcoin miners are heavily unloading their BTC stacks, Santiment notes that other deep-pocketed investors are picking up the slack. “Bitcoin’s collective mining balances have been dropping since April 2024. However, this latest drop of 85,503 BTC in just 48 hours is the most extreme we’ve seen since…

A former Fed president is warning that the proposed Bitcoin (BTC) strategic reserve concept won’t yield any positive benefits for the American people. Bill Dudley, former president of the Federal Reserve Bank of New York and ex-vice chair of the Federal Open Market Committee (FOMC), says in a new opinion piece on Bloomberg that the incoming Trump administration’s proposal for a BTC-backed reserve has zero positives. Dudley says the main effect of a Bitcoin reserve would be higher inflation and more national debt. “But what benefit does establishing a Bitcoin reserve have for the government or those who do not…

A closely followed crypto strategist thinks Ethereum (ETH) is now in a solid position to print new all-time highs. Trader Justin Bennett tells his 115,200 followers on the social media platform X that Ethereum bulls are in full control as long as ETH is trading above an immediate support level. According to Bennett, Ethereum could get a quick sprint if ETH continues to flash strength in its Bitcoin pair (ETH/BTC) “Bullish on ETH while above this $3,950 area with a $5,000 target.  Could happen quickly if ETH/BTC can flip that 4% area on the weekly chart.” Looking at the ETH/BTC…

A widely followed crypto analyst says that Ethereum (ETH) could go from $4,000 to $5,000 in a move that takes a matter of days. Pseudonymous crypto trader Inmortal tells his 220,900 followers on the social media platform X that he expects the top smart contract platform to hit new all-time highs with haste. “It took 27 days to go from $3,000 to $4,000. It will take only a few days to go from $4,000 to $5,000. ETH.” Looking at the trader’s chart, Inmortal expects Ethereum to shatter the $4,800 barrier. Ethereum is trading for $4,014 at time of writing, down…

Venture capitalist Chris Burniske thinks crypto has more time before the market witnesses a deep deleveraging event. The crypto veteran tells his 312,000 followers on the social media platform X that he thinks the inauguration day of President-elect Donald Trump will be a sell-on-news event. But Burniske clarifies that his expected correction on January 20th will likely not mark the end of the crypto bull market. “Dream the post-election dream now, shakedown after. Inauguration makes most sense as reality can never match the dream. But that shakedown won’t be the end, though it will scare paper hands into believing it…

A closely followed crypto analyst says that Bitcoin (BTC) is setting up for a potential price explosion before Christmas amid a favorable technical setup. The pseudonymous trader known as Dave the Wave tells his 147,000 followers on the social media platform X that BTC is in an ascending channel with an upward target of about $112,000 that could be hit around December 25th. “A pre-Xmas day BTC rally.” Zooming out on the weekly chart, Dave the Wave suggests that BTC is also trading within a longer-term ascending channel similar to the 2021 bull market. The trader’s channel suggests that Bitcoin…

Two low-cap altcoins exploded in price on Friday after top crypto exchange Binance made them available for trading on its platform. Binance rolled out trading services for the interoperability protocol Across (ACX) and the Solana (SOL)-based decentralized exchange (DEX) Orca (ORCA). The native tokens of both platforms witnessed massive gains on Friday, with ACX surging by nearly 88% and ORCA jumping by almost 80%. Those represented the largest gains of any top 1,000 tokens by market cap that day, according to CoinGecko. Across aims to be a “new paradigm in cross-chain experiences” and is powered by cross-chain intents, which are…

The U.S. Securities and Exchange Commission (SEC) is reportedly swatting down Solana (SOL)-based exchange-traded fund (ETF) applications in the final weeks of Gary Gensler’s tenure as the regulator’s chair. Fox Business journalist Eleanor Terrett, citing unnamed sources, says the SEC has notified at least two of the five SOL ETF applicants that their filings will be rejected. Terrett also says the current SEC administration has no plans to green-light any of the other applications. The financial firms VanEck, 21Shares, Canary Capital and Bitwise have all filed to offer SOL ETFs, and crypto asset manager Grayscale also recently applied to convert…

A widely followed cryptocurrency trader thinks that one large-cap memecoin is gearing up for another round of upside bursts. Pseudonymous analyst Bluntz tells his 303,200 followers on the social media platform X that he sees Dogecoin (DOGE) outperforming Bitcoin (DOGE/BTC) as the pair approaches the resolution of a triangle pattern. A triangle structure is typically viewed as bullish if spotted while an asset is in an uptrend. Says Bluntz, “Sounding like a broken record at this point but I’m gonna say it again anyway, when DOGE breaks this three-week accumulation, it’s going to be a violent upside move.” At time…