Author: The Daily Hodl

Smart contract platforms have reached all-time highs in active addresses in the face of a price correction – a good sign for the asset class, according to analyst Jamie Coutts. Citing active address data from the analytics platform Artemis, Coutts says that the surge during the current price dip is a positive sign. “The daily active addresses metric for Smart Contract Platforms (SCP) hits an all-time high of 17 million, up from 5 million 12 months ago. Total Mkt Cap is down -35% since March but up 63% from a year ago. This is a healthy correction in a secular…

Blockchain security firm SlowMist is reporting that an Indonesian crypto exchange was hacked for over $22 million in digital assets. SlowMist says that crypto exchange Indodax saw its hot wallets exploited across multiple blockchains, including Bitcoin (BTC), TRON (TRX), Ethereum (ETH), and ETH layer-2s Polygon (POL) and Optimism (OP). The firm’s data says that the hackers took about $14.6 million in ETH, $1.4 million in BTC, $2.5 million in POL and $894,000 in OP. Smaller amounts of USDC, USDT, Shiba Inu (SHIB), and Chainlink (LINK) was also stolen. Source: SlowMist/XSlowMist says the bad actor likely found a way to compromise…

A Solana (SOL)-based decentralized exchange (DEX) altcoin is rallying after a major crypto investment firm disclosed a large stake in the project. According to a new Multicoin Capital announcement, the firm with $1.4 billion in assets under management (AUM) has built up a sizable position in Drift Protocol (DRIFT). Drift is an open-source DEX that enables transparent and non-custodial trading. Says Multicoin Capital, “Multicoin has accumulated a large position across our funds – both liquid and venture – in DRIFT, the native token of Drift, a derivatives decentralized exchange (derivatives DEX) on Solana. We built the position over the last…

One Bitcoin (BTC) metric suggests the top crypto asset could be on the verge of a strong upward price move, according to the co-founders of the analytics firm Glassnode. Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,200 followers on the social media platform X that the Bitcoin Risk Index touched 100 over the weekend. “Its current slight retraction might stick: If we see a further retraction from here we most likely hit a clear bottom with a strong move up in Bitcoin price. Historically this has been the case… What we observe here is…

The Hong Kong-based crypto wealth management giant Metalpha deposited $77.55 million worth of Ethereum (ETH) to Binance in the past few days, according to the digital asset tracker Lookonchain. Metalpha sent a total of 33,589 ETH to the top global crypto exchange over multiple transactions, including 10,000 ETH worth $23.45 million on Monday. The firm still holds 51,300 ETH worth $120 million, according to Lookonchain. The crypto tracker notes that other Ethereum whales are accumulating. “A smart whale bought 5,000 ETH ($11.46 million) at the bottom again in the past two days! The whale bought 5,200 ETH at an average…

Bitwise CIO Matt Hougan says that investment advisors are adopting Bitcoin (BTC) exchange-traded funds (ETFs) at a faster rate than any other ETFs in history. Hougan responds to a post on the social media platform X by macro strategist Jim Bianco claiming that investment advisors’ adoption of the Bitcoin ETFs is “small.” According to Hougan, Bianco is not correct. “Jim is wrong here: investment advisors are adopting Bitcoin ETFs faster than any new ETF in history. Let’s look at his own data, focused on IBIT, the BlackRock ETF. Per his table, IBIT has attracted $1.45 billion in net flows from…

Seasoned trader Peter Brandt is outlining a potential price path for Bitcoin that would see BTC massively break out of its price doldrums en route to fresh record levels. The veteran trader shares a chart with his 737,800 followers on the social media platform X suggesting that Bitcoin is following a parabolic curve pattern on the weekly chart. Brandt also hints that Bitcoin appears to be forming a massive cup-and-handle pattern that spans all the way back to late 2020. “Might we declare Tea and Crumpets on this chart? A cup-and-handle formation is typically viewed as a bullish continuation pattern,…

A closely followed crypto strategist and trader says Solana (SOL) and three additional altcoins are his best picks for longer-term holds. Pseudonymous analyst Altcoin Sherpa tells his 223,400 followers on the social media platform X that SOL will likely remain in an uptrend as long as it holds $110 as support. In addition to SOL, the analyst reveals other picks for “longer-term buys,” including crypto gambling platform Rollbit’s native token RLB, the layer-1 protocol Saga (SAGA) and Bittensor (TAO), a decentralized blockchain platform that focuses on machine learning and AI. “Longer-term buys: RLB (shilled a lot plus ‘real value’ plus…

Venture capitalist Chris Burniske thinks that the depressed sentiment that has seeped into the crypto market is not warranted. The digital asset veteran tells his 299,600 followers on the social media platform X that both market technicals and fundamentals indicate that Bitcoin (BTC) and crypto are gearing up for higher prices despite gloomy trader sentiment. According to Burniske, the price doldrums over the past few months appear to be overshadowing the progress being made by crypto projects behind the scenes. “Signs of strength in the long tail while BTC and ETH consolidate and sentiment would make you think Satoshi died.…

State Street Global Advisors has announced the launch of three new digital asset and “disruptive technology” exchange-traded funds (ETFs). All three ETFs will be managed by Galaxy Asset Management, an affiliate of Mike Novogratz’s Galaxy Digital Holdings. In a press release, State Street says it is launching the SPDR Galaxy Digital Asset Ecosystem ETF (DECO), the SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and the SPDR Galaxy Transformative Tech Accelerators ETF (TEKX). According to the release, DECO seeks to provide exposure to companies positioned to benefit from the growing adoption of the blockchain and digital asset industries, as well…