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Bitcoin’s Cost Basis Distribution Reveals Key Levels of Support and Resistance Amidst Market Shifts

Even as Bitcoin moves through the volatile cryptocurrency landscape, investor behavior and trading activity yield important near-term structural market insights. One of the best indicators in this regard is the cost basis distribution of Bitcoin—essentially, where different groups of investors hold their positions in relation to price. By analyzing these cost basis clusters, we get a much clearer picture of the supports and resistance Bitcoin is working off of. And then, of course, there's the picture of what could happen next. Support and Resistance Levels Driven by Investor Cost Basis Recent analytics in Bitcoin's cost basis distribution have revealed some fascinating (and perhaps unforeseen) formations that are now being associated with key price points. For instance, on March 10, some of the most efficient traders that one can find in this market somehow managed to access nearly 15,000 BTC at […]

Will Izuchukwu March 31, 2025

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Bitcoin Dominance Reaches 58.8%, Dashing Hopes for Altcoin Season

Bitcoin's dominance is at a robust 58.8%, the loftiest level reached since 2021, affirming once more that the original cryptocurrency is right at the head of the digital asset market. A surge in Bitcoin dominance generally casts shadows over the hoped-for altcoin seasons that many investors seem to wish for. Favorable conditions would seem to be ripe for an altcoin season: Bitcoin's year-to-date gains have been substantial, yet those have been outpaced by a few other digital assets. Nonetheless, even in the face of those altcoin assays, Bitcoin has remained comfortably at the helm, dominating the cryptocurrency market. The Forces Keeping Bitcoin in Control In recent months, signals have appeared that an altcoin rally could be just around the corner. These signals include: Anticipation of institutional adoption. Numerous new tokens being launched. Shift after shift in focus from market participants. […]

Will Izuchukwu March 31, 2025

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Whale Activity, Liquidations, and Ethereum ETFs Signal Volatile Market Dynamics

Over the last two weeks, substantial movements have occurred in the Ethereum market, especially among large holders, referred to as "whales," who have been shifting around great amounts of Ethereum (ETH). Although this sort of activity isn't unusual in the cryptocurrency world—especially for something as volatile as ETH—the transactions' sheer size and their nature have led to lots of chatter about where exactly the price of Ethereum is headed and how likely it is to experience even more volatility in the near future. Consider the following: In just the last week, at least 24 separate transaction batches moving at least 200,000 ETH (worth around $360 million) have been identified. That's a lot of movement to be happening all at once. https://twitter.com/ali_charts/status/1905836312567112116?t=Z5itUVHWAZA0QxHLXVF9pQ&s=19q Liquidations and the Threat of Whale-Led Liquidations Recently, one of the mass liquidations has been of long Ethereum positions. […]

Will Izuchukwu March 31, 2025

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Smart Money Wallets Show Increased Activity in Memecoins, AI Projects, and Gold-Backed Tokens

The last 24 hours have seen some significant accumulations in the cryptocurrency market coming from the so-called "smart money" wallets. These are the types of wallets we generally track to get insights into what our informed investor friends are up to. And what these potentially informed investors have been up to in the last day or so has been acquiring, in a non-negligible way, a number of tokens that are tied to some rather particular trends: meme tokens, artificial intelligence (AI) tokens, and gold-backed crypto assets. The Rise of Memecoins and AI Tokens Smart money wallets have become much more active in the space of memecoins, especially over the last 24 hours. Three meme tokens in particular have experienced interesting price action of late: $BYTE, $BITCOIN (also known as HarryPotterObam), and $NPC. Although they have historically been very volatile, memecoins […]

Will Izuchukwu March 31, 2025

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Coinbase’s Base Ecosystem: A Data-Driven Look at Its Growth and Key Metrics

Launched in August 2023, Coinbase's Base, an Ethereum Layer 2 network, has rapidly gained traction and showcases a significant uptick across a set of key metrics. Over the past 20 months, Base has extended its reach into decentralized finance, artificial intelligence, and consumer social media—a trifecta of market segments poised to make the most of its capabilities. By sizing the Base ecosystem and taking stock of its chain data, we can get a clear sense of where this new blockchain is headed and the next kinds of opportunities its backers can expect. Base’s Economic Growth: The Chain’s GDP and Top Contributors One of the most vital signs of any blockchain's success is its Gross Domestic Product (GDP), which mirrors the total of all fees amassed by the applications on the chain. Base's GDP stands at a staggering $758.7 million, making […]

Will Izuchukwu March 31, 2025

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Bitcoin Market Sees Massive Liquidations as Bearish Momentum Drives $2.57B in Short Liquidations

The #Bitcoin Exchange Liquidation Map for the past week shows a stunning amount of liquidations in the cryptocurrency market. Long liquidations came in at an astounding $887.96 million, while short liquidations were even higher at an incredible $2.57 billion. This huge imbalance indicates that traders are predominantly placing bearish bets and that, if anything, the downtrend in the market is being intensified. https://twitter.com/CoinEdition/status/1905997878310351044?t=nS9pmo_QPLd-ssTiUBFtMA&s=19 The liquidations occur as Bitcoin and the larger cryptocurrency market keep having a downturn that seems never-ending, which is causing traders who are on the wrong side of the market a whole lot of grief. Long traders have suffered some relatively huge liquidations, but it's the short traders who have taken the biggest hits. And here's where it gets juicy: the liquidation charts for short traders, which are reaching record levels, suggest that even the traders who […]

Will Izuchukwu March 31, 2025

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Michael Novogratz’s Galaxy Digital Settles Lawsuit Over Alleged LUNA Price Manipulation for $200 Million

The firm at the heart of the suit, Galaxy Digital, has reached a settlement over allegations that it manipulated the price of the LUNA cryptocurrency. In a lawsuit filed by the state of New York, it was charged that Galaxy Digital engaged in activities that helped to artificially inflate the price of LUNA in 2020—a boom that helped enrich Novogratz personally, as his firm’s assets were heavily invested in the revelatory altcoin. The state sought $500 million in damages; under the just-announced terms of the settlement, Galaxy will pay $200 million and concede no wrongdoing. Allegations of Price Manipulation and the October 2020 Deal Galaxy Digital and its founder, Michael Novogratz, are alleged to have engaged in shady practices surrounding their 2020 purchase of LUNA tokens from the Terra blockchain project, @terra_money. According to court documents, the company bought 18.5 […]

Will Izuchukwu March 31, 2025

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Nasdaq Seeks SEC Approval for Grayscale’s Avalanche Spot ETF, Marking a Milestone for Crypto Adoption

A significant move for the cryptocurrency world has been made by Nasdaq, which has applied to list Grayscale's Avalanche Trust ETF. This step could bring cryptocurrencies further into the mainstream, but it requires the U.S. Securities and Exchange Commission (SEC) to give a green light. If approved, the Avalanche Trust would move from being a futures ETF to becoming a spot ETF, which is a much more effective product for both Grayscale and the investors in and around the crypto markets. https://twitter.com/SwftCoin/status/1905640343288131658?t=nV1upWNkC5IFMYpjQr1NYw&s=19 The Potential Impact of Grayscale’s Avalanche ETF Leading digital asset manager Grayscale has been a pioneer in offering investment products tied to cryptocurrencies. Its latest move, an ETF tied directly to Avalanche's $AVAX token, could be a step toward much-touted but still elusive mainstream adoption of actual cryptocurrencies themselves in the financial markets. Previously, investment vehicles like this […]

Will Izuchukwu March 31, 2025

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Coinbase Users Fall Victim to $46 Million in Suspected Scams: A Closer Look at Recent Hacks

A worrying turn of events for the crypto world, a blockchain investigator by the name of Zachxbt has put together a report suggesting that users of the popular exchange Coinbase have been falling prey to high-dollar thefts of late, with the value of those thefts adding up to an eye-popping $46 million in just the past couple of weeks. The shadiest dealing associated with this report seems to have gone down last Thursday, when a Coinbase user was seen getting scammed out of $34.9 million— The traced stolen funds have a not-so-simple story to tell. This is because they pass through Thorchain and Chainflip, two decentralized cross-chain protocols, before being exchanged for DAI (a decentralized stablecoin). These thefts in a series of complex hacks really test the security of the cryptocurrency ecosystem. With so many complex methods of robbing coins, […]

Will Izuchukwu March 31, 2025

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Hyperliquid Blockchain Upgrade: Empowering Decentralized Delisting via Onchain Validator Voting

In a major move to bolster the governance of the Hyperliquid network, an important upgrade has been made that brings fully onchain validator voting for asset delisting to the Hyperliquid blockchain. This mechanism represents a significant shift in how asset delisting decisions are made on the network—moving from offchain coordination to a transparent, direct-to-chain process that is decentralized and, one hopes, somewhat more democratic. The upgrade was included in an addition called HyperCore. Hyperliquid's new assets voting system allows community and validator stakeholders to more directly control what assets are listed on Hyperliquid. It is a move toward genuine decentralization—a crucial trend if blockchain platforms are to avoid integrity crises. Meanwhile, as you might suspect from the above description of features, the new Hyperliquid governance system is also step No. 1 on the path toward tokenomics for the Hyperliquid platform. […]

Will Izuchukwu March 31, 2025

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