As a seasoned researcher with a keen eye for market trends and a hearty appetite for cryptocurrencies, I find myself intrigued by the recent developments in the crypto world. The potential dethroning of Satoshi Nakamoto as the largest Bitcoin holder by Halloween is a fascinating prospect that underscores the rapid growth and maturation of the industry.
U.Today presents the top three new stories over the past day.
Satoshi to lose Bitcoin crown by Halloween
Eric Balchunus, a senior ETF analyst at Bloomberg, recently published a list showcasing the top 11 Bitcoin holders on his X page. This list suggests that U.S. spot Bitcoin ETFs, excluding Grayscale, are approaching Satoshi Nakamoto’s Bitcoin holdings. The combined total of these ETFs amounts to approximately 921,540 BTC, while Nakamoto’s supply totals 1.1 million BTC. This means that the U.S. spot Bitcoin ETFs now hold about 84% of the Bitcoin that Satoshi does. Balchunus speculates that Satoshi may no longer be the largest holder of Bitcoin by Halloween, as Binance exchange currently holds the second position and BlackRock (IBIT) occupies the third.
SHIB burn rate collapses, Here’s what’s happening on Shibarium
According to the latest data from Shibburn, the burn rate for Shiba Inu coins over the past 24 hours is an unusually low -99.62%, with only 261,691 SHIB tokens being burned yesterday, Aug. 27. This was the sole transfer of SHIB tokens to be burned during that period. Over the last seven days, there has been a substantial increase in this metric, with a total of 114,255,785 SHIB coins moved to dead-end wallets.
Bitcoin witnesses epic 7,023% imbalance in bulls’ liquidations
In simple terms, aggressive investors betting on Bitcoin’s price increase (long positions) have faced significant losses due to recent market sell-offs, while those betting on a decrease (short positions) have made minimal gains. This lopsided situation suggests the market is currently bearish, with a liquidation imbalance of around 7023%. The decline in Bitcoin’s price by 0.6% within an hour and the ongoing 3.7% drop since the start of the week has intensified the pain for bullish investors. As a result, there is speculation whether this could signal the end of Bitcoin’s current upward trend or if it’s just undergoing a normal market correction. At the time of writing, Bitcoin was trading at $58,848, representing a 4.41% decrease over the past day as per CoinMarketCap.
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2024-08-28 19:47