Crypto Whales Increase Bitcoin Holdings, Adding $3,210,000,000 in BTC to Portfolios Since May: Santiment

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The Daily Hodl 18 July, 2021 - 06:46am 55 views

When does GBTC unlock?

On July 18, the Grayscale Bitcoin Trust (GBTC) will be unlocking shares valued at 16,240 BTC. Economic TimesCrypto Week at a Glance: Crypto market feels the blues as GBTC shares unlock

SEC delays another ETF decision, Binance news, and more sideways BTC price action: Hodler's Digest, July 11–17

Cointelegraph 18 July, 2021 - 12:00pm

This week brought further regulatory news regarding Binance. Italy jumped on the bandwagon of national regulators concerned with the exchange. Binance lacks approval for providing crypto trading in the region, according to a warning sent out from the Italian Companies and Exchange Commission.

Cameron Winklevoss, co-founder of crypto exchange Gemini

Caitlin Long, Avanti Bank & Trust CEO and founder

Jihan Wu, Bitmain co-founder and ex-CEO

Bank of England, the United Kingdom’s central bank

Sam Bankman-Fried, FTX CEO

Phil Harvey, CEO of Phoenix Store

Mati Greenspan, founder of a firm known as Quantum Economics

Stephen Lynch, U.S. representative

Jackson Palmer, Dogecoin co-founder 

Damien Hirst, artist

Bitcoin became an official currency of El Salvador in June. However, a recent report from JPMorgan Chase doubts Bitcoin’s ability to function under that context. 

Bitcoin and Ethereum may be safe from the storm in a direct manner, although regulators may pursue fiat on-ramps and middlemen connected to crypto activities, according to Avanti Bank & Trust founder and CEO Caitlin Long.

Decentralization may seem out of reach for many, but here are some realistic ways to reject the idea of centralization in our daily lives.

Cointelegraph Magazine writers and reporters contributed to this article.

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link!

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link!

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link!

© 2020/2021 Cointelegraph Magazine. All Rights Reserved.

© 2020/2021 Cointelegraph Magazine. All Rights Reserved.

41,000 Bitcoin Transferred to Coinbase Pro In One Hour: Should You be Worried?

CryptoPotato 18 July, 2021 - 12:00pm

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After another week of consolidation for bitcoin, with a drawdown to $31k, investors look to the weekend for a sigh of relief as the GBTC shares unlock continues.

On-chain analysts detected an unusually large inflow of 41,000 BTC over a few transactions into Coinbase Pro Exchange, in just one hour.  The immediate reaction from Crypto Twitter was fear and calls for BTC “to $20k or $10k BTC.”

This looks like a bearish signal, but we have to recognize the fact that crypto exchanges are known to do internal transfers.  Around the same time, On-chain Analysis detected similarly large outflows of 37,154 BTC from Coinbase Pro, as can be seen below:

Outflow and Inflow have the same number, which should be Coinbase’s internal wallet transfer. https://t.co/LOrM0vWWd4 pic.twitter.com/937nRELcTS

— Wu Blockchain (@WuBlockchain) July 17, 2021

If this was a one-sided event, this would have been an extremely bullish or bearish signal.  Thankfully, the inflows and outflows were similar in quantity, making it highly likely this was an internal transfer by Coinbase Pro.

Aside from this odd event, On-chain Analysis did not detect any unusually high net flows in or out of other exchanges.  This appears to be an isolated event.

As of the last couple of weekends, the liquidity is very low, making BTC susceptible to large swings up and down.  A whale with over 40K BTC knows not to move such large amounts of BTC into exchanges because it will be detected and cause “pre-selling” in anticipation of an upcoming sell-off.

At the moment, there is no major reason to worry, at least about these large inflows and outflows.

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