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Bitcoin (BTC) Balance on Exchanges Falls Below Yearly Lows: Glassnode Analysts

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Sat, 06/20/2020 - 15:18
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Vladislav Sopov
Bitcoin (BTC) flows out of exchanges, as revealed by a top-level analytical team Glassnode. It perfectly reflects the overall uncertainty of the crypto markets.
Bitcoin (BTC) Balance on Exchanges Falls Below Yearly Lows: Glassnode Analysts
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Analysts highlighted the previous anti-record that was set only five days ago on June 15, 2020. The new record low is around 0.41%.

Worrying Trend

Glassnode Alerts, an automated on-chain alert mechanism by Glassnode's analytical studio, detected a sustainable tendency of Bitcoin (BTC) flowing out from storage exchanges. According to the service, new yearly lows have been revisited twice this week.

Glassnode detected that Bitcoin (BTC) leaves the exchanges
Image via Twitter

Typically, the community lacks the consensus about whether this process should be interpreted as bearish or bullish. It definitely indicates the aggression of hodlers, who are moving Bitcoin (BTC) to cold storages and third-party wallets. Some of them may even be transferring their crypto riches to 'doomsday' saving locations.

Thus, mainly 'ideological', strong-willed accumulators have contributed to this prominent trend, but not daily nor even weekly traders who closely track the price swings.

At press time, Bitcoin (BTC) was changing hands at $9,285 on major spot exchanges, down only 1% in the last 24 hours. Bitcoin (BTC) failed to leave mid-term bearish channel, which was created by two zero-sum attempts to conquer the bearish stronghold over $10,000.

The Realm of Uncertainty 

It appears that the vast majority of Bitcoin (BTC) traders are confused right now and lack the confident understanding of the direction of the king coin's next price moves.

As recently covered by U.Today Crypto News, numerous top-level crypto traders and analysts are sure that the price of Bitcoin (BTC) may drop significantly before the next bullish run. For instance, Dutch trading expert Michael van de Poppe foresees BTC possibly visiting $9,050 before another  beautiful upsurge.

Anonymous trader Parabolic Thies predicts that Bitcoin (BTC) may drop towards $8,900 or even to the $8,300 level. By the way, it will be the basic point for a spike above $10,000.

In turn, this spike will meet the resistance by the bears at $10,300. So, it may not be the last attempt to take root above $10,000 for the flagship cryptocurrency.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

News
Fri, 10/23/2020 - 09:24
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Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
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Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)