Binance Australia Users Selling Bitcoin (BTC) A$9000 At Discount, Know Why

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Bitcoin users are slowly beginning to interact with the blockchain. Still, the number of active addresses on the network was unusually small. The reason for that was high transaction fees on the background of the mass popularization of NFT on Ordinals and BRC20-tokens.

Now the figure has reached 960 thousand units for the first time since the third day, analysts say Santiment. Next, we expect the norm near the level of one million addresses.

Since the beginning of 2023, Bitcoin has delivered excellent growth of more than 60 percent, allowing it to outperform many traditional tools for investing.

However, other cryptocurrency-related phenomena have performed even better. We are talking about the shares of publicly traded BTC miners called Riot Blockchain and Marathon Patent Group.

As you can see from the chart, they increased in price several times more. Such is the case.

Bitcoin's exchange rate against the Turkish lira has increased by 100 percent since the beginning of the year. The corresponding figure for the dollar is at 60 percent.

The reason for this is the rapid depreciation of the lira, which continues even now.

2.85 million bitcoins haven't moved in at least a decade - that's 14.6 percent of the current number of BTC in circulation. The mark is a record-breaking figure.

And something tells me that most of those coins will remain at the addresses without movement. It's not that hard to lose access to wallets for such a long period of time.

According to PeckShield analysts, hackers stole the equivalent of $2.27 million worth of NFT in June 2023. This is the lowest figure this year - it lags behind February's record by as much as 85 percent.

That said, experts note that stolen tokens are traded on trading platforms like Blur or OpenSea for as little as 160 minutes.

The year 2023 turned out to be very profitable for holders of shares of publicly traded companies that are engaged in Bitcoin mining. The value of the latter has increased from 280 to 420 percent since the beginning of the year. And this is much more than the profitability of BTC itself, Kaiko analysts specify.

The reason for the growth of profitability of such giants in the second quarter was the increase in the value of Bitcoin, the development of NFT based on the Ordinals protocol and the launch of BRC20 tokens. All this attracted users, who actively conducted transactions and even set a record for the number of transactions per day in May.

MicroStrategy has entered into an agreement to sell additional shares of up to $750,000,000 to buy bitcoin.

Today, the ten richest addresses on the Ethereum network account for 35 percent of all ETH in circulation. According to Santiment analysts, this indicates the capitulation of small investors who traditionally sell their coins during market crashes.

Three metrics to quickly analyze the BTC futures market:

Funding rate 🟢 (small)
Taker Net Volume 🔴 (maximum)
Open Interest 🔵 (neutral)

Due to strong pressure from Taker Volume, the market is currently bearish.

Popular decentralized crypto exchange SushiSwap now also supports Consensys' Linea network. In general, the platform has more than enough supported blockchains - there are 29 of them in total.

The shares of Bitcoin that remain inactive in wallets for at least 1, 2, 3 and 5 years are now at their all-time highs. This is a reminder that crypto lovers are buying and holding

Total cost recorded in popular L2 chains

This week, Bitcoin miners sold more than 20 thousand BTC, which was a record amount since April 2023. As analysts note, the activity of ASIC owners also affects the current drawdown of the coin market.

During Bitcoin's rise above $34,000 tonight, almost half of the volume in BTC spot trading was generated on the OKX crypto exchange. This indicator is calculated among the five top trading platforms represented by Binance, Bybit, Kraken, Coinbase and OKX itself.

Here's a chart from Kaiko.

Yesterday, Bitcoin's hash rate reached the 600 exahashes per second mark. The total computing power of the network of the first cryptocurrency has never been so large.

So miners continue to actively connect to BTC mining. Obviously, until halving in the spring of 2024, this indicator will continue to grow.

Bitcoin's halving cycle is 89% complete. Historically, at this time the price has been sideways, but immediately after the halving the long-awaited uptrend began. Therefore, now it is a bit early for growth to ATH, cyclically we need another 4-5 months.

Against the background of the activation of Ethereum users and the growth of commissions on the network, the rate of burning cryptocurrency as payment for transactions is also increasing.

Over the past month, more than 22 thousand ETH have fallen out of cryptocurrency circulation. We are talking about the equivalent of more than 46 million dollars.

In November 2023, the amount of venture capital invested in cryptocurrency and blockchain projects was already at a new high since May. Most importantly, the month's result beat the previous month's figure by 95 percent.

And this speaks to the obvious positivity within the coin industry.

Bitcoin price is now just above price relative to the income model price