Moons and Shakers: Bitcoin is Flat, but Whales are Stacked;  Aptos blockchain makes a tough start

Moons and Shakers: Bitcoin is Flat, but Whales are Stacked; Aptos blockchain makes a tough start

If you listen to crypto-haters like Peter Schiff, they will tell you that Bitcoin has been left behind and looks lost amid the latest small boom in stocks. Below the surface, BTC whales seem to be piling up.

And it is true that Bitcoin and the crypto market as a whole are struggling for a bit of direction at the moment. In fact, if there was an award for the best sideways moving performance outside of the stablecoins, Bitcoin would be in for a treat.

Here was Peter “I beat gold more than Francisco Pizarro” Schiff’s latest Bitcoin-related comment, by the way:

However, there is an odd bit of on-chain research popping up here and there in our content feeds that would indicate at least some potential for a positive break in the very low bitcoin/crypto volatility we are currently in.

whales devouring bitcoin

For example, data from blockchain research firm Santiment indicates that whales (large holders of a certain origin) are hoarding bitcoin at levels of $19,000.

With the price of BTC continuing its negative impression, it appears that addresses containing between 10,000 and 100,000 BTC have reached their highest level since February 2021. Incidentally, it turned out to be a very bullish month for cryptocurrency, although past performance does not indicate the future. Riso… Ah, you know.

$940 million of bitcoin exits exchanges

Another small block of potentially positive information came from another blockchain analytics firm, CryptoQuant, which indicates that about $940 million worth of Bitcoin (48k BTC) has just moved from the main cryptocurrency exchange Coinbase.

This type of large BTC movement is sometimes a good sign, which indicates that whale holders are looking to secure their assets in cold storage which reduces the likelihood of selling/trading.

In addition, more than 121,000 BTC (more than 2.3 billion USD) has left the exchange in the past 30 days.

The red lines on the CryptoQuant chart below indicate exchange outflows. It doesn’t always follow that rallies in outflow are harbingers of higher prices, but this large outflow that occurred in mid-June certainly saw some subsequent positive price action.

This latest exchange flow is the largest since June.

Net bitcoin flow from all exchanges. Source: CryptoQuant

In some daily price movement.

Overview of the top 10

With the total cryptocurrency market cap at $966 billion, down around 1% since this time yesterday, here is the current status of the top 10 coins to play – according to Queen Gekko.

As shown above, Bitcoin and its top ten friends are still hanging out somewhere on Nullarbor Plain, dreaming of mountain-level visual stimulation.

Clocking in at some popular Crypto Twitter analysts, the feeling is mixed. Justin Bennett, for example, is no longer too confident that a price hike is particularly imminent, citing “unfinished work under $19,000.”

Nevertheless, “il Capo of Crypto” is satisfied with a double touch of support around the $19,000 low and it is continuing, er, “long and strong” at a potential double bottom…

Meanwhile, once broaching the leading Layer 1 smart contract blockchain for half a second, Aussie Ethereum guru Anthony Sasano pointed out some ETH issuance downgrades after the merge in this tweet below. It’s very good for the deflationary asset narrative of cryptocurrencies.

Aptos presents for the first time Rocky

Aptos, another Layer 1 blockchain to hit the crypto space, has made its debut on the highly anticipated mainnet.

Predictably, because it was borne from the defunct Meta Blockchain project, and there were millions of capital dollars poured into this project from the likes of Parafi, Andreessen Horowitz (a16z), FTX and Multicoin Capital.

The original APT token on the blockchain is now set to debut on the market, however, Aptos has been fending off a barrage of criticism for its lack of transparency thus far regarding its token distribution model.

News leaked That about 51% of APT’s initial offer of $1 billion sits with venture capital, while another 190 million goes to the project’s core developers.

This did not go well.

At the time of writing, the APT token is listed on crypto market aggregators such as CoinGecko and CoinMarketCap, however, there is no pricing data available yet, and the project will be shown as a “Non-tracked List” for now until full support has been incorporated from Cryptocurrency trading platforms.

Upper and lower parts: 11-100

Sweeping a market capitalization range of $7.16 billion to about $392 million in the rest of the top 100 companies, let’s find some of the biggest gainers and losers over 24 hours at press time. (Stats are accurate at time of publication, based on CoinGecko.com data.)

daily pumps

Share Frax (FXS), (market capitalization: $453 million) + 10%

avi (AAVE), (MC: 1.17 billion USD) + 5%

Arrow (Saudi Arabia), (MC: $515 million) + 3%

DAO . curve (CRV), (MC: $500 million) + 2%

ribbed (Matic), (MC: 6.45 million USD) + 2%

daily skis

Quantity (QNT), (market capitalization: $2.68 billion) -11%

EthereumPoW (ETHW), (MC: $738 million) -5%

LEO . symbol (LEO), (MC: 4 billion USD) -4%

Lido Dao (LDO), (MC: 4 billion USD) -1%

graph (GRT), (MC: 618 million USD) -4%

about blocks

A selection of randomness and relevance that stuck with us in our morning transmitted through the Crypto Twitterverse…

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