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Home > Bitcoin > Bitcoin: Read this before you plan to HODL or sell for profits
BITCOIN
Bitcoin: Read this before you plan to HODL or sell for profits
2min Read
Here’s a look at what different metrics suggest about the moves of BTC investors.
Posted: March 2, 2024
By: Abiodun Oladokun
Edited By: Ann Maria Shibu
Bitcoin
Bitcoin futures open interest is at its highest level ever.
The coin’s exchange reserve has declined to its lowest in six years.
Bitcoin’s [BTC] futures open interest on centralized exchanges has rallied to an all-time high, according to data from Coinglass.
BTC Open Interest
Source: Coinglass
BTC’s futures open interest measures the total value of outstanding futures contracts that have not been settled or closed by market participants.
When an asset’s open interest increases, it suggests that new money is flowing into the market. This signals that traders are either opening new positions or maintaining existing ones. It is often regarded as a bullish sign.
Conversely, decreasing open interest may indicate that traders are closing out their positions, potentially due to low market activity or a shift in sentiment.
At press time, BTC’s futures open interest was $27.09 billion, climbing by 17% in the last week. This surge comes amid BTC’s recent price rally above the $63,000 price mark for the first time since 2021.
AMBCrypto found that BTC’s current futures open interest has exceeded levels seen in November 2021, when the leading coin traded at an all-time high of over $68,000.
As BTC futures open interest climbs, its funding rate across exchanges remains positive, per Coinglass data.
When an asset sees a positive funding rate, it suggests a higher demand for long positions compared to short positions. This occurs when the current trend is bullish, and there is a significant influx of buyers in the market.
The last time BTC’s funding rate was negative was on 20th October.
Exchange reserve craters to a six-year low
At press time, BTC exchanged hands at $62,014, according to CoinMarketCap data. Despite the recent price rally and the profitability of holding the coin, selling pressure remains low.
A look at the coin’s exchange activity revealed a decline in exchange reserve. According to data from CryptoQuant, the BTC exchange reserve has sat at its lowest level since the year began.
Read Bitcoin’s [BTC] Price Prediction 2024-2025
At press time, BTC’s exchange reserve was 2.01 billion BTC. For context, the last time the amount of coins held across exchanges was this low was in December 2018.
Source: CryptoQuant
When BTC’s exchange reserve witnesses a decline, it suggests a drop in selling pressure. This means investors are keen on holding on to their coins for future gains rather than selling them for momentary profit.
Next: BlockDAG presale nears sellout as ADA price spikes and ScapesMania eyes top listing
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Abiodun Oladokun
Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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Bitcoin: Read this before you plan to HODL or sell for profits
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Home > Bitcoin > Bitcoin’s $60K surge: Whales to buy or sell now?
BITCOIN
Bitcoin’s $60K surge: Whales to buy or sell now?
2min Read
The reaction to the Bitcoin price increase has been different, but more non-zero addresses have emerged.
Posted: March 2, 2024
Avatar
By: Adewale Olarinde
Journalist
Edited By: Ann Maria Shibu
Bitcoin's $60K surge: Wallets dance to varied tunes, holders on the rise
BTC whales show accumulation and sell-off.
BTC moves back above $60,000.
The recent surge in Bitcoin [BTC], surpassing $60,000, has prompted varied responses from different wallets. Considering the actions taken by these wallets, has there been an impact on the number of holders?
Bitcoin whales show different reactions
Data from Santiment showed divergent responses among different categories of Bitcoin whale wallets to the recent increase in BTC price.
The chart indicated an addition of more than 187,000 new wallets with more than 0 coins. This showed a recent increase in non-zero wallets as more people entered the market.
Additionally, wallets holding 100 to 1,000 BTCs have accumulated over 78,000 coins in the past few days.
Bitcoin whale wallets
Source: Santiment
However, in contrast, another category of whale wallets showed a decline. Wallets holding 1,000 to 10,000 coins reduced their holdings by over 75,000 BTCs. This decline signifies a sell-off from wallets within these categories.
Upon closer examination, it becomes evident that the sell-off coincided with the rise in BTC prices.
Total number of BTC holders sees an increase
An examination of the total number of Bitcoin holders indicates a modest increase in the past few days. Santiment’s chart showed a notable uptrend, maintaining the figure within the 52 million range.
At the time of this writing, the total number of holders was 52.53 million, compared to the 52.27 million observed on 26th February. This slight increase suggests that, despite the prevailing price range, there is a growing number of emerging holders.
Bitcoin total number of holders
Source: Santiment
Additionally, there has been a recent surge in the total number of Bitcoin in profit for existing holders. The chart analysis showed an increase from around 93.7% to over 98% between 25th February and 1st March. This signifies that about 19.4 million BTCs are profitable as of now.
How much are 1,10,100 BTCs worth today
Bitcoin back above $60,000
At the time of this writing, the Bitcoin Relative Strength Index (RSI) showed that it was still in a strong bull trend and positioned high in the overbought zone.
This holds even after experiencing a slight decline of over 2% on 29th February, bringing its price down from around $62,390 to $60,800. However, at the time of this writing, the price has rebounded to over $61,000 with a marginal increase of less than 1%.
Bitcoin daily timeframe price trend
Source: Trading View
Previous: Ethereum’s latest milestone – What about ETH prices?
Next: Analyzing DOT after Polkadot burns 431K tokens
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Home > Polkadot > Analyzing DOT after Polkadot burns 431K tokens
POLKADOT
Analyzing DOT after Polkadot burns 431K tokens
2min Read
Despite the high number of tokens burned from the treasury, DOT did not react as expected.
Posted: March 2, 2024>
Victor Olanrewaju
Journalist
Polkadot news
DOT struggled to hit $9 despite the decrease in supply.
A cluster of liquidity above $8.97 could trigger large-scale liquidation.
Polkadot’s [DOT] price dropped by 4.11% in the last 24 hours despite the high number of tokens burned. According to Polkadot Leader, a handle tracking the project’s activities, DOT tokens worth $3.7 million were burned on the last day of February.
It is important to note that the 431,370 burned tokens were from Polkadot’s treasury. In October 2023, Polkadot considered a new deflationary mechanism.
For those unfamiliar, a deflationary token is one designed to gradually reduce supply. This creates scarcity and helps the value of the cryptocurrency increase.
Polkadot records a $3.7 million token burn
Source: X
DOT goes up in smoke
However, it was not until the 14th of February that Polkadot approved the RFC-10 for burning revenues. RFC stands for Revenue from Coretime sales.
Typically, the adjusted supply dynamics were supposed to be bullish for DOT. However, the recent decline could be attributed to forces higher than the burning mechanism.
But that is not to say DOT has not gained at all from the RFC. According to AMBCrypto’s market analysis, DOT’s price increased by 15.85% in the last seven days. This meant that the cryptocurrency was not left out of the broader altcoin rally.
From the technical look of things, the daily chart showed that bulls formed a strong support around $7.47. This happened on the 21st of February, seven days after the RFC approval. Furthermore, the doggedness to defend this support helped DOT flip past the $8.14 resistance.
At press time, the price of the Polkadot native token was $8.45. However, indications from the Awesome Oscillator (AO) revealed that the value could be higher in the short term. As of this writing, the AO reading was 0.85, suggesting increasing upward momentum for the token.
Polkadot (DOT) price reaction to the burned tokens
Source: TradingView
However, the Accumulation/Distribution (A/D) indicator showed that there has been a dip in buying pressure. If buying pressure returns, DOT’s price might break through $9.50, which was the next major resistance.
Should this be the case, the price could surpass $10. On the other hand, a rise in bearish momentum might draw DOT back below $8.
Not every burn is profitable
In terms of the Liquidations levels, AMBCrypto observed that there was a cluster or liquidity above $8.87. For context, liquidation levels show estimated price points where large-scale liquidation might occur. From the chart below, DOT’s price might extend higher than $8.45.
However, traders might need to apply caution if the value approaches $9. Opening long positions around that price with high leverage could lead to liquidation. We also checked out the Cumulative Liquidation Level Delta (CLLD).
DOT liquidation level showing bearish signals
Source: HyblockCapital
Read Polkadot’s [DOT] Price Prediction 2024-2025
At press time, the CLLD was positive, implying that Polkadot’s bearish bias might take over. If the bearish thesis becomes a reality, DOT might find it had to test $10, and possibly correct.
Regardless of what happens, DOT remains a token with a long-term bullish potential.
Previous: Bitcoin’s $60K surge: Whales to buy or sell now?
Next: Memecoin battle: Are whales ditching PEPE for SHIB?
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Home > Polkadot > Analyzing DOT after Polkadot burns 431K tokens
POLKADOT
Analyzing DOT after Polkadot burns 431K tokens
2min Read
Despite the high number of tokens burned from the treasury, DOT did not react as expected.
Posted: March 2, 2024>
Victor Olanrewaju
Journalist
Polkadot news
DOT struggled to hit $9 despite the decrease in supply.
A cluster of liquidity above $8.97 could trigger large-scale liquidation.
Polkadot’s [DOT] price dropped by 4.11% in the last 24 hours despite the high number of tokens burned. According to Polkadot Leader, a handle tracking the project’s activities, DOT tokens worth $3.7 million were burned on the last day of February.
It is important to note that the 431,370 burned tokens were from Polkadot’s treasury. In October 2023, Polkadot considered a new deflationary mechanism.
For those unfamiliar, a deflationary token is one designed to gradually reduce supply. This creates scarcity and helps the value of the cryptocurrency increase.
Polkadot records a $3.7 million token burn
Source: X
DOT goes up in smoke
However, it was not until the 14th of February that Polkadot approved the RFC-10 for burning revenues. RFC stands for Revenue from Coretime sales.
Typically, the adjusted supply dynamics were supposed to be bullish for DOT. However, the recent decline could be attributed to forces higher than the burning mechanism.
But that is not to say DOT has not gained at all from the RFC. According to AMBCrypto’s market analysis, DOT’s price increased by 15.85% in the last seven days. This meant that the cryptocurrency was not left out of the broader altcoin rally.
From the technical look of things, the daily chart showed that bulls formed a strong support around $7.47. This happened on the 21st of February, seven days after the RFC approval. Furthermore, the doggedness to defend this support helped DOT flip past the $8.14 resistance.
At press time, the price of the Polkadot native token was $8.45. However, indications from the Awesome Oscillator (AO) revealed that the value could be higher in the short term. As of this writing, the AO reading was 0.85, suggesting increasing upward momentum for the token.
Polkadot (DOT) price reaction to the burned tokens
Source: TradingView
However, the Accumulation/Distribution (A/D) indicator showed that there has been a dip in buying pressure. If buying pressure returns, DOT’s price might break through $9.50, which was the next major resistance.
Should this be the case, the price could surpass $10. On the other hand, a rise in bearish momentum might draw DOT back below $8.
Not every burn is profitable
In terms of the Liquidations levels, AMBCrypto observed that there was a cluster or liquidity above $8.87. For context, liquidation levels show estimated price points where large-scale liquidation might occur. From the chart below, DOT’s price might extend higher than $8.45.
However, traders might need to apply caution if the value approaches $9. Opening long positions around that price with high leverage could lead to liquidation. We also checked out the Cumulative Liquidation Level Delta (CLLD).
DOT liquidation level showing bearish signals
Source: HyblockCapital
Read Polkadot’s [DOT] Price Prediction 2024-2025
At press time, the CLLD was positive, implying that Polkadot’s bearish bias might take over. If the bearish thesis becomes a reality, DOT might find it had to test $10, and possibly correct.
Regardless of what happens, DOT remains a token with a long-term bullish potential.
Previous: Bitcoin’s $60K surge: Whales to buy or sell now?
Next: Memecoin battle: Are whales ditching PEPE for SHIB?
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Avatar
Adewale Olarinde
Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
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AMBCrypto's content is meant to be informational in nature and should not be interpre
AMBCrypto
NEWSBLOGCONVERTERCALCULATORPREDICTIONSNEWSLETTER
CONNECT WITH US
Search here..
Active Currencies
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Market Cap
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Bitcoin Share
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24h Market Cap Change
$0.67
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Home > Bitcoin > Bitcoin’s $60K surge: Whales to buy or sell now?
BITCOIN
Bitcoin’s $60K surge: Whales to buy or sell now?
2min Read
The reaction to the Bitcoin price increase has been different, but more non-zero addresses have emerged.
Posted: March 2, 2024
Avatar
By: Adewale Olarinde
Journalist
Edited By: Ann Maria Shibu
Bitcoin's $60K surge: Wallets dance to varied tunes, holders on the rise
BTC whales show accumulation and sell-off.
BTC moves back above $60,000.
The recent surge in Bitcoin [BTC], surpassing $60,000, has prompted varied responses from different wallets. Considering the actions taken by these wallets, has there been an impact on the number of holders?
Bitcoin whales show different reactions
Data from Santiment showed divergent responses among different categories of Bitcoin whale wallets to the recent increase in BTC price.
The chart indicated an addition of more than 187,000 new wallets with more than 0 coins. This showed a recent increase in non-zero wallets as more people entered the market.
Additionally, wallets holding 100 to 1,000 BTCs have accumulated over 78,000 coins in the past few days.
Bitcoin whale wallets
Source: Santiment
However, in contrast, another category of whale wallets showed a decline. Wallets holding 1,000 to 10,000 coins reduced their holdings by over 75,000 BTCs. This decline signifies a sell-off from wallets within these categories.
Upon closer examination, it becomes evident that the sell-off coincided with the rise in BTC prices.
Total number of BTC holders sees an increase
An examination of the total number of Bitcoin holders indicates a modest increase in the past few days. Santiment’s chart showed a notable uptrend, maintaining the figure within the 52 million range.
At the time of this writing, the total number of holders was 52.53 million, compared to the 52.27 million observed on 26th February. This slight increase suggests that, despite the prevailing price range, there is a growing number of emerging holders.
Bitcoin total number of holders
Source: Santiment
Additionally, there has been a recent surge in the total number of Bitcoin in profit for existing holders. The chart analysis showed an increase from around 93.7% to over 98% between 25th February and 1st March. This signifies that about 19.4 million BTCs are profitable as of now.
How much are 1,10,100 BTCs worth today
Bitcoin back above $60,000
At the time of this writing, the Bitcoin Relative Strength Index (RSI) showed that it was still in a strong bull trend and positioned high in the overbought zone.
This holds even after experiencing a slight decline of over 2% on 29th February, bringing its price down from around $62,390 to $60,800. However, at the time of this writing, the price has rebounded to over $61,000 with a marginal increase of less than 1%.
Bitcoin daily timeframe price trend
Source: Trading View
Previous: Ethereum’s latest milestone – What about ETH prices?
Next: Analyzing DOT after Polkadot burns 431K tokens
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Home > Polkadot > Analyzing DOT after Polkadot burns 431K tokens
POLKADOT
Analyzing DOT after Polkadot burns 431K tokens
2min Read
Despite the high number of tokens burned from the treasury, DOT did not react as expected.
Posted: March 2, 2024>
Victor Olanrewaju
Journalist
Polkadot news
DOT struggled to hit $9 despite the decrease in supply.
A cluster of liquidity above $8.97 could trigger large-scale liquidation.
Polkadot’s [DOT] price dropped by 4.11% in the last 24 hours despite the high number of tokens burned. According to Polkadot Leader, a handle tracking the project’s activities, DOT tokens worth $3.7 million were burned on the last day of February.
It is important to note that the 431,370 burned tokens were from Polkadot’s treasury. In October 2023, Polkadot considered a new deflationary mechanism.
For those unfamiliar, a deflationary token is one designed to gradually reduce supply. This creates scarcity and helps the value of the cryptocurrency increase.
Polkadot records a $3.7 million token burn
Source: X
DOT goes up in smoke
However, it was not until the 14th of February that Polkadot approved the RFC-10 for burning revenues. RFC stands for Revenue from Coretime sales.
Typically, the adjusted supply dynamics were supposed to be bullish for DOT. However, the recent decline could be attributed to forces higher than the burning mechanism.
But that is not to say DOT has not gained at all from the RFC. According to AMBCrypto’s market analysis, DOT’s price increased by 15.85% in the last seven days. This meant that the cryptocurrency was not left out of the broader altcoin rally.
From the technical look of things, the daily chart showed that bulls formed a strong support around $7.47. This happened on the 21st of February, seven days after the RFC approval. Furthermore, the doggedness to defend this support helped DOT flip past the $8.14 resistance.
At press time, the price of the Polkadot native token was $8.45. However, indications from the Awesome Oscillator (AO) revealed that the value could be higher in the short term. As of this writing, the AO reading was 0.85, suggesting increasing upward momentum for the token.
Polkadot (DOT) price reaction to the burned tokens
Source: TradingView
However, the Accumulation/Distribution (A/D) indicator showed that there has been a dip in buying pressure. If buying pressure returns, DOT’s price might break through $9.50, which was the next major resistance.
Should this be the case, the price could surpass $10. On the other hand, a rise in bearish momentum might draw DOT back below $8.
Not every burn is profitable
In terms of the Liquidations levels, AMBCrypto observed that there was a cluster or liquidity above $8.87. For context, liquidation levels show estimated price points where large-scale liquidation might occur. From the chart below, DOT’s price might extend higher than $8.45.
However, traders might need to apply caution if the value approaches $9. Opening long positions around that price with high leverage could lead to liquidation. We also checked out the Cumulative Liquidation Level Delta (CLLD).
DOT liquidation level showing bearish signals
Source: HyblockCapital
Read Polkadot’s [DOT] Price Prediction 2024-2025
At press time, the CLLD was positive, implying that Polkadot’s bearish bias might take over. If the bearish thesis becomes a reality, DOT might find it had to test $10, and possibly correct.
Regardless of what happens, DOT remains a token with a long-term bullish potential.
Previous: Bitcoin’s $60K surge: Whales to buy or sell now?
Next: Memecoin battle: Are whales ditching PEPE for SHIB?
Share
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Home > Polkadot > Analyzing DOT after Polkadot burns 431K tokens
POLKADOT
Analyzing DOT after Polkadot burns 431K tokens
2min Read
Despite the high number of tokens burned from the treasury, DOT did not react as expected.
Posted: March 2, 2024>
Victor Olanrewaju
Journalist
Polkadot news
DOT struggled to hit $9 despite the decrease in supply.
A cluster of liquidity above $8.97 could trigger large-scale liquidation.
Polkadot’s [DOT] price dropped by 4.11% in the last 24 hours despite the high number of tokens burned. According to Polkadot Leader, a handle tracking the project’s activities, DOT tokens worth $3.7 million were burned on the last day of February.
It is important to note that the 431,370 burned tokens were from Polkadot’s treasury. In October 2023, Polkadot considered a new deflationary mechanism.
For those unfamiliar, a deflationary token is one designed to gradually reduce supply. This creates scarcity and helps the value of the cryptocurrency increase.
Polkadot records a $3.7 million token burn
Source: X
DOT goes up in smoke
However, it was not until the 14th of February that Polkadot approved the RFC-10 for burning revenues. RFC stands for Revenue from Coretime sales.
Typically, the adjusted supply dynamics were supposed to be bullish for DOT. However, the recent decline could be attributed to forces higher than the burning mechanism.
But that is not to say DOT has not gained at all from the RFC. According to AMBCrypto’s market analysis, DOT’s price increased by 15.85% in the last seven days. This meant that the cryptocurrency was not left out of the broader altcoin rally.
From the technical look of things, the daily chart showed that bulls formed a strong support around $7.47. This happened on the 21st of February, seven days after the RFC approval. Furthermore, the doggedness to defend this support helped DOT flip past the $8.14 resistance.
At press time, the price of the Polkadot native token was $8.45. However, indications from the Awesome Oscillator (AO) revealed that the value could be higher in the short term. As of this writing, the AO reading was 0.85, suggesting increasing upward momentum for the token.
Polkadot (DOT) price reaction to the burned tokens
Source: TradingView
However, the Accumulation/Distribution (A/D) indicator showed that there has been a dip in buying pressure. If buying pressure returns, DOT’s price might break through $9.50, which was the next major resistance.
Should this be the case, the price could surpass $10. On the other hand, a rise in bearish momentum might draw DOT back below $8.
Not every burn is profitable
In terms of the Liquidations levels, AMBCrypto observed that there was a cluster or liquidity above $8.87. For context, liquidation levels show estimated price points where large-scale liquidation might occur. From the chart below, DOT’s price might extend higher than $8.45.
However, traders might need to apply caution if the value approaches $9. Opening long positions around that price with high leverage could lead to liquidation. We also checked out the Cumulative Liquidation Level Delta (CLLD).
DOT liquidation level showing bearish signals
Source: HyblockCapital
Read Polkadot’s [DOT] Price Prediction 2024-2025
At press time, the CLLD was positive, implying that Polkadot’s bearish bias might take over. If the bearish thesis becomes a reality, DOT might find it had to test $10, and possibly correct.
Regardless of what happens, DOT remains a token with a long-term bullish potential.
Previous: Bitcoin’s $60K surge: Whales to buy or sell now?
Next: Memecoin battle: Are whales ditching PEPE for SHIB?
Share
SHARETWEET
Avatar
Adewale Olarinde
Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
First Name
Email
More Articles
SHIBA INU
Why SHIB’s 70% price surge could just be the beginning
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About
About Us
Advertise
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Legal
Terms and Conditions
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Contact
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editor@ambcrypto.com
advertise@ambcrypto.com
Disclaimer:
AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
© 2024 AMBCrypto
Privacy Policy
Terms & Condition
ted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
© 2024 AMBCrypto
Privacy Policy
Terms & Condition
