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Over the past two days, Glassnode data shows that short-term holders or those that have held bitcoin for less than 155 days, have sent $7.8 billion or 83,000 BTC to exchanges at a loss over the past two days.
In notional terms, this is the highest number on record. When this cohort tends to send $2 billion or more worth of tokens to exchanges, at a loss, it generally marks a local bottom.
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The Federation Council, Russia’s upper house of parliament, approved a government-initiated bill outlining the taxation framework for digital currencies on Wednesday. This legislation, passed during a plenary session, follows its earlier approval in the State Duma, the lower legislative chamber, the previous day.
The new law classifies digital currencies, including those used as payment instruments under experimental legal regimes, as property under the Russian Internal Revenue Code. This classification exempts digital currency mining and sales transactions from value-added tax (VAT), easing financial obligations for participants in the sector. Additionally, services provided by authorized organizations facilitating transactions within these experimental regimes will also be exempt from taxation.
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#Tether watch!
BREAKING:Binance continues to abandon the TRON blockchain!
They've done another $500M chainswap and are now up to $5B chainswapped THIS MONTH!
They were already adding USDT on ETH via the Kraken prints/chainswaps, but they accelerated it after the election.
Below top 100 holders on TRON now hold 82.5% of supply, and that'll increase if Tether swaps more/burns what's in the treasury.
Without Cold 3 which is backing BSC-USD tokens on the BNB chain, Binance has LESS THAN $1B USDT LEFT in their wallets *in the top 100*.
On ETH, wallet #9 called Binance 74, *has more USDT in it than Binance has across ALL its hot wallets on TRON*.
Binance Cold 2, which used to hold the majority of Binance's USDT, is now *empty*.
This is while it was still at a high of $11B only a year and a half ago. Difference is previous dips in holdings was money getting shuffled and washed around.
Now it's left the chain entirely.
Arkham hasn't updated yet (and finding data that shows a chart of holdings per chain specifically is hard), but the next time they do, Binance will show ~$3.2B USDT on TRON and ~$25B USDT on ETH.
Even when the majority was TRON USDT, the relationship was never *this* lopsided.
I will remind everybody that *Binance has 50% of global market share*.
THESE ARE SUPPOSED TO BE CUSTOMER FUNDS!
Binance has converted coins on their user's behalf before - they auto-converted USDC to BUSD for example. So there is precedent for them commingling funds.
But like FTX, they're too cavalier with their customer funds, and if you chainswap $20B of funds from one chain to another over time, then there HAS to be some customer funds involved.
Or worse, there aren't, and Binance is as much a ponzi/pyramid scheme as Tether is.
As for why they're doing this, i'll stick with my best guess: Justin Sun is a MASSIVE liability which'll blow up one of these days and the TRON blockchain is just a public ledger of crime.
The cartel is getting ready to clean house. Hence Justin investing in Trump as a hail mary.
Lawmakers playing sophisticated investors with people's money...
Is $18B a lot? Could Brazil even afford that?
Lawmakers playing sophisticated investors with people's money...
YesBrazil isn't alone in that boat. It seems like a lot of countries are currently considering similar measures.
A little bit won't hurt so they have established access to the market if economic forces change.
Spot ethereum (ETH) exchange traded funds (ETF) in the U.S. saw record daily inflows on Friday, another sign that the second-largest cryptocurrency is gaining momentum as a catch-up trade after vastly underperforming bitcoin (BTC) this year.
The nine products combined booked $332.9 million in net inflows during Friday's shortened trading session, data compiled by Farside Investors shows. BlackRock's iShares Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH) led, attracting $250 million and $79 million in fresh funds, respectively.
Friday was the fifth consecutive session with net inflows for the group, and concluded the second strongest week with $455 million in net inflows, per SoSoValue data. It was a shorter week as U.S. traditional markets were closed on Thanksgiving Thursday.
Ether ETFs also outpaced flows into their spot bitcoin counterparts, which gathered $320 million inflows on Friday and suffered net outflows during the week.
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Signs of potential trouble brewing at Binance? Or just the TRON crypto? Or both?...
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“The latest spike in whale-to-exchange activity coincides with XRP reaching a local price of around $2.3. This could indicate whales preparing for potential profit-taking or increased market activity,” Woominkyu added.
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"The adoption of Bitcoin as a treasury reserve asset is accelerating, aided by favorable accounting guidelines and the success of institutional ETFs," the analysts observed.
Bernstein projects Bitcoin will hit $200,000 by 2025, driven by its cyclical demand-supply dynamics and diminishing sell pressure from miners following halving events.
The report further estimates Bitcoin could exceed $500,000 by 2029 and $1 million by 2033 as adoption widens and demand strengthens.
A slow bleed in crypto since late in the weekend accelerated into the early evening U.S. hours on Monday, leaving nearly the entirety of the sector sharply lower.
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Over $750 million worth of leveraged derivatives positions were liquidated across all digital assets over the past day, CoinGlass data shows, the ovewhelming majority of which were bullish bets. That puts today's flush almost on par with the August 5 crash and just trailing last Thursday's wild swing when BTC plunged to $90,000 from above $100,000.
There are some signs of waning momentum on the crypto markets, including declining exchange volumes and heavy profit-taking by long-term holders, analytics firm 10x Research pointed out in a Monday morning note.
"This is likely to be only a brief consolidation phase before the bull market regains momentum," 10x Research founder Markus Thielen wrote in the report. "However, traders should now pay close attention to which positions are outperforming and which are underperforming, as the rally enters a phase where not everything will continue to rise.
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Developers are a leading indicator of value creation. Developers build apps that deliver value to users. Killer apps attract customers. New customers bring more developers. Because crypto is significantly open source, we have an unprecedented ability to measure this developer-value creation flywheel in a rapidly evolving industry.
We analyzed 902 million code commits across 1.7 million repositories to create the 2024 Developer Report.
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Crypto developer and user activity is more global and more cross chain than ever.
Developer trends:
- Crypto developers have grown 39% per year since Ethereum's launch in 2015. 39,148 new developers explored crypto in 2024.
- Total developers are marginally down in 2024 with a decline of 7%.
- Established Developers (those in crypto for 2+ years) are at all-time highs, growing
- 27% YoY and committing 70% of code commits.
Adoption is globally distributed:
- Asia is the #1 continent by developer share; North America dropped from #1 to #3.
- The US is the #1 country with 19% developer share but is down from 38% in 2015.
- India onboarded the most new crypto developers in 2024.
- Crypto activity spans all time zones: Stablecoin transactions are consistently active, rising 2-3% during Asian, European, and African work hours. NFT trading peaks during American work hours, while minting peaks during Asian work hours, indicating how different parts of the globe gravitate toward different use cases.
Developers are diversifying across chains and ecosystems:
- 1 in 3 crypto developers work on multiple chains, up from < 10% in 2015.
- Ethereum is the #1 ecosystem for total developer activity on every continent.
- Bitcoin total developers are consistent with 42% working on scaling solutions.
- Solana is the #1 ecosystem for new developers in 2024 and grew 83% YoY.
- Base is responsible for 42% of the new code being written in the Ethereum ecosystem.
Use-cases are diversifying across chains:...
- Base & Solana lead in low-fee use cases for NFTs: Base owns 97% of NFT minting volume. Solana owns 64% of NFT mint transactions.
- Solana leads in DEX usage: Solana captures 81% of DEX transactions and has the highest number of unique trading wallets. Base is #2 by unique trading wallets.
- LRTs as a new sector added $30B+ in TVL to Ethereum mainnet. EigenLayer invented the re-staking sector and grew Full-time developers 130% as AVS developer adoption grows.
- Stablecoins usage is at all-time highs: stablecoins have $196B in circulating supply and $81B in daily transaction volume. Transaction sizes are diverse and vary by chain.
- Bitcoin ETFs rank amongst the most successful ETF launches ever.
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