Data Reveals Bitcoin And Crypto Market ‘Driving Force’ Could Be About To Return As The Price Of Ethereum, Cardano And BNB Surges

Bitcoin and cryptocurrency prices have rallied over the last month, with bitcoin this week breaking above $50,000 for the first time since May.

The price of bitcoin rivals ethereum, cardano, and Binance’s BNB have also surged higher, with cardano hitting all-time highs as investors pile into the market.

Now, data has shown crypto wallets holding at least $50 million or more worth of bitcoin—known as “whales”—have increased their buying since the end of June and into August—something that previously heralded bitcoin’s first foray over $60,000.

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“The bitcoin accumulated by recent large investors is related to the medium-term change in bitcoin price,” Philip Gradwell, chief economist at blockchain data company Chainalysis, told CNBC.

Chainalysis found that when whales buy more bitcoin the price typically rises over the coming month and falls when they sell. These large investors were one of the bitcoin market’s “driving forces” through February, according to Gradwell—with the bitcoin price soaring to over $61,000 per bitcoin in March.

Bitcoin whales bought the equivalent of nearly $10 billion between late June and August 22, Chainalysis data showed, with whale holdings returning to February levels.

Bitcoin’s volatility, reflected in the wider crypto market as other top five tokens by value ethereum, cardano and BNB bounce wildly, has left traders with whiplash in recent months as the bitcoin price swings through a $20,000 range in a matter of weeks.

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However, those in the bitcoin and crypto industry, as well as long-term bitcoin holders, claim to be unfazed by the extreme bitcoin price action.

“The volatility that we have seen historically is merely what we would see from any industry in its infancy,” Iqbal Gandham vice president of transactions at crypto hardware wallet maker Ledger, said in emailed comments. “Slowly we will see this move from speculation-based pricing to utilization-based pricing.”

Other market watchers have reported technical analysis of bitcoin charts appears bullish.

“Bitcoin’s simple and exponential moving averages give strong ‘buy’ signals and the relatively low funding rates in the asset’s futures market indicate the rally was driven by spot traders rather than leveraged speculators,” Alexandra Clark, sales trader at the U.K.-based digital asset broker GlobalBlock, wrote in a Wednesday note.


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‘Entourage’ Producer to Make Series About Crypto

Rob Weiss, best known for producing the HBO series “Entourage” and “Ballers,” about the worlds of broey Hollywood B-listers and former football players, respectively, will turn his attention to another male-dominated demographic: cryptocurrency.

According to a report in Variety, Weiss will produce and direct episodes of “Hold On for Dear Life”—a backronym for HODL, the rallying cry of Bitcoin maximalists. (HODL actually comes from a typo in a Bitcoin forum.)

Though the niche-y programming fits Weiss’ wheelhouse, the tech founder at the center of the story isn’t played by Adrian Grenier, a noted crypto enthusiast, or Dwayne Johnson, America’s alpha male. Instead, it places a young woman in the foreground. 

The series hinges on its young protagonist, Mel, who creates a token in honor of her best friend, who has gone missing. She must then navigate the crypto scene a la “Silicon Valley” or “Betas” alongside a motley crew of friends, including a crypto anarchist and a Lambo lover.

Like “Ballers” and “Entourage,” it’s supposed to be funny. But there’s serious potential for crossover appeal as the show has minted its own ERC20 token on the Ethereum blockchain so that token holders can receive a share of the series profits. The token sales will also go toward funding the production. (Do note: The pilot has yet to be shot, though principal photography was slated to start this month.)

The 10-episode series, written by the pseudonymous Suhh Toshee (get it?), is executive produced by Mark Pennell, Satoshi Nakamoto Productions, and the MAP Group.

The naming of a show-runner builds on a May announcement for the show from Sator, a decentralized application for earning NFTs by watching TV. No surprise, then, that “HODL” watchers will be eligible for NFTs—blockchain-based deeds of ownership—of artwork and content from the show.

Cool, bro.


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Puell Multiple: The Bitcoin Metric That Says BTC Miners Aren’t Ready To Sell

Miners determine more of bitcoin price than most investors understand. The price at which miners are willing to sell usually correlates with how much profit that they can make from selling the coins that they have mined. Depending on the price of the asset, miners usually choose to sell or hold it. This could influence the market price of bitcoin.

Related Reading | Number Of Short-Term Bitcoin Holders Hits All-Time Low, How This Affects The Price

Profitability is the major reason for mining. But when profitability goes down, miners either sell and cut their losses, or the other option, where they can hold on to their coins and wait for the price to get a point where profitability increases. According to the Puell Multiple, miners are currently choosing the latter. Holding their coins instead of selling for lesser profitability.

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Miner Profitability Drops

Data shows that miner profitability has dropped in comparison to the last time that bitcoin was at this price. The profitability for bitcoin back in April at $50K had been 40% higher than it is right now when bitcoin hit $50K again. This means that miner profitability is hitting the lows at all-time highs.

This drop in profitability has seen miners refusing to sell the BTC they are rewarded with for mining blocks. Instead choosing to hold these coins in wait for much higher prices.

Puell Multiple chart from CrytpoQuant

Puell Multiple chart from CrytpoQuant

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Miners are selling less compared to the previous bull market | Source: CryptoQuant

The Miner Position Index (MPI) tells us the ratio of the bitcoins leaving miners’ wallets compared to the one-year moving average. This year, the Miner Position Index shows that this number has fallen to a negative 0.405. A Miner Position Index of 2 or higher means most miners are selling their coins. Below 2 means some are selling. But at a negative 0.405 number, it means almost all of the miners are choosing not to sell their coins.

Bitcoin Price Staggers As Miners Refuse To Sell

Bitcoin price has been on an upward trajectory for the better part of the weekend. Finally breaking the $50K price point on Monday as market sentiment rose into extreme greed. After the break, the price quickly went into a downward correction that dragged the price of BTC back down into the $47K range. A hard-won battle had been fought to get the price above this resistance point. But now it seems the whole process is to be repeated again due to the current dip in price.

Bitcoin price chart from

Bitcoin price chart from

BTC price back up above $49,000 | Source: BTCUSD on

Another uptrend on Wednesday has put the digital asset on a path to taking back its position over $50K. Indicators show that the bulls still have complete control of the market. Despite the dip, sentiments have not turned into the negative. Buy pressures continue to be the order of the day as both institutional and individual investors clamor for a position in the leading cryptocurrency.

Related Reading | Why An 18% Drop In Bitcoin Could Still Be Bullish

Despite this, miners do not find this a profitable point to sell. With price projections so high, going up to over $100,000 by the end of the year, it is no surprise that miners are choosing to hold on to their coins for better prices.

Featured image from Bitcoin News, chart from CryptoQuant and


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You Can Use Your Bitcoin To Improve Everyone’s Health

Ideas like soil guardian bitcoin faucets allow Bitcoiners to utilize their accumulated wealth to enact change.

I found it interesting that in the early days of bitcoin, people gave this magic internet money away and even set up bitcoin faucets for that purpose. Roger Ver was one of the first to do so and — from what I can tell — was very generous in giving away bitcoin. So was Gavin Andresen. Regardless of how the Bitcoin community feels about these two now, giving away bitcoin was vital to growing the network in the early days and we’re deeply indebted to them for doing so.

I contend that bitcoin faucets are equally, if not more important today, no matter the price! Why? Because it gets people off zero. If you believe, as I do, that bitcoin is a lifeboat, we want as many people who can transact in satoshis as possible to do so. Faucets can be found in online games today and other inane uses but I could not find any that serve the purpose I propose.

So my question to the bitcoin community is this: Why don’t more bitcoiners set up bitcoin faucets that support causes and people that they value? Problems in our world don’t fix themselves. Invest in what you value most.

For example, I was an impact investor who supported small farmers many years before I made any investment in bitcoin. About five years ago, my family made a sizable donation to Slow Money which supports small farmers in Colorado. Unfortunately, we donated the melting ice cube of U.S. dollars.

My thinking was and still is this: That small farmers and gardeners are the unsung heroes in our health care system. Invest in what you value most in your community. In my case, I value health above wealth. I value clean air, clean soil, clean water, clean food — nutrient dense and toxin free — clean energy and clean ecosystems. Those happen to be things that our fiat monetary system does not value! If anything, fiat is hostile and harmful to all of them. If that is true, then I must put my money where my mouth is and do it now. The problem of depleted soil and nutritionally bankrupt food will not fix itself and it’s rapidly getting worse. Money that venerates consumption over restoration and resilience does great harm to every ecosystem humans need to thrive.

According to Dr. Max Gerson who pioneered the Gerson Protocol which reverses cancer and other illnesses with nutrient dense organic food: The soil is our external metabolism. As bad as our knowledge gaps are around money, the knowledge gaps we have around soil health in our culture are even worse. And soil health will directly impact community health. We’ve all heard the phrase food is medicine; well, take it a step further to: “soil is medicine.” Healthy soil begets healthy food which begets healthy immune systems.

With all that as context you may wonder: “How hard would it be to set up a soil guardian bitcoin faucet?” I don’t know, but I’m not waiting around for someone to start one. Instead, a young urban farmer based in Lakewood, CO came to me looking to raise U.S. dollars from investors and instead I offered to put bitcoin on his balance sheet. He accepted immediately, but he knew nothing about bitcoin at the time I made the offer. Once he did his homework, he was very excited by the offer. No orange pill needed. We’ve since met in person, I’ve toured his farm and we’ve got him using Opendime (many thanks to Nic Carter for the idea from watching his podcast with Lex Fridman) to hold the private keys to his bitcoin and an agreement to not touch it for at least one year. One more Bitcoiner added to the network. And a community health care hero to boot. And I wasn’t bashful about telling him I considered him and others who practice restorative agriculture to be health care heroes of the most valuable kind.

In addition, I’ve asked him to think about which of his peers might we do this with next? He is going to think about it and we’ll do the next one together. We will go through the same process with the next small farmer restoring soil in our community. And once that is done, the three of us will select the fourth recipient and so forth. Peer to peer. Rinse and repeat until every small farmer in Colorado has bitcoin on their balance sheet. Now, that is something that I’d love to see go viral.

My passion for helping small farmers springs from my involvement in Slow Money. One of the big ideas I heard attending my first Slow Money Gathering in 2013 was: “If you’re working on a project that can be accomplished in your lifetime, you’re not thinking big enough!” Instead of adopt-a-highway, why not adopt-a-small-farmer in your community? Put bitcoin on his or her balance sheet. I don’t know if we’ll do this for every small farmer in my lifetime, but the way is clear. The health benefits to our community are 100x better than lobbying the government for subsidies.

For those of you interested in starting a soil guardian faucet in your community, please contact me at and I’ll share what I know and how I did it. I don’t know how many peer-to-peer soil guardian faucets will be needed to support the small farmers in Colorado but I’m willing to be one of them. My only hope is we start thousands of them in every state. The impact on our health by supporting thousands of small farmers can never be overstated!

Instead of donating U.S. dollars that tend to promote debt slavery and overconsumption, why not donate bitcoin and promote freedom and resilience? I’m all for HODLing and I expect that to be the predominant mindset for most Bitcoiners. However, for the Boomers with wealth and those who operate from abundance, I issue this challenge: why wait to begin to address structural problems like soil depletion, living water, nutritionally bankrupt food and a host of other problems that will only get worse if we wait?

The old adage applies here: if not now, when? If not you, who? I stand ready to assist anyone who is willing to join me on this journey. Bitcoiners can transform our disease care system into a health care system. All it takes is ten thousand bitcoin faucets of all types.

This is a guest post by Mark Maraia. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.


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‘Shadowy Super Coder’ Pack Offers $315M of Perks for Ethereum NFT Devs

In brief

  • Eligible Ethereum developers can claim a free NFT-centric pack of perks, benefits, and discounts from Polygon, Gitcoin, Alchemy, and others.
  • The name is inspired by a recent comment from U.S. Senator Elizabeth Warren about crypto developers.

U.S. Senator Elizabeth Warren struck a nerve within the crypto community last month when she described blockchain developers as “a shadowy, faceless group of super-coders and miners.” Now, one project has adopted the moniker to try and encourage even more NFT creation with a barrage of perks and incentives for Ethereum developers.

The Shadowy Super Coder NFT Pack is the creation of Project Galaxy, a startup that builds infrastructure for creating and distributing NFTs, such as for loyalty programs. The firm has teamed up with an array of projects across the space to give away $315 million total worth of benefits—such as subscriptions, tools, and transaction cost rebates—to more than 110,000 Ethereum developers who meet certain criteria.

“Senator Warren came up with a brilliant name,” Project Galaxy co-founder Harry Zhang told Decrypt. “Initially, we just wanted to design and reward this special Shadowy Super Coder NFT to all of those who contributed to this amazing ecosystem, but we then realized we can help the developers by recreating something similar to the GitHub education pack.”

Polygon, a leading layer-2 scaling solution for Ethereum, is offering 20,000 transactions to each eligible developer without charging gas fees (via rebate), while blockchain development platform Alchemy provides a pack of benefits including a free trial and discounts. Another notable name on the list, Gitcoin, will give 50 GTC—its native token—to eligible developers that join its decentralized autonomous organization (DAO).

That’s just a sampling of the benefits available to developers in the pack, which also includes contributions from other blockchain and development-centric projects such as Tenderly, Ankr, OneKey, Torus, QuickNode, PARSIQ, and Curvegrid. And yes, there’s also a limited-edition NFT collectible included in the pack for developers to keep.

“The crypto community immediately rallied around the idea, and we had overwhelming interest in participation from various partners,” said Zhang. “We are proud to support the builders that make it possible for the rest of the world to stand on the shoulders of giants.”

According to Project Galaxy’s post, more than 110,000 Ethereum developers are eligible to claim the Shadowy Super Coder drop for free. Any Ethereum address that deployed a smart contract by August 1, 2021—and had that contract interact with at least two different addresses—can claim the package of benefits. A smart contract is a bit of code that performs set instructions, and is the heart of decentralized applications, DeFi, and NFT collectibles.

DeFi refers to a group of decentralized financial products that allow their users to trade, borrow, and loan crypto assets without a third-party intermediary, like a bank. And an NFT is essentially a blockchain-backed receipt that proves ownership of a digital item, and it can be tied to images, video files, interactive video game items, and quite a bit more. 

The NFT market ballooned in early 2021, generating $2.5 billion worth of trading volume in the first half of the year.

And NFT mania has reached new heights lately, however, with leading marketplace OpenSea reporting more than $2 billion in volume so far in August alone, while leading collections like CryptoPunks, Bored Ape Yacht Club, Art Blocks, and crypto game Axie Infinity have set new records for trading activity. Just in the last week alone, prominent brands such as Visa, Budweiser, and Arizona Iced Tea have purchased and promoted NFT collectibles.


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FSC Chairman Nominee Does Not See Cryptocurrencies as Real Currency

Financial Services Commission (FSC) Chairman nominee Koh Seung-beom opined that digital assets would not work successfully as financial instruments. He went further, stating they “could not function as a real currency.”

Are Digital Assets Real Money?

Koh Seung-beom – nominated by the Korean President to be the next Chairman of the FSC – expressed his skepticism regarding the successful role of cryptocurrencies in the economic system. He agreed with the International Monetary Fund’s opinion that virtual assets are not ready yet to serve as national currencies:

“International organizations, including the Group of 20 and the International Monetary Fund, as well as a lot of market experts, find it difficult to consider virtual currencies as a financial asset, and think they could not function as a real currency.”

Despite describing bitcoin and the altcoins as volatile and risky assets, the IMF added they have some benefits. They can diversify investors’ portfolios and bring significant profits. The financial organization pointed out that digital currencies have a better chance to succeed in countries with shaky inflation and a shattered economy.

El Salvador is a proper example of such a nation. As CryptoPotato reported in June, the Latin American country accepted the primary cryptocurrency as an official payment method inside its borders.

In any case, Koh Seung-beom’s stance coincides to some extent with the FSC’s incumbent chief Eun Sung-soo’s statement, who recently said that “cryptocurrencies, which have no intrinsic value, are not a real currency.”


Crypto Environment in South Korea

Back in June, the government of the Asian country contemplated issuing new rules for local cryptocurrency exchanges. It would require trading venues to have a real-name account at a local bank by September.

Many small digital asset platforms opposed such unfavorable regulations. Believing they have been discriminated against, some of their representatives even intended to sue the Korean government:

“These days banks are refusing to initiate their cryptocurrency exchange verification processes without clear reasons, and most exchanges are failing to get a chance to prove themselves.”

However, the FSC continued its mission to hunt down trading venues that operate without the necessary licensing. At the beginning of August, 11 of them reportedly shut down amid the watchdog’s inspection. Many experts predicted that such a scenario is possible as most of the exchanges – except the local giants Bithumb, UPbit, Coinone, and Korbit – failed to open real-name accounts for clients.


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DeFi TVL hits a record $157B as Ethereum competitors attract investors

Altcoins and DeFi tokens have been on a tear for the last two weeks  and as the end of August approaches many projects are seeing their tokens reach for new all-time highs.

Data shows that a majority of the top-10 DeFi tokens gained more than 20% in the past 30-days, with projects like Bancor (BNT) and THORChain (RUNE) seeing gains in excess of 115%.

Top-10 DeFi assets by price. Source: Messari

Here’s a look at some of the factors behind the current boost to DeFi tokens and the projects that are leading the way in terms of protocol upgrades and cross-chain interoperability.

Total value locked reaches a new all-time high

Data from DeFi Llama shows that the total value locked (TVL) in all DeFi protocols reached a new all-time high at $157.06 billion on Aug. 22 and many analysts believe TVL is one of the best measures of sentiment within the DeFi ecosystem.

Total value locked in DeFi. Source: DeFi Llama

During the previous run-up, the TVL reaching an all-time high coincided with the surging prices of Bitcoin and Ether (ETH), which both reached their all-time highs around the same time.

This time around, Bitcoin and Ether are more than 24% below their all-time highs yet the total value locked in DeFi has surpassed its previous record.

This suggests that popular DeFi-related tokens with multi-faceted utility within the crypto and DeFi ecosystem have attracted investors’ attention. Typically, Uniswap (UNI) and SushiSwap (SUSHI) lead among DeFi tokens but a few other strong gainers this week include a 22% increase for Convex Finance and a 17.84% increase from PancakeSwap.

Related: This time it’s different: When DeFi meets NFTs

New protocols attract attention

The past 3 months have also seen the arrival of popular new DeFi protocols like DinoSwap and the rise of Ethereum-network competitors like Avalanche (AVAX) that have brought fresh energy and funds to the DeFi ecosystem.

DinoSwap and Avalanche have benefited from users fleeing high fees on the Ethereum network because both off reduced transaction costs and faster processing times through their cross-chain bridges.

Avalanche launched its ‘Avalanche Rush’ DeFi incentive program on Aug. 18 which has brought a flurry of activity to the protocols involved, including Aave, Curve and SushiSwap. This liquidity mining event has proven quite popular and helped to lift its native AVAX token back above $50 for the first time since February.

In the first half of the year, DeFi tokens rallied early and were followed by a surge in the price of NFTs and NFT-related assets. As summer draws to a close and NFTs notch new eye-watering record sales and volumes each day, it’s possible that a sector rotation could occur soon and the DeFi sector may be warming up for a run of its own.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.