One Whale Trades Majority of Ethereum for Bitcoin

In the cypto world, the actions of significant players, often referred to as ‘whales’, can provide valuable insights into market sentiment. Just 8 hours ago, a notable crypto whale made a significant move by exchanging a large portion of their Ethereum holdings for Bitcoin. The whale traded 5,500 Ethereum for 344.1 Wrapped Bitcoin (WBTC), a tokenized version of Bitcoin on the Ethereum blockchain. This transaction was valued at approximately $8.85 million, with an average price of $25,845 per WBTC.

Wrapped Bitcoin, for those unfamiliar, serves as a bridge between the two leading cryptocurrencies. It allows Bitcoin to be used in Ethereum’s decentralized applications, bringing liquidity from the world’s foremost cryptocurrency into the Ethereum ecosystem.

etherscan-eth-wbtc.png

Source: Etherscan

This recent transaction has left the whale’s portfolio diversified with 344.1 WBTC and a balance of 1,041 stETH, which is valued at roughly $1.68 million. Such a move, especially in the volatile crypto market, is indicative of strategic planning and a keen understanding of market dynamics.

Rewinding a bit, this same whale had made headlines two days ago. On 9 September 2023, they made a hefty purchase of 6,541 Ethereum at an average price of $1,630, translating to a total expenditure of 10.66 million USDC. The Ethereum price, at the time of the recent WBTC exchange, hovered around $1,619, marking a slight loss of $11 per Ethereum since the 9th of September purchase.

Prominent cryptocurrency analyst @EmberCN was quick to spotlight these transactions, and the details were further corroborated by the wallet tracker, Mest. For those keen on tracking, the whale’s address is 0xdfcaf20a17521a761036af8a3a758fcdd91dfc07.

Analyzing the whale’s decision to exchange Ethereum for Bitcoin rather than selling it offers some market insights. It suggests a belief that the broader crypto market will remain stable, if not bullish. The preference for Bitcoin over Ethereum might indicate a sentiment that Bitcoin has a brighter immediate future in terms of price appreciation. In essence, there’s an expectation that the ETH/BTC trading pair will trend upwards.

While the activities of whales offer insights into possible market trends and moods, they shouldn’t be viewed as absolute indicators. Given the notorious unpredictability of the crypto market, influenced by countless variables, it remains imperative for investors to undertake their own thorough analysis.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Shib Inu Shibarium Introduces Wrapped BONE and Hosted Blockscout Explorer

Shib Inu’s Shibarium, a Layer 2 (L2) blockchain network, recently celebrated a significant milestone of reaching 1 million wallets and is on the brink of achieving 1 million transactions, as reported by Blockchain.News.

The network has also launched its hosted version of the Blockscout explorer and expanded its token bridge to include multiple tokens like USDT, USDC, DAI, WBTC, and XFUND.

Shibarium Hits 1 Million Wallets

Shibarium, a Layer 2 blockchain network, has reached a milestone of 1 million wallets, according to an update by Shiba Inu developer Kaal Dhairya on September 3, 2023. The network aims to maintain its status as one of the fastest and most cost-effective L2 solutions. While some users have expressed discontent over the low gas fees, the network views it as a strength.

Blockscout Explorer Now Available

Shibarium has introduced a hosted version of the Blockscout explorer, available on Shibariumscan. The move allows the protocol team to focus on network upgrades. The Blockscout team will ensure the explorer remains operational and the blockchain is fully indexed. Users are encouraged to “Do Your Own Research” (DYOR) and verify contracts using the Blockscout contract verification system.

Token Bridge Expansion

Shibarium has expanded its token bridge to include additional tokens. The newly mapped tokens are as follows:

USDT: 0xaB082b8ad96c7f47ED70ED971Ce2116469954cFB

USDC: 0xf010f12dcA0b96D2d6685bf4dB3dbB4Ad500B6Ad

DAI: 0x0726959d22361B79e4D50A5D157b044A83eC870d

WBTC: 0xE984D89fb00D0B44E798A55dc41EA598B0b0899d

XFUND: 0x89dc93C6c12CaE47aCAf4aD9305d7A442C30dBB2

Wrapped BONE Contract Verified

The Wrapped BONE (WBONE) contract has been verified and is available for public scrutiny. The contract address is 0xC76F4c819D820369Fb2d7C1531aB3Bb18e6fE8d8.

Future Plans

Shibarium plans to renounce the Bone contract within the week and will add more validators to the network. The platform encourages developers to build on top of Shibarium, aiming for the next big innovation to be founded on their network.

Conclusion

Shibarium’s milestone of 1 million wallets and imminent 1 million transactions mark it as a growing force in the Layer 2 blockchain space. With the introduction of the Blockscout explorer and the expansion of its token bridge, Shibarium is not just scaling but also providing tools for transparency and interoperability. As it moves forward, the network aims to foster innovation and empower its community to lead a self-sovereign life.

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Aave Outpaces Market with 9% Growth in Q2 2023, Launches GHO Stablecoin

In decentralized finance (DeFi) world, Aave has emerged as a frontrunner, demonstrating a 9% quarter-on-quarter increase in total value supplied in Q2 2023, outpacing the broader market, according to a recent report by Messari.

The report reveals several significant shifts in the deposit market share within the Aave ecosystem. stETH, a tokenized version of Ethereum staked on the Ethereum 2.0 blockchain, saw a 5% increase in its deposit market share. This growth in stETH deposits was accompanied by a minor decrease in ETH deposits, while Wrapped Bitcoin (WBTC) deposits experienced an increase.

Aave’s revenue also saw a substantial increase, with a 14% rise quarter-on-quarter, primarily driven by activities on the Ethereum Mainnet. This growth in revenue is a testament to the protocol’s increasing popularity and user adoption. Furthermore, the revenue share from Aave’s V3 markets doubled, suggesting a significant user migration to this newer version of the protocol.

Aave launched its native over-collateralized stablecoin, GHO, on July 15, 2023. The GHO token offers an optimized fixed rate for borrowing against any collateral asset on the Aave V3 market. This innovative feature is expected to attract more users to the platform, further driving its growth.

The report also touched on the proposed Aave Forest framework, aimed at enhancing the protocol’s security. This proposal underscores Aave’s

commitment to providing a secure platform for its users, a critical factor in the DeFi space.

Additionally, the report hinted at the imminent release of Portals, following developments from Chainlink. The release of Portals has been eagerly anticipated by the Aave community, and its launch could potentially mark the end of delays in its rollout.

In conclusion, the Q2 2023 report underscores Aave’s continued growth and innovation in the DeFi sector. With the launch of the GHO stablecoin, the proposed security enhancements, and the anticipated release of Portals, Aave is poised to maintain its leading position in the DeFi space.

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wBTC Supply Hits 9-Month Low After Major Burn

The supply of wrapped Bitcoin (wBTC), an Ethereum-based ERC-20 token that mirrors the value of Bitcoin and is pegged 1:1 with its price, has hit its lowest point since May 2021. This follows a significant burn of 11,500 wBTC linked to the now-bankrupt crypto lender Celsius, which has turned its growth rate negative. The current total supply of wBTC stands at 164,396, with a monthly growth rate of -7.39%.

wBTC was co-developed in 2019 by Bitgo, blockchain interoperability protocol Ren, and multichain liquidity platform Kyber. It is managed by the decentralized autonomous organization wBTC DAO, which comprises over 30 members. When merchants want to exchange BTC for wBTC, they start a burn transaction and alert the custodians. The merchant transfers real BTC to a custodian address on the Bitcoin blockchain, which is locked. Once it receives the real BTC, the custodian address mints the equivalent amount in wBTC on Ethereum. Being an ERC-20 token makes the transfer of wBTC faster than normal Bitcoin, but the key advantage of wBTC is its integration into the world of Ethereum wallets, decentralized applications, and smart contracts.

During the peak of the bull run, wrapped tokens became a popular tool of use in the decentralized finance (DeFi) ecosystem. The supply of wBTC peaked at 285,000 in April 2022, when the price of BTC was trading above $48,000. However, with the advent of the bear market and numerous crypto contagions, the demand for wBTC started to fade away.

The first signs of lowering demand came after the Terra collapse, which forced several crypto lenders to redeem their wBTC. According to one report, Celsius Network redeemed about 9,000 wBTC amid a growing withdrawal demand. A similar scenario occurred in November 2022 after the FTX collapse, where reports indicate the now-bankrupt crypto exchange tried redeeming 3,000 wBTC just before filing for bankruptcy. After the FTX collapse in November, wBTC experienced its largest monthly coin redemption, with over 28,000 wBTC redeemed back to the original coin.

The market contagion caused by the FTX collapse also depegged wBTC from the original value of BTC. Although the slippage was just about 1.5%, it raised serious concerns about whether such synthetic tokens were a viable mode of value transfer.

The recent burn of 11,500 wBTC linked to Celsius is significant, as it is the second-largest single-day burn of wBTC. This burn has turned the growth rate of wBTC negative, meaning its supply is decreasing. The total supply of wBTC has now hit a nine-month low.

Despite this, wBTC remains an important player in the DeFi ecosystem, offering a bridge between the Bitcoin and Ethereum networks. Its integration into the world of Ethereum wallets, decentralized applications, and smart contracts provides an added advantage to its users.

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Bitcoin Needs to Hold the $43.1K Level to Avoid a Slip back to $38K

After waiting with bated breath for Bitcoin (BTC) to breach the psychological price of $40,000 that had escaped its scope for a couple of weeks, this fate was recently sealed.

The benchmark cryptocurrency was up by 18.88% in the last seven days to hit $43,896 during intraday trading, according to CoinMarketCap.

Nevertheless, Bitcoin ought to hold the $43,100 level to avoid dropping to $38K. Crypto trader Rekt Capital suggested:

“Weekly Close above black $43,100 would be a great confirmation for the bullish case. If BTC fails to flip the black $43,100 level into support, BTC could dip into the red $38,000 area. Previous green circles show that such retests have preceded further upside.”

Image

Source: TradingView

Surprisingly, JPMorgan analysts have placed Bitcoin’s “Fair Value” at $38,000. This parameter is based on the extreme volatility of the leading cryptocurrency, which they noted was about four times as high as that of Gold.  

For a higher high to be created, which characterizes an uptrend, Bitcoin should break the $44,500 area.

Bitcoin has been making significant strides because it reached $1 for the first time eleven years ago.

Image

Source: Documenting Bitcoin

Wrapped BTC experienced a 37,500%

Wrapped Bitcoin (WBTC) has experienced exponential growth, increasing by 375 times in the last two years. On-chain analyst Will Clemente explained:

“Over the last 2 years, the number of Bitcoin wrapped on Ethereum has increased by 375x or over 37,500%. Roughly 1.38% of Bitcoin’s supply is currently wrapped.”

Image

Source: Glassnode

WBTC is an ERC-20 token that represents Bitcoin on the Ethereum network. Therefore, the Bitcoin that backs WBTC is verifiable through a proof of reserve system that prompts a 1:1 verification between minted WBTC tokens and the stored Bitcoin. 

Throughout 2021, WBTC flowed into THE Ethereum network, corporate treasuries, and exchange-traded investment vehicles, according to a study by Arcane Research. 

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Bitcoin Needs to Hold the $43.1K Level to Avoid a Slip back to $38K

After waiting with bated breath for Bitcoin (BTC) to breach the psychological price of $40,000 that had escaped its scope for a couple of weeks, this fate was recently sealed.

The benchmark cryptocurrency was up by 18.88% in the last seven days to hit $43,896 during intraday trading, according to CoinMarketCap.

Nevertheless, Bitcoin ought to hold the $43,100 level to avoid dropping to $38K. Crypto trader Rekt Capital suggested:

“Weekly Close above black $43,100 would be a great confirmation for the bullish case. If BTC fails to flip the black $43,100 level into support, BTC could dip into the red $38,000 area. Previous green circles show that such retests have preceded further upside.”

Image

Source: TradingView

Surprisingly, JPMorgan analysts have placed Bitcoin’s “Fair Value” at $38,000. This parameter is based on the extreme volatility of the leading cryptocurrency, which they noted was about four times as high as that of Gold.  

For a higher high to be created, which characterizes an uptrend, Bitcoin should break the $44,500 area.

Bitcoin has been making significant strides because it reached $1 for the first time eleven years ago.

Image

Source: Documenting Bitcoin

Wrapped BTC experienced a 37,500%

Wrapped Bitcoin (WBTC) has experienced exponential growth, increasing by 375 times in the last two years. On-chain analyst Will Clemente explained:

“Over the last 2 years, the number of Bitcoin wrapped on Ethereum has increased by 375x or over 37,500%. Roughly 1.38% of Bitcoin’s supply is currently wrapped.”

Image

Source: Glassnode

WBTC is an ERC-20 token that represents Bitcoin on the Ethereum network. Therefore, the Bitcoin that backs WBTC is verifiable through a proof of reserve system that prompts a 1:1 verification between minted WBTC tokens and the stored Bitcoin. 

Throughout 2021, WBTC flowed into THE Ethereum network, corporate treasuries, and exchange-traded investment vehicles, according to a study by Arcane Research. 

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Third-Richest Ethereum Whale Splurges Over $128,000,000, Accumulates Two Metaverse Tokens and Four Other Crypto Assets

One crypto whale just embarked on an altcoin shopping spree to the tune of $14.1 million.

The blockchain-transaction tracker WhaleStats reveals that the Ethereum whale wallet named Light bought 642,999 Decentraland (MANA) for $1,845,409.

Decentraland is a 3D virtual reality world that runs on Ethereum. The 43rd-ranked crypto asset is priced at $2.81.

The 3rd-richest whale wallet also made two purchases of virtual world The Sandbox, the first for 426,000 SAND tokens at $2,044,800.

Light’s second foray into The Sandbox gobbled up 1,703,978 coins for a jaw-dropping $8,179,094.

At time of writing, The Sandbox is the 42nd-ranked cryptocurrency and trading for $4.41.

The whale wallet also loaded up on Covalent (CQT), buying 3,090,000 tokens for $2,039,319.

Covalent offers an application programming interface suite that allows developers to pull data from different blockchains. CQT is currently valued at $0.63.

Light is continuing a shopping spree that began last week when it scooped up over $1.1 million worth of another gaming token, the play-to-earn blockchain platform Gala (GALA).

WhaleStats reported that Light made a large purchase of layer-2 Ethereum scaling solution OMG Foundation (OMG), formerly OMG Network, shelling out over $2.45 million for 399,999 OMG tokens.

The whale wallet also spent a whopping $25,170,000 for a million LINK, the native token of decentralized oracle network Chainlink.

But Light’s biggest catch of all was 2,000 of the Bitcoin-pegged token Wrapped Bitcoin (WBTC), worth a heart-stopping $86.4 million at the time.

Currently, the Light wallet has a total combined value exceeding $4.3 billion.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Massive Ethereum Whale Begins Accumulating Four Altcoins As Bitcoin and Crypto Markets Recover

One mega-whale just went on an altcoin shopping spree to the tune of $30.6 million.

The blockchain-transaction tracker WhaleStats reveals that the Ethereum whale wallet named Light bought 399,999 OMG for $2,451,999.

The OMG Foundation, formerly known as OMG Network, is layer-2 Ethereum scaling solution that integrates with mainstream wallets. The 122nd-ranked crypto asset, OMG, is priced at $5.95.

The 4th-richest whale wallet also purchased a cool million worth of decentralized oracle network Chainlink (LINK) for a total of $25,170,000.

At time of writing, Chainlink is the 17th-ranked cryptocurrency and trading for $25.19.

The wallet also loaded up on popular meme coin Shiba Inu (SHIB), buying a staggering 58.9 billion tokens for $1,906,592.

Shiba Inu has been fighting its way back from monthly lows on January 9th and is currently valued at $0.00003.

The last altcoin on Light’s to-do list was play-to-earn blockchain gaming platform Gala (GALA). The whale tucked away 3,260,000 GALA tokens for $1,137,691.

Gala is having a rough start to the new year, having fallen from $0.45 to its current valuation of $0.32.

WhaleStats reports that Light also made a huge purchase of the Bitcoin-pegged token Wrapped Bitcoin (WBTC), dropping a mind-boggling $86,428,000 on 2,000 WBTC.

Wrapped Bitcoin is currently worth $42,849, the same as top crypto Bitcoin (BTC).

Finally, WhaleStats tweeted that SHIB has become the most popular token among the leading Ethereum wallets with 15.75% of all holdings.

“Just in: SHIB Shibtoken had come back to be [the] biggest token position by dollar value among the top 1000 ETH whale wallets.”

Source: WhaleStats

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin Flows into Ethereum Network and Corporate Treasuries as WBTC

Throughout 2021, Bitcoin’s circulating supply has experienced significant changes as part of it has flowed into the Ethereum (ETH) network, exchange-traded investment vehicles, and corporate treasuries in the form of WBTC, according to Arcane Research.

Webp.net-resizeimage - 2021-12-24T155352.530.jpg

The market insight provider acknowledged that Bitcoin has found other use cases after leaving crypto exchanges in the form of Wrapped Bitcoin (WBTC).

Image

 

WBTC is an ERC-20 token that represents Bitcoin on the Ethereum network. Therefore, the Bitcoin that backs WBTC is verifiable through a proof of reserve system that prompts a 1:1 verification between minted WBTC tokens and the stored Bitcoin. 

 

Meanwhile, futures open interest on the Bitcoin network has gained momentum by surging 10%. This partly explains why the leading cryptocurrency has been on track based on a price surge.

 

Image

 

Bitcoin was up by 5.49% in the last 24 hours to hit $51,026 during intraday trading, according to CoinMarketCap. This shows that open interest and price are positively correlated.

 

The crypto industry’s M&A experienced notable growth in 2021

The crypto industry has been a beehive of activities as it witnessed significant growth this year. For instance, mergers and acquisitions (M&A) surged by 131% in 2021.

 

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Furthermore, venture capital firms pumped a whopping $30 billion into the crypto sector in 2021, nearly four times its previous all-time high of $8 billion recorded in 2018. 

 

Meanwhile, Bloomberg’s senior commodity strategist Mike McGlone believes that Bitcoin’s bull market is not over yet because the benchmark of this cryptocurrency could surge up to $70K in the near future. 

 

With the end of 2021 just around the corner, it remains to be seen how Bitcoin plays out even though it seems Santa has come early after BTC breached the psychological price of $50K. 

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Ethereum Whale Loading Up on Six Altcoins Amid Bitcoin and Crypto Market Resurgence

A crypto whale known for its Ethereum (ETH) holdings is making a splash by buying big into six different altcoins.

The transaction tracker WhaleStats tweeted out that a whale known as “Light” just bought over $11 million of Wrapped BTC (WBTC), which is an Ethereum token designed to maintain a constant peg to the price of Bitcoin.

“ETH whale ‘Light’ just bought 200 WBTC ($11,352,400 USD).

Ranked #4 on WhaleStats.”

The wallet now has a total value of $5.7 billion, including 362 WBTC valued at $20.2 million. WBTC at time of writing is worth $57,084, the same as BTC.

Light also scooped up a heaping helping of decentralized blockchain indexer The Graph (GRT).

“ETH whale ‘Light’ just bought 2,000,000 GRT ($1,849,946 USD).”

The Graph is down 6.23% today to $0.93.

The feeding frenzy continued as the whale acquired more than $1.8 million worth of decentralized exchange (DEX) SushiSwap, whose native token SUSHI is currently trading at $7.50.

“ETH whale ‘Light’ just bought 250,000 SUSHI ($1,837,500 USD).”

Next up is ILV, the native token of the open-world role-playing game Illuvium that’s built on the Ethereum blockchain. The whale devoured a thousand ILV for more than $1.75 million.

“ETH whale ‘Light’ just bought 1,000 ILV ($1,753,260 USD).”

ILV is currently up 6.70% on the day and exchanging hands at $1,845.

The DEX feast also featured automated finance protocol Uniswap, with the whale shelling out $1.6 million on the UNI token.

“ETH whale ‘Light’ just bought 79,998 UNI ($1,603,965 USD).”

UNI is up 1.58% on the day to $20.52.

Last on the shopping list is Curve DAO(CRV), the token that powers the Curve Finance DEX. According to DeFILama, Curve has more total value locked up than any other DEX.

“ETH whale ‘Light’ just bought 250,000 CRV ($1,145,000 USD).”

The 86th-ranked crypto is down 2.83% today and priced at $4.67.

WhaleStats also provides insight into the most popular tokens among whales.

Of the top-10 tokens purchased over the past 24 hours, WhaleStats has ETH leading the list with 138 total purchased, followed by three different stablecoins: USDT, Circle’s USDC), and Binance USD (BUSD).

Source: WhaleStats

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin (BTC) $ 44,145.83 2.22%
Ethereum (ETH) $ 2,391.00 1.65%
Litecoin (LTC) $ 79.15 6.67%
Bitcoin Cash (BCH) $ 257.83 4.32%