Market
Bitcoin ETFs Hold 1 Million BTC, Layoffs Hit
This week, BeInCrypto noted strong investor interest in key events: Bitcoin ETFs crossing the 1 million BTC mark, insider trading allegations involving MrBeast, and suspected manipulation on Polymarket related to Trump.
Major Q3 earnings reports from industry giants also drew attention, alongside unexpected large-scale layoff announcements. Additionally, the GRASS token saw a significant price surge despite earlier airdrop controversies.
US Bitcoin ETFs Now Hold Over 1 Million BTC
This week, Bitcoin ETFs in the US surpassed the milestone of holding over 1 million BTC. This marks an important step, indicating strong growth and wide acceptance of Bitcoin in traditional investment funds.
Read more: What Is a Bitcoin ETF?
Currently, these Bitcoin ETFs hold over 1.18 million BTC, which is more than 5.6% of the total supply. BlackRock’s iShares Bitcoin Trust alone holds over 420,000 BTC, accounting for over 2% of the total supply. This positive signal reinforces Bitcoin’s status as a mainstream financial asset.
“US ETFs smash through the 1 million bitcoin under management after Blackrock alone purchases a staggering 12,053 in a single day. Reminder to the small guy to “get some / get yours” while you still can. Utterly enormous supply shock inbound,” Shaun Edmondson commented.
Notable Q3 Reports from Tether, MicroStrategy, and Robinhood
This week, notable Q3 reports from major companies grabbed attention with record figures.
Investor enthusiasm for Bitcoin has not only driven it near its all-time high but also elevated the profits and share values of associated firms.
YouTube Mogul MrBeast Accused of Insider Trading
The crypto investment community was abuzz with insider trading allegations against MrBeast. A new investigation by Loock Advising mapped a network revealing numerous hidden transactions.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
Kasper Vandeloock, an analyst at Loock Advising, accused MrBeast of earning at least $23 million from insider trading. However, MrBeast has yet to respond to these allegations.
“We believe this is a result of insider trading because MrBeast has most of his focus set on his social media empire. Cryptocurrency investing takes time and focus, sorting out hundreds of potential investment opportunities. Rather than actively trading, MrBeast made several investments that paid off massively,” the investigation claimed.
This week, some analyses suggested that betting odds on Polymarket related to former President Donald Trump might be fake. These suspicions point to potential manipulation through wash trading, a fraudulent activity to create artificial trading volume.
Polymarket consistently showed Trump’s chances of victory at over 60%, with trading volume for the “Presidential Election Winner 2024” market unusually high, exceeding $2.8 billion.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Chaos Labs’ analysis estimated that about one-third (33.33%) of Polymarket’s trading volume in the presidential election market was due to wash trading.
Additionally, Polymarket has taken steps to limit manipulation. As reported by BeInCrypto, the platform has begun tightening user verification protocols, especially for high-volume traders.
Wave of Layoffs in Crypto Companies
This week, numerous layoff announcements were also made by companies like ConsenSys, Kraken, and dYdX. Early in the week, ConsenSys, the blockchain company behind MetaMask, announced a 20% workforce reduction, affecting about 160 employees. CEO Joe Lubin cited macroeconomic challenges and legal costs associated with SEC disputes as primary reasons.
The next day, decentralized derivatives exchange dYdX announced a 35% cut in key personnel. Founder Antonio Juliano stated that dYdX was built differently from the vision it needed to pursue, leading to this difficult decision.
Kraken also announced layoffs affecting 15% of its workforce, approximately 400 positions. This announcement came as Arjun Sethi stepped in as co-CEO alongside Dave Ripley, with Kraken planning an organizational overhaul.
GRASS Airdrop Draws Attention
This week in crypto, the DePin Grass project’s airdrop event attracted community attention. After listing, the GRASS token on Solana surged to over $1.25, leading the DePin sector in trading volume.
Despite earlier controversies surrounding the GRASS token distribution, its price has continued to rise. Concerns were raised about the initial circulating supply of GRASS being too low, while its Fully Diluted Valuation (FDV) exceeded $1 billion. Additionally, 0.01% of the total supply, equivalent to 146,200 GRASS, will be unlocked daily.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
However, at the time of writing, GRASS is the only token in the TOP5 DePin projects to remain in the green over the past 24 hours.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Can the SAND Token Price Rally Be Sustained?
SAND, the token powering the metaverse platform The Sandbox, has seen a meteoric rise, surging 55% in the past 24 hours. This performance far outpaces leading assets like Bitcoin and Ethereum, which each gained just 1% during the same period. SAND’s trading volume has also skyrocketed, surpassing $1.91 billion — a climb of over 500% in 24 hours.
On-chain data has shown a significant increase in daily SAND transactions and a decrease in selling pressure. These factors suggest the potential for a sustained rally.
The Sandbox Holders Adopt a Bullish Approach
According to CryptoQuant’s data, the daily count of SAND transactions has rocketed over the past few days. For context, on November 23, 2,940 transactions involving SAND were completed, representing the highest count over the past seven days.
This is a bullish signal for the metaverse-based token because a surge in an asset’s transaction count indicates increased activity and interest. It signals higher demand and participation by market participants. Also, it suggests growing confidence in SAND’s price, potentially driving it further upward.
Additionally, a notable increase in exchange withdrawals for SAND has been observed. Per CryptoQuant’s data, the token’s exchange withdrawal transactions currently total 877, its single-day highest since June 2023.
The exchange withdrawing transaction metric tracks the number of cryptocurrency withdrawals from exchanges. A spike in this metric indicates that investors are moving their assets off exchanges. This is a bullish signal, suggesting increased confidence and a potential long-term holding trend.
SAND Price Prediction: Rally Above $0.66?
On the daily chart, SAND is trading at $0.61, a level last seen in April. Its price currently sits below the resistance at its cycle peak of $0.66. If bullish momentum strengthens, SAND could rally toward this peak and reclaim it.
Conversely, if bullish sentiment wanes and selling pressure strengthens, the SAND token price may plunge toward support at $0.56, invalidating this bullish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Token Unlocks to Watch Next Week: AVAX, ADA and More
Token unlocks release tokens previously restricted under fundraising agreements. Projects strategically schedule these releases to minimize market pressure and prevent token price declines.
Here are three major token unlocks to keep an eye on next week.
Immutable (IMX)
- Unlock date: November 29
- Number of tokens unlocked: 24.52 million IMX
- Current circulating supply: 1.67 billion IMX
Immutable, a Layer-2 solution for scaling NFTs on Ethereum, raised $12.5 million in just one hour during its IMX token sale on CoinList in September 2021. By March 2022, the project secured $60 million in an investment round, followed by an additional $200 million from investors such as ParaFi Capital, Declaration Partners, and Tencent Holdings.
On November 29, Immutable will release 24.52 million new IMX tokens into circulation. These tokens will support project development and growth within the broader Immutable ecosystem.
Optimism (OP)
- Unlock date: November 30
- Number of tokens unlocked: 31.34 million OP
- Current circulating supply: 1.25 billion OP
Optimism, a Layer-2 scaling solution, enhances transaction speed and reduces costs on the Ethereum mainnet. Its OP token is vital for governance, enabling holders to vote on proposals and influence the network’s development and management.
On November 30, Optimism will release 31.34 million OP tokens into circulation. Tokenomist (formerly TokenUnlocks) reports that core contributors and investors will receive these tokens.
1Inch (1INCH)
- Unlock date: November 30
- Number of tokens unlocked: 98.74 million 1INCH
- Current circulating supply: 1.27 billion 1INCH
1inch is a decentralized exchange aggregator that pools liquidity from multiple DEXs to offer users the best trading rates. It streamlines trading by identifying the most efficient transaction routes, minimizing slippage, and lowering fees.
On November 30, 1inch will unlock nearly 100 million 1INCH tokens. These tokens are allocated for developers, early investors, and venture capital funds.
Sui (SUI)
- Unlock date: December 1
- Number of tokens unlocked: 64.19 million SUI
- Current circulating supply: 2.84 billion SUI
Sui is a high-performance Layer-1 blockchain designed to enhance network operations and security using a Proof-of-Stake consensus mechanism. Developed by Mysten Labs, the project was founded in 2021 by former Novi Research employees who were instrumental in creating the Diem blockchain and the Move programming language.
The SUI token supports governance, allowing holders to vote on key proposals and influence the platform’s direction. On December 1, the next token unlock will release a significant portion of tokens allocated to Series A and B participants, the community reserve, and the Mysten Labs treasury.
ZetaChain (ZETA)
- Unlock date: December 1
- Number of tokens unlocked: 53.89 million ZETA
- Current circulating supply: 517.85 million ZETA
ZetaChain is a decentralized blockchain platform designed to enable seamless interoperability between different blockchain networks. The platform’s standout feature enables cross-chain communication, allowing the exchange of tokens and data across blockchains like Ethereum and Binance Smart Chain.
On December 1, ZetaChain will release nearly 54 million ZETA tokens. These tokens will support various initiatives, including a user growth pool, an ecosystem growth fund, rewards for core contributors, advisory roles, and liquidity incentives.
Next week’s cliff token unlocks will also include Cardano (ADA), Ethena (ENA), and dYdX (DYDX), among others, with a total combined value exceeding $540 million.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Is the XRP Price Decline Going To Continue?
Ripple’s XRP hit a year-to-date high of $1.63 on November 23. However, fading bullish momentum has made future traders doubtful about the rally’s sustainability. An increasing number are opening short positions, expecting a near-term price correction.
Currently trading at $1.44, XRP has declined by 6% in the past 24 hours. This analysis explores the recent activity in the token’s futures market and assesses the likelihood of a continued XRP price decline.
Ripple Traders Bet on a Price Drop
A drop in its open interest has accompanied XRP’s price decline over the past 24 hours. Per Coinglass data, this sits at $2.52 billion, falling by 9% during that period.
Open interest refers to the total number of active contracts in a derivatives market, such as futures or options, that have not been settled. When open interest drops as an asset’s price falls, traders are closing their positions to lock in profits or minimize losses, indicating reduced market participation.
In XRP’s case, this suggests waning confidence in the continuation of the uptrend and hints at a sustained reversal in the asset’s price movement.
Moreover, XRP’s Long/Short ratio confirms this bearish outlook. As of this writing, this sits at 0.96%, with 51% of all positions opened shorting the altcoin.
The Long/Short ratio measures the proportion of long positions (bets on price increases) to short positions (bets on price decreases) in a market. When the ratio is below 1, it indicates that there are more short positions than long positions, suggesting a bearish sentiment among traders.
This imbalance in the XRP market reflects growing pessimism about the asset’s near-term prospects and may contribute to continued downward pressure on its price.
XRP Price Prediction: More Declines Imminent
XRP is currently trading at $1.44, holding above the $1.33 support level. If bearish sentiment intensifies, the price could drop to this support. A further decrease in buying pressure at that level may push XRP down to $1.15.
On the other hand, a shift in market sentiment from negative to positive will invalidate this bearish outlook. Should this happen, the altcoin will reclaim its year-to-date high of $1.63 and attempt to surpass it.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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