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21Shares Listed Bitcoin and Ethereum ETNs on Nasdaq Stockholm

The Swiss-based investment product issuer – 21Shares – listed its first two physically-backed Exchange-Traded Notes (ETNs) on Nasdaq Stockholm. The underlying assets of the financial products are respectively Bitcoin and Ethereum.

First Issuer of ETNs on Nasdaq Stockholm

According to a recent press release, Nasdaq released a new segment for ETNs, a type of debt securities that track specific assets and trade on a major exchange like a stock. Exchange-Traded Notes are similar to bonds but do not have periodic interest payments.

21Shares – a Swiss organization that enables people to invest in various cryptocurrencies through conventional ETPs – became the first issuer of physically-backed crypto ETNs on Nasdaq Stockholm with Bitcoin (ticker symbol: ABTC) and Ethereum (AETH) as underlying assets.

As of November 2021, 21Shares managed nearly $3 billion in 20 European cryptocurrency exchange-traded products and 82 listings. The CEO – Hany Rashwan – commented on the most recent initiative:

“We are excited to become the first issuer of physically-backed ETNs for Nasdaq Stockholm, one of the most tech-forward global exchanges. Our partnership is a strong endorsement of 21Shares’ mission to make cryptos more accessible in a simple and regulated manner.”

In 2015, Nasdaq Stockholm became one of the first trading venues to trade exchange-listed products with bitcoin as an underlying asset. Helena Wedin – European Head of ETPs at the global marketplace – explained more about ETNs and 21Shares’ move:


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“Exchange-Traded Notes provide access to alternative investments while maintaining the transparency of a regulated marketplace, and we are happy to launch this new segment at Nasdaq Stockholm with 21Shares as the first issuer.”

21Shares Offers Crypto ETPs for Saving Accounts

Earlier this year, 21Shares partnered with the German online retail platform – Comdirect – to bring its cryptocurrency exchange-traded products to the latter’s savings plan program (Spar plan). Following the development, Comdirect’s nearly three million customers were allowed to gain digital asset exposure in their savings accounts.

Rashwan highlighted his firm’s previous endeavors on the German market, saying that 21Shares was the first crypto issuer to list a “fully collateralized, 100% physically-backed bitcoin ETP” on most German exchanges back in 2019.

Marco Infuso – Managing Director of Business Development of the DACH region (the countries of Germany, Austria, and Switzerland) – described this collaboration as a “milestone in democratization crypto investments.” In his opinion, many investors have been considering purchasing BTC, but until now, they did not have the proper investment tools to store the asset in a savings plan.

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Bitcoin Whales Bought Almost $3.5 Billion (67K BTC) During the Crash to $42K

Large bitcoin holders seem to believe that this is far from being the end of the 2021 bull cycle. Data reveals that whales took the opportunity to buy a whopping $3.5 billion, or 67,000 BTC, while the cryptocurrency was plunging towards $42,000.

  • As CryptoPotato reported on December 5th, bitcoin’s price had dropped to $42,000 (on Bitstamp) – its lowest point since late September, for a cumulative crash of more than $16,000 in a day.
  • Huobi – one of the leading cryptocurrency exchanges with a prominent focus on the Chinese market – experienced a flash crash where the BTC price dropped to $28.8K instantly.
  • All of this resulted in billions of dollars worth of liquidated long positions, causing nothing but mayhem within the community.
  • Bitcoin whales, though, seem to have played this price movement “to perfection,” according to data from Santiment.
  • The firm, which specializes in on-chain and social metrics of more than 2,000 cryptocurrencies, revealed that addresses holding between 100 to 10K BTC bought 67,000 bitcoins, beginning during the dump to $43.5K. That’s worth around $3.44 billion at current prices.

Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection. Beginning during the dump to $43.5K, addresses holding 100 to 10K BTC have accumulated 67K more BTC after dumping the same amount before the price drop.

img1_btcwhales
Source: Santiment
  • Meanwhile, earlier today, we reported that the third-largest BTC whale also took advantage of the dip and bought more than 2,700 coins in a day at around $50K.
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Grayscale: More Than 25% of Surveyed US Investors Own Bitcoin

According to a study conducted by Grayscale Investments – the world’s largest digital asset manager – 26% of the American investors already own bitcoin. 55% of the HODLers entered the crypto market in the last 12 months.

Every Fourth American Has BTC

Despite bitcoin’s current price decline, the primary cryptocurrency has had a highly successful year and has increased its USD value by 70% compared to the first day of 2021. Throughout the last few months, many prominent individuals such as Paul Tudor Jones, Barry Sternlicht, Orlando Bravo, Senator Cynthia Lummis, Francis Suarez (Miami’s mayor), Eric Adams (New York’s mayor), and more showcased their support.

Numerous institutions and large companies have also turned their sight towards the cryptocurrency by investing in it. MicroStrategy is the brightest example as the firm takes every opportunity to accumulate more bitcoin.

These developments might be some of the reasons why 26% of US residents are currently BTC HODLers, according to Grayscale’s latest research. What’s more, almost 60% of all participants said they are interested in crypto investments, hinting that the owners’ percentage could continue to increase.

The COVID-19 pandemic and the subsequent financial hurdles, which followed, might be another argument for investors to swap some of their fiat currencies for bitcoin. As such, it is no wonder that 55% of the current BTC hodlers in the States have hopped on the bandwagon in the last 12 months. A similar percentage admitted they view the leading digital asset as a store-of-value investment tool rather than a currency.


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“The 2021 Bitcoin Investor Study results confirm that more investors see long-term value in adding Bitcoin and digital currencies to their investment portfolios,” said Michael Sonnenshein, CEO of Grayscale Investments.

Cryptocurrencies have usually been more attractive to youngsters and males. However, the trends seem to be changing as the percentage of people aged between 55 and 64 interested in bitcoin rose from 30% in 2020 to 46% in 2021. The enthusiasm among female investors is also growing – from 47% last year to 53% nowadays.

Will American BTC Investors Keep Multiplying?

The mass printing of US dollars, among other controversial policies which the US government undertook, created many monetary disorders such as increased inflation. Currently, its rate in the USA is standing at 6.2% as the number has not been that high since the 80s. As a result, the dollar’s buying power diminishes, and people will look for alternatives.

According to many experts, bitcoin could fit well in that role since it has a finite amount of 21 million coins ever to exist, making it a hedge against inflation.

Another concern in front of the American crypto community has been whether US authorities will ban bitcoin and the alternative coins (the way China did it earlier this year). Not long ago, though, the Federal Reserve and the SEC stated they had no such plans, which generated further enthusiasm among the investors in the States.

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Crypto Market Cap Recovers $200B in a Day as Bitcoin Reclaims $50K (Market Watch)

Following the latest price declines when BTC dumped below $50,000, the cryptocurrency finally bounced off and reclaimed that level. The alternative coins are also well in the green, with impressive increases from Ethereum, Cardano, Solana, Polkadot, Avalanche, and many more.

Bitcoin Above $51K

The past several days didn’t go well for the primary cryptocurrency. As reported on Saturday, the asset plummeted by $16,000 in a matter of hours to a two-month low of $42,000.

It tried to recover on Sunday with a pump towards $50,000, but the bears didn’t allow a price jump over that level. The subsequent rejection drove it south to $47,000 once more.

However, the bulls have stepped up since then. As a result, bitcoin initiated an impressive leg up, reclaimed $50,000, and currently stands even above $51,000. This means that the asset is up by more than $4,000 since yesterday.

Consequently, its market capitalization has neared the coveted $1 trillion mark once more, while the dominance over the alts has further been reduced to just over 40%.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Recovery Mode

The alternative coins also suffered during the crash on Saturday and yesterday. Today, though, most have surged, led by Ethereum’s 10% increase. As such, ETH currently sits above $4,400. Just for reference, the second-largest crypto dumped to $3,500 on Saturday.

Binance Coin has added 5.5% of value in a day and is close to $600. Even more gains are evident from Solana (11%), Cardano (12%), Polkadot (10.5%), Dogecoin (10%), Shiba Inu (11%), and Avalanche (18%).

Ripple (8.5%) and Terra (7.5%) are also in the green, with XRP standing above $0.80 and LUNA close to $70.

BitTorrent is the most significant gainer (55%) on a daily scale after the project announced the date for its mainnet launch. Loopring (32%), Bitcoin SV (30%), Polygon (30%), Oasis Network (26%), Kadena (24%), Nexo (22%), Fantom (22%), and CRO (20%) are next.

The cryptocurrency market cap has added roughly $200 billion in a day and sits at $2.4 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Colombia: Gemini and Bancolombia Will Start Offering Crypto Services Next Week

People in Colombia will soon have a new option to buy their favorite cryptocurrencies using their bank accounts just as easy as they buy any other product.

The US-regulated cryptocurrency exchange Gemini announced that it had finally completed all the necessary steps to move to the implementation phase of a project that would allow Colombians to buy cryptocurrencies with the funds stored on their Bancolombia accounts.

This partnership is of great importance for the development of the local crypto industry as Bancolombia is the largest bank in the country, with total assets ammounting to $275.76 billion in 2020 and over 16 million users in the same year.

Gemini and Bancolombia Partner to Offer Crypto Services in Colombia

Although the move could serve as a frictionless on-ramp for millions of Colombians to enter the crypto world, the service will for now be restricted to a limited number of users. Neither Gemini nor Bancolombia specified how many people will qualify for the service.

The project will last for one year, starting on December 14, 2021. During that time, all eligible users will be able to buy bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) from Gemini using their Bancolombia accounts.


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That is to say, Gemini would handle processes involving cryptocurrencies, and Bancolombia would deal with all matters involving the movement of any amount of Colombian pesos -the country’s official currency.

The project is being executed within the regulatory sandbox that the country is currently implementing as a way to stimulate innovation in financial services. This is also why it is so heavily restricted and slowed down.

In a regulatory sandbox, government regulators grant certain advantages to startups that wish to test the viability of their proposals but are unable to implement them due to heavy bureaucratic procedures and possible legal hurdles.

Cynthia Del Pozo, Gemini’s Principal, Strategy and Corporate Development shared her excitement in an official blog post, noting that the crypto industry could help with the expansion of many Latin American economies

Crypto is borderless by nature, and we are committed to expanding crypto access to individuals across the globe. We believe that crypto can play an important role in the development of Latin America as interest in blockchain and innovative technologies proliferates throughout the region.

As we continue on our mission to build the future of finance, we invite institutions from across Latin America exploring opportunities in crypto to reach out to us here.

The Trend of Regulatory Sandboxes

Colombia’s regulatory sandbox is being promoted by the country’s Financial Superintendency with the collaboration of other regulatory bodies.

There are 9 projects approved for implementation. However, only 2 are in an operational phase: Gemini with Bancolombia and the Bitpoint exchange and payment startup MOVii. Other projects involve players such as Binance, and the Latin exchanges Bitso and Buda.com.

Currently, Brazil and Spain have also designed policies similar to the Colombian one. Brazil’s regulatory sandbox is focused on promoting fast and efficient payment systems, while Spain seeks to strengthen its security and compliance mechanisms.

However, Spain is also working on stepping up its crypto game. The country’s Central Bank is prioritizing the desing and implemention of a CBDC on its latest development plan for 2020-2024. A little slower than its Brazilian counterpart which plans to launch a its own CBDC next year.

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Uncategorized

Bitcoin Price Analysis: Following the Latest Drop, Was $69K the Cycle’s Top?

Options Market Analysis

25 Delta Skew and Volatility Analysis

On December 4th, the bitcoin price dropped about $16k. Options traders have set different hedging strategies like buying lots of puts at $50k & $52k strike prices during the last weeks for the possible downside.

To find out what happened in the options market, It’s better to look at 25 delta Skew. This is a way of measuring the volatility skew. For example, for one month, it can be computed using the following formula: skew 1M = (IV 25 Delta put 1M – IV 25 Delta call 1M)/ATM IV 1M. The following chart shows that demand for calls increased despite the bitcoin downside on December 4th.

img6_btc
25 Delta Skew

One Week Implied Volatility (IV) Spiked During the Sell-Off

img5_btc
ATM Implied Volatility

Since last week, we can see more call activities. There is demand for calls at $60k strike for expiry in December and calls for $70k & $80k strikes for expires in January and March. It seems that options traders do not think this ATH was the cycle top.

img4_btc
Open Interest Change Last Week All Expirations

Technical Analysis

Long-Term Analysis

Looking at the historical trends of bitcoin on the weekly time frame, we see that it has moved above MA50 in each bull run and has dropped 60-79% whenever this Moving Average has crossed.

The MA50 is currently at $47.3K, and bulls are trying to protect that. Also, the Static support at 42k looks intense, and it is expected that bitcoin will rebound quickly if we see a temporary cross below this level.

img3_btc
Chart by TradingView

Mid-Term Analysis

On a daily timeframe, BTC is touching the strong daily support of MA200, which intersects with the static support level (green), and bitcoin is also making a higher low in this timeframe.

Historically, losing the MA200 has led to a ranging phase that consumes the required momentum to continue the uptrend. The level of $42K-$44K seems to be strong support for BTC, but a failure of these levels would show the power of the bears.

The support to look out for is at $44K, $42K, and $37K, whereas resistance lies at $50K and $53K.

img2_btc
Chart by TradingView

On-Chain Analysis

The top-buyers appear to be under pressure.

Almost 28% of the supply was moved above $47K. These players are (most likely) going through an exhausting ranging period in December. They are the leading sellers, and historically, they tend to sell at a loss if this exhausting phase lasts for an extended period.

img1_btc
Chart by CryptoQuant

The above analysis was complied by @N__E__D__A, @GrizzlyBTClover, and @CryptoVizArt. Data provided by @tsypruyan exclusively for CryptoPotato.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Extreme Fear After BTC Lost $50K: Bitcoin Fear And Greed Index at 5-Month Low

On December 4, bitcoin suffered its worst trading day since mid-May, as its price plunged to a two-month low of $42,000. Somewhat expectedly, this massive $16,000 crash in less than 24 hours led to a change in investors’ sentiment as the popular Bitcoin Fear & Greed Index went into “extreme fear” territory once again.

Extreme Fear Shakes The Crypto Community

The Bitcoin Fear & Greed Index works as an indicator of momentary investor sentiments towards the primary cryptocurrency. It tracks several segments such as the volatility of the asset, volume, social media comments, surveys, and others to provide a result between 0 (Extreme Fear) and 100 (Extreme Greed).

Following the recent bloodbath in the cryptocurrency industry, and more specifically, bitcoin’s price dump to around $42,000, the metric now points at 16 – “Extreme Fear.” It is worth noting that the last time the index showed a number lower than 16 was July 21. Back then, BTC’s USD value dived under $30,000.

Bitcoin Fear and Greed Index. Source: Alternative.me
Bitcoin Fear and Greed Index. Source: Alternative.me

After rallying to an all-time high price of almost $70,000 in the middle of November, the leading digital asset kept hovering above $60,000 for the next couple of weeks. However, the picture drastically changed at the end of the month when it dropped under $55,000. One of the reasons behind the decline might have been the new COVID-19 variant – Omicron – which was detected in South Africa and harmed all financial markets.

In the following days, BTC bulls tried to push the price towards $60,000 but without much success. Somewhat expectedly, Bitcoin Fear & Greed Index went to “Fear” and “Extreme Fear,” indicating the concerns among cryptocurrency investors.


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At the beginning of December, when the asset was preparing for another attempt to push towards that particular line, the bears came to play big time and led to the aforementioned tumble of $42,000.

According to the analytics company CryptoQuant, on-chain developments ahead of the crash could have foreseen what happened. The number of bitcoins sitting on exchanges, which spiked sharply hours before the drop, was one of the signals.

Whales to Sell More?

CryptoQuant’s Exchange Whale Ratio, which compares the top 10 largest deposits to exchanges with all other deposits, large BTC holders have been increasingly depositing more substantial quantities of the asset to trading platforms lately.

The metric typically stands above 85 only in bear markets. However, it has surged above 95 in the past few days after a sudden uptick ahead of the crash. Consequently, the analytics company warned that BTC’s price could face another downfall soon if whales decide to sell large quantities.

Is It ‘Buy The Dip’ Time?

While “Extreme Fear” might not sound like a ringing bell for individuals to enter the crypto market, many experts actually believe that bitcoin being in that state is a good buying opportunity. It is worth mentioning that the billionaire investor – Warren Buffett – once said investors should be greedy when the crowd is fearful and vice versa.

By the looks of it, the authorities of El Salvador (the Latin American country where bitcoin is legal tender) are in favor of the price decline and support Buffett’s thesis. A few days ago, President Nayib Bukele announced that the nation purchased 150 more coins at an average price of just over $48,500.

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Uncategorized

Croatia’s Largest Food Retailer Konzum Accepts Crypto in Online Shops

The biggest food producer and retailer in the Western Balkan region – Konzum – became the first retail chain in Croatia where customers can pay with digital assets. Currently, such transactions are available only in the online store, but the company plans to introduce the service across its supermarkets in the near future.

In addition, the leading tech-focused North American e-retailer – Newegg – announced it will accept Shiba Inu (SHIB) as a form of payment on its platform during the Christmas holidays. Nothing – a London-based consumer technology company – will also allow cryptocurrency settlements for its newest product.

Crypto Invades The Balkan Peninsula

Konzum – Croatia’s largest supermarket chain with more than 10,000 employees – revealed it will enter the cryptocurrency industry by accepting several digital assets as a means of payment. These include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ripple (XRP), Stellar (XLM), Dai (DAI), EOS (EOS), Tether (USDT), and USD Coin (USDC).

To enable such payments, Konzum cooperated with the domestic fintech company Electrocoin and its PayCek system, known as Croatia’s first cryptocurrency payment processor. Given the volatility of most digital tokens, the latter will guarantee the buyer a fixed exchange rate at the start of the transaction and provide enough time for successful execution.

Uroš Kalinić – Member of the Management Board of Konzum for Finance and IT – noted that Konzum is constantly monitoring global trends hinting that the cryptocurrency industry is one of them.


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“As the largest retail chain in Croatia, which in its almost 65-year history is a continuous leader in the domestic market in terms of business results and technological achievements, we are proud to be leaders in another area that is rapidly developing and dictating the future,” he summarized.

Konzum is not only the leading supermarket chain in Croatia but also the biggest in the Western Balkan area. Apart from its homeland, it stretches to two other countries – Bosnia and Herzegovina and Serbia. The retail giant serves over 650,000 customers each day in its more than 700 stores, as the cryptocurrency option will be available in some of them in the upcoming months.

Newegg And Nothing Follow The Trend

Another major e-commerce company that embraced additional digital asset settlements recently is Newegg. The California-based firm, which accepted bitcoin as a payment method in 2014, now added the popular meme coin Shiba Inu (SHIB) to its list of supported digital assets. Interestingly, it made the news official by displaying it on The Reef – North America’s largest DOOH billboard located in downtown Los Angeles.

Shiba Inu
Shiba Inu Billboard, Source: newegg.com

Earlier this year, Newegg was one of the first firms globally to accept SHIB’s biggest rival – Dogecoin (DOGE). Later on, it also added Litecoin (LTC).

Andrew Choi – Director of Brand Marketing at the company – admitted that customers are highly interested in cryptocurrencies. Giving them options to use bitcoin and the alternative coins as a payment method provides “greater flexibility.”

Subsequently, Nothing – a technology company founded by Carl Pei (OnePlus’s Co-Founder) – dived in the cryptocurrency bandwagon by accepting digital asset payments for its Nothing ear (1) black edition wireless earbuds. Those coins are Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Dogecoin (DOGE).

The payment option is available in Nothing’s online stores in the following countries: the UK, the USA, Canada, Belgium, France, Germany, Greece, Italy, and Japan.

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Uncategorized

After the Dump: Crypto Markets Recover $300 Billion, Bitcoin Eyes $50K

After yesterday’s massive crash, bitcoin bounced off and added nearly $8,000. Most altcoins are also well in the green now, with Ethereum reclaiming $4,200 and Terra surging to yet another all-time high.

Bitcoin’s Recovery Attempts

The cryptocurrency industry is well known for its highly volatile price movements and yesterday was a prime example of that. Bitcoin, for instance, traded around $58,000 after getting rejected at $59,000 a few days in a row when the landscape changed vigorously.

The asset plummeted in the following hours to a daily low of $42,000 (on Bitstamp), prompting many industry experts and analytics to speculate on the possible reasons behind this $16,000 drop.

Nevertheless, bitcoin reacted somewhat positively after touching the $42,000 bottom. It bounced off to around $47,000 initially and another leg up hours later drove it to just shy of $50,000.

So far, BTC is unable to breach that level, but it’s still about 5% up on the day, and its market capitalization has risen well above $900 billion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Green After the Bloodbath

The altcoins suffered even more than bitcoin yesterday. Ethereum went from nearly $4,700 to around $3,500. Now, though, the second-largest cryptocurrency trades around $4,200 after a 7.5% daily increase.

Binance Coin also fell hard, but a similar increase has driven it to above $570. Solana (3%), Cardano (2%), Polkadot (2%), and Shiba Inu (5%) also see some daily gains.

Even more impressive recoveries come from Ripple (12%), Dogecoin (8.5%), and Terra (30%). Consequently, LUNA even painted a new all-time high earlier at just under $80.

More daily increases are evident from Livepeer (22%), Loopring (20%), Elrond (20%), Quant (18%), Decentraland (18%), Enjin Coin (17%), Holo (16%), THORChain (15%), The Sandbox (12%), Helium (12%), and many more.

As such, the cryptocurrency market capitalization has recovered over $300 billion since yesterday’s low of $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

3 On-Chain Signs That Flashed Shortly Before Bitcoin’s $16K Daily Crash

Bitcoin’s price plummeted in a day by losing $16,000 of value in hours, and the rest of the market followed. According to the analytics company CryptoQuant, there were several on-chain developments that flashed ahead of the crash that could have foreseen the dump.

The Three On-Chain Factors

As reported earlier today, BTC dumped from a daily high of $58,000 all the way down to $42,000, which became one of the worst crashes in terms of USD. While investors are looking into global developments for the reasoning, such as more fears from the new COVID-19 variant and the weekly stock market sell-off, CryptoQuant provided several on-chain possible reasons.

The first was the number of bitcoins sitting on exchanges, which spiked sharply hours ahead of the drop. This metric was declining gradually over the past several months, leading to new lows. However, as the graph below demonstrates, there were more than 45,000 bitcoins deposited in a day.

Bitcoin All Exchanges Reserve. Source: CryptoQuant
Bitcoin All Exchanges Reserve. Source: CryptoQuant

Secondly, the analytics company broached the All Exchanges Estimated Leverage Ratio, which tracks the open interest on all trading venues divided by their BTC reserve. Essentially, this metric shows the degree of leverage used by investors, which also spiked sharply hours before the crash.

As seen during the most severe hours of the crash, over-leveraged traders suffered the most, as the total liquidations exceeded $2.5 billion on a daily scale.


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Bitcoin All Exchanges Estimated Leverage Ratio. Source: CryptoQuant
Bitcoin All Exchanges Estimated Leverage Ratio. Source: CryptoQuant

The third metric was the Exchange Whale Ratio, which compares the top 10 largest deposits to exchanges with all other deposits. According to CryptoQuant, the indicator tends to stay below 85% in bull markets, while it in bear markets drops below 85%.

Interestingly, it has remained above 85% for the past few weeks and even spiked to north of 90% in the past few days.

Bitcoin Exchange Whale Ratio. Source: CryptoQuant
Bitcoin Exchange Whale Ratio. Source: CryptoQuant

What Else Changed?

Such a massive price crash in a relatively short period led to other abnormal activities. For instance, the Coinbase Premium Index, showing the difference between the price of bitcoin on the largest US-based exchange and other trading venues, skyrocketed.

Typically, the higher the premium gets, the stronger the spot buying pressure is on Coinbase. Interestingly, Ethereum’s premium also surged.

Bitcoin Premium on Coinbase. Source: CryptoQuant
Bitcoin Premium on Coinbase. Source: CryptoQuant

Wu Blockchain also outlined the premium on South Korean exchanges, which the journalist described as retail-oriented trading venues. As the picture below shows, this metric also increased rapidly, suggesting that retail investors rushed in to take a page out of El Salvador’s book and buy the dip.

Bitcoin Premium on Korean Exchanges. Source: CryptoQuant
Bitcoin Premium on Korean Exchanges. Source: CryptoQuant
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