Bitcoin’s percent supply on exchanges fell below 15% for the first time since 2018, with some analysts seeing this as indicating a supply shock as institutional demand from exchange-traded funds (ETFs) grows. While lower Bitcoin on exchanges can reduce immediate selling pressure, the situation is more nuanced than a simple in-out metric.
This, the 32nd burn, has seen over 60.7 million tokens (approximately $14.2 billion) removed from circulation. Since the deflation plan began in 2022, a third of the supply has been consigned to the flames, leaving a mere 139,289,513 million tokens in circulation. 🗑️🔥
Strategy, you see, has been rather aggressive in its Bitcoin accumulation strategy. And by “aggressive,” I mean they’ve been buying the stuff by the bucketload. And it’s paid off, by Jove! The company’s seen some simply spiffing returns on its investments, and Saylor’s been tweeting about it like a man possessed. 📱
Priced at $12.73 after a 15.26% daily surge at press time, INJ has invalidated its bearish structure and flipped near-term sentiment.
Not long ago, our prophetic friends at Glassnode observed that the Bitcoin trading volume had sunk to the murky depths of annual lows. A potential summer lull loomed, casting a pall over the crypto festivities. However, following this magnificent breakout, the analytics wizards have been unearthing fresh data in a spirited exchange with a fellow X user, revealing how our valiant BTC has gallivanted about—or more accurately, has meandered slowly—since then.
Glassnode has dug deep into the proverbial rabbit hole and unearthed a curious phenomenon; Bitcoin’s spot Cumulative Volume Delta (CVD) has decided to go on a diet and has been steadily declining for weeks—perhaps it’s trying to fit into that elusive pair of space pants. CVD, which acts as some sort of mood ring for investors, is measuring whether buyers or sellers are winning the cosmic tug-of-war.
Amidst the political theater, a particular promise from the former president had captured the imagination of the populace: a full pardon for one Ross Ulbricht, the architect behind the infamous Silk Road marketplace. Convicted for a veritable cornucopia of offenses—ranging from orchestrating an ongoing criminal enterprise to dabbling in the less-than-noble arenas of money laundering and drug trafficking—Ulbricht had tasted the bitterness of a life sentence since the year two thousand and thirteen, following his apprehension in the concrete jungle of Manhattan.
Lo! Ethereum rises like the dawn of a new era, having surged above $3,000 with a fervor akin to a lost lover finding their way home. A mere 6.7% gain in a day? How quaint! Almost enough to make one believe in morning rituals. As of this moment, ETH lounges comfortably just beneath $3,000, buoyed by its most vigorous rally since February—an event worthy of serenades, indeed!
Bitcoin remains strong as long as it stays above $110,530.
According to some clever person on X (no, not the ex, the social media platform 🙅♀️), SUI’s 1-hour chart is looking rather fetching, with the price trading above the 5, 10, and 20-day moving averages. It’s like the ultimate party, and everyone’s invited 🎉. But, as we all know, parties can get out of hand, and the Relative Strength Index (RSI) is warning us of a potential short-term pullback 🚨.
