According to Santiment, since Bitcoin reached its all-time high on March 13, the volume of weekly transactions worth $100,000 or more has dropped by 33.6%. Ethereum, however, has seen an even steeper decline of 72.5% during the same period. Despite these numbers, Santiment emphasizes that this doesn’t automatically signal a bearish trend, as whales holding at least 10,000 BTC tend to remain active regardless of market conditions, both in bull and bear markets.

Bitcoin (BTC) Seeking Direction

The market sentiment, as reflected in the Crypto Fear and Greed Index, remains in the “fear” zone. The index currently sits at 31 out of a possible 100 points. In times like these, many investors view fear as a potential buying opportunity. While Bitcoin has slipped 0.97% since August 13, currently trading around $58,360, some analysts believe further declines could occur before reaching a market bottom.

On August 7, Markus Thielen, Head of Research at 10x Research, suggested that Bitcoin ideally needs to drop below $40,000 to set the stage for the next bull market. Meanwhile, Santiment stated that if BTC falls to $45,000, it could trigger fear, uncertainty, and doubt (FUD). However, should it surge toward $70,000, it could ignite a fear of missing out (FOMO) among investors.

As volatility continues to grip the crypto market, many traders are hopeful that this turbulence is only temporary. Reflexical founder Ajeet Khurana noted in a post on X (formerly Twitter) on September 11, “During periods of market turbulence, it’s easy to lose sight of the bigger picture.”

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Inspired by Friend.tech, the team behind Stars Arena , denied the event referred as “coordinated FUD” after they closed a security vulnerability that caused hackers to capture $2000 from the Avalanche-based decentralized social media platform.

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On October 5, the team stated that the vulnerability had been fixed in a post on Twitter. ‘Don’t misunderstand, but we’re in the middle of a war,’ they said.

THE EXPLOIT HAS BEEN FIXED.

BUT DON’T GET THIS WRONG WE ARE AT WAR.

We’re being targeted by malicious actors in the space that want to steal your money.

The little guy is under attack.

You are under attack.

Your right to platform diversity is under attack.

Don’t get it… pic.twitter.com/DmbMdf9cAq

— Stars Arena (@starsarenacom) October 5, 2023

The attack was proven to be economically unviable for the attackers. This attack caused a big increase in Avalanche’s gas fees. This made the gain from the hack much more costly than expected.

As a result, it was claimed that the attackers spent more on gas fees than they earned from this vulnerability.

Ava Labs CEO Emin Gün Sirer posted a Tweet related to the topic. In his tweet, the CEO emphasized that for every $0.04 gained from the vulnerability, hackers spent an average of $0.25.

So much FUD about a Stars Arena exploit that has (1) already been fixed, (2) cost the attacker $0.25 to make $0.04, and (3) the attacker extracted a sum total of only $2,000. Now that it’s over, let’s get back to having fun in the arena.

— Emin Gün Sirer (@el33th4xor) October 5, 2023

Despite the relatively unsuccessful exploitation, members of the crypto community criticized the Stars Arena team.

Finally, it’s worth remembering that the Stars Arena platform is the latest application to join the growing list of social finance platforms like Alpha in the Bitcoin network, Friendzy on Solana, and PostTech on Arbitrum.

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The post Stars Arena Eliminates FUD by Closing Security Vulnerability! appeared first on Coin Engineer.

#Ethereum saw about ~110K $ETH ($181M) move off of exchanges Wednesday, the largest outflow day since August 21st. The amount of non-exchange Ethereum now sits at an #AllTimeHigh 115.88M $ETH, while its exchange supply is at its lowest in ~5.5 years. https://t.co/PUOWGt0KS0 pic.twitter.com/u54pp6LZij

— Santiment (@santimentfeed) October 5, 2023

Recently, there has been a noticeable increase in the amount of ETH withdrawn from exchanges. According to Santiment’s data, the amount of ETH held in wallets outside of exchanges has also reached a record 115.88 million. Based on this data, it appears that the amount of ETH currently on exchanges has fallen to its lowest level in the last five years.

Withdrawal of crypto assets from exchanges usually occurs during periods when there is an expectation of a price increase in the relevant asset. Rarely do individuals withdraw assets when they experience a decrease in trust in exchanges. However, in the current situation, the absence of a risk towards crypto exchanges indicates that the first option is more likely. Observers haven’t noted a significant Ethereum price movement yet.

Following the rise last week, ETH climbed to $1,700 levels, and this week it continues to pressure selling. In the last 24 hours, we noticed a slowdown in sales, and they dropped below $1,640.

The most recent development in the Ethereum market was the introduction of several Ethereum ETF products. Contrary to expectations, market observers noted that Ethereum-based futures ETF products have generated low trading volumes thus far.

Meanwhile, demand for other investment products based on Ethereum has been on a downward trend since the beginning of the year. According to CoinShares data, the demand for Solana-based investment products among major altcoins, although low, continues to increase.

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Was It Really Approved?

I want to start this part of the article with an answer: No, it was not approved! The earliest period for the SEC to approve or reject the companies applying for the Spot Bitcoin ETF right starts from October 16th. Then, these decisions will be announced on October 17 and 18. Decisions for the ETF prior to these dates will all be for Ethereum.

It seems that they are trying to spread a FUD in the market. Typically in these situations, they force small investors in the market to buy with news like this. After people make purchases, large volume decreases begin to come. Thus, they harm people by liquidating on both spot and derivative side. So, how do we understand this? How do we defend ourselves from such situations?!

What Was the Reason for the Rise?

When answering this question, I will use two on-chain metrics. The first of these is the Coin-Destroyed Days (CDD) data. With this data, we can see that investors have made large moves to exchanges in Bitcoin. But this data may not yield definite results. Because generally CDD takes transfers into account and this increases not only from wallets to exchanges but also when transfers come to other wallets. Generally, when CDD rises, we can see a sale coming.

We will use the second metric to confirm this data, the Exchange Inflows CDD (eiCDD) metric. This only and only provides us with high-volume transfers made to exchanges. If both data support each other, it is an indicator that sales will come.

As understood from the image above, such large amounts of Bitcoin have not entered the spot exchanges for a long time. But you said this will be a sale, but the price rose, how can we believe this graph? You’re right, but there is an important point you missed, such drops do not come instantly, as I mentioned above, they first motivate people to buy. The rise also stems from this.

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In this chart, you see that the CVD Spot data increased first, meaning that the amount of Bitcoin held in spot exchanges increased immediately after the transfer, but the sale did not come right after, people were started to be given “confidence” by keeping the price here. Then as you see, sales started to come in proportions. Therefore, examining the data and being able to use them is the best way not to be a prey to the whales in this market.

How Can We Be More Careful Investors?

First of all, I should say that it always wins to trade against the majority, especially in the cryptocurrency market. Sure, there must be small exceptions here too. But proportionally, an investor who behaves like this succeeds in two out of three transactions. This is a gigantic success rate of 75%. If you have such a rate, you would be more successful than an ordinary Wall Street broker.

Congratulations! Now you can enjoy your new job in your own corner reserved for you on Wall Street!

Let’s put aside Wall Street dreams and focus on reality! If you want to read the market, the only thing you need to do is to read the data that the market presents to you, which is open to everyone but at the same time ignored by everyone. So, what are these data? Which ones did we use?

The first is, Cumulative Volume Delta (CVD). This data will never mislead you, because the purchases made in the market are immediately reflected here. Another is CDD and eiCDD. Just considering these metrics alone will greatly positively affect your success rate.

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The post Is Bitcoin Spot ETF Approval Coming? Why Did It Rise? appeared first on Coin Engineer.

Furthermore, high-profile employees like managers have left the company recently. As it is known, Binance has BinanceUS in the USA. After the SEC case, the share of the company in the crypto industry decreased. It was also reported that the company went downsizing because it focused on talent density in the company according to CZ. It is thought that this situation can be useful but If the laying off goes on, the crypto industry can receive very big damage.

CZ quickly type a tweet about this news in order to reject that situation. CZ told that Binance has had 8,000 employees in the last 6 years. Also, when the CZ started to this business they had just six people.

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CZ denied that Binance lays off employees

the CEO of Binance tweeted immediately after the news appeared. CZ evaluated, this is FUD news. He said that hiring is still going on. In addition, he accepted that Binance lays off employees, but he denied the number is 1,000 people. Besides, he explained that Binance is laying off to grow the company’s talent concentration.

As we continuously strive to increase talent density, there are involuntary terminations. This happens in every company. The numbers reported by media are all way off. 4 FUD.

On the bright side, they just can’t resist talking about us.

We are still hiring.

— CZ Binance (@cz_binance) July 14, 2023

You can also Sign up for Binance with 20% discount. 

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