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According to timechainindex.com stats, Coinbase now custodies 3,002,996 bitcoinâvalued around $347 billionâup from 2,919,643 BTC 57 days ago, a net gain of 83,353 BTC since July 26. Under Management: Coinbase Adds 83,353 BTC Since July 26, Pushing Stack to $347B Data collected from timechainindex.com and compared to a report published 57 days ago, exchange-traded funds [âŠ]
Bitcoin Price On The Verge Of Explosive Move: Hereâs The Only Condition
Bitcoinâs slow ascent towards establishing new highs has continuously encountered significant opposition in the past few weeks. As the market currently stands in an uncertain zone, there are several questions and concerns about the future trajectory of the premier cryptocurrency. Below is how the latest on-chain data answers some of these questions How $117,000 Slowed Down BTCâs Rise In a September 20 post on social media platform X, Alphractal founder and CEO Joao Wedson reemphasized his early prediction of $117,000 as a critical resistance zone for the Bitcoin price. Related Reading: Bitcoin Price Drops To $115K After Rate-Cut Rally â But BTC Far From Capitulation Wedson referenced his post published exactly a week ago, which utilized two main on-chain metrics â the CVDD (Cumulative Value Days Destroyed) Channel, and the Fibonacci-Adjusted Market Mean Price â in reaching his conclusion. For context, the CVDD Channel is centered around the amount of aged capital being sent into the market. This metric is typically used in highlighting zones of long-term support or resistance based on the movement of aged coins. Also, the Market Mean Price is the cost basis, on average, of all Bitcoin holders. By extension, the Fibonacci-Adjusted Market Mean Price is a metric that shows the average cost basis of Bitcoin, adjusted with specific Fibonacci ratios. It displays mathematical levels of extension or retracement around the Bitcoin average holderâs cost. According to the analyst, these two metrics had aligned perfectly, pointing out $117,000 as a zone where retracement was likely to occur. The convergence of these metrics showed not just the technical significance of this price level, but also reflected strong indecision in the market. Whatâs Next For Bitcoin? In the same post on X, Wedson pointed out specific price actions to watch out for in terms of Bitcoinâs price progression and what a potential breach could mean. Looking at the upside case, the analyst explained that a breakout above $118,600 would be a strong confirmation of heightening bullish momentum, which could âopen the path for the next explosive move.â Related Reading: Crypto Founder Says Bitcoin Price At $100,000 Is Cheap, Reveals Real Cycle Peak Value Wedson also warned about a potential downside, which hinges on a break below the $113,700 support. According to the crypto founder, this support breach could lead to a swift decline of Bitcoinâs value to as low as $110,000. A deeper correction could even drag Bitcoin to as low as $100,000âa price level that may attract institutions for accumulation. As of this writing, the price of BTC stands at around $115,660, reflecting no significant movement in the past 24 hours. Featured image from iStock, chart from TradingView
BlackRock Leads Spot ETH ETF Inflows With Over $500M, Ethereum Possibly On Track To $5,000
Ethereumâs institutional narrative is strengthening as US-based Spot ETF trackers witnessed another week of inflows last week. BlackRockâs ETHA fund captured the majority of this activity with more than half a billion dollars in new investments, while other ETFs struggled with minor outflows. At the same time, technical patterns are aligning with this buying pressure, which has given many analysts confidence that the Ethereum price could be preparing to push towards its all-time high in the coming weeks. Related Reading: Is XRP Ready For Its Most Powerful Rally Yet? Analysts See $20 Ahead Ethereum ETFs Register Second Consecutive Inflow Week Last week was another positive week for Spot Ethereum ETFs. Across all issuers in the US, Spot Ethereum ETFs added $556.92 million in inflows during the week, making it the second consecutive week of positive institutional inflows. Cumulative inflows since launch are now over $13.9 billion, and these ETFs now hold $29.64 billion worth of Ethereum. Interestingly, data from Farside Investorâs Spot ETF tracker reveal that the majority of last weekâs institutional inflows went into BlackRockâs ETHA. The inflow numbers show that BlackRockâs ETHA product absorbed roughly $513 million in net inflows between September 15 and 19. The largest portion came on Monday with over $360 million, followed by another $140 million inflow as the week drew to a close on Friday, which was enough to offset corresponding outflows from every other issuer that day. This shows how investors continue to favor BlackRockâs offering as the primary gateway for regulated Ethereum exposure. Other issuers experienced a more mixed week. Fidelityâs FETH product posted sharp redemptions, most notably $53.4 million in outflows on Friday, September 19. However, these outflows were partially balanced by $159.4 million in inflows on Thursday. Bitwise and Grayscale also witnessed days of inflows, which was enough to cancel out minor outflows during the week. Spot Ethereum ETF Flows: Farside Investors Technical Analysis Points To $5,000 Another week of institutional inflow could set the stage for bullish price action in the new week, which in turn would certify a bullish monthly close for Ethereum in September. In fact, analyses from different analysts have looked at multiple bullish patterns forming across different timeframes on the Ethereum price chart. One particularly notable observation came from VasilyTrader on the TradingView platform, who highlighted encouraging signals on Ethereumâs shorter-term charts. His analysis of the 4-hour candlestick timeframe suggested that the recent pullback has now given way to a bullish confirmation. Related Reading: Bitcoin Is âDigital Capitalâ That Outpaces Traditional AssetsâMichael Saylor He identified a clear double bottom pattern that formed early last week, which was followed by a breakout from a falling wedge formation by Fridayâs close. Based on these developments, VasilyTrader set his next price target at no less than $4,741. Chart Image From TradingView: VasilyTrader At the time of writing, Ethereum is trading at $4,485. According to crypto analyst Daan Crypto Trades, ETH is still on track to reach $5,000 as long as it holds above $4,400. Featured image from Unsplash, chart from TradingView
Bitcoin Price On The Verge Of Explosive Move: Hereâs The Only Condition
Bitcoinâs slow ascent towards establishing new highs has continuously encountered significant opposition in the past few weeks. As the market currently stands in an uncertain zone, there are several questions and concerns about the future trajectory of the premier cryptocurrency. Below is how the latest on-chain data answers some of these questions How $117,000 Slowed Down BTCâs Rise In a September 20 post on social media platform X, Alphractal founder and CEO Joao Wedson reemphasized his early prediction of $117,000 as a critical resistance zone for the Bitcoin price. Related Reading: Bitcoin Price Drops To $115K After Rate-Cut Rally â But BTC Far From Capitulation Wedson referenced his post published exactly a week ago, which utilized two main on-chain metrics â the CVDD (Cumulative Value Days Destroyed) Channel, and the Fibonacci-Adjusted Market Mean Price â in reaching his conclusion. For context, the CVDD Channel is centered around the amount of aged capital being sent into the market. This metric is typically used in highlighting zones of long-term support or resistance based on the movement of aged coins. Also, the Market Mean Price is the cost basis, on average, of all Bitcoin holders. By extension, the Fibonacci-Adjusted Market Mean Price is a metric that shows the average cost basis of Bitcoin, adjusted with specific Fibonacci ratios. It displays mathematical levels of extension or retracement around the Bitcoin average holderâs cost. According to the analyst, these two metrics had aligned perfectly, pointing out $117,000 as a zone where retracement was likely to occur. The convergence of these metrics showed not just the technical significance of this price level, but also reflected strong indecision in the market. Whatâs Next For Bitcoin? In the same post on X, Wedson pointed out specific price actions to watch out for in terms of Bitcoinâs price progression and what a potential breach could mean. Looking at the upside case, the analyst explained that a breakout above $118,600 would be a strong confirmation of heightening bullish momentum, which could âopen the path for the next explosive move.â Related Reading: Crypto Founder Says Bitcoin Price At $100,000 Is Cheap, Reveals Real Cycle Peak Value Wedson also warned about a potential downside, which hinges on a break below the $113,700 support. According to the crypto founder, this support breach could lead to a swift decline of Bitcoinâs value to as low as $110,000. A deeper correction could even drag Bitcoin to as low as $100,000âa price level that may attract institutions for accumulation. As of this writing, the price of BTC stands at around $115,660, reflecting no significant movement in the past 24 hours. Featured image from iStock, chart from TradingView
BlackRock Leads Spot ETH ETF Inflows With Over $500M, Ethereum Possibly On Track To $5,000
Ethereumâs institutional narrative is strengthening as US-based Spot ETF trackers witnessed another week of inflows last week. BlackRockâs ETHA fund captured the majority of this activity with more than half a billion dollars in new investments, while other ETFs struggled with minor outflows. At the same time, technical patterns are aligning with this buying pressure, which has given many analysts confidence that the Ethereum price could be preparing to push towards its all-time high in the coming weeks. Related Reading: Is XRP Ready For Its Most Powerful Rally Yet? Analysts See $20 Ahead Ethereum ETFs Register Second Consecutive Inflow Week Last week was another positive week for Spot Ethereum ETFs. Across all issuers in the US, Spot Ethereum ETFs added $556.92 million in inflows during the week, making it the second consecutive week of positive institutional inflows. Cumulative inflows since launch are now over $13.9 billion, and these ETFs now hold $29.64 billion worth of Ethereum. Interestingly, data from Farside Investorâs Spot ETF tracker reveal that the majority of last weekâs institutional inflows went into BlackRockâs ETHA. The inflow numbers show that BlackRockâs ETHA product absorbed roughly $513 million in net inflows between September 15 and 19. The largest portion came on Monday with over $360 million, followed by another $140 million inflow as the week drew to a close on Friday, which was enough to offset corresponding outflows from every other issuer that day. This shows how investors continue to favor BlackRockâs offering as the primary gateway for regulated Ethereum exposure. Other issuers experienced a more mixed week. Fidelityâs FETH product posted sharp redemptions, most notably $53.4 million in outflows on Friday, September 19. However, these outflows were partially balanced by $159.4 million in inflows on Thursday. Bitwise and Grayscale also witnessed days of inflows, which was enough to cancel out minor outflows during the week. Spot Ethereum ETF Flows: Farside Investors Technical Analysis Points To $5,000 Another week of institutional inflow could set the stage for bullish price action in the new week, which in turn would certify a bullish monthly close for Ethereum in September. In fact, analyses from different analysts have looked at multiple bullish patterns forming across different timeframes on the Ethereum price chart. One particularly notable observation came from VasilyTrader on the TradingView platform, who highlighted encouraging signals on Ethereumâs shorter-term charts. His analysis of the 4-hour candlestick timeframe suggested that the recent pullback has now given way to a bullish confirmation. Related Reading: Bitcoin Is âDigital Capitalâ That Outpaces Traditional AssetsâMichael Saylor He identified a clear double bottom pattern that formed early last week, which was followed by a breakout from a falling wedge formation by Fridayâs close. Based on these developments, VasilyTrader set his next price target at no less than $4,741. Chart Image From TradingView: VasilyTrader At the time of writing, Ethereum is trading at $4,485. According to crypto analyst Daan Crypto Trades, ETH is still on track to reach $5,000 as long as it holds above $4,400. Featured image from Unsplash, chart from TradingView