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Week in Crypto: Miners Sell, TradFi HODLs, Shibarium, and Evergrande Saga

Press Releases Crypto News BeInCrypto Week in Crypto: Miners Sell, TradFi HODLs, Shibarium, and Evergrande Saga

We round up the biggest stories in crypto this week. As Wall Street investors hold their breath for the first US spot Bitcoin ETF approval, on-chain data suggests companies stopped accumulating after major crypto collapses since then. The recent lack of big trades in the Bitcoin market has also seen its price fluctuate in a tight range, only seen in 5% of the asset’s trading days. We reflect on the utility the Ordinals project has brought to the Bitcoin chain since its launch and take in a new effort to combat inflation in Zimbabwe with a gold-backed token.

Lastly, we review the impact of the Evergrande collapse on China’s economy and the recent lock-up that froze notable amounts of Ethereum on the Shibarium network.

Bitcoin Miners Sell Off as HODLers Finish Accumulating and Await ETF

Bitcoin stole most of the spotlight this week as miners sold off 1,400 coins to increase sell pressure. The move came as on-chain data provider Glassnode confirmed fewer than 5% of the asset’s trading days had recorded lower levels of volatility than in recent weeks.

The asset has failed to sustain gains above $30,000 for most of this year and usually falls back to the sub-$30,000 range regardless of major events. That being said, the amount of Bitcoin accumulated by long-term holders has risen to 14.6 million, which accounts for 75% of the asset’s circulating supply.

Market watchers opine that long-term holders expect a price rise when the SEC approves a spot Bitcoin exchange-traded fund (ETF). So far, the SEC has delayed ruling on an application by Cathie Wood’s ARK Invest by 21 days.

Major Wall Street firms hoping for a green light include BlackRock, Fidelity, WisdomTree, Bitwise Asset Management, and Global X.

On-chain Forensics Suggest Bitcoin Whales Are No Longer Accumulating

On Monday, data from CryptoQuant suggested institutions had completed their Bitcoin accumulation. Since November 2022, institutions have not bought more Bitcoin despite a doubling of the asset’s price.

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Author: David Thomas

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