Fun

News Feed - 2023-09-06 02:09:12

William Suberg6 hours agoBitcoin price metric copies move that last came before -25% FTX crashBitcoin SLRV Ratio data performs a moving average crossover absent since before the FTX implosion hit the market.3408 Total views5 Total sharesListen to article 0:00Markets NewsJoin us on social networksBitcoin (BTC) could have dropped much more last week after one on-chain metric repeated its move from the FTX crash.


As noted on Sept. 5 by James Straten, research and data analyst at crypto insights firm CryptoSlate, the Short to Long-Term Realized Value (SLRV) Ratio has “flipped” for the first time since November 2022.Bitcoin SLRV Ratio channels FTX warning


BTC price weakness is getting market observers ready for a drop toward $23,000, but the fallout from Bitcoin’s August comedown could have been much worse.


According to the SLRV Ratio, a spike in sales of “older” Bitcoin occurred in mid-August.


Devised by famed analyst David Puell and ARK Invest, SLRV uses the popular HODL Waves metric to track Bitcoin on-chain velocity.


HODL Waves split up the circulating BTC supply by the age of coins used in transactions. SLRV takes coins that previously moved within the past 24 hours and divides them by those that previously moved between six and 12 months ago.


The metric also includes two moving averages — the 30-day and 150-day trendlines — and crossovers between these have coincided with key BTC price events.


Just before the FTX meltdown, the 150-day line crossed the 30-day line; and in mid-August, the phenomenon repeated for the first time since then.


“SLRV ribbons inverted on August 13, three days before Bitcoin drops to $25k. Last time the metric inverted was just before the FTX collapse,” Staten wrote in part of a commentary on a chart of SLRV from on-chain analytics firm Glassnode. Bitcoin SLRV Ratio chart. Source: James Straten/XSpeculators wind down BTC exposure


Previous analysis has meanwhile paid close attention to behavior of Bitcoin investor cohorts.


Related: Bitcoin speculators now own the least BTC since $69K all-time highs


Those hodling BTC for 155 days or less, known as short-term holders (STHs) or speculators (compared with longer-term hodlers), are of particular interest to Glassnode, on-chain analytics platform CryptoQuant and others.


The short-term holder cost basis — the aggregate price at which STHs accumulated their share of the BTC supply — previously acted as market support, but this appears to no longer be the case.


The STH cost basis currently sits above the spot price, with Straten reporting that speculators have sold en masse at a loss since late August.


Data from CryptoQuant shows the price at which various coins used in transactions last moved.Bitcoin transaction realized price by age band chart (screenshot). Source: CryptoQuant


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Markets# FTXAdd reactionAdd reactionRead moreHow to track and report crypto transactions for tax purposesWhen will it be too late to invest in Bitcoin?Bitcoin ETF applications: Who is filing and when the SEC may decide

News Feed

Ethereum Suffers from Unintended ‘Chain Split,’ Third-Party Services ‘Got Stuck on Minority Chain’
Ethereum Suffers from Unintended "Chain Split," Third-Party Services "Got Stuck on Minority Chain" According to a number of third party infrastructure providers,
Gemini urges CFTC to withdraw proposed rule on event contracts
Ciaran Lyons29 minutes agoGemini urges CFTC to withdraw proposed rule on event contractsGemini co-founder Cameron Winklevoss believes that cryptocurrency prediction platforms offer a level of integrity that other platfor
Play-to-Earn on Playdapp’s Flagship RPG “Along With the Gods: Knights of the Dawn” in 7 Days
Play-to-Earn on Playdapp’s Flagship RPG “Along With the Gods: Knights of the Dawn” in 7 Days press release PRESS RELEASE. Fast-rising Blockchain gaming platform PlayDapp has r
Sri Lanka’s Central Bank Warns About Crypto Amid Severe Economic, Political Crisis
Sri Lanka"s Central Bank Warns About Crypto Amid Severe Economic, Political Crisis Sri Lanka’s central bank issued a warning regarding the use of cryptocurrencies amid a dev
Bloodbath Incoming? Dogecoin Must Hold This Level To Survive
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Egypt Limits Bank and ATM Withdrawals Citing Rampant Cash Outflow and Coronavirus Fears
Egypt Limits Bank and ATM Withdrawals Citing Rampant Cash Outflow and Coronavirus Fears On Sunday, the Central Bank of Egypt (CBE) announced it had instructed financial instituti
Two Masterminds in Last Ditch Effort to Stall Liquidation of MTI
Two Masterminds in Last Ditch Effort to Stall Liquidation of MTI In a last-ditch attempt to stall the sale of Mirror Trading International (MTI) assets, two mast
Bitcoin uses more renewable energy, but will Tesla accept it again?
Daniel Ramirez-Escudero2 hours agoBitcoin uses more renewable energy, but will Tesla accept it again?Tesla removed Bitcoin payments citing environmental concerns, but Elon Musk pledged to reinstate them if renewable ener
During September DBX Will Be Listed on the World’s Major Crypto Exchanges
During September DBX Will Be Listed on the World"s Major Crypto Exchanges press release PRESS RELEASE. TALLIN, ESTONIA-T he most interesting event of this fall is the listing ofDBX
Ethereum Price Back Above $2,500: Is a Bigger Move Coming?
Este artículo también está disponible en español. Ethereum price started a fresh increase from the $2,300 support zone. ETH is rising and might aim for a move above the $
XRP Coils For A Breakout, But Key Resistance Still Stalls The Rally
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Wormhole Adds Binance Smart Chain Support to Network Bridge
Wormhole Adds Binance Smart Chain Support to Network Bridge During the first week of September, the Wormhole Network’s ethereum ↔ solana bridge was introduced to the