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Market analysts weigh in on an intriguing ‘flippening’, as Bitcoin futures open interest on global derivatives marketplace CME overtakes Binance. Binance’s dominance of Bitcoin futures open interest has been toppled by traditional derivatives market place heavyweight Chicago Mercantile Exchange (CME), following Bitcoin’s first move past the $37,000 mark in over 18 months. A number of analysts highlighted the ‘flippening’ of Binance by CME, with the latter overtaking the global cryptocurrency exchange for the largest share of Bitcoin futures open interest. Wow, the real flippening that no one is talking about: CME just flipped Binance for the largest share of Bitcoin futures open interest . Bittersweet -- there will soon be more suits than hoodies here. (h/t @VidiellaLaura) pic.twitter.com/SIPRLMlFcy — Will (@WClementeIII) November 9, 2023 Open interest is a concept commonly used in futures and options markets to measure the total number of outstanding contracts. The metric repre...

Marathon announced a 467% increase in Bitcoin production year-on-year in the third quarter, while hashrate rose over 400% in the same timeframe. Bitcoin mining firm Marathon Digital Holdings saw its revenue surge $670% year-on-year in the third quarter of 2023, amid a nearly five-fold increase in Bitcoin production . The results saw Marathon also swing to a quarterly profit, with $64.1 million of net income in the third quarter, according to the firm’s Nov. 8 results filing. The firm partly attributed the improved financial results to a 467% spike in Bitcoin (BTC) production from 6.7 mined BTC in Q3 2022 to 37.9 BTC in Q3 2023. Similarly, Marathon’s energized hashrate boosted 403% over the same timeframe. Marathon’s Q3 Earnings Release is here: - Revenue of $97.8M, due to 467% increase in #Bitcoin production and higher BTC prices. - Adjusted EBITDA improves to $43.7M. - 8% increase in hash rate; expanding with hydro-powered ventures in Paraguay. - Long-term debt reduced by 56%,… ...

Elon Musk argued that NFT projects “should at least encode the JPEG in the blockchain,” to the delight of many Bitcoiners. While publicly mocking non-fungible token (NFTs) during a podcast, Tesla CEO and billionaire Elon Musk appears to have inadvertently highlighted the case for Bitcoin Ordinals, also known as Bitcoin NFTs. “The funny thing is the NFT is not even on the blockchain — it’s just a URL to the JPEG,” said Musk in an Oct. 31 released interview on The Joe Rogan Experience. Musk said NFT projects should at least encode the JPEG on-chain: “You should at least encode the JPEG in the blockchain. If the company housing the image goes out of business, you don’t have the image anymore.” On social media, Bitcoiners argued Musk’s comments actually summed up the use case for Bitcoin Ordinals. Bitcoin’s version of NFTs launched in January by developer Casey Rodarmor, which was made possible by the Taproot soft fork in November 2021. Cryptocurrency analyst Will Clemente was among thos...

Bitcoin price holding $26,000 could open up some bullish trading opportunities in TON, XMR, MNT and QNT. Bitcoin (BTC) has gone silent over the weekend. CryptoQuant CEO Ki Young Ju said in a recent post on X (formerly Twitter) that Bitcoin’s velocity has declined to a 3-year low. He said this could either be considered positive as whales were holding on to their positions or negative because the transfer to new investors was not happening. The range-bound action continues to perplex investors about the next possible trending move. In that regard, there was a positive commentary from JPMorgan analysts who said that Bitcoin’s downtrend could be ending. They believe that the declining open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange suggests that the long liquidation is over. Crypto market data daily view. Source: Coin360 As Bitcoin decides its next move, select altcoins are showing signs of strength. These altcoins could turn negative if Bitcoin’s range res...

Hashdex's approach differs from recent filings as it won't depend on the Coinbase surveillance sharing agreement, opting to acquire spot Bitcoin from physical exchanges within the CME market. Hashdex, a crypto asset management company, has joined the competition for a spot Bitcoin (BTC) ETF in the United States. The firm, known for its global leadership in crypto asset management, has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will hold actual spot Bitcoin.  Exchange-traded funds, or ETFs, are investment funds that trade on a stock market with their value derived from an underlying basket of assets such as stocks, bonds, commodities and other financial instruments. Similarly, Bitcoin ETFs track BTC's value and trade on traditional stock exchanges rather than crypto exchanges. Hashdex's approach differs from recent filings as it won't depend on the Coinbase surveillance sharing agreement, opting to ac...

Bitcoin lacks major volatility catalysts, but a classic support bounce could spark the return of the highest BTC prices in over a year, analysis predicts. Bitcoin (BTC) may be weeks from a “sharo rally” toward $34,000, trading platform QCP Capital believes. In its latest market update released on Aug. 15, analysts said that the coming weeks include a key decision point for BTC price action. BTC price due September "termination point" With Bitcoin still rangebound after months of indecisive behavior, market observers are keen to predict the return of some sort of market trend. For QCP Capital, September is the key month in the calendar, thanks to BTC/USD completing a rising wedge construction which began during the end of the 2022 bear market. “On the charts, the wedge pattern that BTC has been trading in since its 15k lows reaches its first termination point at the start of Sep,” part of the update explained. QCP noted that the specific area of interest was $29,300 — exactl...

Also Read: Ethereum Shines As Staking Hits All Time High, ENS Fees Surges advertisement Earlier, CoinGape reported that a prolonged sideways movement for cryptocurrencies could mean a jump in value. At the same time, optimism continues to rise about a potential approval of Bitcoin ETF filing in the months to come. Michael Burry & Bitcoin Price Impact According to an SEC filing, Scion Asset Management opened a huge leveraged short position on the US stock indices Nasdaq 100 and the more crypto correlated S&P 500. The filing reportedly showed that the firm placed purchased $740 million worth of Invesco QQQ Trust Series 1 puts and $900 million worth of S&P 500 puts, both put together constituting about 93% of Burry’s total portfolio value. Hence, a big bet in favor of the fall in US stock values could translate into Crypto Market gains as traders might prefer BTC as a high risk and high reward investment. Micheal Burry is famous for his ...

advertisement XRP Comes Out As Winner Ethereum’s utility numbers by the end of July were reminiscent of those in May when its price dominance against Bitcoin was more significant. This could be an indicator of Ethereum’s robust network utility playing a part in its market resilience. Santiment report also revealed that in contrast, Ripple’s XRP emerged as one of the biggest winners of the month, posting a 42% return. The positive performance was largely attributed to the landmark ruling in the SEC lawsuit, which established that XRP is not a security. This unexpected verdict sparked significant buying activity, elevating XRP even as other crypto assets witnessed declining market caps. Other digital assets that saw gains in July included Stellar, Maker, and XinFin. On the negative side, Santiment’s statistics showed a worrisomely low amount of whale transactions, implying that important stakeholders are not interested in purchasing the...

Sam Bankman-Fried attempted to publicly discredit government witness Caroline Ellison, who was once his business ally and a romantic partner, the DoJ argued. The United States Department of Justice (DoJ) filed a complaint against FTX founder Sam Bankman-Fried (SBF), accusing him of leaking the private papers of Caroline Ellison, who was once his business ally and romantic partner. In a new complaint filed on July 20, the DoJ accused Bankman-Fried of an attempt to interfere with a fair trial by publicly discrediting Ellison, who became a government witness in SBF’s case in late 2022. SBF sought to publicly discredit a government witness by sharing her personal writings with a reporter so that those private documents would be featured in an article published by The New York Times on July 20, U.S. Attorney Damian Williams argued in the complaint. In her diary , Ellison described feeling overwhelmed by her job at Alameda Research, alongside other things like the pain from her romantic...

After purchasing $1.5 billion worth of Bitcoin in 2021, Tesla sold 75% of it in 2022 and is now hanging onto its remaining $184 million Bitcoin stash. For the fourth quarter in a row, Tesla hasn’t sold or added to its digital asset holdings with the electric vehicle manufacturer continuing to hold $184 million worth of its remaining Bitcoin (BTC). In Q2 2023 earnings released on July 19 the net value of Tesla’s Bitcoin holdings stood at $184 million which has held at the same value for the past two quarters. Tesla hasn’t bought or sold any Bitcoin since Q2 last year when it sold more than 30,000 Bitcoin — which accounted for roughly 75% of its total holdings — for $936 million. Tesla’s Bitcoin holdings totaled $184 million at the end of Q2. Source: Tesla Tesla first purchased $1.5 billion worth of Bitcoin in March 2021 with the company’s CEO Elon Musk promising to accept Bitcoin as payment for Tesla vehicles in the following days. Musk later halted Bitcoin payments for Tesla vehicl...

2022 proved to be a challenging period for the crypto industry. The entire market suffered under the reigns of the bear. Despite the market’s credible recovery this year, the bears had remained dominant in the market. However, the series of events that have transpired over the last couple of months, and especially this week, has got many believing that the bear market might be coming to an end. Here are reasons why bears have exited the crypto market XRP’s Win For a considerable period, Ripple diligently engaged in a legal dispute with the Securities and Exchange Commission [SEC]. The regulatory classification of XRP as a cryptocurrency was questioned and efforts were made to categorize it as a security. However, a significant shift occurred when Judge Analisa Torres ruled that XRP does not qualify as a security. This victory weakens the SEC’s ability to label all tokens as securities. This is because they were unable to succeed with the one that appeared most...

The U.S. SEC filed a lawsuit against the bankrupt crypto lender on July 13 followed by news reports about the arrest of the former CEO Alex Mashinsky. The former CEO of now-bankrupt crypto lender Celsius, Alex Mashinsky, was reportedly arrest ed on the morning of July 13. The news broke minutes after the United States Securities and Exchange Commission filed a lawsuit against the crypto lender on the same day. The former CEO was reportedly arrest ed after a probe into the company’s collapse, reported Bloomberg citing people familiar with the matter. Mashinsky was reportedly charged with fraud and intention to manipulate the market. Celsius Network filed for bankruptcy on July 14 last year. Mashinsky was recently found guilty by investigators of the Commodity Futures Trading Commission, which concluded that the former CEO broke numerous U.S. regulations before the company’s implosion in 2022. The investigation against the former CEO began after New York Attorney General sued Mashin...

Welcome to the 126th Weekend Shift! What’s the deal? Over the weekend, we’ll update this post with some of the most interesting articles, podcasts, charts, and opinion pieces we’re too busy to write about. OK, only Crypto ? Not necessarily. We do that Monday to Friday, so we try to explore new subjects on weekends. Feel free to join in and submit entries on Twitter. Any topic is fair game. 42 mins ago The Context: What’s true for TrueUSD? A deep dive into the lies shrouding the various Truecoins by @BennettTomlin Subscribe and read: https://t.co/lP1zkM0NcL pic.twitter.com/pSlxX0v2VD — Protos (@Protos) July 7, 2023 42 mins ago one more time for the people in backhttps://t.co/GhCHEIkQ5m — H.E. Cas Piancey (@CasPiancey) July 7, 2023 ICYMI 40 mins ago OPNX is being funded by the illegal use of funds from Hodlnaut. This is despicable for @OPNX_Official to be raiding whats left of @hodlnautdotcom users’ hard-earned savings. Shout out to @ArkhamIntel...

Bitcoin price has been showing weakness near the $30,000 level, but multiple data points highlight the fact that bears remain at a disadvantage. Bitcoin (BTC) price gave back some of its recent gains this week, but multiple data points suggest that $30,000 should hold as support going forward. Bitcoin remained within a narrow 4.3% range for the 15 days leading up to July 7. Despite the proximity of the $29,895 to $31,165 range, investors' sentiment was significantly impacted by an unsuccessful attempt to break above $31,400 on July 6. Trader’s tendency to overreact to short-term price movements rather than Bitcoin's year-to-date gains of 82% could be part of the reason for the short-term correction This same rationale applies to the events related to other cryptocurrencies. At the front of investors' minds are questions about whether the recent price gains were solely driven by multiple spot Bitcoin exchange-traded fund (ETF) requests. Other pressing developments inclu...