• Let's take a tour of the stories that were narrated in our Wubits community without any common thread.

Weighted Price

Bitcoin’s average trade size on most exchanges jumped to its highest point since June following a federal court ruling that the U.S. Securities and Exchange Commission (SEC) must review its rejection of Grayscale Investments' attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF on Tuesday.

According to data from Kaiko, the average trade size for bitcoin on crypto exchange Kraken increased to above $2,000 on Tuesday after the ruling, from around $850 the day prior.

The last time bitcoin’s average trade size was higher than $2,168 was in June, said research firm Kaiko. The bitcoin average trade size also jumped on most other exchanges.

Data Fails

Data from blockchain transactions displays a consistent reduction in Bitcoin deposits on exchanges since mid-May, according to the last CoinTelegraph Report. 

Concurrently, Bitcoin’s price trajectory fails to offer substantial indications of a bullish upswing, with the exception of a brief surge in mid-June that coincided with BlackRock's submission of an application for a spot exchange-traded fund, said the report.

Additionally, it’s worth noting that the period encompassing a 30% surge from March 12 to March 19 witnessed an increase in deposits on exchanges, contrasting the predictions of on-chain analysis.

Locked In Staking

The amount of ethers that the validators keep in the smart contract of the network reached 20% of the total supply, says the latest Criptonoticias report.

It further says that the amount of ethers (ETH) that Ethereum validators deposit into the network's smart contract continues to rise and has reached a new milestone. 20% of the total supply of the cryptocurrency is locked in staking.

In addition, the landscape regarding Ethereum staking changed notably from April, when ETH withdrawals for validators were enabled. It was from the Shapella update, activated on the 12th of that month.

Thereafter, 11 million ETH entered staking, while withdrawals equaled 4.2 million ETH. The net balance is 6.7 million ETH, according to the Token Unlocks site, says the report.

Country On The Move

As per Chainalysis, Vietnam is currently the top country in the world in terms of crypto adoption and second in decentralized finance (DeFi), with over 19% of adults owning digital assets.

Nearly 90% of survey respondents engaged in DeFi activities, compared with 70.2% for GameFi, 73.7% for nonfungible tokens, 91% for centralized finance and 54.9% for SocialFi.

Competition Without Limits

OKX releases the tenth proof of reserve (snapshot date 8-25). The user's BTC assets were 135,259; the user's ETH asset increased by 2.1%, an increase of 21,000 ETH.

The user's USDT asset increased by 0.2%, an increase of 10.37 million USDT; the user's USDC asset decreased by 9.4%, a decrease of 24.24 million USDC.

Us Inflation

On inflation, Powell repeated that it remains “too high” despite the recent declines. Non-housing services inflation in particular is a big concern, saying “some further progress here will be essential to restoring price stability”, according to fxstreet.

Overall services prices were 4.9% higher from a year ago in June according to the PCE measure.

That’s notably higher than the core PCE price index reading of 4.1% y/y. For July, core PCE is forecast to have edged up to 4.2%.

This would be in line with the rise in headline #CPI during the same period, underlining the slow path to achieving 2% inflation.

Grayscale Has Power

The majority of the crypto community attributed today's price increases to #Grayscale's victory over the SEC.

The court ruled in favor of Grayscale, feeling that the SEC had exceeded its authority by blocking the conversion. Optimism has increased since then.

Not Uncertain Future

Bitcoin supply held by long-term holders continues to increase.

Those who hold BTC for 155 days are considered “long-term holders”.

We are now reaching the point where coins bought during the banking crisis in March are maturing in the LTH cohort.

We saw a huge increase in the LTH net position earlier this summer as the coins stacked by doomed Bitcoiners at the bottom reached maturity.

Keep stacking.

There is still plenty of room for #Bitcoin to continue to function.

Additionally, one of the headwinds for #Bitcoin to claim $28,000 and above is the profit taken from short-term holders.

Roughly 20k BTC was sent to exchanges in profit, one of the highest in a year.

Over 1 million BTC currently sitting in profit with STHs.

New Technology

Based on data from crypto intelligence tracker Santiment, there is no significant gain recorded in the token’s supply on crypto exchanges despite the recent unlock event.

This metric – which helps tracking the selling pressure on the asset – has declined recently, supporting a bullish thesis for DYDX price.

Moreover, big wallet addresses – those holding between 10,000 and 100,000 tokens and between 1,000,000 to 10,000,000 tokens – are consistently accumulating dYdX since mid-June 2023. The accumulation trend is also bullish sign for the asset.

These on-chain metrics support DYDX price gains, making a sell-off more unlikely in the short-term. DYDX trades at $2.14 at the time of writing, a 9.51% gain over the past week.

Two On High

IntoTheBlock, an on-chain data intelligence tracker, observed that nearly 5 million addresses have held Litecoin for over a year.

This is double the count from last year’s 2.55 million and signals rising confidence among 3 LTC holders.

Alongside confidence from long-term holders, there has been a notable increase in LTC transactions, according to crypto payment processor BitPay. Litecoin has seen a 50% increase in the percentage of use on BitPay, between spring and summer.

In other hand, EOS rallies 9% following landmark regulatory approval in Japan, according to cryptoslate.

Data from CryptoSlate shows that the EOS token reacted positively t the news of the approval, rising by 9% to $0.63108 as of press time. However, this is miles below its all-time high of $22.89 in 2018.

Additionally, USDC's supply dominance on Ethereum has slid from 45% earlier in 2023 to <33% now, according to theblock.

Its supply has slipped from over 41 billion before the depeg to just 24 billion this month as burns continue to outpace mints.

Last 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. Remember that all information presented here is a combination of third party data added to our personal opinion.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Rubikkav.

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