turnover

According to on-chain analyst Murphy (@Murphychen888), the net position change of Bitcoin long-term holders (LTH) continues to show an upward trend.Data shows that from February 13 to February 26, a total of 14,127 Bitcoins held by long-term holders were spent, while 19,798 Bitcoins held by short-term holders (STH) were converted to long-term holdings. After offsetting the positives and negatives, the result remains positive, indicating that both long-term and short-term holdings have reduced turnover. Although market liquidity has decreased, selling pressure has also correspondingly weakened.

The cryptocurrency market research firm Santiment posted on social media that Bitcoin is about to reach a milestone— the number of addresses holding at least 100 BTC is about to surpass 20,000.A wallet holding 100 or more Bitcoins currently has a minimum value of $6.78 million, and these wallets are clearly primarily held by ultra-high-net-worth individuals, funds, long-term holders, or institutions. When this number continues to rise during or after a price decline (as seen recently), it can be viewed as a bullish signal. However, the total supply held by key stakeholders has not shown significant growth, which is also a reason for the continued pressure on prices.If the number of 100+ BTC addresses is increasing, it means that more large holders are diversifying their holdings rather than a few controlling everything. In this sense, it indicates a reduction in concentration at the top. But it also suggests that wealth is concentrating among strong hands compared to small retail wallets. Therefore, this is not a signal of decentralization at the most micro level, but it does indicate that more independent entities are joining the ranks of "whales."Historically, the growth in the number of whale addresses often occurs during accumulation phases, which subsequently supports price recovery. The increase in wallet numbers needs to match the growth in total supply, while retail investors gradually sell their tokens to large wallets. History shows that retail traders eventually panic sell or take profits too early, allowing this phase to materialize.

Cryptanalysis expert Murphy stated that BTC is currently fluctuating around $65,000, a position close to the range of the 10y_RP indicator. This indicator, after excluding the impact of most lost BTC costs, is considered a more accurate reflection of the "historical average turnover cost." This range may serve as an important psychological and cost defense line for bulls. A significant drop below this level could indicate that the current downward trend is likely to continue on a deeper bearish path.

According to on-chain analyst Murphy (@Murphychen888), the dollar value of the average single transaction on the Bitcoin blockchain dropped from an average of $46,610 on December 14 to an average of $24,897 on December 30, a decline of nearly 47%. During the same period, the price of Bitcoin remained largely within the range of $87,000 to $88,000.Data shows that the concentration of Bitcoin holdings has remained almost unchanged from December 25 to 30, currently standing at 14.4%. Murphy pointed out that this phenomenon indicates a decrease in the willingness of large funds to participate in trading, which may be related to U.S. investors being in holiday mode, leading to a temporary reduction in market liquidity.The analyst stated that after liquidity gradually recovers, there are usually two scenarios:The concentration of holdings continues to rise and then suddenly drops significantly after reaching a critical point;The concentration of holdings drops significantly directly.

Data analyst Murphy stated that the Bitcoin cost distribution chart shows a significant chip distribution (large volume bars) at $87,000 and $84,500, which is notably higher than other price levels. After excluding the factor of the large-scale wallet consolidation on Coinbase on November 22, there are currently 1.12 million BTC in the $83,300-$84,500 range, of which the actual turnover should be reduced by at least half. Therefore, $87,000 represents the highest large volume bar and is currently the strongest support level in terms of chip structure.Based on past experience, when a large amount of chips concentrates in a narrow range to form a large volume bar, it indicates that the market is about to choose a direction. The essence of chip accumulation is the divergence between bulls and bears, and when the game reaches a critical point, a winner must be determined. Murphy believes that from the perspective of chip structure, the outlook is bullish. As long as the effective support of the large volume bar can be maintained, the direction will become clearer.

The cryptocurrency trading indicator analysis platform CoinKarma posted on social media that, based on the technical indicator CVD, after BTC lost its key mid-to-long-term position this week, it has faced strong selling pressure for several consecutive days, leading to an accelerated decline in the market.However, we also noticed that the spot trading volume at the daily close for BTC has reached its highest level recently across multiple trading platforms, indicating that a significant turnover is occurring in the market. This kind of high turnover and increased volume leading to a stop in decline is a typical short-term bottom signal.

CryptoQuant CEO Ki Young Ju posted on the X platform, stating that the current market correction is mainly due to the turnover among long-term holders. Early Bitcoin holders are selling their chips to traditional financial institutions, which also tend to hold long-term. He recalled that the reason for his earlier judgment of a stage top earlier this year was because "OG whales" were significantly selling off at that time, but the current market structure has changed.He pointed out that ETFs, MicroStrategy, and various new funding channels continue to bring incremental liquidity, and on-chain capital inflows remain strong. This round of correction is primarily driven by early whales pulling down the market. He emphasized that as sovereign funds, pension funds, multi-asset funds, and corporate treasuries continue to position themselves, the liquidity channels for Bitcoin will further expand. In the context of these funding channels continuing to operate, traditional cycle theories are no longer applicable.

ChainCatcher message, according to on-chain analyst @ai_9684xtpa's monitoring, nearly 500 million dollars worth of BTC short positions have been completely closed.After a night of small reductions, the "high-profile ETH swapping BTC ancient whale" finished closing 4,394.73 BTC five hours ago, ultimately making a profit of 92.46 million dollars over five days, while BTC also rebounded above 113,000 dollars. He has withdrawn all USDC from his account.

According to ChainCatcher news, on-chain analyst Ai Yi (@ai_9684xtpa) monitored that the previously high-profile BTC ancient whale that swapped to ETH has once again increased its short position by 908 BTC. Currently, the total short position held by this whale has reached 4348.74 BTC, valued at approximately 492 million USD, with an opening price of 115308.4 USD and a liquidation price of 124416.2 USD, resulting in an unrealized profit of 8.94 million USD.

ChainCatcher news, according to Coindesk, ARK Invest has swapped approximately $8.6 million of its own Bitcoin ETF (ARK B) for $8.7 million worth of Coinbase (COIN) stock this Tuesday. The specific operation involved selling 98,060 shares of ARKB and purchasing 41,032 shares of COIN stock.

ChainCatcher news, according to CoinDesk, Switzerland-based cryptocurrency market maker Portofino Technologies received approval from the UK's Financial Conduct Authority (FCA) earlier this year to serve institutional cryptocurrency clients in the UK. However, in recent months, the company has experienced significant employee turnover following the dismissal of its co-founder and chief financial officer.In July, Portofino's chief operating officer and co-founder Alex Casimo and chief financial officer Jae Park were both fired. This subsequently triggered the resignations of strategic and operations head Vincent Prieur, global business development head Shane O'Callaghan, and a large number of the company's employees.Insiders revealed that since the dismissal of these two executives, 10 to 12 people have left or are in the process of leaving, accounting for 30%-40% of the company's total workforce at that time.

ChainCatcher news, recently, the Chongqing First Intermediate People's Court made a final ruling on a case involving illegal operations of virtual currency. The defendant, He, was sentenced to three years in prison and fined 5 million yuan by the Chongqing Yubei District People's Court for illegally engaging in fund payment and settlement business on a virtual currency trading platform, profiting from the price difference.In early 2018, He registered as a "merchant" on a well-known virtual currency trading platform and began engaging in exchange transactions between the virtual currency "USDT" and the Chinese yuan. It is understood that in the exchange trading area of the exchange, different merchants have varying payment channels, transaction limits, and transaction prices. Among them, the purchase price of "USDT" mainly concentrated around 6.85 yuan, while the selling price of "USDT" was mostly around 7 yuan. Later, Zheng expanded the business scale, rented a venue, recruited employees, and registered multiple accounts and opened bank accounts in the names of relatives and friends, conducting a large number of virtual currency and Chinese yuan exchange transactions on the virtual currency trading platform. The total amount of funds He used for the exchange business reached 609 million yuan. As of May 2019, the cumulative transaction volume of the bank accounts controlled by He had exceeded 14 billion yuan, with his personal illegal profits amounting to 4.77 million yuan. He used these illegally obtained funds to purchase real estate, invest in financial products, etc., in an attempt to legalize them.The Chongqing Yubei District People's Court ruled against him for illegal business operations, sentencing him to three years in prison and imposing a fine of 5 million yuan. He was not willing to accept this and chose to appeal to the Chongqing First Intermediate People's Court, claiming that the exchange business he engaged in between virtual currency and Chinese yuan did not constitute a fund payment and settlement behavior, and therefore did not constitute illegal business operations. After hearing the case, the Chongqing First Intermediate People's Court recently ruled to dismiss the appeal and upheld the original judgment.

ChainCatcher news, according to Hong Kong media "Hong Kong Commercial Daily," Victory Securities Executive Director Chen Peiquan disclosed that since the company launched its virtual asset trading services, the average monthly turnover has reached 10 million USD, and its virtual asset business has become profitable. He believes that related clients will maintain a multiple growth rate next year.Chen Peiquan stated that currently, investors primarily invest in Bitcoin, accounting for about 80% of their overall virtual asset investments. Chen Peiquan also revealed that next year, Victory Securities will integrate its stock and virtual asset platforms to create a one-stop platform, making it easier for investors to buy and sell virtual assets. Next year, Bitcoin will experience its "halving" event, which occurs every four years, coupled with the possibility of the Federal Reserve starting a rate-cutting cycle, leading him to believe that virtual assets will see another bull market.

ChainCatcher news, Tether's Chief Technology Officer Paolo Ardoino stated on social media that the turnover rate at Tether, Bitfinex, Holepunch, and Synonym is very low, at less than 1% per year.It is reported that the vast majority of positions at Tether do not use recruitment agencies. Employees work at the company for many years, and most of those who leave request to come back, with everyone contributing to the company's development.