Bitcoin Miner Selling Pressure Eases: Market Poised for Upturn?

Ethereum co-founder Vitalik Buterin has addressed concerns about the network's potential shift towards centralization. His comments come in response to recent criticisms from Doug Colkitt, founder of Ambient Finance. Buterin comes up to protect the network he helped to create, but he also brings some very fresh, even unexpected, narrative to the table. Buterin emphasized the need to reduce the current 32 ETH staking requirement. This amount currently equates to approximately $111,000. "Every poll I make confirms the same thing: the #1 thing in becoming more home staking friendly is to reduce the 32 ETH requirement," Buterin stated. The Ethereum co-founder's stance is based on consistent community feedback. It highlights the importance of lowering financial barriers to make staking more accessible, simply because people think the levels to enter ETH staking are way too high for an average user. Colkitt, however, argues against relying on data centers for Ethereum. He believes protocols unable to run on consumer hardware risk losing censorship resistance. Colkitt calls for a rigorous engineering approach to home staking. "If Ethereum wants to be a home staking network, it has to be as rigorously engineering-driven as high throughput chains like Solana," Colkitt asserted. He advocates for strict service level agreements for typical home stakers. Buterin pointed to solutions like Orbit and Solo Staking Friendly (SSF) validator set management. These innovations aim to simplify the staking process for smaller participants. The Ethereum co-founder also expressed optimism about "hyper-aggregation". This concept involves aggregating up to 1 million signatures within a 12-second slot. It's designed to be quantum-resistant. However, Buterin acknowledged that fully developing this technology will take time. It requires careful consideration of associated risks.

A long-dormant Bitcoin miner has resurfaced after 14 years of inactivity. The wallet transferred 50 BTC to Binance on June 26th. This sum is valued at approximately $3.05 million. Market intelligence firm Lookonchain reported the transaction. The miner originally acquired these tokens in July 2010. At that time, Bitcoin's price was below $1. Lookonchain shared the details on social media: "A miner wallet woke up after being dormant for 14 years and deposited 50 BTC ($3.05 million) to Binance seven hours ago. The miner earned 50 BTC from mining on July 14, 2010. Address: 1PDTDwpgRPdQaCcp3Th6zaMASgcCcm3Jcm" This is not an isolated incident. In May, Lookonchain identified two other long-dormant wallets becoming active. These wallets had been inactive since 2013. The May reactivation involved a combined $61 million worth of Bitcoin. These investors had purchased 500 tokens for $124 each 11 years ago. Their investment yielded gains of nearly 50,000%. Bitcoin's current trading price is $61,630. This represents a slight increase over the past 24 hours. The reemergence of dormant wallets can impact market sentiment. It may signal increased selling pressure. However, it also demonstrates Bitcoin's long-term value proposition. Such events highlight the importance of blockchain analysis. They provide insights into market dynamics and investor behavior. As the cryptocurrency market matures, these patterns may become more significant. The crypto community closely watches these movements. They can potentially influence short-term price action. However, their long-term impact remains to be seen.

Sony Group is set to enter the cryptocurrency market. The electronics giant, famous for its TVs, cameras and some other electronics, has acquired Amber Japan. The crypto exchange it will be relaunched as S.BLOX, a Bitcoin and crypto exchange. Sony purchased Amber Japan in 2023 through its subsidiary Quetta Web. Amber Japan was previously known as DeCurret. S.BLOX will feature an upgraded user interface and mobile app. The launch date remains unannounced. This acquisition reflects Sony's growing interest in cryptocurrency. Which is quite understandable, as Japan is emerging to be a leading Bitcoin market. Proactive regulation and high consumer awareness have contributed to this trend. These factors make Japan an ideal location for Sony's debut in the crypto space. Not to mention, Japan is a home country for the world famous pioneering technology company. Sony's entry signals wider mainstream adoption of cryptocurrencies. Sony has a history of transformative acquisitions. Past purchases of CBS Records and Columbia Pictures expanded its media presence. This latest move could have a similar impact on Bitcoin, though it is unclear if this move will be successful in a long-term perspective. Some of the crypto exchanges have proved to be successful, like Binance or Coinbase, while some ended pretty catosptrophic, like Mt. Gox. Sony is know for leading business in a pretty transparent way, so the latter might be an unsuitable example, you might say. The crypto market has seen increasing interest from major corporations. Sony's involvement further legitimizes the sector. It also highlights the potential for traditional companies to evolve in the digital age. S.BLOX aims to capitalize on Sony's technological expertise. The exchange is expected to offer a user-friendly platform. This could attract both new and experienced crypto investors. Sony's decision comes amid growing institutional interest in cryptocurrencies. The company's size and reputation could influence other large firms to begin their own journeys into the world of crypto.

The Philippines has adopted Tether's USDT for social security contributions. This move marks a significant shift in government payment systems. In some ways, this innovation might be considered as significant as El Salvador's Bitcoin adoption in 2021. The Social Security System (SSS) in the Philippines now includes USDT its payment options. Tether's USDT is the world's largest stablecoin by market capitalization. The SSS is a state-run social insurance program. It covers employees in the official, informal, and private sectors. The program provides support during difficult times. It manages two key initiatives: social security and employee compensation. Tether has partnered with Uquid, a Web3 shopping and infrastructure firm. This collaboration enables Filipino citizens to pay SSS contributions using USDT on The Open Network blockchain. Uquid emphasized the potential of stablecoins. "This partnership highlights how stablecoins like USDT and crypto can simplify our daily lives," a company spokesperson said. Uquid is a decentralized commerce infrastructure platform. It uses blockchain technology to offer crypto payment options. The company has built a user base of over 260 million in eight years. It supports merchants and customers across various markets. Tran Hung, CEO of Uquid, commented on the partnership. "This marks a significant milestone in bridging digital currencies and daily transactions," he said. "It makes crypto micropayment applicable." Stablecoin demand is rising globally. Just to quickly remind you, PayPal has launched its native stablecoin, PayPal USD, and Ripple plans to introduce its own stablecoin in early 2025. Stablecoins are increasingly used for cross-border payments at an institutional level. They have evolved from exchange on-ramps to key liquidity providers in various markets. And maybe Satoshi wasn't expecting this, but stablecoins might eventually become a more powerful force that Bitcoin itself in terms of making crypto a driving force in the world of finance.

Floki Inu, a well-known memecoin project, has issued a warning about unauthorized tokens. These tokens falsely claim association with the Floki brand. And they have appeared on Solana and Base blockchains, trying to steal money in a rather untraditional way. The project's official X account alerted followers to the scam. Floki Inu emphasized that genuine FLOKI tokens exist only on two networks. These are BNB Smart Chain and Ethereum. To aid users, Floki listed its legitimate contract addresses. On Ethereum, it's "0xcf0c122c6b73ff809c693db761e7baebe62b6a2e". On BNB Smart Chain, it's "0xfb5b838b6cfeedc2873ab27866079ac55363d37e". The project urged community members to verify token information. This should be done through official channels only. Such caution helps prevent falling victim to frauds. Despite these security challenges, Floki Inu continues to expand its ecosystem. A key development is the FLOKI Name Service on BNB Chain mainnet. This service enables users to register decentralized domain names with the .floki extension. The service uses Space ID architecture. This allows interoperability with numerous decentralized applications. These include popular platforms like Trust Wallet and PancakeSwap. Floki Inu has reached a milestone of over 417,400 holders on BNB Chain. To celebrate, it launched a rewards program. Holders can now claim a percentage of interest rewards. In March, the project unveiled its 2024 roadmap. It includes several new features and utility-focused initiatives. One plan involves regulated digital banking accounts. Users will be able to create and fund bank accounts using FLOKI tokens. The roadmap outlines a partnership with a licensed fintech firm. This will enable digital bank accounts with Swift payments and SEPA IBAN capabilities. The service will expand across Canada, Spain, Dominica, Australia, and the UAE. In January, Hong Kong's Securities and Futures Commission (SFC) issued a cautionary note. It warned about the "Floki Staking Program" and "TokenFi Staking Program". The SFC stated these products offer staking services with high promised returns. However, they lack authorization for public sale in Hong Kong.

Recent on-chain data reveals a continued decline in Bitcoin's long-term holder supply. This trend is a bit scary, at least for those who still bet high on the next BTC rally in the near future. Long-term holders (LTHs) are investors who have held Bitcoin for over 155 days. They are typically considered the market's most resilient participants, the ones you can count on mostly when it comes to seeking bullish price support levels. Short-term holders (STHs), in contrast, represent more volatile investors. The LTH supply has been decreasing since January's spot ETF approvals. Data shows the sharpest decline occurred during Bitcoin's rally to new price highs. This suggests even long-term investors were tempted to take profits. Simply put, getting the profit out in fiat was so tempting, thet it clearly over-weighted the potential even bigger incomes in the future. The supply continues to decrease, albeit more slowly, despite recent bearish price action. This ongoing trend is noteworthy. Interestingly, the decline persists beyond the 155-day mark since the spot ETF launch. New buying appears outweighed by selling from established holders. CryptoQuant analyst Axel Adler Jr suggests this could indicate market-wide pessimism. However, historical data provides context. Similar LTH supply reductions occurred mid-cycle in previous bull runs. This pattern doesn't necessarily signal long-term bearish sentiment. "The timing of the selloff would indicate that these profits had ballooned so much during the rally that even these diamond hands gave into the allure of profit-taking," Adler noted.

On-chain data reveals divergent strategies among memecoin whales. The largest dogwifhat (WIF) holder is expanding their position. Other major players are liquidating holdings in Pepe (PEPE) and Shiba Inu (SHIB). Blockchain analytics firm Lookonchain reports significant movements. The top WIF holder now possesses over 23 million tokens. They recently acquired an additional 2.3 million WIF. "The largest holder of WIF spent 4.65 million USDC to buy 2.3 million WIF at $2.03 [June 25th]," Lookonchain stated. This investor now holds 23.39 million WIF, valued at $49.6 million. Their total profit on WIF stands at approximately $83 million. WIF is currently trading at $2, down 3% in 24 hours. Another WIF whale, previously facing losses, has re-entered the market. Lookonchain noted, "This whale, who lost $4.63 million on WIF, spent 3.77 million USDT to buy 2.06 million WIF back after the WIF price rose." Their average purchase price is $1.83. In contrast, a major PEPE holder has reduced their position. Lookonchain reported, "PEPE whale capitulated and deposited 700 billion PEPE ($7.8 million) into Binance [June 24th]." The investor retains 800 billion PEPE, worth $9.23 million. Their total loss amounts to approximately $3.5 million. PEPE is trading at $0.00001254, down 2% in 24 hours. A SHIB whale has realized substantial profits. Lookonchain observed, "A whale deposited all 1.08 trillion SHIB ($18.4 million) to Binance [June 24th], making a profit of ~$8.3 million!" Funny thing is, this investor had withdrawn the same amount of SHIB in late 2023, at a cost of around $10.07 million. Now he has got a much bigger game, though. The whale's unrealized profit now peaked at $29 million during SHIB's recent high.

Coinbase, the U.S. cryptocurrency exchange, has announced it will not execute the upcoming token migration for the Artificial Superintelligence Alliance (ASI). Users will need to manage the process themselves. The ASI is a consortium of AI-focused blockchain companies: Ocean Protocol, Fetch AI, and SingularityNET. In April, they revealed plans to merge their tokens—OCEAN, FET, and AGIX. "Coinbase will not migrate these tokens on behalf of users," a company spokesperson told the press. Users can migrate OCEAN and FET to ASI using Coinbase Prime Web3 wallet or another Ethereum-compatible self-custody wallet. The exchange does not support AGIX. Trading support for FET and OCEAN will continue "until further notice". Coinbase's decision will not affect the merger, according to Fetch AI founder and CEO Humayun Sheikh. "We confirm that the merger of AGIX and OCEAN into FET will occur on Monday, July 1st," Sheikh stated. FET will become the official ASI token as OCEAN and AGIX are phased out. "This transition will be seamless, and FET trading will remain uninterrupted," the alliance said in a statement. The token will be renamed. "The project will rebrand to the Artificial Superintelligence Alliance across platforms like CoinMarketCap and CoinGecko." Not all exchanges will support the migration immediately. The alliance plans to integrate more exchanges in Phase 2 of the migration, but we will have to wait and see how soon and efficient that process will be. This is not Coinbase's first refusal to support token actions. In May, it declined to support Gala Games' V2 token airdrop. When that happened, Jason Brink, Gala Games' President of Blockchain, speculated that Coinbase's stance might be due to the event appearing as an "airdrop" rather than a token replacement. He also expressed hope for future support of the V2 token.