A long-inactive Bitcoin wallet has suddenly resurfaced. The wallet moved a significant amount of Bitcoin to Coinbase on Friday. This occurs as the cryptocurrency's price struggles to maintain recent gains. Data from Lookonchain and Arkham Intelligence reveal the details. The wallet, identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3, deposited 1,000 BTC to Coinbase Pro. This amount is valued at over $61 million. The coins were originally acquired six years ago for $6.68 million. This event is part of a larger trend. This quarter has seen an increase in dormant Bitcoin wallets becoming active. These wallets are moving coins to exchanges. On Thursday, a 14-year-old wallet linked to a Bitcoin miner sent 50 BTC to Binance. Analysts are speculating on the motives. Some suggest these dormant holders may be cashing out near record highs. Others believe they might be engaging in derivatives market activities. This activity is contributing to downward price pressure. Long-term holders are selling. Miners are liquidating faster. The German government is divesting its coin holdings. As a result, Bitcoin prices have fallen nearly 9% this month. At the time of writing, Bitcoin was trading at $61,550. It has failed to maintain gains above $62,000 at least four times since Tuesday, according to CoinDesk data. Price volatility may increase later Friday. The Federal Reserve's preferred inflation gauge, the core Personal Consumption Expenditures (PCE) price index for May, is set to be released. Economists have made predictions about the PCE. They expect no change in the PCE price index. They anticipate a 0.1% increase in the core PCE. This would lead to 2.6% annual advances in both headline and core figures. A favorable inflation report could support the case for Fed rate cuts this year. This might provide support for Bitcoin prices. However, some observers believe Bitcoin is poised for a deeper decline. They suggest it could fall towards $50,000.

The US government has moved 3,940 Bitcoin to a Coinbase Prime wallet. Analysts say this might be one of the reasons BTC is not surging yet again. The Bitcoin came from Banmeet Singh, a convicted drug dealer. It was seized during his trial in January 2024. Singh was arrested in London in 2019 on drug charges. He was extradited to the US in 2023. The US Department of Justice alleged Singh ran a drug network from 2012 to 2017. It spanned several states. Singh surrendered over 8,100 Bitcoin to US authorities. This was valued at about $150 million at the time. The DEA called it their largest ever cryptocurrency seizure. He received a five-year prison sentence in April 2024. However, he was given credit for time served. Reports suggest he has been released. The Columbus Dispatch stated Singh planned to return to India after release. Recent government Bitcoin sales have worried market participants. The German government has been selling Bitcoin worth approximately $2.76 billion. On June 26, at 9:27 am UTC, 345 Bitcoin was sent to a "Flow Traders" wallet. This was part of the German sales. The US government holds large amounts of seized Bitcoin. Arkham data shows they own about 214,000 Bitcoin. This is valued at around $13 billion. It makes the US government the largest state holder in Arkham's database. The Mt. Gox bankruptcy estate is also selling Bitcoin. They are unloading 140,000 Bitcoin to repay victims of the 2014 collapse. This has added to investor concerns. However, exchange balances are at six-year lows. This may help stabilize prices against these selling pressures.

Bybit has become the world's second-largest cryptocurrency exchange. That is official now. And this shift follows Binance's decline in market share due to regulatory challenges. A June 25 report by Kaiko revealed Bybit's impetuous ascent. "Since October, the exchange's market share has surged from 8% to 16%, surpassing Coinbase in March," the report stated. What about its competitors? Well, Coinbase's market share increased by only 1% during this period. This occurred despite improved profits and revenue. Bybit's growth may be linked to Binance's regulatory issues. These problems caused Binance start faltering and to lose some of its market dominance. Binance's market share fell from 60% to 54% since October. This 6% decrease coincided with regulatory challenges. So basically it means that the exchange benefited from Binance's regulatory troubles. On November 21, 2023, U.S. officials announced a $4.3 billion settlement with Binance. This was for Anti-Money Laundering violations. In June 2023, the SEC sued Coinbase and Binance for alleged securities violations. The SEC boldly claimed Binance and its founder misappropriated user funds. Bybit introduced zero-fee trading for USDC in February 2023. This may have contributed to increased trading volume. Bybit's average fees are competitive with Binance and OKX. These are among the lowest in the industry, according to Kaiko. According to Ben Zhou, Bybit's co-founder and CEO, the commitment to competitive fees, a secure platform, and innovative products has resonated with our users. Which reminds us of why we used to love Binance at first, right?

Coinbase is going to provide better insights into blockchain and crypto adoption. In a recent announcement, the company introduced a new metric designed to offer a clearer picture of blockchain usage and its growth trajectory. This metric will focus on real-world usage rather than just speculative trading volumes. The system is called the "Blockchain Activity Index" (BAI). What's wrong with the existing tools to measure market activities? Coinbase emphasizes that current metrics are overly reliant on market movements. And that is misleading. The BAI aims to incorporate various data points, such as transaction volumes, active addresses, and decentralized application (dApp) usage, to give a holistic view of blockchain adoption. This move aims to address the limitations of existing metrics that often fail to capture the full scope of blockchain activity. Paul Grewal, Coinbase's Chief Legal Officer, highlighted the importance of this new metric. He noted that understanding true blockchain adoption requires looking beyond price speculation. The BAI, according to Grewal, will provide a more accurate representation of how blockchain technology is being used across different sectors. The introduction of the BAI comes at a crucial time. The crypto market is evolving, and there’s a growing need for reliable data to inform decisions. Investors, policymakers, and developers are all seeking better tools to assess the blockchain landscape. Coinbase’s new metric could be a significant step toward meeting this demand. Coinbase plans to roll out the BAI in phases. BAI will focus on major blockchains like Bitcoin and Ethereum. Later the metric will expand to include other prominent blockchains. This phased approach ensures that the index is robust and reliable from the start, the company claims. Coinbase intends to make the index available to the public, offering regular updates and detailed insights. This openness is expected to foster greater understanding and trust in blockchain technology. Experts agree that as the industry matures, accurate and comprehensive metrics will become increasingly vital. The BAI might play a pivotal role in this evolution. Stakeholders will get more precise information they need to navigate the complex world of blockchain and crypto.

Coinbase has launched its new Smart Wallet, a product designed to streamline on-chain activities. This is a significant move to broaden its influence in the cryptocurrency world. A key feature of the Smart Wallet is its enhanced security measures. The goal is ambitious: to onboard 1 billion users. The Smart Wallet aims to provide users with a more intuitive and secure way to interact with decentralized applications (dApps). By simplifying these processes, Coinbase hopes to attract a broader audience. The wallet is not just about storage; it's a gateway to a more integrated crypto experience. Coinbase's CEO, Brian Armstrong, emphasized the importance of this launch. He stated that the Smart Wallet is a crucial part of Coinbase's mission to increase global economic freedom. The goal of 1 billion users is not just a target but a vision for the future of the blockchain ecosystem. The introduction of the Smart Wallet also comes at a time when the competition in the crypto wallet space is heating up. Rivals like MetaMask, Trust Wallet and Yellow Wallet have set high standards. However, Coinbase's integration with its existing suite of services could provide a competitive edge.