Crypto News

Crypto Market Sees Surge Amid Historic Quarterly Delivery And Halving Anticipation

The recent quarterly delivery in the crypto market, surpassing $15 billion, has fueled a significant rally this week.

Despite the challenge of navigating through this historic delivery, the market has shown resilience, with Bitcoin hitting the impressive $70,000 mark and volatility levels remaining high across major terms.

Greekslive data reveals intriguing insights into the options market, with 135,000 BTC options expiring alongside 1.58 million ETH options. The Put Call Ratios and Maxpain points provide valuable indicators for market sentiment and direction, reflecting a notional value of billions of dollars.

The upcoming Bitcoin halving next month adds another layer of anticipation and complexity to the market dynamics. Interestingly, the current halving trend diverges from past patterns, challenging conventional wisdom and forcing market participants to adapt their strategies accordingly.

Over 32% Of Bitcoin’s Total Supply Has Stayed Dormant For Over 5 Years Now

Meanwhile, on-chain analytics from intotheblock highlight a remarkable statistic: over 31% of Bitcoin’s total supply has remained dormant for over 5 years. This indicates a significant portion of the market capitalization is held by long-term investors, adding to the scarcity narrative of Bitcoin.

In a surprising turn of events, Lookonchain uncovered the movement of a wallet that had been dormant for over a decade. This wallet, untouched for 11.7 years, suddenly transferred 500 BTC, valued at $34.78 million, to multiple new wallets. 

The history of this wallet dates back to 2012 when Bitcoin’s price was a mere $7.57, underscoring the dramatic appreciation of the cryptocurrency over the years.

As the crypto market continues to evolve and mature, these developments underscore the need for vigilance, adaptability, and a deep understanding of market dynamics. With each new milestone and challenge, investors and enthusiasts alike must navigate the complexities of this ever-changing landscape with diligence and foresight.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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